Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash	$ 106,132,084	$ 117,702,933
Prepaid expenses and other current assets	6,018,111	378,485
Digital assets - current, at fair value		87,316
Total Current Assets	112,150,195	118,168,734
Other non-current assets	2,040,068	9,250,000
Digital assets - non-current, at fair value	2,550,162,413	3,799,457,809
Total Assets	2,664,352,676	3,926,876,543
Current liabilities:
Accounts payable and accrued expenses	1,578,501	2,481,681
Total Current Liabilities	1,578,501	2,481,681
Convertible notes payable	484,543,716	484,326,591
Total Liabilities	486,122,217	486,808,272
Commitments and Contingencies (Note 10)
Stockholders’ Equity
Preferred Stock; $0.01 par value, 1,000,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025
Additional paid-in capital	3,709,286,980	3,697,005,091
Accumulated deficit	(1,536,681,961)	(263,450,730)
Total Stockholders’ Equity	2,178,230,459	3,440,068,271
Total Liabilities and Stockholders’ Equity	2,664,352,677	3,926,876,543
Class A Common Stock
Stockholders’ Equity
Common stock value	3,468,079	3,465,482
Class B Common Stock
Stockholders’ Equity
Common stock value	$ 2,157,361	$ 3,048,428

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

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- Definition

Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.