v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,683 $ 5,920
Investments 2,692 3,675
Digital assets pledged as collateral 111,829 103,943
Deferred offering costs 3,361 6,377
Other current assets 6,203 2,011
Total current assets 127,768 121,926
Digital assets, at fair value 65,873 136,000
Digital assets, at carrying value 32,706 45,764
Goodwill 607 607
Intangible assets, net 2,669 3,020
Other assets 93 93
Total assets 229,716 307,410
Current liabilities:    
Accounts payable and accrued expenses 5,539 6,821
Digital asset financing arrangements 82,986 67,521
Loans payable 0 107
Other current liabilities 3,218 6,339
Total current liabilities 91,743 80,788
Long-term debt, net 127,779 127,361
Total liabilities 219,522 208,149
Commitments and contingencies (Note 15)
Stockholders' equity:    
Common stock, $0.00001 par value, 100,000,000 shares authorized, 27,718,159 and 9,909,473 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 0 0
Additional paid-in capital 207,547 202,581
Treasury stock (22,022) (11,520)
Accumulated other comprehensive (loss) income (44) (27)
Accumulated (deficit) (175,287) (91,773)
Total stockholders’ equity 10,194 99,261
Total liabilities and stockholders’ equity 229,716 307,410
Undesignated Preferred Stock    
Stockholders' equity:    
Preferred stock, value 0 0
Series A Preferred Stock    
Stockholders' equity:    
Preferred stock, value 0 0
Series B Preferred Stock    
Stockholders' equity:    
Preferred stock, value $ 0 $ 0