v3.26.1
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:            
Total revenues $ 2,941   $ 1,511   $ 5,701 $ 2,934
Operating expenses:            
Fund management and administration 1,489   1,588   2,913 2,999
Employee compensation and benefits 16,314   2,005   29,367 4,071
General and administrative expense 6,428   1,452   12,366 3,358
Marketing and advertising 79   102   195 163
Depreciation and amortization 86   54   176 106
Total operating expenses 24,396   5,201   45,017 10,697
Investment losses:            
Net unrealized loss on digital assets, at fair value (228,031)   0   (523,809) 0
Net unrealized loss on investments in preferred equity, at fair value (5,962)   0   (5,472) 0
Other investment loss (2,801)   0   (2,801) 0
Total investment losses (236,794)   0   (532,082) 0
Net operating loss (258,249)   (3,690)   (571,398) (7,763)
Other income/(expense):            
Other income 955   252   1,481 576
Interest expense on long-term notes payable, at fair value (40)   0   (282) 0
Change in fair value on long-term notes payable, at fair value (299)   0   (2,464) 0
Gain (loss) on extinguishment of debt 30   0   (8,431) 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan         (2,594) 0
Transaction costs 0   (5,437)   (6,525) (5,437)
Bargain purchase gain         66,704 0
Total other income/(expense) 646   (5,185)   47,889 (4,861)
Net loss before income taxes (257,603)   (8,875)   (523,509) (12,624)
Income tax benefit/(expense) 0   0   0 0
Net loss (257,603) $ (265,906) (8,875) $ (3,749) (523,509) (12,624)
Asset Management            
Revenues:            
Total revenues 1,512   1,488   2,859 2,911
Operating expenses:            
Fund management and administration 1,489   1,588   2,913 2,999
Employee compensation and benefits 1,535   1,245   2,826 3,311
General and administrative expense 639   514   1,276 2,420
Marketing and advertising 4   17   11 78
Depreciation and amortization 0   0   0 52
Total operating expenses 3,667   3,364   7,026 8,860
Investment losses:            
Net unrealized loss on digital assets, at fair value 0   0   0 0
Net unrealized loss on investments in preferred equity, at fair value 0   0   0 0
Other investment loss 0       0  
Total investment losses 0   0   0 0
Net operating loss (2,155)   (1,876)   (4,167) (5,949)
Other income/(expense):            
Other income 0   21   11 345
Interest expense on long-term notes payable, at fair value 0       0  
Change in fair value on long-term notes payable, at fair value 0       0  
Gain (loss) on extinguishment of debt 0       0  
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan         0  
Transaction costs     0   0 0
Bargain purchase gain         0  
Total other income/(expense) 0   21   11 345
Net loss before income taxes (2,155)   (1,855)   (4,156) (5,604)
Income tax benefit/(expense) 0   0   0 0
Net loss (2,155)   (1,855)   (4,156) (5,604)
Medical Device            
Revenues:            
Total revenues 1,388   0   2,758 0
Operating expenses:            
Fund management and administration 0   0   0 0
Employee compensation and benefits 3,671   0   8,849 0
General and administrative expense 2,899   0   5,169 0
Marketing and advertising 3   0   3 0
Depreciation and amortization 31   0   63 0
Total operating expenses 6,604   0   14,084 0
Investment losses:            
Net unrealized loss on digital assets, at fair value 0   0   0 0
Net unrealized loss on investments in preferred equity, at fair value 0   0   0 0
Other investment loss 0       0  
Total investment losses 0   0   0 0
Net operating loss (5,216)   0   (11,326) 0
Other income/(expense):            
Other income 270   0   475 0
Interest expense on long-term notes payable, at fair value 0       0  
Change in fair value on long-term notes payable, at fair value 0       0  
Gain (loss) on extinguishment of debt 0       0  
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan         0  
Transaction costs     0   0 0
Bargain purchase gain         0  
Total other income/(expense) 270   0   475 0
Net loss before income taxes (4,946)   0   (10,851) 0
Income tax benefit/(expense) 0   0   0 0
Net loss (4,946)   0   (10,851) 0
Corporate & Other            
Revenues:            
Total revenues 41   23   84 23
Operating expenses:            
Fund management and administration 0   0   0 0
Employee compensation and benefits 11,108   760   17,692 760
General and administrative expense 2,890   938   5,921 938
Marketing and advertising 72   85   181 85
Depreciation and amortization 55   54   113 54
Total operating expenses 14,125   1,837   23,907 1,837
Investment losses:            
Net unrealized loss on digital assets, at fair value (228,031)   0   (523,809) 0
Net unrealized loss on investments in preferred equity, at fair value (5,962)   0   (5,472) 0
Other investment loss (2,801)       (2,801)  
Total investment losses (236,794)   0   (532,082) 0
Net operating loss (250,878)   (1,814)   (555,905) (1,814)
Other income/(expense):            
Other income 685   231   995 231
Interest expense on long-term notes payable, at fair value (40)       (282)  
Change in fair value on long-term notes payable, at fair value (299)       (2,464)  
Gain (loss) on extinguishment of debt 30       (8,431)  
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan         (2,594)  
Transaction costs     (5,437)   (6,525) (5,437)
Bargain purchase gain         66,704  
Total other income/(expense) 376   (5,206)   47,403 (5,206)
Net loss before income taxes (250,502)   (7,020)   (508,502) (7,020)
Income tax benefit/(expense) 0   0   0 0
Net loss (250,502)   (7,020)   (508,502) (7,020)
Investment advisory fees            
Revenues:            
Total revenues 1,512   1,488   2,859 2,904
Investment advisory fees | Asset Management            
Revenues:            
Total revenues 1,512   1,488   2,859 2,904
Investment advisory fees | Medical Device            
Revenues:            
Total revenues 0   0   0 0
Investment advisory fees | Corporate & Other            
Revenues:            
Total revenues 0   0   0 0
Medical device revenues            
Revenues:            
Total revenues 1,388   0   2,758 0
Medical device revenues | Asset Management            
Revenues:            
Total revenues 0       0  
Medical device revenues | Medical Device            
Revenues:            
Total revenues 1,388       2,758  
Medical device revenues | Corporate & Other            
Revenues:            
Total revenues 0       0  
Other revenue            
Revenues:            
Total revenues 41   23   84 30
Other revenue | Asset Management            
Revenues:            
Total revenues 0   0   0 7
Other revenue | Medical Device            
Revenues:            
Total revenues 0   0   0 0
Other revenue | Corporate & Other            
Revenues:            
Total revenues $ 41   $ 23   $ 84 $ 23