v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Staking revenue $ 2,206 $ 0 $ 4,669 $ 0
Unrealized gain on digital assets (50,633) 0 (27,959) 0
Operating expenses:        
General and administrative 5,417 1,891 8,265 4,592
Impairment of long-lived assets 0 0 0 589
Total operating expenses 5,417 1,891 8,265 5,181
Operating loss (53,844) (1,891) (31,555) (5,181)
Non-cash loss on fair value of warrant liabilities in excess of proceeds at issuance 0 0 (5,302,617) 0
Non-cash gain on changes in fair value of warrant liabilities 9,292 0 5,846,899 0
Other expense, net 0 (73) (1,422) (113)
Total non-operating income (expense), net 9,292 (73) 542,860 (113)
Net (loss) income from continuing operations, before taxes (44,552) (1,964) 511,305 (5,294)
Income tax (benefit) (3,482) 0 (28) 0
Net (loss) income from continuing operations (41,070) (1,964) 511,333 (5,294)
Net income from discontinued operations, net of taxes (Note 13) 0 42 0 11,042
Net (loss) income attributable to common stockholders $ (41,070) $ (1,922) $ 511,333 $ 5,748
Weighted average shares outstanding:        
Basic (in shares) 31,048 1,164 28,545 1,113
Diluted (in shares) 31,048 1,164 184,781 1,134
Basic and diluted net (loss) income per share attributable to common stockholders:        
Basic (loss) earnings per share from continuing operations (in dollars per share) $ (1.32) $ (1.69) $ 17.91 $ (4.76)
Basic earnings per share from discontinued operations (in dollars per share) 0 0.04 0 9.92
Basic (loss) earnings per share attributable to common stockholders (in dollars per share) (1.32) (1.65) 17.91 5.16
Diluted (loss) earnings per share from continuing operations (in dollars per share) (1.32) (1.69) 2.77 (4.67)
Diluted earnings per share from discontinued operations (in dollars per share) 0 0.04 0 9.74
Diluted (loss) earnings per share attributable to common stockholders (in dollars per share) $ (1.32) $ (1.65) $ 2.77 $ 5.07