v3.26.1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 145,466 $ 67,499
Investments in preferred equity, at fair value 42,854 0
Prepaid expenses 2,018 2,708
Other current assets 2,231 1,569
Total current assets 192,569 71,776
Digital assets, at fair value 1,164,639 668,486
Property and equipment, net 798 778
Intangible assets, net 14,982 355
Right-of-use lease assets 3,825 4,037
Other non-current assets 296 95
Total assets 1,377,109 745,527
Current liabilities:    
Compensation and benefits payable 9,624 164
Accounts payable and other liabilities 7,146 8,560
Dividends payable 8,492 2,053
Total current liabilities 25,262 10,777
Operating lease liabilities 3,319 3,512
Total liabilities 28,581 14,289
Mezzanine equity:    
Total mezzanine equity 702,373 148,802
Stockholders’ equity:    
Additional paid-in capital 1,683,299 1,055,595
Accumulated deficit (1,037,226) (474,054)
Total stockholders’ equity 646,155 582,436
Total liabilities, mezzanine equity, and stockholders' equity 1,377,109 745,527
Variable Rate Series A Perpetual Preferred Stock    
Mezzanine equity:    
Total mezzanine equity $ 702,373 $ 148,802
Stockholders’ equity:    
Temporary equity, shares authorized (in shares) 40,000,000 20,000,000
Class A Common Stock    
Stockholders’ equity:    
Common stock $ 72 $ 699
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 10 $ 196