v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 511,333 $ 5,748
Net income from discontinued operations, net of taxes 0 (11,042)
Adjustments to reconcile net income to net cash used in operating activities:    
Stock-based compensation expense related to employee and director stock awards 3,261 6
Unrealized gain on digital assets 27,959 0
Non-cash loss on fair value of warrant liabilities in excess of proceeds at issuance 5,302,617 0
Non-cash gain on changes in fair value of warrant liabilities (5,846,899) (0)
Non-cash right-of-use asset amortization 0 90
Impairment of long-lived assets 0 589
Amortization of debt discounts on convertible notes 3 46
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (410) (32)
Other assets 70 4
Accounts payable and accrued liabilities (325) 919
Operating lease liabilities (709) (176)
Net cash used in operating activities, continuing operations (7,769) (3,848)
Investing activities:    
Purchases of SKY tokens (84,501) 0
Proceeds from redemption of stablecoins 51,000 0
Net cash used in investing activities, continuing operations (33,501) 0
Financing activities:    
Proceeds from sale of pre-funded warrants in private placement 25,001 0
Proceeds from warrant exercises 292 614
Repayment of bridge loan 0 (507)
Payments on warrants purchase 0 (1,989)
Net cash provided by (used in) financing activities, continuing operations 40,167 (1,882)
Net decrease in cash, cash equivalents, and restricted cash, continuing operations (1,103) (5,730)
Net increase in cash and cash equivalents, discontinued operations 0 10,644
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,103) 4,914
Cash, cash equivalents and restricted cash, beginning of period 8,225 907
Cash, cash equivalents and restricted cash of continuing operations, end of period 7,122 5,821
Supplemental disclosure of cash flow information:    
Interest paid 0 8
Digital assets and stablecoins received in exchange for pre-funded warrants 109,031 0
Warrants exercised on a cashless basis 24,423 0
Conversions of preferred stock to common stock 6 0
Conversions of Unsecured Convertible Notes to common stock 128 0
Series F Preferred Stock [Member]    
Financing activities:    
Payment on redemption of Series F Preferred Stock (350) 0
Warrants and Pre-funded Warrants [Member]    
Financing activities:    
Proceeds from warrant exercises 292 614
At the Market Offering Agreement [Member]    
Financing activities:    
Proceeds from issuance of common stock in at the market offering, net 15,224 0
Warrant Liability [Member]    
Supplemental disclosure of cash flow information:    
Warrant liabilities transferred to equity 204,398 0
SKY Tokens [Member]    
Adjustments to reconcile net income to net cash used in operating activities:    
Staking rewards earned in SKY tokens (4,669) $ 0
Unrealized gain on digital assets $ 28,000