v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net (loss) income $ (83,390,000) $ (778,000)
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Digital assets received as revenue (2,402,000) 0
Digital assets paid for expenses 96,000 0
Depreciation and amortization 351,000 50,000
Amortization of debt discount 418,000 0
Share-based compensation 720,000 54,000
Net loss (gain) on digital assets 51,030,000 0
Loss (gain) from derivative instruments 22,838,000
Net loss (gain) on investment activity 592,000 (85,000)
(Gain) loss from changes in fair value of contingent consideration 0 (64,000)
Other 2,533,000 0
Changes in operating assets and liabilities:    
Accounts receivable 52,000 (431,000)
Prepaid expenses 122,000 26,000
Other assets (1,283,000) (15,000)
Accounts payable and accrued expenses (1,497,000) (166,000)
Deferred revenue 3,000 624,000
Net cash used in operating activities (9,817,000) (785,000)
Investing Activities    
Purchase of digital assets (3,720,000) 0
Proceeds from sales of digital assets 20,379,000 0
Purchases of investments (631,000) 0
Proceeds from the sale of investments 163,400 0
Net cash provided by (used in) investing activities 16,191,000 0
Financing Activities    
Repayments of short-term debt (107,000) 0
Proceeds from issuance of common stock, net of offering costs 1,959,000 70,000
Payments related to employee stock plan taxes (16,000) 0
Proceeds from warrant exercises 55,000 0
Repurchase of common stock (10,502,000) 0
Net cash (used in) provided by financing activities (8,611,000) 70,000
Net (decrease) increase in cash and cash equivalents (2,237,000) (715,000)
Cash and cash equivalents, at beginning of period 5,920,000 2,517,000
Cash and cash equivalents, at end of period 3,683,000 1,802,000
Supplemental Information of Cash Paid Information    
Cash paid for interest 3,347,000 1,000
Cash paid for taxes, net of refunds 187,000 0
Supplemental Schedule of Non-cash Investing and Financing Activities    
Digital asset financing arrangement borrowings 91,071,000 0
Repayments of digital asset financing arrangements 56,737,000 0
Common stock issuance in connection with equity line of credit commitment fee 5,064,000 0
Warrant dividend distribution $ 124,000 $ 0