Condensed Consolidated and Combined Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Income Statement [Abstract] | ||||||
| Revenue | $ 67,015 | $ 30,285 | $ 129,133 | $ 42,623 | ||
| Cost of revenue (exclusive of depreciation and amortization shown below) | 34,009 | 15,337 | 63,607 | 26,988 | ||
| Operating expenses: | ||||||
| Depreciation and amortization | 28,237 | 9,951 | 54,857 | 16,375 | ||
| General and administrative expenses | 7,672 | 3,642 | 14,580 | 18,010 | ||
| Loss on sale of property and equipment | 0 | 0 | 0 | 2,454 | ||
| Loss (gain) on digital assets | 71,178 | (3,037) | 188,366 | 109,357 | ||
| Total operating expenses | 107,087 | 10,556 | 257,803 | 146,196 | ||
| Operating (loss) income | (74,081) | 4,392 | (192,277) | (130,561) | ||
| Other income: | ||||||
| Gain on derivatives | 18,315 | 0 | 55,607 | 20,862 | ||
| Gain on warrant liability | 22 | 0 | 91 | 0 | ||
| Other income | 18,337 | 0 | 55,698 | 20,862 | ||
| (Loss) income before income taxes | (55,744) | 4,392 | (136,579) | (109,699) | ||
| Income tax (provision) benefit | (1,407) | (961) | (2,364) | 12,507 | ||
| Net (loss) income | (57,151) | 3,431 | (138,943) | (97,192) | ||
| Other comprehensive income: | ||||||
| Foreign currency translation adjustments | 0 | 0 | 0 | 4,467 | ||
| Total comprehensive (loss) income | $ (57,151) | $ 3,431 | $ (138,943) | $ (92,725) | ||
| Net (loss) income per share of common stock: | ||||||
| Basic | [1] | $ (0.8) | $ 0.06 | $ (1.99) | $ (1.63) | |
| Diluted | [1] | $ (0.8) | $ 0.06 | $ (2) | $ (1.63) | |
| Weighted average number of shares of common stock outstanding: | ||||||
| Basic | [1] | 71,482,044 | 59,450,812 | 69,678,490 | 59,450,812 | |
| Diluted | [1] | 71,487,408 | 59,450,812 | 69,681,187 | 59,450,812 | |
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- Definition Gain on warrant liability. No definition available.
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- Definition Operating Expenses Income No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of realized and unrealized gain (loss) from remeasurement of crypto asset, classified as operating. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The difference between the book value and the sale price of options, swaps, futures, forward contracts, and other derivative instruments. This element refers to the gain (loss) included in earnings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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