v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,079,835) $ (104,398)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4
Stock-based compensation expense 6,056 106
Stock-based compensation expense, related party 16,379
Impairment of crypto assets at cost 267,763 87,813
Unrealized loss on crypto assets received at fair value, net 827,667 2,437
Realized gain on crypto assets, net (13,438) (5,374)
Rewards on native staking (18,693) (29)
Rewards on liquid staking (2,650)
Rewards from protocol incentives and rebates (2,000)
Changes in assets and liabilities    
Accounts receivable 11 (7)
Other receivable 273
Prepaid expenses and other current assets (369) (164)
Accounts payable and accrued expenses (2,308) 822
Net cash used in operating activities (17,796) (2,138)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of other assets (733) (502)
Crypto assets purchased (16,110) (405,817)
USDC stablecoin redemptions 1,882
Net cash used in investing activities (14,961) (406,319)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Taxes paid related to net share settlement of equity awards (2,896)
Gross proceeds from private placement and warrants 75,001 302,083
Issuance costs paid related to private placements and warrants (1,670) (20,376)
Repurchases of shares of Common Stock (10,022)
Gross proceeds from sale of Common Stock 130,217
Issuance costs paid related to sale of Common Stock (4,015)
Gross proceeds from shares sold in capital raise 4,500
Issuance costs related to shares sold in capital raise (652)
Shares issued for restricted stock 261
Net cash provided by financing activities 60,413 412,018
Net change in cash 27,656 3,561
Cash, beginning of period 28,539 1,541
Cash, end of period 56,195 5,102
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest
Cash paid for taxes 2,167 141
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES:    
Crypto assets received as equity contributions 123,397
Receipt of LsETH rebate receivable 106
Deposits of crypto assets (ETH) at fair value for liquid staking activities 197,455 465,343
Receipt of crypto assets (LsETH) at cost for liquid restaking activities (470,236)
Receipt of crypto assets (weETH) at cost for liquid restaking activities (205,844)
Receipt of crypto assets (ETH) at fair value for redemption of crypto assets (LsETH at cost) (32,497)
Redemption of crypto assets (LsETH) at impaired cost 28,671
ETH received from traded LsETH (43,866)
LsETH traded for ETH 42,129
Stock-based bonus accrual settled with shares of Common Stock 5,040
Issuance of Common Stock for vested restricted stock 37
Shares of Common Stock withheld for taxes in net share settlement $ 172