v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (371,773) $ (3,452)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net loss before provision for income taxes from discontinued operations 2,853 3,452
Stock-based compensation 3,839
Depreciation and amortization 3,529
Deferred income tax benefit (21,424)
Impairment of goodwill 105,176
Interest and other fees paid in digital assets 7,306
Net derivative revenue (11,489)
Change in fair value of digital assets 151,196
Loss on investments 7,100
Change in fair value of call option asset-related party 107,744
Other 563
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 6,901
Digital assets (1,788)
Other non-current assets (1,064)
Purchases of Bitcoin derivatives (16,400)
Accounts payable and accrued expenses (9,895)
Contract liabilities (13,371)
Proceeds from sale of Bitcoin derivatives 26,508
Other non-current liabilities 91
Net cash used in operating activities from continuing operations (24,398)
Net cash used in operating activities from discontinued operations (2,140) (2,776)
Net cash used in operating activities (26,538) (2,776)
Cash flows from investing activities:    
Proceeds from sale of digital assets 22,361
Proceeds from investments 11,140
Cash acquired in business combinations 8,674
Purchase of digital assets (7,269)
Purchase of property and equipment (500)
Other (100)
Net cash provided by investing activities from continuing operations 34,306
Net cash used in investing activities from discontinued operations (2,521)
Net cash provided by (used in) investing activities 34,306 (2,521)
Cash flows from financing activities:    
Proceeds from exercise of stock options 194
Repurchase of treasury stock (561)
Repayments of notes payable (9,399)
Net cash used in financing activities from continuing operations (9,766)
Net cash provided by financing activities from discontinued operations 9,048
Net cash provided by (used in) financing activities (9,766) 9,048
Net change in cash and cash equivalents (1,998) 3,751
Cash and cash equivalents - beginning of period 21,070 2,274
Cash and cash equivalents - end of period 19,072 6,025
Cash paid for:    
Interest 1,447
Income taxes
Non-cash investing and financing activities:    
Issuance of common stock for BTC Inc acquisition 83,512
Issuance of common stock for UTXO acquisition 6,573
Repayment of note payable in Bitcoin 35,601
Contribution of Metaplanet investment to 210k Capital, LP $ 5,481