v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (523,509) $ (12,624)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 176 106
Accretion of discount on investments, net 0 155
Reduction in carrying amount of right-of-use assets 28 50
Net unrealized loss on digital assets, at fair value 523,809 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 2,594 0
Net unrealized loss on investments in preferred equity, at fair value 5,472 0
Change in fair value on long-term notes payable, at fair value 2,464 0
Loss on extinguishment of debt 8,431 0
Other investment loss 2,801 0
Share-based compensation expense 12,213 0
Bargain purchase gain (66,704) 0
Changes in operating assets and liabilities:    
Prepaid expenses 1,289 (364)
Other current assets 1,169 (404)
Other non-current assets (200) (837)
Compensation and benefits payable 7,102 (99)
Accounts payable and other liabilities (16,535) 4,001
Net cash used in operating activities (39,400) (10,016)
Cash flows from investing activities:    
Purchases of digital assets, at fair value (540,556) 0
Cash acquired through business combination 3,513 0
Purchases of intangible assets 0 (123)
Purchases of investments in preferred equity, at fair value (50,499) 0
Proceeds from return of capital dividends 2,173 0
Purchases of short-term investments 0 (4,273)
Proceeds from short-term investments 0 20,872
Net cash provided by (used in) investing activities (585,369) 16,476
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock 306,248 0
Proceeds from issuance of preferred stock 475,460 0
Preferred stock dividends paid (33,224) 0
Payment of issuance costs (14,943) 0
Payment of withholding tax on vesting of restricted stock (525) 0
Extinguishment of long-term notes payable, at fair value (9,970) 0
Extinguishment of Coinbase Loan (20,310) 0
Net cash provided by financing activities 702,736 0
Net increase in cash and cash equivalents 77,967 6,460
Cash and cash equivalents, beginning of period 67,499 6,155
Cash and cash equivalents, end of period 145,466 12,615
Non-cash investing and financing activities:    
Change in declared but unpaid preferred stock dividends 6,439 0
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan 37,971 0
Exchange of preferred stock for extinguishment of long-term notes payable, at fair value 90,108 0
Class A common stock issued as part of business combination 311,183 0
Accrued but unpaid financing transaction costs 0 450
Assets and liabilities resulting from business combination:    
Prepaid expenses 599 0
Other current assets 1,831 0
Digital assets, at fair value 444,029 0
Receivable for bitcoin collateral 37,971 0
Property and equipment, net 175 0
Intangible assets, net 14,650 0
Other non-current assets 1 0
Compensation and benefits payable 2,358 0
Accounts payable and other liabilities 13,029 0
Long-term notes payable, at fair value 89,495 0
Coinbase Loan $ 20,000 $ 0