INVESTMENTS	6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]
INVESTMENTS	NOTE 5 — INVESTMENTS *Treasury B.V.* On September 4, 2025, Nakamoto Holdings, our wholly owned subsidiary, made an investment in Treasury B.V. through Stichting Administratiekantoor Treasury, which issued depository receipts representing underlying ordinary shares of Treasury B.V. (the “Minority Investment”). We own approximately 31.9% of the outstanding equity interests in Stichting and, on a look-through basis, approximately 27.6% of Treasury B.V. Based on our ownership interest and governance rights obtained through the Minority Investment, we have concluded that we have the ability to exercise significant influence over Treasury’s operating and financial policies. Accordingly, we account for our investment under the equity method in accordance with ASC 323. Under the equity method, we recognize our proportionate share of Treasury B.V.’s net income or loss in our Bitcoin Operations reportable segment on a one-quarter lag based on financial information provided by Treasury B.V. For the three and six months ended June 30, 2026, we recorded an equity method loss of $1.8 million and $5.8 million, respectively, in (gain) loss on investments in the condensed consolidated statements of comprehensive loss. In addition, we recorded a foreign currency translation loss of $0.1 million and $0.2 million, respectively, which is included in other comprehensive loss in the condensed consolidated statements of comprehensive loss. As of June 30, 2026, the carrying amount of our investment is $8.9 million. *Metaplanet Inc.* During the three and six months ended June 30, 2026, we recognized a total realized and unrealized loss on our investment in Metaplanet stock of $0.0 million and $3.9 million, respectively, which is included in (gain) loss on investments on the condensed consolidated statements of comprehensive loss. During the six months ended June 30, 2026, we sold 5.0 million shares of Metaplanet stock, at a weighted-average fair value of $2.26 per share, generating net cash proceeds of $11.1 million after fees. On June 1, 2026, we contributed our remaining 3.0 million shares of Metaplanet stock to 210k Capital and received a limited partnership interest in 210k Capital. The fair value of the Metaplanet stock at the time of contribution was $5.5 million. These transactions resulted in a realized loss for the three and six months ended June 30, 2026, of $5.8 million and $13.2 million, respectively. We accounted for our investment in Metaplanet stock at fair value, with the changes in fair value recognized in net income in accordance with ASC 321, as the shares had a readily determinable fair value based on quoted market prices on the Tokyo Stock Exchange. As of June 30, 2026, we no longer held any shares in Metaplanet. *210k Capital* On June 1, 2026, we contributed our investment in Metaplanet to 210k Capital and in return received a limited partnership interest in 210k Capital. The initial investment was valued at $5.5 million on June 1, 2026. We account for our investment in 210k Capital based on the net asset value of the 210k Capital fund. We can generally redeem our investment in 210k Capital at the end of any calendar quarter with at least 60 days prior notice. During the three months and six months ended June 30, 2026, we recorded an unrealized loss of $0.3 million on our investment in the 210k Capital fund, which is included in (gain) loss on investments on the condensed consolidated statements of comprehensive loss. As of June 30, 2026, we own approximately 5.8% of the 210k Capital fund and the carrying amount of our investment is $5.2 million. *RTB Digital* As part of the BTC Inc acquisition, we acquired a minority equity investment in Roundtable Media, LLC (“Roundtable Media”) that was valued at $0.3 million. On May 13, 2026, Roundtable Media completed a reverse merger with RYVYL Inc. and began trading as RTB Digital, Inc. (“RTB Digital”) on Nasdaq. We received shares of the newly public company and own approximately 1.6% of RTB Digital. Our shares in RTB Digital have transfer restrictions that are released in four equal tranches of 25% on May 13, 2027, August 13, 2027, November 13, 2027, and February 13, 2028. During the three and six months ended June 30, 2026, we recorded an unrealized gain of $2.9 million, which is included in (gain) loss on investments on the condensed consolidated statements of comprehensive loss. As of June 30, 2026, our investment in RTB Digital had a carrying amount of $3.2 million.

INVESTMENTS

6 Months Ended

Jun. 30, 2026

Investments, All Other Investments [Abstract]

NOTE 5 — INVESTMENTS

Treasury B.V.

On September 4, 2025, Nakamoto Holdings, our wholly owned subsidiary, made an investment in Treasury B.V. through Stichting Administratiekantoor Treasury, which issued depository receipts representing underlying ordinary shares of Treasury B.V. (the “Minority Investment”).

We own approximately 31.9% of the outstanding equity interests in Stichting and, on a look-through basis, approximately 27.6% of Treasury B.V. Based on our ownership interest and governance rights obtained through the Minority Investment, we have concluded that we have the ability to exercise significant influence over Treasury’s operating and financial policies. Accordingly, we account for our investment under the equity method in accordance with ASC 323.

Under the equity method, we recognize our proportionate share of Treasury B.V.’s net income or loss in our Bitcoin Operations reportable segment on a one-quarter lag based on financial information provided by Treasury B.V.

For the three and six months ended June 30, 2026, we recorded an equity method loss of $1.8 million and $5.8 million, respectively, in (gain) loss on investments in the condensed consolidated statements of comprehensive loss. In addition, we recorded a foreign currency translation loss of $0.1 million and $0.2 million, respectively, which is included in other comprehensive loss in the condensed consolidated statements of comprehensive loss.

As of June 30, 2026, the carrying amount of our investment is $8.9 million.

Metaplanet Inc.

During the three and six months ended June 30, 2026, we recognized a total realized and unrealized loss on our investment in Metaplanet stock of $0.0 million and $3.9 million, respectively, which is included in (gain) loss on investments on the condensed consolidated statements of comprehensive loss.

During the six months ended June 30, 2026, we sold 5.0 million shares of Metaplanet stock, at a weighted-average fair value of $2.26 per share, generating net cash proceeds of $11.1 million after fees. On June 1, 2026, we contributed our remaining 3.0 million shares of Metaplanet stock to 210k Capital and received a limited partnership interest in 210k Capital. The fair value of the Metaplanet stock at the time of contribution was $5.5 million. These transactions resulted in a realized loss for the three and six months ended June 30, 2026, of $5.8 million and $13.2 million, respectively.

We accounted for our investment in Metaplanet stock at fair value, with the changes in fair value recognized in net income in accordance with ASC 321, as the shares had a readily determinable fair value based on quoted market prices on the Tokyo Stock Exchange. As of June 30, 2026, we no longer held any shares in Metaplanet.

210k Capital

On June 1, 2026, we contributed our investment in Metaplanet to 210k Capital and in return received a limited partnership interest in 210k Capital. The initial investment was valued at $5.5 million on June 1, 2026. We account for our investment in 210k Capital based on the net asset value of the 210k Capital fund. We can generally redeem our investment in 210k Capital at the end of any calendar quarter with at least 60 days prior notice.

During the three months and six months ended June 30, 2026, we recorded an unrealized loss of $0.3 million on our investment in the 210k Capital fund, which is included in (gain) loss on investments on the condensed consolidated statements of comprehensive loss. As of June 30, 2026, we own approximately 5.8% of the 210k Capital fund and the carrying amount of our investment is $5.2 million.

RTB Digital

As part of the BTC Inc acquisition, we acquired a minority equity investment in Roundtable Media, LLC (“Roundtable Media”) that was valued at $0.3 million. On May 13, 2026, Roundtable Media completed a reverse merger with RYVYL Inc. and began trading as RTB Digital, Inc. (“RTB Digital”) on Nasdaq. We received shares of the newly public company and own approximately 1.6% of RTB Digital. Our shares in RTB Digital have transfer restrictions that are released in four equal tranches of 25% on May 13, 2027, August 13, 2027, November 13, 2027, and February 13, 2028.

During the three and six months ended June 30, 2026, we recorded an unrealized gain of $2.9 million, which is included in (gain) loss on investments on the condensed consolidated statements of comprehensive loss. As of June 30, 2026, our investment in RTB Digital had a carrying amount of $3.2 million.