v3.26.1
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Assets      
Cash and cash equivalents: $ 0 $ 21,242  
Restricted cash equivalents: 1,689 1,674  
Crypto assets held: 271,956 439,622 $ 470,101
Accounts receivable, net: (629) (371)  
Equity securities 239 357  
Crypto asset futures 148 69  
Warrants 757 851  
Total assets 274,160 463,444  
Liabilities      
Related party loans: 8,233 188,576  
Crypto asset collateral payable 480 904  
Derivative liability 169 82  
Total liabilities 8,882 189,562  
Crypto asset options      
Assets      
Crypto asset futures 139 69  
Liabilities      
Derivative liability 139 69  
Crypto asset futures      
Assets      
Crypto asset futures 9 0  
Liabilities      
Derivative liability 30 13  
Bitcoin      
Assets      
Crypto assets held: 262,110 420,635 412,115
Ether      
Assets      
Crypto assets held: 5,283 8,072 17,562
Other crypto assets      
Assets      
Crypto assets held: 4,563 10,915 $ 40,424
Level 1      
Assets      
Cash and cash equivalents: 0 21,242  
Restricted cash equivalents: 1,689 1,674  
Accounts receivable, net: 0 0  
Equity securities 239 357  
Warrants 0 0  
Total assets 273,884 462,895  
Liabilities      
Related party loans: 0 0  
Crypto asset collateral payable 0 0  
Total liabilities 0 0  
Level 1 | Crypto asset options      
Assets      
Crypto asset futures 0 0  
Liabilities      
Derivative liability 0 0  
Level 1 | Crypto asset futures      
Assets      
Crypto asset futures 0    
Liabilities      
Derivative liability 0 0  
Level 1 | Bitcoin      
Assets      
Crypto assets held: 262,110 420,635  
Level 1 | Ether      
Assets      
Crypto assets held: 5,283 8,072  
Level 1 | Other crypto assets      
Assets      
Crypto assets held: 4,563 10,915  
Level 2      
Assets      
Cash and cash equivalents: 0 0  
Restricted cash equivalents: 0 0  
Accounts receivable, net: (629) (371)  
Equity securities 0 0  
Warrants 0 0  
Total assets (481) (302)  
Liabilities      
Related party loans: 8,233 188,576  
Crypto asset collateral payable 480 904  
Total liabilities 8,882 189,562  
Level 2 | Crypto asset options      
Assets      
Crypto asset futures 139 69  
Liabilities      
Derivative liability 139 69  
Level 2 | Crypto asset futures      
Assets      
Crypto asset futures 9    
Liabilities      
Derivative liability 30 13  
Level 2 | Bitcoin      
Assets      
Crypto assets held: 0 0  
Level 2 | Ether      
Assets      
Crypto assets held: 0 0  
Level 2 | Other crypto assets      
Assets      
Crypto assets held: 0 0  
Level 3      
Assets      
Cash and cash equivalents: 0 0  
Restricted cash equivalents: 0 0  
Accounts receivable, net: 0 0  
Equity securities 0 0  
Warrants 757 851  
Total assets 757 851  
Liabilities      
Related party loans: 0 0  
Crypto asset collateral payable 0 0  
Total liabilities 0 0  
Level 3 | Crypto asset options      
Assets      
Crypto asset futures 0 0  
Liabilities      
Derivative liability 0 0  
Level 3 | Crypto asset futures      
Assets      
Crypto asset futures 0    
Liabilities      
Derivative liability 0 0  
Level 3 | Bitcoin      
Assets      
Crypto assets held: 0 0  
Level 3 | Ether      
Assets      
Crypto assets held: 0 0  
Level 3 | Other crypto assets      
Assets      
Crypto assets held: $ 0 $ 0