| Fair Value Measurements |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measured at March 31, 2026 | | | Total carrying | | Quoted prices in | | Significant other | | Significant | | | value at | | active markets | | observable inputs | | unobservable | | | March 31, 2026 | | (Level 1) | | (Level 2) | | inputs (Level 3) | Assets: | | | | | | | | | | | | | Digital assets - AVAX | | $ | 122,758,140 | | $ | 122,758,140 | | $ | — | | $ | — | USDC | | | 2,391,023 | | | 2,391,023 | | | — | | | — | Total assets | | $ | 125,149,163 | | $ | 125,149,163 | | $ | — | | $ | — | Liabilities: | | | | | | | | | | | | | Token sale liability | | $ | 15,203,085 | | $ | — | | $ | 15,203,085 | | $ | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measured at December 31, 2025 | | | Total carrying | | Quoted prices in | | Significant other | | Significant | | | value at | | active markets | | observable inputs | | unobservable | | | December 31, 2025 | | (Level 1) | | (Level 2) | | inputs (Level 3) | Assets: | | | | | | | | | | | | | Digital assets - AVAX | | $ | 167,093,560 | | $ | 167,093,560 | | $ | — | | $ | — | USDC | | | 3,373,564 | | | 3,373,564 | | | — | | | — | Total assets | | $ | 170,467,124 | | $ | 170,467,124 | | $ | — | | $ | — | Liabilities: | | | | | | | | | | | | | Token sale liability | | $ | 40,010,988 | | $ | — | | $ | 40,010,988 | | $ | — |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measured at December 31, 2025 | | | Total carrying | | Quoted prices | | Significant | | Significant | | | value at | | in active | | other observable | | unobservable | | | December 31, 2025 | | markets (Level 1) | | inputs (Level 2) | | inputs (Level 3) | Assets: | | | | | | | | | | | | | Digital assets – AVAX | | $ | 167,093,560 | | $ | 167,093,560 | | $ | — | | $ | — | USDC | | | 3,373,564 | | | 3,373,564 | | | — | | | — | Total assets | | $ | 170,467,124 | | $ | 170,467,124 | | $ | — | | $ | — | Liabilities: | | | | | | | | | | | | | Token sale liability | | $ | 40,010,988 | | $ | — | | $ | 40,010,988 | | $ | — |
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