v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative [Line Items]  
Schedule of Unaudited Condensed Consolidated and Combined Balance Sheets Classification of Derivatives Carried at Fair Value

The following table presents the Company’s Unaudited Condensed Consolidated and Combined Balance Sheets classification of derivatives carried at fair value:

 

(in USD thousands)

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Derivative

 

Balance Sheet Line

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bitcoin redemption and put options

 

Derivative assets

 

$

180,013

 

 

$

—

 

 

$

101,179

 

 

$

—

 

Warrant liability

 

Warrant liability

 

 

—

 

 

 

55

 

 

 

—

 

 

 

146

 

Total derivatives

 

 

 

$

180,013

 

 

$

55

 

 

$

101,179

 

 

$

146

 
Schedule of Effect of Derivatives on Statements of Operations and Comprehensive Income (Loss)

The following table presents the effect of derivatives on the Company’s Unaudited Condensed Consolidated and Combined Statements of Operations and Comprehensive (Loss) Income:

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in USD thousands)

 

Statement of

 

June 30,

 

 

June 30,

 

Derivative

 

Operations Line

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bitcoin redemption and put options

 

Gain on derivatives

 

$

18,315

 

 

$

—

 

 

$

55,607

 

 

$

20,862

 

Warrant liability

 

Gain on warrant liability

 

 

22

 

 

 

—

 

 

 

91

 

 

 

—

 

Total derivatives

 

 

 

$

18,337

 

 

$

—

 

 

$

55,698

 

 

$

20,862

 
Warrant [Member]  
Derivative [Line Items]  
Schedule of Valuation Inputs for Derivatives

As of June 30, 2026, the Company estimated the fair value of the warrant liability using the Black-Scholes pricing model with the following inputs:

 

 

 

June 30, 2026

 

Exercise price

 

$

1.50

 

Expected price volatility

 

 

120.0

%

Risk-free interest rate

 

 

4.32

%

Expected term (in years)

 

 

8.5

 

Dividend yield

 

 

0.0

%
Summary of Activity and Change in Fair Value

The following table provides a summary of activity and change in fair value of the Company’s warrant liability (Level 3 derivative liability):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in USD thousands)

 

June 30, 2026

 

 

June 30, 2026

 

Balance, beginning of period

 

$

77

 

 

$

146

 

Change in fair value

 

 

(22

)

 

 

(91

)

Balance, end of period

 

$

55

 

 

$

55