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<p id="xdx_809_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zItQYbzdT6e6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 1 — ORGANIZATION AND NATURE OF OPERATIONS Nakamoto Inc., formerly known as KindlyMD, Inc., is, with its subsidiaries, a Bitcoin operating company with media, asset management, and advisory capabilities, together with a bitcoin treasury (“Nakamoto,” “the Company,” “we,” “our,” or “us”). Through its ecosystem-wide presence, Nakamoto seeks to provide investors with exposure to Bitcoin’s global growth. Nakamoto was formed in 2019 as a healthcare company and we began our transformation into a Bitcoin operating company in August 2025, with the merger between Nakamoto Holdings Inc. (“Nakamoto Holdings”) and KindlyMD, Inc. On December 27, 2025, we converted from a Utah corporation to a Delaware corporation, and on January 21, 2026, we changed our name to Nakamoto Inc. During the three months ended March 31, 2026, we completed the acquisitions of both (i) BTC Inc. (“BTC Inc”), a Delaware corporation founded in 2012 and headquartered in Nashville, Tennessee, which operates a Bitcoin-focused media and events company that publishes Bitcoin Magazine and produces the Bitcoin Conference, and (ii) UTXO Management GP, LLC (“UTXO”), a Tennessee limited liability company formed in 2019, which serves as the general partner and investment manager of multiple digital asset-focused funds. See Note 3 — Business Combinations for a full description of these transactions and the related accounting. Reverse Stock Split On May 22, 2026, we effected a 1-for-40 reverse stock split of our common stock. Every 40 shares of issued and outstanding common stock were reclassified as one share of common stock. The reverse stock split had no impact on the par value of our common stock ($0.001 per share) or the authorized number of shares of common stock. No fractional shares were issued from the reverse stock split. Stockholders who otherwise would be entitled to receive a fractional share in connection with the reverse stock split received a cash payment in lieu thereof. All share and per share information in these condensed consolidated financial statements has been retroactively adjusted to reflect the reverse stock split for all periods.

1-for-40 reverse stock split

0.001

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies are described in Note 2 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The following policies are either new to the Company as a result of the BTC Inc and UTXO acquisitions completed during the six months ended June 30, 2026, or have been updated to reflect changes in the current period. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Nakamoto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Article 8 of Regulation S-X and the related rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). These interim condensed financial statements should be read in conjunction with those audited consolidated financial statements included in the Form 10-K, as filed with the SEC on March 30, 2026 (“Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, consisting of normal recurring accruals, have been made. Operating results for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the entire year. Reclassifications Certain reclassifications within the balance sheets and statements of comprehensive loss have been made to the prior period’s financial statements to conform to the current period financial statement presentation. There is no impact in total on the results of operations and cash flows in all periods presented. Derivative Contracts We write covered calls and call spreads to generate option premiums and potential economic returns from changes in option values. We also purchase protective puts and put spreads to reduce our mark-to-market exposure to adverse Bitcoin price movements over defined time horizons. These freestanding option contracts meet the definition of derivative instruments under Accounting Standards Codification (“ASC”) 815-10, as each contract has an underlying (the price of Bitcoin) and notional amount, an initial net investment smaller than the full notional exposure, and a net settlement mechanism. In accordance with ASC 815-10, purchased options are recognized as derivative assets and written options are recognized as derivative liabilities on the condensed consolidated balance sheets at trade date. All Bitcoin option contracts are measured initially and subsequently at fair value using Level 1 inputs for exchange-traded contracts. Consistent with our Bitcoin-focused business strategy, in which the active management of our Bitcoin treasury through option contracts constitutes an ongoing component of our operations, realized and unrealized gains and losses on Bitcoin derivative instruments are presented net within the condensed consolidated statements of comprehensive loss under derivative revenue. Goodwill Goodwill represents the excess of the consideration transferred in a business combination over the estimated fair value of the net identifiable assets acquired, and is recorded in accordance with ASC 805, Business Combinations. Goodwill is not amortized. Instead, we test goodwill for impairment at the reporting unit level in accordance with ASC 350, Intangibles – Goodwill and Other. A reporting unit is an operating segment or one level below an operating segment. We test goodwill for impairment annually as of November 1, and between annual tests whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The goodwill arising from the BTC Inc and UTXO acquisitions has been assigned to our Media & Information Services and Asset Management reporting units, respectively (see Note 3 — Business Combinations). When testing goodwill, we may first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test, or we may proceed directly to the quantitative test. Under the quantitative test, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, we recognize an impairment loss equal to that excess, limited to the total amount of goodwill allocated to the reporting unit. A goodwill impairment loss, once recognized, establishes a new accounting basis and is not reversed in subsequent periods. See Note 6 — Intangible Assets and Goodwill for additional information. Contract Liabilities Contract liabilities represent our obligation to transfer goods or services to customers from whom we have received consideration. These primarily relate to consideration we have received for future event sponsorship agreements, ticket purchases for our events, and future consulting and subscription services. Segments We identify reporting segments based on how the chief operating decision maker (“CODM”) regularly reviews financial information to allocate resources and assess performance. Our CODM, who is our Chief Executive Officer, reviews financial information presented on a consolidated basis accompanied by disaggregated information about revenues and operating income by our three reportable segments: Media & Information Services, Asset Management, and Bitcoin Operations. Corporate overhead is reported separately as Other. During the second quarter of 2026, we wound down our legacy healthcare operations and all results are classified as discontinued operations. See Note 11 — Discontinued Operations and Note 13 — Segment Information for additional information. Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. To achieve this core principle, we apply the following five-step approach: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or as a performance obligation is satisfied. We apply ASC 606 to the following revenue streams: media, advisory and asset management. Media Revenue Media revenue consists of revenue generated from events, digital, and print revenue streams. Events Revenue: We host conferences and industry gatherings and generate revenue through ticket sales, sponsorships, exhibitor fees, and ancillary services related to our produced events. Revenue from our produced events is recognized when the event occurs, and performance obligations are satisfied. Amounts invoiced or collected in advance of the event are recorded as contract liabilities until the event is completed. Event sponsorship contracts generally include a bundle of highly interrelated services, such as branding, marketing exposure, booth access, and attendee benefits. We have determined that these promised goods and services are not distinct within the context of the contract, as they are not separately identifiable and do not provide standalone value to the customer. Accordingly, each event sponsorship arrangement is accounted for as a single performance obligation. The transaction price is typically fixed and stated in the contract, and because the contracts include a single performance obligation, no allocation of consideration to individual activities is performed. In addition to our produced events, we participate in certain international conferences through cooperation or joint venture arrangements with local co-organizers. These arrangements are evaluated under ASC 808, Collaborative Arrangements, as we and our partners are active participants that share risks and rewards. To the extent we provide services under these arrangements that are within the scope of ASC 606, such services are evaluated separately, including an assessment of whether we act as a principal or agent. For these international events, we generally do not control the underlying event operations or locally provided services prior to transfer to customers and therefore act as an agent. Accordingly, revenue is recognized on a net basis for services we provide, such as brand licensing, programming, and agreed-upon sales and marketing services. Revenue is recognized as the related services are performed or, for event-based services, at the time the event occurs, consistent with ASC 606-10-25. Digital Revenue: We generate revenue through advertising, content syndication, and other services delivered through our online platforms. Digital revenue contracts may include multiple promised services, such as online advertising, newsletter placements, or other sponsored content. Revenue is recognized over the period in which the related digital content is delivered, or as advertising impressions occur, reflecting when the customer receives the benefit. Specifically, website and sponsored content revenue is recognized when the content is published or delivered, and advertising revenue is recognized over the period in which the public outreach is distributed and impressions are delivered. Amounts invoiced or collected in advance of delivery are recorded as contract liabilities and recognized as revenue as the related advertising services are performed. Print Revenue: We derive print revenue from the sale of physical publications and print advertising. Revenue from the sale of physical publications is recognized upon delivery, when control of the publication transfers to the customer. Print advertising revenue is recognized over the advertising period. Amounts billed or collected in advance of publication or delivery are recorded as contract liabilities and recognized as revenue when the applicable publication is distributed. Advisory Revenue We generate advisory revenue through corporate subscription services, consulting engagements, and symposium sponsorships. Corporate subscription contracts provide customers with access to curated Bitcoin research, policy intelligence, and executive education content over a defined contract term, typically ranging from twelve to twenty-four months. These contracts represent a single stand-ready performance obligation satisfied ratably over the subscription period, and revenue is recognized on a straight-line basis over the contract terms in accordance with ASC 606-10-25. Amounts invoiced or collected in advance of the subscription period are recorded as contract liabilities and recognized as revenue as the performance obligation is satisfied. Consulting revenue is derived from bespoke advisory engagements with corporate clients pursuing Bitcoin treasury and strategy initiatives. Each consulting engagement is evaluated to identify the distinct performance obligations within the contract. Where an engagement comprises a single deliverable or a series of related services that are substantially the same and have the same pattern of transfer, the arrangement is treated as a single performance obligation recognized at the point in time the service is delivered or, where services are rendered over a defined period, ratably over that period. Variable consideration, if any, is estimated using the most likely amount method and included in the transaction price to the extent it is probable that a significant reversal will not occur. Symposium sponsorship revenue relates to exclusive, invitation-only leadership forums hosted by us, generally for the benefit of Bitcoin for Corporations members. Symposium sponsorship contracts typically include a single performance obligation representing the sponsorship package delivered in connection with the event. Revenue is recognized at the point in time the symposium occurs, consistent with the recognition pattern applied to our other event-based revenue streams. Amounts received in advance of the symposium date are recorded as contract liabilities until the performance obligation is satisfied. Asset Management Revenue We provide continuous investment management services to certain funds including 210k Capital, LP (“210k Capital”) and UTXO Bitcoin Ecosystem Master Fund 1 LP (“Bitcoin Ecosystem”) (together, the “Funds”), which include portfolio management, risk monitoring, and consulting. These services represent a single performance obligation that is satisfied over time, consisting of a series of distinct services that are substantially the same and follow the same pattern of transfer. Although we receive two forms of compensation (i.e., management fees and performance fees, as described in more detail below), both relate to the same underlying service of managing the funds and are considered part of the same performance obligation. Management Fee Income: We earn a management fee for acting as the investment manager for the Funds. The performance obligation is the management of the Funds. While the individual activities that comprise the performance obligation can vary day to day, the nature of the overall performance obligation to provide management services is the same and considered by us to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The series of distinct services represents a single performance obligation that is satisfied over time. We recognize revenue ratably as the Funds receive and consume the benefits as they are provided by us. We receive a management fee for our services of up to 2.0% annually of the Net Asset Value (“NAV”) of a limited partner’s capital account for 210k Capital and receive a management fee for our services of generally 2.0% annually of the capital contributions of a limited partner’s capital account for Bitcoin Ecosystem. The management fees for 210k Capital are generally earned on a monthly basis and the management fees for Bitcoin Ecosystem are generally earned on a quarterly basis. Performance Fee Income: We recognize performance fee income based on each of the Funds’ investment performance. The performance-based income arises from our role as investment manager and General Partner of each of the Funds. The performance obligation is satisfied over time as we achieve specific benchmarks and thresholds through each of the Funds as detailed below. For 210k Capital, performance fees are generally recognized only when the NAV of a limited partner’s capital account exceeds the highest NAV previously allocated to that account measured at the end of a fiscal year (the “High Water Mark”). If a limited partner experiences a net decrease in the NAV of its respective capital account as of the end of any fiscal year, the amount of the decrease after deduction of management fees, will be carried forward (the “Loss Carryforward”). This Loss Carryforward must be recovered in future periods before a performance allocation is earned. Subject to the resolution of any Loss Carryforward and the application of the High Water Mark, we are entitled to receive from 210k Capital (i) 20% of the increase in NAV of any Class A limited partner’s capital account and (ii) 15% of the increase in NAV of any Class B limited partner’s capital account, calculated on an annual basis. Performance fee income from 210k Capital is classified as variable consideration due to its dependency on the limited partner’s NAV. Given the constraint of the High Water Mark and any Loss Carryforward, variable consideration is not recognized until uncertainty is resolved. Once the thresholds are met, we recognize performance fee income. For Bitcoin Ecosystem, performance fee income (“Carried Interest”) is determined under a distribution waterfall whereby: (i) limited partners first receive distributions equal to their capital contributions; (ii) thereafter, remaining returns are allocated 80% to limited partners and 20% to us until a 3.0x return threshold is reached; (iii) then 75%/25% until a 5.0x return threshold; and (iv) thereafter 70%/30% between limited partners and us. Carried interest is earned based on the Bitcoin Ecosystem distribution waterfall and is contingent upon the achievement of specified return thresholds. We treat carried interest as variable consideration and recognize it only to the extent it is probable that a significant reversal will not occur, with such assessment performed at each reporting period. Revenue Outside the Scope of ASC 606 – Derivative Revenue Income from put and call option contracts on Bitcoin that meet the definition of a derivative instrument is outside the scope of ASC 606 and is accounted for under ASC 815, Derivatives and Hedging. The income is presented as revenue in our condensed consolidated statements of comprehensive loss as we believe it would satisfy the definition (of that term) as included in the ASC master glossary. These derivative contracts are measured at fair value, with realized and unrealized changes in fair value recognized in earnings as they occur. See Note 8 — Derivative Instruments for additional information regarding our derivative instruments. Debt Modifications We evaluate amendments to our debt instruments in accordance with ASC 470. When debt is modified or exchanged with an existing lender, we evaluate whether the terms of the new or modified debt are substantially different from the terms of the existing debt. This evaluation generally includes a comparison of the present value of the cash flows under the modified terms with the present value of the remaining cash flows under the original terms. Discontinued Operations We account for discontinued operations in accordance with ASC 205-20, Discontinued Operations. We report the disposal of a component, or a group of components, as a discontinued operation when the disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. A disposal may be effected by sale, by meeting the criteria to be classified as held for sale, or by other means, such as abandonment. The results of operations of a discontinued operation, less applicable income taxes, are reported as a separate component of net loss for all periods presented, and prior periods are retrospectively reclassified to conform to discontinued operations presentation. General corporate overhead is not allocated to discontinued operations. See Note 11 — Discontinued Operations for additional information. Variable Interest Entities We hold a variable interest in certain funds including 210k Capital and Bitcoin Ecosystem, which are considered variable interest entities (“VIE”). We consolidate entities that meet the definition of a VIE if we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has the right to receive benefits from that entity that could potentially be significant to the entity. We are not considered the primary beneficiary for either 210k Capital or Bitcoin Ecosystem and neither fund is consolidated by us. We hold investments in non-consolidated VIEs totaling $5.4 million and have receivables totaling $0.3 million. Total assets held by the non-consolidated VIEs are approximately $110.5 million. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The standard also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. We are currently evaluating the impact this standard will have on our financial statements. We currently believe there are no other issued and not yet effective accounting standards that are materially relevant to our interim condensed consolidated financial statements.

Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Nakamoto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Article 8 of Regulation S-X and the related rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). These interim condensed financial statements should be read in conjunction with those audited consolidated financial statements included in the Form 10-K, as filed with the SEC on March 30, 2026 (“Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, consisting of normal recurring accruals, have been made. Operating results for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the entire year.

Reclassifications Certain reclassifications within the balance sheets and statements of comprehensive loss have been made to the prior period’s financial statements to conform to the current period financial statement presentation. There is no impact in total on the results of operations and cash flows in all periods presented.

Derivative Contracts We write covered calls and call spreads to generate option premiums and potential economic returns from changes in option values. We also purchase protective puts and put spreads to reduce our mark-to-market exposure to adverse Bitcoin price movements over defined time horizons. These freestanding option contracts meet the definition of derivative instruments under Accounting Standards Codification (“ASC”) 815-10, as each contract has an underlying (the price of Bitcoin) and notional amount, an initial net investment smaller than the full notional exposure, and a net settlement mechanism. In accordance with ASC 815-10, purchased options are recognized as derivative assets and written options are recognized as derivative liabilities on the condensed consolidated balance sheets at trade date. All Bitcoin option contracts are measured initially and subsequently at fair value using Level 1 inputs for exchange-traded contracts. Consistent with our Bitcoin-focused business strategy, in which the active management of our Bitcoin treasury through option contracts constitutes an ongoing component of our operations, realized and unrealized gains and losses on Bitcoin derivative instruments are presented net within the condensed consolidated statements of comprehensive loss under derivative revenue.

Goodwill Goodwill represents the excess of the consideration transferred in a business combination over the estimated fair value of the net identifiable assets acquired, and is recorded in accordance with ASC 805, Business Combinations. Goodwill is not amortized. Instead, we test goodwill for impairment at the reporting unit level in accordance with ASC 350, Intangibles – Goodwill and Other. A reporting unit is an operating segment or one level below an operating segment. We test goodwill for impairment annually as of November 1, and between annual tests whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The goodwill arising from the BTC Inc and UTXO acquisitions has been assigned to our Media & Information Services and Asset Management reporting units, respectively (see Note 3 — Business Combinations). When testing goodwill, we may first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test, or we may proceed directly to the quantitative test. Under the quantitative test, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, we recognize an impairment loss equal to that excess, limited to the total amount of goodwill allocated to the reporting unit. A goodwill impairment loss, once recognized, establishes a new accounting basis and is not reversed in subsequent periods. See Note 6 — Intangible Assets and Goodwill for additional information.

Contract Liabilities Contract liabilities represent our obligation to transfer goods or services to customers from whom we have received consideration. These primarily relate to consideration we have received for future event sponsorship agreements, ticket purchases for our events, and future consulting and subscription services.

Segments We identify reporting segments based on how the chief operating decision maker (“CODM”) regularly reviews financial information to allocate resources and assess performance. Our CODM, who is our Chief Executive Officer, reviews financial information presented on a consolidated basis accompanied by disaggregated information about revenues and operating income by our three reportable segments: Media & Information Services, Asset Management, and Bitcoin Operations. Corporate overhead is reported separately as Other. During the second quarter of 2026, we wound down our legacy healthcare operations and all results are classified as discontinued operations. See Note 11 — Discontinued Operations and Note 13 — Segment Information for additional information.

Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. To achieve this core principle, we apply the following five-step approach: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or as a performance obligation is satisfied. We apply ASC 606 to the following revenue streams: media, advisory and asset management. Media Revenue Media revenue consists of revenue generated from events, digital, and print revenue streams. Events Revenue: We host conferences and industry gatherings and generate revenue through ticket sales, sponsorships, exhibitor fees, and ancillary services related to our produced events. Revenue from our produced events is recognized when the event occurs, and performance obligations are satisfied. Amounts invoiced or collected in advance of the event are recorded as contract liabilities until the event is completed. Event sponsorship contracts generally include a bundle of highly interrelated services, such as branding, marketing exposure, booth access, and attendee benefits. We have determined that these promised goods and services are not distinct within the context of the contract, as they are not separately identifiable and do not provide standalone value to the customer. Accordingly, each event sponsorship arrangement is accounted for as a single performance obligation. The transaction price is typically fixed and stated in the contract, and because the contracts include a single performance obligation, no allocation of consideration to individual activities is performed. In addition to our produced events, we participate in certain international conferences through cooperation or joint venture arrangements with local co-organizers. These arrangements are evaluated under ASC 808, Collaborative Arrangements, as we and our partners are active participants that share risks and rewards. To the extent we provide services under these arrangements that are within the scope of ASC 606, such services are evaluated separately, including an assessment of whether we act as a principal or agent. For these international events, we generally do not control the underlying event operations or locally provided services prior to transfer to customers and therefore act as an agent. Accordingly, revenue is recognized on a net basis for services we provide, such as brand licensing, programming, and agreed-upon sales and marketing services. Revenue is recognized as the related services are performed or, for event-based services, at the time the event occurs, consistent with ASC 606-10-25. Digital Revenue: We generate revenue through advertising, content syndication, and other services delivered through our online platforms. Digital revenue contracts may include multiple promised services, such as online advertising, newsletter placements, or other sponsored content. Revenue is recognized over the period in which the related digital content is delivered, or as advertising impressions occur, reflecting when the customer receives the benefit. Specifically, website and sponsored content revenue is recognized when the content is published or delivered, and advertising revenue is recognized over the period in which the public outreach is distributed and impressions are delivered. Amounts invoiced or collected in advance of delivery are recorded as contract liabilities and recognized as revenue as the related advertising services are performed. Print Revenue: We derive print revenue from the sale of physical publications and print advertising. Revenue from the sale of physical publications is recognized upon delivery, when control of the publication transfers to the customer. Print advertising revenue is recognized over the advertising period. Amounts billed or collected in advance of publication or delivery are recorded as contract liabilities and recognized as revenue when the applicable publication is distributed. Advisory Revenue We generate advisory revenue through corporate subscription services, consulting engagements, and symposium sponsorships. Corporate subscription contracts provide customers with access to curated Bitcoin research, policy intelligence, and executive education content over a defined contract term, typically ranging from twelve to twenty-four months. These contracts represent a single stand-ready performance obligation satisfied ratably over the subscription period, and revenue is recognized on a straight-line basis over the contract terms in accordance with ASC 606-10-25. Amounts invoiced or collected in advance of the subscription period are recorded as contract liabilities and recognized as revenue as the performance obligation is satisfied. Consulting revenue is derived from bespoke advisory engagements with corporate clients pursuing Bitcoin treasury and strategy initiatives. Each consulting engagement is evaluated to identify the distinct performance obligations within the contract. Where an engagement comprises a single deliverable or a series of related services that are substantially the same and have the same pattern of transfer, the arrangement is treated as a single performance obligation recognized at the point in time the service is delivered or, where services are rendered over a defined period, ratably over that period. Variable consideration, if any, is estimated using the most likely amount method and included in the transaction price to the extent it is probable that a significant reversal will not occur. Symposium sponsorship revenue relates to exclusive, invitation-only leadership forums hosted by us, generally for the benefit of Bitcoin for Corporations members. Symposium sponsorship contracts typically include a single performance obligation representing the sponsorship package delivered in connection with the event. Revenue is recognized at the point in time the symposium occurs, consistent with the recognition pattern applied to our other event-based revenue streams. Amounts received in advance of the symposium date are recorded as contract liabilities until the performance obligation is satisfied. Asset Management Revenue We provide continuous investment management services to certain funds including 210k Capital, LP (“210k Capital”) and UTXO Bitcoin Ecosystem Master Fund 1 LP (“Bitcoin Ecosystem”) (together, the “Funds”), which include portfolio management, risk monitoring, and consulting. These services represent a single performance obligation that is satisfied over time, consisting of a series of distinct services that are substantially the same and follow the same pattern of transfer. Although we receive two forms of compensation (i.e., management fees and performance fees, as described in more detail below), both relate to the same underlying service of managing the funds and are considered part of the same performance obligation. Management Fee Income: We earn a management fee for acting as the investment manager for the Funds. The performance obligation is the management of the Funds. While the individual activities that comprise the performance obligation can vary day to day, the nature of the overall performance obligation to provide management services is the same and considered by us to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The series of distinct services represents a single performance obligation that is satisfied over time. We recognize revenue ratably as the Funds receive and consume the benefits as they are provided by us. We receive a management fee for our services of up to 2.0% annually of the Net Asset Value (“NAV”) of a limited partner’s capital account for 210k Capital and receive a management fee for our services of generally 2.0% annually of the capital contributions of a limited partner’s capital account for Bitcoin Ecosystem. The management fees for 210k Capital are generally earned on a monthly basis and the management fees for Bitcoin Ecosystem are generally earned on a quarterly basis. Performance Fee Income: We recognize performance fee income based on each of the Funds’ investment performance. The performance-based income arises from our role as investment manager and General Partner of each of the Funds. The performance obligation is satisfied over time as we achieve specific benchmarks and thresholds through each of the Funds as detailed below. For 210k Capital, performance fees are generally recognized only when the NAV of a limited partner’s capital account exceeds the highest NAV previously allocated to that account measured at the end of a fiscal year (the “High Water Mark”). If a limited partner experiences a net decrease in the NAV of its respective capital account as of the end of any fiscal year, the amount of the decrease after deduction of management fees, will be carried forward (the “Loss Carryforward”). This Loss Carryforward must be recovered in future periods before a performance allocation is earned. Subject to the resolution of any Loss Carryforward and the application of the High Water Mark, we are entitled to receive from 210k Capital (i) 20% of the increase in NAV of any Class A limited partner’s capital account and (ii) 15% of the increase in NAV of any Class B limited partner’s capital account, calculated on an annual basis. Performance fee income from 210k Capital is classified as variable consideration due to its dependency on the limited partner’s NAV. Given the constraint of the High Water Mark and any Loss Carryforward, variable consideration is not recognized until uncertainty is resolved. Once the thresholds are met, we recognize performance fee income. For Bitcoin Ecosystem, performance fee income (“Carried Interest”) is determined under a distribution waterfall whereby: (i) limited partners first receive distributions equal to their capital contributions; (ii) thereafter, remaining returns are allocated 80% to limited partners and 20% to us until a 3.0x return threshold is reached; (iii) then 75%/25% until a 5.0x return threshold; and (iv) thereafter 70%/30% between limited partners and us. Carried interest is earned based on the Bitcoin Ecosystem distribution waterfall and is contingent upon the achievement of specified return thresholds. We treat carried interest as variable consideration and recognize it only to the extent it is probable that a significant reversal will not occur, with such assessment performed at each reporting period. Revenue Outside the Scope of ASC 606 – Derivative Revenue Income from put and call option contracts on Bitcoin that meet the definition of a derivative instrument is outside the scope of ASC 606 and is accounted for under ASC 815, Derivatives and Hedging. The income is presented as revenue in our condensed consolidated statements of comprehensive loss as we believe it would satisfy the definition (of that term) as included in the ASC master glossary. These derivative contracts are measured at fair value, with realized and unrealized changes in fair value recognized in earnings as they occur. See Note 8 — Derivative Instruments for additional information regarding our derivative instruments.

We receive a management fee for our services of up to 2.0% annually of the Net Asset Value (“NAV”) of a limited partner’s capital account for 210k Capital and receive a management fee for our services of generally 2.0% annually of the capital contributions of a limited partner’s capital account for Bitcoin Ecosystem. The management fees for 210k Capital are generally earned on a monthly basis and the management fees for Bitcoin Ecosystem are generally earned on a quarterly basis.

(i) limited partners first receive distributions equal to their capital contributions; (ii) thereafter, remaining returns are allocated 80% to limited partners and 20% to us until a 3.0x return threshold is reached; (iii) then 75%/25% until a 5.0x return threshold; and (iv) thereafter 70%/30% between limited partners and us.

Debt Modifications We evaluate amendments to our debt instruments in accordance with ASC 470. When debt is modified or exchanged with an existing lender, we evaluate whether the terms of the new or modified debt are substantially different from the terms of the existing debt. This evaluation generally includes a comparison of the present value of the cash flows under the modified terms with the present value of the remaining cash flows under the original terms.

Discontinued Operations We account for discontinued operations in accordance with ASC 205-20, Discontinued Operations. We report the disposal of a component, or a group of components, as a discontinued operation when the disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. A disposal may be effected by sale, by meeting the criteria to be classified as held for sale, or by other means, such as abandonment. The results of operations of a discontinued operation, less applicable income taxes, are reported as a separate component of net loss for all periods presented, and prior periods are retrospectively reclassified to conform to discontinued operations presentation. General corporate overhead is not allocated to discontinued operations. See Note 11 — Discontinued Operations for additional information.

Variable Interest Entities We hold a variable interest in certain funds including 210k Capital and Bitcoin Ecosystem, which are considered variable interest entities (“VIE”). We consolidate entities that meet the definition of a VIE if we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has the right to receive benefits from that entity that could potentially be significant to the entity. We are not considered the primary beneficiary for either 210k Capital or Bitcoin Ecosystem and neither fund is consolidated by us. We hold investments in non-consolidated VIEs totaling $5.4 million and have receivables totaling $0.3 million. Total assets held by the non-consolidated VIEs are approximately $110.5 million.

5400000

300000

110500000

Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The standard also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. We are currently evaluating the impact this standard will have on our financial statements. We currently believe there are no other issued and not yet effective accounting standards that are materially relevant to our interim condensed consolidated financial statements.

NOTE 3 — BUSINESS COMBINATIONS Acquisition of BTC Inc On February 16, 2026, we entered into an Agreement and Plan of Merger (the “BTC Merger Agreement”) with BTC Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of ours (“BTC Merger Sub”), BTC Inc, and the stockholder representative party thereto. On February 20, 2026 (the “Closing Date”), we completed the transaction contemplated by the BTC Merger Agreement (the “Closing”), pursuant to which BTC Merger Sub merged with and into BTC Inc, with BTC Inc surviving the merger as a wholly owned subsidiary of ours (the “BTC Merger”). In connection with the Closing, we acquired all of the issued and outstanding securities of BTC Inc. Concurrently with the BTC Merger, on February 20, 2026, we also completed the acquisition of UTXO (the “UTXO Acquisition”) through the exercise of a call option on UTXO equity interests that was held by BTC Inc and acquired as part of the BTC Merger. See below for further information regarding the UTXO Acquisition. Upon consummation of the BTC Merger on the terms and conditions set forth in the BTC Merger Agreement, the holders of BTC Inc common and preferred stock received the right to receive <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20260220__20260220__us-gaap--TypeOfArrangementAxis__custom--BTCMergerAgreementMember_zAXvvBnxpmbj" title="Stock issued during period shares acquisitions">6,497,156 shares of our common stock (“Common Stock”), par value $0.001 per share (“BTC Merger Shares”) and we reserved <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260220__20260220__us-gaap--TypeOfArrangementAxis__custom--BTCMergerAgreementMember_zNlFrm5aPgri" title="Stock issued during period shares new issues">1,960,675 shares of Common Stock for issuance in connection with fully-vested BTC Inc stock options assumed by us (“BTC Stock Options” together with the BTC Merger Shares, the “BTC Consideration”). Pursuant to the BTC Merger Agreement, <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20260220__20260220__us-gaap--TypeOfArrangementAxis__custom--BTCMergerAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zMot2d9r0VBk" title="Stock issued during period shares acquisitions">620,885 shares of our Common Stock were withheld from the BTC Consideration and will be available to offset any post-closing adjustments to the BTC Consideration and to support indemnification obligations (the “BTC Holdback Shares”). Certain stockholders of BTC Inc will receive their pro rata portions of the BTC Holdback Shares subject to the conditions in accordance with the BTC Merger Agreement. All of the remaining <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20260220__20260220__us-gaap--TypeOfArrangementAxis__custom--BTCMergerAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zzwOye8pSMdf" title="Stock issued during period shares issued for services">5,876,270 shares of our Common Stock to be issued are dependent upon us receiving a letter of transmittal from previous BTC Inc stockholders (“Letter of Transmittal Shares”). As of June 30, 2026, we have received letters of transmittal representing <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--BTCMergerAgreementMember_zOYTj8rzYjyj" title="Stock issued during period shares new issues">5,459,304 shares of Common Stock and have issued shares of Common Stock to those former BTC Inc shareholders. As of June 30, 2026, <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--BTCMergerAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJF4fDS3EXxi" title="Issuance of common stock">416,966 Letter of Transmittal Shares remain subject to receipt and subsequent issuance of Common Stock. Accounting for the BTC Merger Prior to the Closing Date, we held a call option on the equity interests of BTC Inc, which was accounted for as a derivative instrument measured at fair value with changes in fair value recognized in earnings. On the Closing Date, the call option was remeasured to its acquisition date fair value and applied as consideration in the BTC Merger in accordance with ASC 805. <p id="xdx_898_eus-gaap--ScheduleOfGoodwillTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zlteyjJ6EIMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of consideration used to measure goodwill are as follows (in thousands): SCHEDULE OF GOODWILL <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zgc1VN17IGp6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--BusinessCombinationConsiderationTransferred_iI_pn3n3_z6WSXdJtKxj2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">Fair value of common stock including Letter of Transmittal Shares and BTC Holdback Shares (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--TreasuryStockCommonShares_iI_pid_c20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zejxPJun1Tmc" title="Treasury stock common shares">6,497,156 shares at $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zRY6duyGfAci" title="Business acquisition share price">9.928 per share)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">64,504</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--FairValueOfPreBusinessCombinationOfStockOptionsAssumed_iI_pn3n3_z0VbSAQdn9ij" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Fair value of pre-combination BTC Stock Options assumed</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">19,008</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iI_pn3n3_zpS77qhhEnye" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allocated portion of the acquisition date fair value of our previously held call option (see “Previously Held Call Option” below)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">45,088</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationAcquiredReceivablesFairValue_iI_zdUFqxYIh18b" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total fair value used to measure goodwill</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">128,600</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> Previously Held Call Option Prior to the Closing Date, we held a call option on the equity interests of BTC Inc, which was accounted for as a derivative instrument in accordance with ASC 815, Derivatives and Hedging, and measured at fair value with changes in fair value recognized in change in fair value of call option – related party in the condensed consolidated statements of comprehensive loss. On December 31, 2025, the fair value of the call option was $199.1 million. During the period from January 1, 2026, through the Closing Date, we recognized a loss of $107.7 million in change in fair value of the call option, reducing the fair value to $91.3 million immediately prior to the Closing Date. On the Closing Date, the call option was remeasured to its acquisition date fair value and applied as consideration in the BTC Merger and, concurrently through the acquisition of BTC Inc’s call option on UTXO, the UTXO Acquisition. The $91.3 million acquisition date fair value of the call option has been allocated between the two transactions based on the relative fair value of the underlying BTC Inc and UTXO equity interests. Of the total, $<span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_pn5n6_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zms9X22erXd4" title="Business combination consideration used to measure goodwill">45.1 million has been included in the consideration used to measure goodwill in the BTC Merger and $<span id="xdx_902_eus-gaap--BusinessCombinationConsiderationTransferredOther1_pn5n6_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zsqpqO23zYRg" title="Acquisition allocated amount">46.2 million has been allocated to the UTXO Acquisition. The acquisition date fair value of the call option was measured based on the intrinsic value of the option at exercise. The acquisition date fair value of BTC’s equity interests of $<span id="xdx_90C_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_iI_pn5n6_c20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zYBOzImJyFJ5" title="Acquisition date fair value equity interests amount">128.6 million and the acquisition date fair value of UTXO’s interest of $<span id="xdx_90F_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned_iI_pn5n6_c20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z2HZjjgLReF2" title="Acquisition date fair value equity interests amount">52.8 million were determined by an independent third-party valuation specialist. As the call option was exercised on the Closing Date with no remaining time value, the intrinsic value approach is consistent with the fair value of the call option under ASC 820. The underlying equity valuations reflect significant unobservable (Level 3) inputs as defined in ASC 820. Preliminary Purchase Price Allocation – BTC Inc Our preliminary allocation of the acquisition price is based on our preliminary estimate of fair value for each of the acquired assets and liabilities. Such amounts are subject to revision as additional information about fair values of assets and liabilities becomes available. During the three months ended June 30, 2026, we refined the preliminary estimated fair value of certain net assets acquired primarily including an increase in deferred tax liabilities of $16.5 million, an increase in accounts payable and accrued expenses of $<span id="xdx_901_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_pn5n6_c20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zGSeoIZL2Z14" title="Increase in accounts payable and accrued expenses">2.1 million, a decrease in intangible assets of $2.0 million and an increase in contract liabilities current of $<span id="xdx_90D_eus-gaap--IncreaseDecreaseInOtherCurrentLiabilities_pn5n6_c20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z0PC3MAWP6Gf" title="Increase in contract liabilities current">0.2 million. The offset to these measurement period adjustments was to goodwill, which increased by $20.8 million. We recognized the effect of these measurement period adjustments in the current period and did not revise amounts reported in prior periods. The effect of the adjustment on amortization expense applicable to prior periods was not material. The following table summarizes the preliminary allocation of the fair value of consideration to the assets acquired and liabilities assumed as of the Closing Date (in thousands): <p id="xdx_890_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z02kCJPjjPA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zZcJaeGge15i" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Preliminary Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_zplDXUsddflb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">Cash and cash equivalents</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">8,636</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_pn3n3_zgTtWCsloQe9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Prepaid expenses</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,431</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pn3n3_zr7b9oDdxN3f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other current assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,104</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDigitalAssets_iI_pn3n3_z7mCcWA1CAh6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Digital assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">86</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestments_iI_pn3n3_zQEljJgu2I44" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Investments</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">450</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_zYXvelzYYFMj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Intangible assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">67,302</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_iI_pn3n3_zNJhAxuq7Hy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-current assets</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">47</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iTI_pn3n3_zSBHrS5eQbAa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets acquired (excluding goodwill)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">89,056</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_pn3n3_di_zA4FzcX9uME6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accounts payable and accrued expenses</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(14,946</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractLiabilitiesCurrent_iI_pn3n3_zRj6q8nvi2Ak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Contract liabilities current</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(19,180</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iNI_pn3n3_di_zo0d0g7pFcsf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred tax liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(16,489</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractLiabilitiesNoncurrent_iI_pn3n3_zia9z6OGNbEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Contract liabilities non-current</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,417</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_zdeNZd6RAA21" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net identifiable assets acquired</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">37,024</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Goodwill_iI_pn3n3_zDmClFQAzKqi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Goodwill</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">91,576</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pn3n3_zfjhaKFVqlQh" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total fair value used to measure goodwill</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">128,600</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_898_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zvjZUoGRnB9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preliminary fair values and weighted-average useful lives of identifiable intangible assets acquired are as follows (in thousands): SCHEDULE OF PRELIMINARY FAIR VALUES INTANGIBLE ASSETS ACQUIRED <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Preliminary Fair Value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted-Average Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Trade names</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_984_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zPI5WQGQsvYb" style="width: 16%; font-size: 10pt; text-align: right" title="Customer relationships">66,441</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 18%; font-size: 10pt; text-align: right"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zmC2CUCnNV5g" title="Trade names">10 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Customer relationships</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z46fuFpg5ie4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Customer relationships">861</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: right; padding-bottom: 1pt"><span id="xdx_907_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zcPsMxF7uTxe" title="Trade names">8 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zXOo1C7YUo82" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Preliminary fair value">67,302</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: right; padding-bottom: 2.5pt"></td></tr> </table> The fair value measurements of intangible assets reflect significant unobservable (Level 3) inputs as defined in ASC 820. No residual value has been assigned to these intangible assets and they do not contain material renewal or extension provisions. Goodwill We recognized preliminary goodwill of $91.6 million as a result of the BTC Merger. None of the goodwill recognized is expected to be deductible for income tax purposes. All of the goodwill has been assigned to the Media & Information Services reporting unit. Revenue and Earnings of BTC Inc Since the Closing Date <p id="xdx_892_esrt--CondensedStatementOfComprehensiveIncomeTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zQtL8HWB7Bu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts of revenue and pre-tax net loss of BTC Inc, included in our condensed consolidated statement of comprehensive loss from the Closing Date for the three and six months ended June 30, 2026, were as follows (in thousands): SCHEDULE OF CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td><td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zkFk4TJI083d" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zzVuiLbn8m5g" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Six Months Ended June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--Revenues_zPm32rAOUERl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt">Revenue (1)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">25,142</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">25,975</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetIncomeLoss_z8GznSrkIUMi" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Pre-tax net loss (1) (2)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(75,551</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(78,311</td><td style="font-size: 10pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Includes $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBDT05TT0xJREFURUQgU1RBVEVNRU5UIE9GIENPTVBSRUhFTlNJVkUgTE9TUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--Revenues_pn5n6_c20260101__20260630__srt--ConsolidationItemsAxis__srt--ConsolidationEliminationObligorGroupMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z5FRBjmc334i" title="Revenue">0.4 million of intercompany revenue that is eliminated on a consolidated Nakamoto basis.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0C_zWk4zE6boWD" style="width: 0.25in">(2)</td><td id="xdx_F1B_zljsR35pvxb7" style="text-align: justify">Pre-tax net loss includes an $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBDT05TT0xJREFURUQgU1RBVEVNRU5UIE9GIENPTVBSRUhFTlNJVkUgTE9TUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--GoodwillImpairmentLoss_pn5n6_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z2cXl92w5YCg" title="Goodwill impairment charge">80.6 million goodwill impairment charge (see Note 6 — Intangible Assets and Goodwill).</td></tr></table> Acquisition of UTXO Management GP, LLC On February 20, 2026, concurrent with the Closing of the BTC Merger (see above), we completed the UTXO Acquisition. In connection with the Closing, we issued an aggregate of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20260220__20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zuTjRVj5Q4e8" title="Shares issued for acquisitions">662,047 shares of Common Stock (the “UTXO Consideration”), of which <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260220__20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z75702PkF0W9" title="Issuance of common stock reserved">66,204 shares were withheld from the UTXO Consideration to support indemnification obligations (the “UTXO Holdback Shares”). Certain equity holders of UTXO will receive their pro rata portion of the UTXO Holdback Shares subject to the conditions in and in accordance with the Agreement and Plan of Merger dated February 16, 2026, by and among Nakamoto, UTXO GP Merger Sub, LLC, a Tennessee limited liability company and a wholly-owned subsidiary of Nakamoto, UTXO, David Bailey, in his individual capacity, Tyler Evans, in his individual capacity, and the equityholder representative party thereto. Accounting for the UTXO Acquisition Prior to the Closing Date, we held a call option on the equity interests of BTC Inc, and BTC Inc held a call option on the equity interests of UTXO. Concurrent with the Closing of the BTC Merger, we (through BTC Inc) exercised BTC Inc’s call option on UTXO to complete the UTXO Acquisition. The portion of the acquisition date fair value of our previously held call option on BTC Inc equity interests allocated to the UTXO Acquisition, together with the UTXO Consideration, constitutes the consideration used to measure goodwill in the UTXO Acquisition. <p id="xdx_89B_eus-gaap--ScheduleOfGoodwillTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zjgoV0lwxRyi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of consideration used to measure goodwill are as follows (in thousands): SCHEDULE OF GOODWILL <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zZpR220VhJed" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_ecustom--BusinessCombinationConsiderationTransferred_iI_pn3n3_zhNObP8GwBMi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">Fair value of UTXO Consideration (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--TreasuryStockCommonShares_iI_c20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zi5l2LYNkCk8" title="Treasury stock common shares">662,047 shares at $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zDySCOqrCf35" title="Business acquisition share price">9.928 per share)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">6,573</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iI_pn3n3_zzpgUSWl6gD9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allocated portion of the acquisition date fair value of our previously held call option (see “Previously Held Call Option” above)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,227</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--BusinessCombinationAcquiredReceivablesFairValue_iI_zopLdZHP3PAj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total fair value used to measure goodwill</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">52,800</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> Preliminary Purchase Price Allocation - UTXO Our preliminary allocation of the acquisition price is based on our preliminary estimate of fair value for each of the acquired assets and liabilities. Such amounts are subject to revision as additional information about fair values of assets and liabilities becomes available. During the three months ended June 30, 2026, we refined the preliminary estimated fair value of certain net assets primarily including an increase of deferred tax liabilities of $<span id="xdx_900_eus-gaap--IncreaseDecreaseInDeferredLiabilities_pn5n6_c20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_ztiIMqFzhZ67" title="Increase in deferred tax liabilities">7.4 million, an increase of intangible assets of $<span id="xdx_904_eus-gaap--IncreaseDecreaseInIntangibleAssetsCurrent_pn5n6_c20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zJVrB039bRZg" title="Decrease in intangible assets">0.4 million, a decrease in other current assets of $<span id="xdx_903_eus-gaap--IncreaseDecreaseInOtherCurrentAssets_pn5n6_c20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z4JKa8P1B3E5" title="Decrease in other current assets">0.2 million, a decrease in cash of $0.1 million, a decrease in accounts payable and other current liabilities of $<span id="xdx_903_eus-gaap--IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities_pn5n6_c20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zvraX9x3Mze5" title="Decrease in accounts payable and other current liabilities">0.1 million and a decrease in investments of $0.1 million. The offset to these measurement period adjustments was primarily to goodwill, which increased by $7.3 million. We recognized the effect of this measurement period adjustment in the current period and did not revise amounts reported in prior periods. The effect of the adjustment on amortization expense applicable to prior periods was not material. The following table summarizes the preliminary allocation of the fair value of consideration to the assets acquired and liabilities assumed as of the Closing Date (in thousands): <p id="xdx_894_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_ztbE2Z2GCdsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zGxW6tcXi0Bi" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Preliminary Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_zFZJx4FL85lc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">Cash and cash equivalents</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">38</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_pn3n3_zMO5ciEW27Bb" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Prepaid expenses</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">53</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pn3n3_zTfnatIIXYqj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other current assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">685</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestments_iI_pn3n3_zT6yUu2SpcNl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Investments</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_zVV6I6otoUt7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Intangible assets</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,342</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iTI_pn3n3_zKjZs1j8zYg" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets acquired (excluding goodwill)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">31,130</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_pn3n3_di_z42nKpHCTPye" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accounts payable and other current liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(887</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iNI_pn3n3_di_z7CkT873Oope" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,434</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_z3bnZWCVUBK7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net identifiable assets acquired</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">22,809</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Goodwill_iI_pn3n3_zjEghlQtTQK9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Goodwill</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">29,991</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pn3n3_zYV5hoSHqLMd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total fair value used to measure goodwill</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">52,800</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_893_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z67Lz7xmr7Xe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preliminary fair values and weighted-average useful lives of identifiable intangible assets acquired are as follows (in thousands): SCHEDULE OF PRELIMINARY FAIR VALUES INTANGIBLE ASSETS ACQUIRED <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Preliminary Fair Value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted-Average Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Trade names</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zj5FxgqVg98k" style="width: 16%; font-size: 10pt; text-align: right" title="Customer relationships">1,588</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 18%; font-size: 10pt; text-align: right"><span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zse6IqHKWXG7" title="Trade names">10 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Management contracts</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z065xpBorNKh" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Customer relationships">28,754</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: right; padding-bottom: 1pt"><span id="xdx_901_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zpPH0CCXHXI8" title="Trade names">10 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zYmU4MyQdxe3" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Preliminary fair value">30,342</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: right; padding-bottom: 2.5pt"></td></tr> </table> The fair value measurements of intangible assets reflect significant unobservable (Level 3) inputs as defined in ASC 820. No residual value has been assigned to these intangible assets and they do not contain material renewal or extension provisions. Goodwill We recognized preliminary goodwill of $30.0 million as a result of the UTXO Acquisition. None of the goodwill recognized is expected to be deductible for income tax purposes. All of the goodwill has been assigned to the Asset Management reporting unit. Revenue and Earnings of UTXO Since the Closing Date <p id="xdx_89A_esrt--CondensedStatementOfComprehensiveIncomeTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zyOSD94MBgu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts of revenue and pre-tax net loss of UTXO, included in our condensed consolidated statement of comprehensive loss from the Closing Date for the three and six months ended June 30, 2026, were as follows (in thousands): SCHEDULE OF CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td><td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_znrwSmhKlVJ5" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zby8UYOUW9j1" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Six Months Ended June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_zENEgH8CyKJa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt">Revenue</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">466</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">675</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetIncomeLoss_zVan0BXVAESj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Pre-tax net loss (1) (2)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(25,628</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(26,081</td><td style="font-size: 10pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Includes $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBDT05TT0xJREFURUQgU1RBVEVNRU5UIE9GIENPTVBSRUhFTlNJVkUgTE9TUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--Revenues_pn5n6_c20260101__20260630__srt--ConsolidationItemsAxis__srt--ConsolidationEliminationObligorGroupMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z269sA5hxAge" title="Revenue">0.1 million of intercompany operating expense that is eliminated on a consolidated Nakamoto basis.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F01_zwCf1Fvm5Ftj" style="width: 0.25in; text-align: left">(2)</td><td id="xdx_F11_zcIb8bJG3Wx" style="text-align: justify">Pre-tax net loss includes a $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBDT05TT0xJREFURUQgU1RBVEVNRU5UIE9GIENPTVBSRUhFTlNJVkUgTE9TUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--GoodwillImpairmentLoss_pn5n6_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zpV1TDvVvMwe" title="Goodwill impairment charge">24.6 million goodwill impairment charge (see Note 6 — Intangible Assets and Goodwill).</td> </tr></table> Acquisition-Related Costs We incurred acquisition-related costs of $<span id="xdx_900_ecustom--BusinessAcquisitionCostOfAcquiredEntityTransactionCost_pn5n6_c20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zq5tZcfxtmqc" title="Acquisition related costs">0.0 million and $<span id="xdx_906_ecustom--BusinessAcquisitionCostOfAcquiredEntityTransactionCost_pn5n6_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zrGl0HMJbluj" title="Business acquisition related costs">6.1 million during the three and six months ended June 30, 2026, respectively, related to both the BTC Merger and UTXO Acquisition. The acquisition-related costs consist primarily of advisory, legal, valuation, and due diligence fees, which are included in general and administrative expenses in the condensed consolidated statement of comprehensive loss. Supplemental Pro Forma Information (Unaudited) The following unaudited supplemental pro forma information presents our combined results of operations as though the BTC Merger and UTXO Acquisition had occurred on January 1, 2025. The pro forma results reflect adjustments directly attributable to the BTC Merger and UTXO Acquisition that are factually supportable, including additional amortization of acquired intangible assets, reversal of nonrecurring acquisition-related costs and reversal of the portion of the change in fair value of the call option allocated to the BTC Merger and UTXO Acquisition. The pro forma information is not necessarily indicative of results that would have been achieved had the BTC Merger and UTXO Acquisition been completed on January 1, 2025, nor is it indicative of future results (in thousands): SCHEDULE OF SUPPLEMENTAL PROFORMA INFORMATION <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncAndUTXOManagementGPLLCMember_zS4Vv9AcMuE7" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncAndUTXOManagementGPLLCMember_zjJ42J5dxM1b" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_zfjDNBmVH1G5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt">Revenue</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">39,402</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">56,844</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_pn3n3_zkoMPfpVixug" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income (loss)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(263,471</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">16,925</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> Pro forma net loss for the six months ended June 30, 2026, was adjusted to exclude (i) $<span id="xdx_90D_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zS9Y6k1xnfYd" title="Business acquisition related costs">6.1 million of acquisition-related costs incurred during the period, (ii) $107.7 million loss on change in fair value of the call option, and (iii) include intangible asset amortization expense prior to the BTC Inc and UTXO acquisitions of $<span id="xdx_900_eus-gaap--AmortizationOfIntangibleAssets_pn5n6_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncAndUTXOManagementGPLLCMember_zcEdujd7btI2" title="Amortization of intangible assets">1.4 million. Pro forma net loss for the six months ended June 30, 2025, was adjusted to include $4.9 million of amortization expense associated with intangible assets acquired in the BTC Inc and UTXO acquisitions.

6497156

0.001

1960675

620885

5876270

5459304

416966

<p id="xdx_898_eus-gaap--ScheduleOfGoodwillTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zlteyjJ6EIMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of consideration used to measure goodwill are as follows (in thousands): SCHEDULE OF GOODWILL <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zgc1VN17IGp6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--BusinessCombinationConsiderationTransferred_iI_pn3n3_z6WSXdJtKxj2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">Fair value of common stock including Letter of Transmittal Shares and BTC Holdback Shares (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--TreasuryStockCommonShares_iI_pid_c20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zejxPJun1Tmc" title="Treasury stock common shares">6,497,156 shares at $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zRY6duyGfAci" title="Business acquisition share price">9.928 per share)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">64,504</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--FairValueOfPreBusinessCombinationOfStockOptionsAssumed_iI_pn3n3_z0VbSAQdn9ij" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Fair value of pre-combination BTC Stock Options assumed</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">19,008</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iI_pn3n3_zpS77qhhEnye" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allocated portion of the acquisition date fair value of our previously held call option (see “Previously Held Call Option” below)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">45,088</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationAcquiredReceivablesFairValue_iI_zdUFqxYIh18b" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total fair value used to measure goodwill</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">128,600</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

6497156

9.928

64504000 19008000

45088000

128600000

199100000

107700000

91300000 91300000

45100000

46200000

128600000

52800000

16500000

2100000

2000000.0

200000

20800000

<p id="xdx_890_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z02kCJPjjPA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zZcJaeGge15i" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Preliminary Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_zplDXUsddflb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">Cash and cash equivalents</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">8,636</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_pn3n3_zgTtWCsloQe9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Prepaid expenses</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,431</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pn3n3_zr7b9oDdxN3f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other current assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,104</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDigitalAssets_iI_pn3n3_z7mCcWA1CAh6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Digital assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">86</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestments_iI_pn3n3_zQEljJgu2I44" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Investments</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">450</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_zYXvelzYYFMj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Intangible assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">67,302</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_iI_pn3n3_zNJhAxuq7Hy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other non-current assets</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">47</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iTI_pn3n3_zSBHrS5eQbAa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets acquired (excluding goodwill)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">89,056</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_pn3n3_di_zA4FzcX9uME6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accounts payable and accrued expenses</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(14,946</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractLiabilitiesCurrent_iI_pn3n3_zRj6q8nvi2Ak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Contract liabilities current</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(19,180</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iNI_pn3n3_di_zo0d0g7pFcsf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred tax liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(16,489</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractLiabilitiesNoncurrent_iI_pn3n3_zia9z6OGNbEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Contract liabilities non-current</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,417</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_zdeNZd6RAA21" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net identifiable assets acquired</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">37,024</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Goodwill_iI_pn3n3_zDmClFQAzKqi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Goodwill</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">91,576</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pn3n3_zfjhaKFVqlQh" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total fair value used to measure goodwill</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">128,600</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

8636000

7431000

5104000

86000 450000

67302000

47000

89056000

14946000

-19180000

16489000

-1417000

37024000

91576000

128600000

<p id="xdx_898_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zvjZUoGRnB9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preliminary fair values and weighted-average useful lives of identifiable intangible assets acquired are as follows (in thousands): SCHEDULE OF PRELIMINARY FAIR VALUES INTANGIBLE ASSETS ACQUIRED <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Preliminary Fair Value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted-Average Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Trade names</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_984_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zPI5WQGQsvYb" style="width: 16%; font-size: 10pt; text-align: right" title="Customer relationships">66,441</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 18%; font-size: 10pt; text-align: right"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zmC2CUCnNV5g" title="Trade names">10 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Customer relationships</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z46fuFpg5ie4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Customer relationships">861</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: right; padding-bottom: 1pt"><span id="xdx_907_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zcPsMxF7uTxe" title="Trade names">8 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zXOo1C7YUo82" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Preliminary fair value">67,302</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: right; padding-bottom: 2.5pt"></td></tr> </table>

66441000

P10Y

861000

P8Y

67302000

91600000

<p id="xdx_892_esrt--CondensedStatementOfComprehensiveIncomeTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zQtL8HWB7Bu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts of revenue and pre-tax net loss of BTC Inc, included in our condensed consolidated statement of comprehensive loss from the Closing Date for the three and six months ended June 30, 2026, were as follows (in thousands): SCHEDULE OF CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td><td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zkFk4TJI083d" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_zzVuiLbn8m5g" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Six Months Ended June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--Revenues_zPm32rAOUERl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt">Revenue (1)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">25,142</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">25,975</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetIncomeLoss_z8GznSrkIUMi" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Pre-tax net loss (1) (2)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(75,551</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(78,311</td><td style="font-size: 10pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Includes $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBDT05TT0xJREFURUQgU1RBVEVNRU5UIE9GIENPTVBSRUhFTlNJVkUgTE9TUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--Revenues_pn5n6_c20260101__20260630__srt--ConsolidationItemsAxis__srt--ConsolidationEliminationObligorGroupMember__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z5FRBjmc334i" title="Revenue">0.4 million of intercompany revenue that is eliminated on a consolidated Nakamoto basis.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0C_zWk4zE6boWD" style="width: 0.25in">(2)</td><td id="xdx_F1B_zljsR35pvxb7" style="text-align: justify">Pre-tax net loss includes an $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBDT05TT0xJREFURUQgU1RBVEVNRU5UIE9GIENPTVBSRUhFTlNJVkUgTE9TUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--GoodwillImpairmentLoss_pn5n6_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncMember_z2cXl92w5YCg" title="Goodwill impairment charge">80.6 million goodwill impairment charge (see Note 6 — Intangible Assets and Goodwill).</td></tr></table>

25142000

25975000

-75551000

-78311000

400000

80600000

662047

66204

<p id="xdx_89B_eus-gaap--ScheduleOfGoodwillTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zjgoV0lwxRyi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of consideration used to measure goodwill are as follows (in thousands): SCHEDULE OF GOODWILL <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zZpR220VhJed" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_ecustom--BusinessCombinationConsiderationTransferred_iI_pn3n3_zhNObP8GwBMi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">Fair value of UTXO Consideration (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--TreasuryStockCommonShares_iI_c20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zi5l2LYNkCk8" title="Treasury stock common shares">662,047 shares at $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEdPT0RXSUxMIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zDySCOqrCf35" title="Business acquisition share price">9.928 per share)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">6,573</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iI_pn3n3_zzpgUSWl6gD9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allocated portion of the acquisition date fair value of our previously held call option (see “Previously Held Call Option” above)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,227</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--BusinessCombinationAcquiredReceivablesFairValue_iI_zopLdZHP3PAj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total fair value used to measure goodwill</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">52,800</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

662047000

9.928

6573000

46227000

52800000

7400000

400000

200000

100000

100000 7300000

<p id="xdx_894_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_ztbE2Z2GCdsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zGxW6tcXi0Bi" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Preliminary Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_zFZJx4FL85lc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">Cash and cash equivalents</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">38</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_pn3n3_zMO5ciEW27Bb" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Prepaid expenses</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">53</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pn3n3_zTfnatIIXYqj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other current assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">685</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestments_iI_pn3n3_zT6yUu2SpcNl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Investments</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_zVV6I6otoUt7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Intangible assets</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,342</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iTI_pn3n3_zKjZs1j8zYg" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets acquired (excluding goodwill)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">31,130</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_pn3n3_di_z42nKpHCTPye" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accounts payable and other current liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(887</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iNI_pn3n3_di_z7CkT873Oope" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,434</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_z3bnZWCVUBK7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net identifiable assets acquired</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">22,809</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Goodwill_iI_pn3n3_zjEghlQtTQK9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Goodwill</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">29,991</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pn3n3_zYV5hoSHqLMd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total fair value used to measure goodwill</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">52,800</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

38000

53000

685000

12000

30342000

31130000

887000

7434000

22809000

29991000

52800000

<p id="xdx_893_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z67Lz7xmr7Xe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preliminary fair values and weighted-average useful lives of identifiable intangible assets acquired are as follows (in thousands): SCHEDULE OF PRELIMINARY FAIR VALUES INTANGIBLE ASSETS ACQUIRED <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Preliminary Fair Value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted-Average Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Trade names</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zj5FxgqVg98k" style="width: 16%; font-size: 10pt; text-align: right" title="Customer relationships">1,588</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 18%; font-size: 10pt; text-align: right"><span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zse6IqHKWXG7" title="Trade names">10 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Management contracts</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z065xpBorNKh" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Customer relationships">28,754</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: right; padding-bottom: 1pt"><span id="xdx_901_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260220__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zpPH0CCXHXI8" title="Trade names">10 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_c20260220__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zYmU4MyQdxe3" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Preliminary fair value">30,342</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: right; padding-bottom: 2.5pt"></td></tr> </table>

1588000

P10Y

28754000

P10Y

30342000

30000000.0

<p id="xdx_89A_esrt--CondensedStatementOfComprehensiveIncomeTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zyOSD94MBgu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts of revenue and pre-tax net loss of UTXO, included in our condensed consolidated statement of comprehensive loss from the Closing Date for the three and six months ended June 30, 2026, were as follows (in thousands): SCHEDULE OF CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td><td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260401__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_znrwSmhKlVJ5" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zby8UYOUW9j1" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Six Months Ended June 30, 2026</td><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_zENEgH8CyKJa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt">Revenue</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">466</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">675</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetIncomeLoss_zVan0BXVAESj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Pre-tax net loss (1) (2)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(25,628</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(26,081</td><td style="font-size: 10pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Includes $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBDT05TT0xJREFURUQgU1RBVEVNRU5UIE9GIENPTVBSRUhFTlNJVkUgTE9TUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--Revenues_pn5n6_c20260101__20260630__srt--ConsolidationItemsAxis__srt--ConsolidationEliminationObligorGroupMember__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_z269sA5hxAge" title="Revenue">0.1 million of intercompany operating expense that is eliminated on a consolidated Nakamoto basis.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td id="xdx_F01_zwCf1Fvm5Ftj" style="width: 0.25in; text-align: left">(2)</td><td id="xdx_F11_zcIb8bJG3Wx" style="text-align: justify">Pre-tax net loss includes a $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTkRFTlNFRCBDT05TT0xJREFURUQgU1RBVEVNRU5UIE9GIENPTVBSRUhFTlNJVkUgTE9TUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_909_eus-gaap--GoodwillImpairmentLoss_pn5n6_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--UTXOManagementGPLLCMember_zpV1TDvVvMwe" title="Goodwill impairment charge">24.6 million goodwill impairment charge (see Note 6 — Intangible Assets and Goodwill).</td> </tr></table>

466000

675000

-25628000

-26081000

100000

24600000

0.0 6100000 SCHEDULE OF SUPPLEMENTAL PROFORMA INFORMATION <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncAndUTXOManagementGPLLCMember_zS4Vv9AcMuE7" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BTCIncAndUTXOManagementGPLLCMember_zjJ42J5dxM1b" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_zfjDNBmVH1G5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt">Revenue</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">39,402</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">56,844</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_pn3n3_zkoMPfpVixug" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income (loss)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(263,471</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">16,925</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table>

39402000

56844000

-263471000

16925000

6100000

107700000

1400000

4900000

NOTE 4 — DIGITAL ASSETS Digital assets consisted of the following on June 30, 2026 (in thousands, except for digital asset units): SCHEDULE OF DIGITAL ASSETS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">Digital assets held:</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Units</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Cost Basis</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt; text-align: justify">Bitcoin</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">4,467</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--BTCMember_zdly6UQempT3" style="width: 14%; font-size: 10pt; text-align: right" title="Digital assets held, Cost Basis">528,217</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_980_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--BTCMember_zycaAqJOz9V1" style="width: 14%; font-size: 10pt; text-align: right" title="Digital assets held, Fair Value">261,464</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">USDT</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">227,418</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--USDTMember_zArbIV7z90Tc" style="font-size: 10pt; text-align: right" title="Digital assets held, Cost Basis">227</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--USDTMember_zZmddUn0KyG2" style="font-size: 10pt; text-align: right" title="Digital assets held, Fair Value">227</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">USDC</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">22,613</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--USDCMember_z6TIk6LQZKT" style="padding-bottom: 1pt; font-size: 10pt; text-align: right" title="Digital assets held, Cost Basis">23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--USDCMember_zAMiZGNTkkU2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Digital assets held, Fair Value">23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">Total digital assets</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630_z60mnB42KjGa" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Digital assets held, Fair Value">261,714</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> As of June 30, 2026, 3,805 of our 4,467 Bitcoin were pledged as collateral in connection with an outstanding loan with a third-party lender (see Note 7 — Debt). The pledged Bitcoin cannot be rehypothecated, loaned, or sold by the lender under the terms of the collateral arrangement. The remaining Bitcoin is primarily held with a third-party custodian. All of the Bitcoin is considered under our control. The fair value of the pledged Bitcoin subject to this contractual sale restriction was approximately $222.7 million. The restriction remains in effect through the partial maturity of the loan on December 4, 2026, and a portion is restricted through the remaining maturity of the loan on June 30, 2027. The restriction would lapse upon full repayment of the outstanding balance.

Digital assets consisted of the following on June 30, 2026 (in thousands, except for digital asset units): SCHEDULE OF DIGITAL ASSETS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">Digital assets held:</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Units</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Cost Basis</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt; text-align: justify">Bitcoin</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">4,467</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--BTCMember_zdly6UQempT3" style="width: 14%; font-size: 10pt; text-align: right" title="Digital assets held, Cost Basis">528,217</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_980_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--BTCMember_zycaAqJOz9V1" style="width: 14%; font-size: 10pt; text-align: right" title="Digital assets held, Fair Value">261,464</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">USDT</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">227,418</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--USDTMember_zArbIV7z90Tc" style="font-size: 10pt; text-align: right" title="Digital assets held, Cost Basis">227</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--USDTMember_zZmddUn0KyG2" style="font-size: 10pt; text-align: right" title="Digital assets held, Fair Value">227</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">USDC</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">22,613</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--USDCMember_z6TIk6LQZKT" style="padding-bottom: 1pt; font-size: 10pt; text-align: right" title="Digital assets held, Cost Basis">23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--USDCMember_zAMiZGNTkkU2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Digital assets held, Fair Value">23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">Total digital assets</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630_z60mnB42KjGa" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Digital assets held, Fair Value">261,714</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

4467

528217000

261464000

227418

227000

22613

23000

261714000

3805

4467

222700000

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 <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20250904__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--StichtingMember_zDG7HrLMkaEh" title="Ownership percentage">31.9% of the outstanding equity interests in Stichting and, on a look-through basis, approximately <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20250904__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TreasuryBVMember_zc63l0lNJb31" title="Ownership percentage">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 $<span id="xdx_90C_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_pn5n6_c20260401__20260630__dei--LegalEntityAxis__custom--NakamotoMember_zdXouB5ExTff" title="Foreign currency translation loss">0.1 million and $<span id="xdx_904_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_pn5n6_c20260101__20260630__dei--LegalEntityAxis__custom--NakamotoMember_zD1yCr4Z3dD1" title="Foreign currency translation loss">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 <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TwoHundredAndTenkCapitalFundMember_zXRvh9Jn3Eze" title="Ownership percentage">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 $<span id="xdx_909_eus-gaap--EquityMethodInvestmentAggregateCost_iI_pn5n6_c20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RTBDigitalIncMember_zKjf55TJwd5l" title="Minority equity investment">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. <span id="xdx_904_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20260101__20260630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RTBDigitalIncMember_zPd8LOqBZwhb" title="Equity method description">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.

0.319

0.276

1800000

5800000

100000

200000

8900000

0.0

3900000

5000000.0

2.26

11100000

3000000.0

5500000

5800000

13200000

5500000

300000

0.058

5200000

300000

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

2900000

3200000

NOTE 6 — INTANGIBLE ASSETS AND GOODWILL Definite-lived Intangible Assets Our definite-lived intangible assets consist of trade names, management contracts and customer relationships, all of which are subject to amortization over their estimated useful life. The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of intangible assets as of June 30, 2026 (in thousands): SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Estimated Useful Life (Years)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Gross Carrying Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Accumulated Amortization</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Net Carrying Amount</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-size: 10pt; text-align: left">Trade names</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: center"><span id="xdx_903_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zIsLAL3LYvg9" title="Estimated Useful Life (Years)">10</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_981_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_z9wlg52n7GF1" style="width: 12%; font-size: 10pt; text-align: right" title="Gross Carrying Amount">68,029</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zR26HOTPcTb3" style="width: 12%; font-size: 10pt; text-align: right" title="Accumulated Amortization">(2,450</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zoANoY31Ijod" style="width: 12%; font-size: 10pt; text-align: right" title="Net Carrying Amount">65,579</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Management contracts</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><span id="xdx_909_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementContractsMember_z33NtYrH9V63" title="Estimated Useful Life (Years)">10</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementContractsMember_zSImqMeuDRoh" style="font-size: 10pt; text-align: right" title="Gross Carrying Amount">28,754</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementContractsMember_zAtPlRP4QyOg" style="font-size: 10pt; text-align: right" title="Accumulated Amortization">(1,035</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementContractsMember_zQuniKhq6sui" style="font-size: 10pt; text-align: right" title="Net Carrying Amount">27,719</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Customer relationships</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt"><span id="xdx_90B_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zIHPB6z65dBc" title="Estimated Useful Life (Years)">8</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zGYQT0E2lYV1" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Gross Carrying Amount">861</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zpK58Ygxa8u" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Accumulated Amortization">(39</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zOJx0x5fPnac" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Net Carrying Amount">822</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: center; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20260630_zp5EDb51DIB5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Gross Carrying Amount">97,644</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20260630_zYjT119UhcRb" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Accumulated Amortization">(3,524</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20260630_zOixvRStNOr7" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Net Carrying Amount">94,120</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> The gross carrying amount of the above definite-lived intangible assets reflects a measurement period adjustment recorded during the three months ended June 30, 2026, that decreased the preliminary estimated fair value assigned to identifiable intangible assets by an aggregate of $1.6 million (see Note 3 — Business Combinations). Accumulated amortization reflects amortization on the revised basis as if the adjustment had been recognized as of the acquisition date. Amortization expense for intangible assets was $2.4 million and $3.5 million, respectively, for the three and six months ended June 30, 2026, and is included in depreciation and amortization expense in the condensed consolidated statements of comprehensive loss. Estimated aggregate amortization expense for intangible assets as of June 30, 2026, is as follows (in thousands): SCHEDULE OF ESTIMATED AGGREGATE AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left; font-size: 10pt; font-weight: bold">Year</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630_zDJc0rvycfDk" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Estimated Amortization Expense</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_pn3n3_maFLIANzyZI_z36TqDF0Pwuk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 80%; font-size: 10pt">2026 (remainder)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">4,893</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths_iI_pn3n3_maFLIANzyZI_zrXMufVNCST2" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2027</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,786</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo_iI_pn3n3_maFLIANzyZI_zwY1d03zPbN7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2028</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,786</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree_iI_pn3n3_maFLIANzyZI_zevJdgO2v518" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2029</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,786</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour_iI_pn3n3_maFLIANzyZI_zE5LrOeuEeT6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2030</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,786</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive_iI_pn3n3_maFLIANzyZI_zSDfijKRAzM7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt">Thereafter</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">50,083</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzyZI_z9VPUexEmYTa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">94,120</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> Indefinite-lived Intangible Assets Our indefinite-lived intangible assets consist of a domain name with a carrying amount of $3.0 million as of June 30, 2026. The asset is not subject to amortization and is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that it may be impaired. There was no impairment recognized during the three and six months ended June 30, 2026. Goodwill The changes in the carrying amount of goodwill for the six months ended June 30, 2026, are as follows (in thousands): SCHEDULE OF CARRYING AMOUNT OF GOODWILL <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630__us-gaap--FairValueByAssetClassAxis__custom--MediaAndInformationServicesMember_z8dOXnvF8Oh9" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Media & Information Services</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260101__20260630__us-gaap--FairValueByAssetClassAxis__custom--AssetManagementMember_zFv5J9g3EY08" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asset Management</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260101__20260630_zaE1Ua9bzaYa" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--Goodwill_iS_pn3n3_zpfGbBCrcia2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Goodwill, as of December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--GoodwillAcquiredDuringPeriod_pn3n3_zpJofB4qcYFi" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; font-size: 10pt; text-align: left">Goodwill acquired during the period (Note 3)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">70,800</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">22,706</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">93,506</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--GoodwillAcquireMeasurementPeriodAdjustments_pn3n3_z3vrk7Semcv9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Measurement period adjustments (Note 3)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">20,776</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,285</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">28,061</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--GoodwillImpairmentLoss_iN_di_z16maAMKUaRd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Goodwill impairment</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(80,595</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(24,581</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(105,176</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--Goodwill_iE_pn3n3_zJqlfrcV01I9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Goodwill, as of June 30, 2026</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,981</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,410</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">16,391</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> Goodwill recognized during the six months ended June 30, 2026, relates to acquisitions described in Note 3 — Business Combinations, and is preliminary while the measurement period remains open. During the three months ended June 30, 2026, goodwill increased by $28.1 million as a result of measurement period adjustments to the preliminary estimated fair value of net assets acquired in the BTC Inc and UTXO acquisitions (see Note 3 — Business Combinations). We recognized this adjustment in the current period and did not revise amounts reported in prior periods. We evaluate goodwill for impairment annually on November 1, or more frequently if events or changes in circumstances indicate that the asset may be impaired. On June 30, 2026, we tested both the Media & Information Services and Asset Management reporting unit goodwill balances for impairment due primarily to sustained decreases in our stock price and market capitalization as well as a decrease in the price of Bitcoin. As a result of the goodwill impairment tests, we recognized total goodwill impairment for the three and six months ended June 30, 2026, of $105.2 million, which is included in impairment of goodwill in the condensed consolidated statements of comprehensive loss. Within our Media & Information Services reporting unit, we recorded a goodwill impairment of $80.6 million in the three and six months ended June 30, 2026. The reduction in value was primarily due to lower forecasted operating results as a result of the decline in Bitcoin price and a higher discount rate. The fair value of the Media & Information Services reporting unit was determined based on both income and market approaches. Significant assumptions used in the determination of the fair value include revenue growth, EBITDA margin, discount rate, terminal growth rate, and revenue and earnings multiples. As of June 30, 2026, the amount of goodwill after our impairment was $11.0 million for our Media & Information Services reporting unit. Within our Asset Management reporting unit, we recorded a goodwill impairment of $24.6 million in the three and six months ended June 30, 2026. The reduction in value was primarily due to lower forecasted operating results as a result of the decline in Bitcoin price and a higher discount rate. The fair value of the Asset Management reporting unit was determined based on both income and market approaches. Significant assumptions used in the determination of the fair value include revenue growth, EBITDA margin, discount rate, terminal growth rate, and revenue multiples. As of June 30, 2026, the amount of goodwill after our impairment was $5.4 million for our Asset Management reporting unit.

The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of intangible assets as of June 30, 2026 (in thousands): SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Estimated Useful Life (Years)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Gross Carrying Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Accumulated Amortization</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Net Carrying Amount</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-size: 10pt; text-align: left">Trade names</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: center"><span id="xdx_903_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zIsLAL3LYvg9" title="Estimated Useful Life (Years)">10</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_981_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_z9wlg52n7GF1" style="width: 12%; font-size: 10pt; text-align: right" title="Gross Carrying Amount">68,029</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zR26HOTPcTb3" style="width: 12%; font-size: 10pt; text-align: right" title="Accumulated Amortization">(2,450</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TradeNamesMember_zoANoY31Ijod" style="width: 12%; font-size: 10pt; text-align: right" title="Net Carrying Amount">65,579</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Management contracts</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><span id="xdx_909_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementContractsMember_z33NtYrH9V63" title="Estimated Useful Life (Years)">10</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementContractsMember_zSImqMeuDRoh" style="font-size: 10pt; text-align: right" title="Gross Carrying Amount">28,754</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementContractsMember_zAtPlRP4QyOg" style="font-size: 10pt; text-align: right" title="Accumulated Amortization">(1,035</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementContractsMember_zQuniKhq6sui" style="font-size: 10pt; text-align: right" title="Net Carrying Amount">27,719</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Customer relationships</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt"><span id="xdx_90B_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zIHPB6z65dBc" title="Estimated Useful Life (Years)">8</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zGYQT0E2lYV1" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Gross Carrying Amount">861</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zpK58Ygxa8u" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Accumulated Amortization">(39</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20260630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zOJx0x5fPnac" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Net Carrying Amount">822</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: center; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20260630_zp5EDb51DIB5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Gross Carrying Amount">97,644</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20260630_zYjT119UhcRb" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Accumulated Amortization">(3,524</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20260630_zOixvRStNOr7" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Net Carrying Amount">94,120</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

P10Y

68029000

-2450000

65579000

P10Y

28754000

-1035000

27719000

P8Y

861000

-39000

822000

97644000

-3524000

94120000

1600000

2400000

3500000

Estimated aggregate amortization expense for intangible assets as of June 30, 2026, is as follows (in thousands): SCHEDULE OF ESTIMATED AGGREGATE AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left; font-size: 10pt; font-weight: bold">Year</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630_zDJc0rvycfDk" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Estimated Amortization Expense</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_pn3n3_maFLIANzyZI_z36TqDF0Pwuk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 80%; font-size: 10pt">2026 (remainder)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">4,893</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths_iI_pn3n3_maFLIANzyZI_zrXMufVNCST2" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2027</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,786</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo_iI_pn3n3_maFLIANzyZI_zwY1d03zPbN7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2028</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,786</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree_iI_pn3n3_maFLIANzyZI_zevJdgO2v518" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2029</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,786</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour_iI_pn3n3_maFLIANzyZI_zE5LrOeuEeT6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2030</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,786</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive_iI_pn3n3_maFLIANzyZI_zSDfijKRAzM7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt">Thereafter</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">50,083</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzyZI_z9VPUexEmYTa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">94,120</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

4893000

9786000

50083000

94120000

3000000.0

The changes in the carrying amount of goodwill for the six months ended June 30, 2026, are as follows (in thousands): SCHEDULE OF CARRYING AMOUNT OF GOODWILL <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630__us-gaap--FairValueByAssetClassAxis__custom--MediaAndInformationServicesMember_z8dOXnvF8Oh9" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Media & Information Services</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260101__20260630__us-gaap--FairValueByAssetClassAxis__custom--AssetManagementMember_zFv5J9g3EY08" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asset Management</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260101__20260630_zaE1Ua9bzaYa" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--Goodwill_iS_pn3n3_zpfGbBCrcia2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Goodwill, as of December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--GoodwillAcquiredDuringPeriod_pn3n3_zpJofB4qcYFi" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; font-size: 10pt; text-align: left">Goodwill acquired during the period (Note 3)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">70,800</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">22,706</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 14%; font-size: 10pt; text-align: right">93,506</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--GoodwillAcquireMeasurementPeriodAdjustments_pn3n3_z3vrk7Semcv9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Measurement period adjustments (Note 3)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">20,776</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,285</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">28,061</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--GoodwillImpairmentLoss_iN_di_z16maAMKUaRd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Goodwill impairment</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(80,595</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(24,581</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(105,176</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--Goodwill_iE_pn3n3_zJqlfrcV01I9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Goodwill, as of June 30, 2026</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,981</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,410</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">16,391</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

70800000

22706000

93506000

20776000 7285000 28061000

80595000

24581000

105176000

10981000

5410000

16391000

28100000

105200000

80600000

11000000.0

24600000

5400000

NOTE 7 — DEBT Our outstanding debt as of June 30, 2026, is $164.7 million and consists of a <span id="xdx_90A_eus-gaap--NotesPayable_iI_pn5n6_c20260630__dei--LegalEntityAxis__custom--PaywardInteractiveIncMember__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zHYgs9865VFa" title="Note payable">60.0 million USDT note payable due to Payward Interactive, Inc. (“Kraken”) on <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_dd_c20250605__20250605__us-gaap--TypeOfArrangementAxis__custom--MasterLoanAgreementMember__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_z872JpIYw8pc" title="Debt maturity date">December 4, 2026, and a <span id="xdx_901_eus-gaap--NotesPayable_iI_pn5n6_c20260605__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember__dei--LegalEntityAxis__custom--PaywardInteractiveIncMember_zcIIOMK5VJAk" title="Note payable">105.0 million USDT note payable due to Kraken on <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20260605__20260605__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember__dei--LegalEntityAxis__custom--PaywardInteractiveIncMember_zBPk8v6CIFt1" title="Maturity date">June 30, 2027. On January 30, 2026, we entered into the First Amendment to the Master Loan Agreement (“MLA Amendment”), which amends the previous Master Loan Agreement, dated as of December 3, 2025 (the “Master Loan Agreement”) by and between Nakamoto Holdings and Kraken. The MLA Amendment amends the Master Loan Agreement (the “Amended Master Loan Agreement”) to permit the funding of a designated trading wallet maintained at Kraken (the “Trading Wallet”) and to clarify that the Trading Wallet shall serve as collateral for both the obligations under the Master Loan Agreement and obligations (if any) resulting from trading activity conducted through such wallet. On February 5, 2026, we pledged an additional 688 Bitcoin as collateral under the Master Loan Agreement to satisfy collateral maintenance requirements (see Note 4 — Digital Assets). On June 5, 2026, Nakamoto Holdings and Kraken executed a loan term sheet (the “Restructured Loan Term Sheet”) under that certain Master Loan Agreement. The Restructured Loan Term Sheet supersedes in its entirety the loan term sheet, dated as of December 9, 2025, by and between Nakamoto Holdings and Kraken (the “December Term Sheet”), and the loans issued under the December Term Sheet were deemed repaid and the outstanding principal balance thereunder was deemed to be transferred to Nakamoto Holdings, without the need for any notice or actual transfer of loaned digital currency. Pursuant to the Restructured Loan Term Sheet, Nakamoto Holdings borrowed a fixed-term loan in a principal amount of <span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20260605__dei--LegalEntityAxis__custom--PaywardInteractiveIncMember__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--DebtInstrumentAxis__custom--RestructuredLoanTermMember_zjllKkqlokxh" title="Outstanding amount">210.0 million USDT (the “Restructured Loan”). The Restructured Loan was scheduled to mature in two tranches: <span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20260605__us-gaap--TypeOfArrangementAxis__custom--TranchesOneMember__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--DebtInstrumentAxis__custom--RestructuredLoanTermMember_zxhwClGC8yi5" title="Outstanding amount">105.0 million USDT of the outstanding principal amount was to mature on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20260605__20260605__us-gaap--TypeOfArrangementAxis__custom--TranchesOneMember__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--DebtInstrumentAxis__custom--RestructuredLoanTermMember_zSAOhbKzuqbc" title="Maturity date">December 4, 2026, and the remaining <span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20260605__us-gaap--TypeOfArrangementAxis__custom--TranchesTwoMember__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--DebtInstrumentAxis__custom--RestructuredLoanTermMember_zn8uVeVgaAU5" title="Outstanding amount">105.0 million USDT was to mature on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20260605__20260605__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--TypeOfArrangementAxis__custom--TranchesTwoMember__us-gaap--DebtInstrumentAxis__custom--RestructuredLoanTermMember_zWPWsbFWrAJk" title="Maturity date">June 30, 2027. On June 5, 2026, Nakamoto Holdings repaid <span id="xdx_90C_eus-gaap--DebtInstrumentRepaidPrincipal_pn5n6_c20260605__20260605__us-gaap--TypeOfArrangementAxis__custom--MasterLoanAgreementMember__srt--CryptoAssetAxis__custom--USDTMember_zg4v6aGCdEMl" title="Outstanding principal repaid">45.0 million USDT to reduce the outstanding principal amount of the Restructured Loan from <span id="xdx_904_eus-gaap--DebtInstrumentCarryingAmount_iI_pn5n6_c20260604__dei--LegalEntityAxis__custom--NakamotoHoldingsMember__srt--CryptoAssetAxis__custom--USDTMember_zg2zzkbEAVc8" title="Outstanding principal amount">210.0 million USDT to <span id="xdx_900_eus-gaap--DebtInstrumentCarryingAmount_iI_pn5n6_c20260605__dei--LegalEntityAxis__custom--NakamotoHoldingsMember__srt--CryptoAssetAxis__custom--USDTMember_zlEs1FTOZAWi" title="Outstanding principal amount">165.0 million USDT (the “Partial Repayment”). To fund the Partial Repayment, Nakamoto Holdings sold approximately 600 Bitcoin for 35.6 million USDT and certain Bitcoin derivative contracts, generating approximately $48.0 million in net proceeds, and applied $45.0 million of those proceeds to the Partial Repayment. Following the Partial Repayment, Nakamoto Holdings and Kraken entered into a subsequent loan term sheet on June 5, 2026 (the “June Term Sheet”), under the Master Loan Agreement. The June Term Sheet supersedes in its entirety the Restructured Loan Term Sheet, and the loans issued under the Restructured Loan Term Sheet are deemed repaid and the outstanding principal balance thereunder is deemed to be transferred to Nakamoto Holdings pursuant to the June Term Sheet, without the need for any notice or actual transfer of loaned digital currency. Pursuant to the June Term Sheet, Nakamoto Holdings borrowed a fixed-term loan in a principal amount of <span id="xdx_907_eus-gaap--DebtInstrumentCarryingAmount_iI_pn5n6_c20250605__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--TypeOfArrangementAxis__custom--MasterLoanAgreementMember_z1sRrUTahNBl" title="Outstanding amount">165.0 million USDT (the “June Loan”), which reflects the reduced principal balance of the Restructured Loan following the Partial Repayment. The June Loan matures in two tranches: <span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20260605__us-gaap--TypeOfArrangementAxis__custom--TranchesOneMember__srt--CryptoAssetAxis__custom--USDTMember_znF5kSbRz54e" title="Outstanding amount">60.0 million USDT of the outstanding principal amount matures on <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20250605__20250605__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--TypeOfArrangementAxis__custom--TranchesOneMember_zoRvKP3eErmi" title="Debt maturity date">December 4, 2026, and the remaining <span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20260605__srt--CryptoAssetAxis__custom--USDTMember__us-gaap--TypeOfArrangementAxis__custom--TranchesTwoMember_zepyOohc93K4" title="Outstanding amount">105.0 million USDT matures on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20250605__20250605__us-gaap--TypeOfArrangementAxis__custom--TranchesTwoMember__srt--CryptoAssetAxis__custom--USDTMember_zgOtEziFAWRh" title="Debt maturity date">June 30, 2027. The June Loan bears a loan fee of (i) 7.75% per annum during any period in which Nakamoto Holdings holds at least 2,000 Bitcoin in a designated Bitcoin yield strategy collateral account (the “Trading Wallet”), and (ii) 8.00% per annum during any period in which Nakamoto Holdings holds less than 2,000 Bitcoin in the Trading Wallet. The June Loan is secured solely by Bitcoin pledged by Nakamoto Holdings to Kraken and the initial collateral required to secure the June Loan was 3,805 Bitcoin. Nakamoto Holdings has the right to paydown the June Loan, in whole or in part, upon 30 days’ prior written notice to Kraken, with no early return penalty. We evaluated the June 5, 2026, transactions under ASC 470-50 and ASC 470-60 and concluded that they are considered a debt modification. We accounted for the 45.0 million USDT repayment as a partial extinguishment of the Restructured Loan, with no gain or loss recognized.

164700000

60000000.0

2026-12-04

105000000.0

2027-06-30

688

210000000.0

105000000.0

2026-12-04

105000000.0

2027-06-30

45000000.0

210000000.0

165000000.0

600

35600000

48000000.0

45000000.0

165000000.0

60000000.0

2026-12-04

105000000.0

2027-06-30

(i) 7.75% per annum during any period in which Nakamoto Holdings holds at least 2,000 Bitcoin in a designated Bitcoin yield strategy collateral account (the “Trading Wallet”), and (ii) 8.00% per annum during any period in which Nakamoto Holdings holds less than 2,000 Bitcoin in the Trading Wallet. The June Loan is secured solely by Bitcoin pledged by Nakamoto Holdings to Kraken and the initial collateral required to secure the June Loan was 3,805 Bitcoin

45000000.0

NOTE 8 — DERIVATIVE INSTRUMENTS We write covered calls and call spreads to generate option premiums and potential economic returns from changes in option values. We also purchase protective puts and put spreads to reduce our mark-to-market exposure to adverse Bitcoin price movements over defined time horizons. These instruments are not designated as hedging instruments and are carried at fair value, with changes in fair value recognized in earnings within derivative revenue. The following table presents the fair value of our Bitcoin derivative instruments as of June 30, 2026 (dollars in thousands): SCHEDULE OF FAIR VALUE OF THE OUR BITCOIN DERIVATIVE INSTRUMENTS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Balance Sheet Location</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total Bitcoin Contracts</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630_z0ZxFLQk59Gl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsFairValueDisclosureAbstract_iB_z9n4Ao7eY2y2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Derivative assets:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-left: 10pt">Purchased call options</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 18%; font-size: 10pt; text-align: center">Current Assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_ecustom--BitcoinDerivativeInstrumentsPurchasedCallOption_iI_pn3n3_uBTC_c20260630_zPn10NleFxEg" style="width: 16%; font-size: 10pt; text-align: right" title="Purchased call options">200</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_uUSD_c20260630_zxNsCQm8FuOj" style="width: 16%; font-size: 10pt; text-align: right" title="Purchased call options">73</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Derivative liabilities:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Written call options</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt">Current Liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--BitcoinDerivativeInstrumentsWrittenCallOptions_iI_pn3n3_uBTC_c20260630_z6RdbEd1scI2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Written call options">(1,550</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_ecustom--LiabilitiesFairValueWrittenCallOptions_iI_pn3n3_uUSD_c20260630_zAC7AuEeA0S9" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Written call options">(242</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Net derivative position</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: center; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--BitcoinDerivativeInstrumentsNet_iI_pn3n3_uBTC_c20260630_zmeaf1o9IM69" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Net derivative position">(1,350</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--FairValueNetAssetLiability_iI_pn3n3_uUSD_c20260630_zsak1aE3J948" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Written call options">(169</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> For the three and six months ended June 30, 2026, we recognized a net gain of $10.4 million and $11.5 million, respectively, related to Bitcoin option contracts within derivative revenue on the condensed consolidated statements of comprehensive loss.

The following table presents the fair value of our Bitcoin derivative instruments as of June 30, 2026 (dollars in thousands): SCHEDULE OF FAIR VALUE OF THE OUR BITCOIN DERIVATIVE INSTRUMENTS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Balance Sheet Location</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total Bitcoin Contracts</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630_z0ZxFLQk59Gl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsFairValueDisclosureAbstract_iB_z9n4Ao7eY2y2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Derivative assets:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-left: 10pt">Purchased call options</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 18%; font-size: 10pt; text-align: center">Current Assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_ecustom--BitcoinDerivativeInstrumentsPurchasedCallOption_iI_pn3n3_uBTC_c20260630_zPn10NleFxEg" style="width: 16%; font-size: 10pt; text-align: right" title="Purchased call options">200</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_uUSD_c20260630_zxNsCQm8FuOj" style="width: 16%; font-size: 10pt; text-align: right" title="Purchased call options">73</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Derivative liabilities:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Written call options</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: center; padding-bottom: 1pt">Current Liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--BitcoinDerivativeInstrumentsWrittenCallOptions_iI_pn3n3_uBTC_c20260630_z6RdbEd1scI2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Written call options">(1,550</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_ecustom--LiabilitiesFairValueWrittenCallOptions_iI_pn3n3_uUSD_c20260630_zAC7AuEeA0S9" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Written call options">(242</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Net derivative position</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: center; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--BitcoinDerivativeInstrumentsNet_iI_pn3n3_uBTC_c20260630_zmeaf1o9IM69" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Net derivative position">(1,350</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--FairValueNetAssetLiability_iI_pn3n3_uUSD_c20260630_zsak1aE3J948" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Written call options">(169</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table>

200000

73000

-1550000 -242000 -1350000

-169000

10400000

11500000

NOTE 9 — FAIR VALUE MEASUREMENTS We measure certain assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurements. The following table presents the fair value hierarchy of our assets and liabilities measured at fair value as of June 30, 2026 (in thousands): SCHEDULE OF FAIR VALUE ASSETS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z3TIylBkIYdl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z66kzjaJImr6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zWisWYH1mFP1" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zmJSTwsNOPYj" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_zf4CJGPl8h57" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-size: 10pt; text-align: left">Digital assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">261,714</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">261,714</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DerivativesAssets_iI_pn3n3_zmp1Xvpmhqzj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Equity securities – RTB Digital</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,213</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,213</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilityFairValueGrossAsset_iI_pn3n3_zLx2jMTXCnb9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Derivative assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">73</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">73</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DerivativeAssetFairValueGrossLiability_iNI_pn3n3_di_zdCzvn89yxqi" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(242</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(242</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_zfSxLJcX1sUg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total (1)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">264,758</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">264,758</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td id="xdx_F08_zYptElrzdlnh" style="width: 0.25in">(1)</td><td id="xdx_F12_zjollExu4xX4" style="text-align: justify">Excludes investments measured at fair value based on Net Asset Value (“NAV”) of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEZBSVIgVkFMVUUgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--InvestmentOwnedAtCost_iI_pn5n6_c20260630_zkbmLXN6DVX4" title="Fair value based on net asset value">5.4 million as of June 30, 2026. We have investments in 210k Capital and Bitcoin Ecosystem funds and measure these investments based on the NAV of each of the funds at the end of each period.</td></tr></table> Level 1 inputs consist of quoted prices in active markets for identical assets. There were no transfers between levels of the fair value hierarchy during the six months ended June 30, 2026. The following table presents the changes in Level 3 assets measured at fair value for the six months ended June 30, 2026 (in thousands): SCHEDULE OF ASSETS MEASURED AT FAIR VALUE <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260630__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--CallOptionMember_ztGgxIURxm0a" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Call Option</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AssetsFairValueDisclosure_iS_pn3n3_zURkpggfJTW4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">Balance as of December 31, 2025</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">199,060</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--GainLossOnFairValueHedgesRecognizedInEarnings_pn3n3_zfcwSUtEtRy" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Change in fair value recognized in earnings</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(107,744</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationConsiderationTransferred1_iN_pn3n3_di_z66FmdKVjBr2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">BTC Inc and UTXO acquisition date fair value consideration (see Note 3 — Business Combinations)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(91,316</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--AssetsFairValueDisclosure_iE_pn3n3_zNczWD9Yrxu1" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> The fair value of our notes payable approximates our carrying value as the interest rates are consistent with current market rates.

The following table presents the fair value hierarchy of our assets and liabilities measured at fair value as of June 30, 2026 (in thousands): SCHEDULE OF FAIR VALUE ASSETS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z3TIylBkIYdl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z66kzjaJImr6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zWisWYH1mFP1" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zmJSTwsNOPYj" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_zf4CJGPl8h57" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-size: 10pt; text-align: left">Digital assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">261,714</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">261,714</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DerivativesAssets_iI_pn3n3_zmp1Xvpmhqzj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Equity securities – RTB Digital</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,213</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,213</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DerivativeLiabilityFairValueGrossAsset_iI_pn3n3_zLx2jMTXCnb9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Derivative assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">73</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">73</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DerivativeAssetFairValueGrossLiability_iNI_pn3n3_di_zdCzvn89yxqi" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(242</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(242</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_zfSxLJcX1sUg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total (1)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">264,758</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">264,758</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td id="xdx_F08_zYptElrzdlnh" style="width: 0.25in">(1)</td><td id="xdx_F12_zjollExu4xX4" style="text-align: justify">Excludes investments measured at fair value based on Net Asset Value (“NAV”) of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEZBSVIgVkFMVUUgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--InvestmentOwnedAtCost_iI_pn5n6_c20260630_zkbmLXN6DVX4" title="Fair value based on net asset value">5.4 million as of June 30, 2026. We have investments in 210k Capital and Bitcoin Ecosystem funds and measure these investments based on the NAV of each of the funds at the end of each period.</td></tr></table>

261714000

3213000 3213000

73000

242000

264758000

5400000

The following table presents the changes in Level 3 assets measured at fair value for the six months ended June 30, 2026 (in thousands): SCHEDULE OF ASSETS MEASURED AT FAIR VALUE <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260630__us-gaap--OptionIndexedToIssuersEquityTypeAxis__us-gaap--CallOptionMember_ztGgxIURxm0a" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Call Option</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AssetsFairValueDisclosure_iS_pn3n3_zURkpggfJTW4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">Balance as of December 31, 2025</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">199,060</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--GainLossOnFairValueHedgesRecognizedInEarnings_pn3n3_zfcwSUtEtRy" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Change in fair value recognized in earnings</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(107,744</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationConsiderationTransferred1_iN_pn3n3_di_z66FmdKVjBr2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">BTC Inc and UTXO acquisition date fair value consideration (see Note 3 — Business Combinations)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(91,316</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--AssetsFairValueDisclosure_iE_pn3n3_zNczWD9Yrxu1" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

199060000

-107744000

91316000

NOTE 10 — REVENUE FROM CONTRACTS WITH CUSTOMERS Our revenues are disaggregated based on revenue type, including (i) media, (ii) advisory services, (iii) asset management, and (iv) derivatives. Our net revenues for the three and six months ended June 30, 2026, are disaggregated as follows (in thousands): SCHEDULE OF DISAGGREGATED REVENUE <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260401__20260630_zNNoFBA7Km3l" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended June 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260101__20260630_zLGObZenZiE" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Six Months Ended June 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Revenue from contracts with customers (ASC 606):</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Media:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--EventsMember_zFmNQkGCurU7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; font-size: 10pt">Events</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">23,199</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">23,199</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DigitalMember_zm31zkDUsiXd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Digital</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">115</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">442</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--PrintMember_zv77YtkBtyna" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Print</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">55</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">94</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--OtherMember_zc6a7QRBZoyj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Other</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">686</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">729</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember_zp6OOkLicu87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total media</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">24,055</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">24,464</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AdvisoryMember_zEbsIJa5AZwg" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Advisory</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">930</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,440</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Asset management:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementFeesMember_zR7WqIAWN5Fd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Management fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">466</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">675</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--PerformanceFeesMember_zCjBQxTLk4Ea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Performance fees</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember_zJ5sWlh8pYu4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total asset management</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">466</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">675</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_zJThzgjdJ3E7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Total revenue from contracts with customers</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">25,451</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">26,579</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Revenue outside the scope of ASC 606:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DerivativesMember_z2Y4PGtg60ij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative (accounted for under ASC 815)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,418</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,489</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zxTj9KZDkIK1" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">35,869</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">38,068</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> The disaggregation of revenue from contracts with customers presented above reflects revenue from continuing operations. Revenue from the legacy Healthcare Operations segment, which has been presented as a discontinued operation for all periods presented, is excluded from the tables above. For additional information on discontinued operations, see Note 11 — Discontinued Operations. Contract Liabilities Contract liabilities represent consideration received from customers in advance of our satisfaction of performance obligations and are recognized as revenue when control of the promised goods or services is transferred to customers. The following table presents the changes in contract liabilities for the six months ended June 30, 2026 (in thousands): SCHEDULE OF CONTRACT LIABILITIES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630_zYtttKUpnyc4" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--ContractWithCustomerLiability_iS_zRYmSwEsLGw7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Balance as of December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ContractLiabilitiesAssumed_zhHdad4ewZTd" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; font-size: 10pt; text-align: left">Add: contract liabilities assumed in BTC Merger (see Note 3) (1)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 16%; font-size: 10pt; text-align: right">20,070</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ContractWithCustomerLiabilityAdjustments_zg2BxmRH4Wc7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Measurement period adjustments (Note 3)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">189</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ContractWithCustomerLiabilityAdditions_zpax1ZewpmDh" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Additions</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11,183</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_zrYkFbe5Dy0c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Revenue recognized</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(24,036</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_402_ecustom--ContractWithCustomerLiabilityOther_zm6JDTB4KWSg" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(180</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerLiability_iE_zcjNWpyrpzC4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,226</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">(1)</td> <td style="text-align: justify">Includes $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIExJQUJJTElUSUVTIChEZXRhaWxzKSAgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_ecustom--ContractWithCustomerLiabilities_iI_pn5n6_c20260630_zaEg2aJc8MCj" title="Contract liabilities">0.3 million of intercompany contract liabilities that were eliminated upon consolidation.</td></tr> </table> Contract liabilities in the acquisition represent deferred revenue from the acquired business and were recorded in connection with the acquisition of BTC Inc. See Note 3 — Business Combinations for further details. Approximately $18.0 million of the total $24.0 million of revenue recognized during the six months ended June 30, 2026, related to contract liabilities assumed in the BTC Merger. Remaining Performance Obligations As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $7.2 million. We expect to recognize approximately $3.4 million of this revenue over the next 12 months and the remainder thereafter over the contractual terms of the underlying arrangements, which generally range from <span id="xdx_907_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember_zGUQegZYwL5d" title="Remaining performance obligations thereafter contractual terms">1 – <span id="xdx_907_eus-gaap--RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember_zJZhLUQUyIt6" title="Remaining performance obligations thereafter contractual terms">2 years.

Our net revenues for the three and six months ended June 30, 2026, are disaggregated as follows (in thousands): SCHEDULE OF DISAGGREGATED REVENUE <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260401__20260630_zNNoFBA7Km3l" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended June 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260101__20260630_zLGObZenZiE" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Six Months Ended June 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Revenue from contracts with customers (ASC 606):</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Media:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--EventsMember_zFmNQkGCurU7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; font-size: 10pt">Events</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">23,199</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">23,199</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DigitalMember_zm31zkDUsiXd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Digital</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">115</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">442</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--PrintMember_zv77YtkBtyna" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Print</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">55</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">94</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--OtherMember_zc6a7QRBZoyj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Other</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">686</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">729</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember_zp6OOkLicu87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total media</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">24,055</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">24,464</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AdvisoryMember_zEbsIJa5AZwg" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Advisory</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">930</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,440</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Asset management:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--ManagementFeesMember_zR7WqIAWN5Fd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Management fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">466</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">675</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--PerformanceFeesMember_zCjBQxTLk4Ea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Performance fees</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember_zJ5sWlh8pYu4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total asset management</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">466</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">675</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_zJThzgjdJ3E7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Total revenue from contracts with customers</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">25,451</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">26,579</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Revenue outside the scope of ASC 606:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DerivativesMember_z2Y4PGtg60ij" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative (accounted for under ASC 815)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,418</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,489</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zxTj9KZDkIK1" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">35,869</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">38,068</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

23199000

115000

442000

55000

94000

686000

729000

24055000

24464000

930000

1440000

466000

675000

466000

675000

25451000

26579000

10418000

11489000

35869000

38068000

The following table presents the changes in contract liabilities for the six months ended June 30, 2026 (in thousands): SCHEDULE OF CONTRACT LIABILITIES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630_zYtttKUpnyc4" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--ContractWithCustomerLiability_iS_zRYmSwEsLGw7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Balance as of December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ContractLiabilitiesAssumed_zhHdad4ewZTd" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; font-size: 10pt; text-align: left">Add: contract liabilities assumed in BTC Merger (see Note 3) (1)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 16%; font-size: 10pt; text-align: right">20,070</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ContractWithCustomerLiabilityAdjustments_zg2BxmRH4Wc7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Measurement period adjustments (Note 3)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">189</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ContractWithCustomerLiabilityAdditions_zpax1ZewpmDh" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Additions</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11,183</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_zrYkFbe5Dy0c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Revenue recognized</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(24,036</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_402_ecustom--ContractWithCustomerLiabilityOther_zm6JDTB4KWSg" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(180</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerLiability_iE_zcjNWpyrpzC4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Balance as of June 30, 2026</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,226</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">(1)</td> <td style="text-align: justify">Includes $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIExJQUJJTElUSUVTIChEZXRhaWxzKSAgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_ecustom--ContractWithCustomerLiabilities_iI_pn5n6_c20260630_zaEg2aJc8MCj" title="Contract liabilities">0.3 million of intercompany contract liabilities that were eliminated upon consolidation.</td></tr> </table> 20070000 189000 11183000

-24036000

-180000

7226000

300000 18000000.0

24000000.0

7200000

3400000

P1Y

P2Y

NOTE 11 — DISCONTINUED OPERATIONS During the second quarter of 2026, we shut down our healthcare operations, which historically generated revenue from providing outpatient services through clinics and telemedicine platforms. The decision was made in connection with our strategic shift towards the development of a scalable, Bitcoin-native operating business. We evaluated whether the healthcare operations met the held-for-sale criteria in ASC 205-20-45-1E and concluded they did not, principally because the business was never probable to be sold. We then evaluated the disposal under the guidance in ASC 205-20-45-1B(c) for disposals other than by sale and considered the healthcare operations to be held and used until the date of abandonment in accordance with ASC 360-10-45-15. We concluded that the date of abandonment occurred as of June 19, 2026, when the last healthcare clinic was closed. The shutdown of the healthcare operations represents a strategic shift that has a major effect on our operations and financial results as all of our revenues in 2025 were from healthcare operations, all of our activities prior to the August 2025 merger with Nakamoto Holdings were healthcare related and the results of healthcare operations were previously reported as one of our reportable operating segments. The loss recognized on the disposal of the healthcare operations includes the impairment of the right-of-use assets associated with the abandoned leases recorded in the first three months of 2026, together with severance and employee termination costs and other disposal related costs recognized through the date of abandonment. These expenses of $1.2 million and $1.7 million for the three and six months ended June 30, 2026, respectively, are presented within net loss from discontinued operations on the condensed consolidated statement of comprehensive loss. The healthcare operations were previously reported within our Healthcare Operations segment. As a result of the disposal, the Healthcare Operations segment is no longer presented as a continuing operation, see Note 13 — Segment Information. The results for the healthcare operations have been retrospectively reclassified and presented as discontinued operations for all periods presented in our condensed consolidated statement of comprehensive loss. Prior to the merger with Nakamoto Holdings in August 2025, we operated a single operating segment consisting of Healthcare Operations. All operating expenses prior to the merger with Nakamoto Holdings were previously reflected in Healthcare Operations. General corporate overhead incurred during the three and six months ended June 30, 2025, that was not directly attributable to healthcare operations was not material. Accordingly, we report no results from continuing operations for the three and six months ended June 30, 2025. <p id="xdx_894_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_zFOL0zdsgcje" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents the pretax loss and the major classes of line items constituting the pretax loss of the discontinued operations for the three and six months ended June 30, 2026, and 2025 (in thousands). SCHEDULE OF DISCONTINUED OPERATIONS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260401__20260630_z0zEFL4mXm72" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250401__20250630_zbl8GCU2osS5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630_zSs4kwzvrzo1" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250630_zQavnV7Hs6h5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--DisposalGroupIncludingDiscontinuedOperationRevenue_pn3n3_maDGIDOzQE0_zQRnzKtRQ8l5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; text-align: left">Operating revenues</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">256</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">409</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">735</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">988</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DisposalGroupIncludingDiscontinuedOperationOperatingExpenseAbstract_iB_z2AdOUtsXcxl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold_pn3n3_maDGIDOzHaC_z74l0Zom07Lj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Cost of revenue</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">8</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">15</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DisposalGroupIncludingDiscontinuedOperationCompensation_pn3n3_maDGIDOzHaC_zoszfoao015" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,653</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,656</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,489</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,660</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_pn3n3_maDGIDOzHaC_z6bR0A8YJVMi" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left">General and administrative</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">386</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,121</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">619</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,714</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization_pn3n3_maDGIDOzHaC_zpsEhBhkyzrl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation and amortization</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">33</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">32</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOperatingExpense_iT_pn3n3_mtDGIDOzHaC_msDGIDOzQE0_zUAxQvWfA0qb" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Total operating expenses</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,054</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,800</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,141</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,421</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_iT_pn3n3_mtDGIDOzQE0_maDOGLFzW2u_maDOGLFzt1a_zgBRPpiUPCtk" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating loss</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,798</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,391</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,406</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,433</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherExpense_iN_pn3n3_di_maDOGLFzW2u_msDOGLFzt1a_zftbpHpt1Zc8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Non-operating expense</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(447</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(19</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax_iT_pn3n3_mtDOGLFzt1a_zp1QQj8x10th" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net loss from discontinued operations before provision for income taxes</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,798</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,414</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,853</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,452</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> </table> There is no income tax expense or benefit for the three and six months ended June 30, 2026, and 2025.

1200000

1700000

<p id="xdx_894_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_zFOL0zdsgcje" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents the pretax loss and the major classes of line items constituting the pretax loss of the discontinued operations for the three and six months ended June 30, 2026, and 2025 (in thousands). SCHEDULE OF DISCONTINUED OPERATIONS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260401__20260630_z0zEFL4mXm72" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250401__20250630_zbl8GCU2osS5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260630_zSs4kwzvrzo1" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250630_zQavnV7Hs6h5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--DisposalGroupIncludingDiscontinuedOperationRevenue_pn3n3_maDGIDOzQE0_zQRnzKtRQ8l5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; text-align: left">Operating revenues</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">256</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">409</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">735</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">988</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DisposalGroupIncludingDiscontinuedOperationOperatingExpenseAbstract_iB_z2AdOUtsXcxl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold_pn3n3_maDGIDOzHaC_z74l0Zom07Lj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Cost of revenue</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">8</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">15</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DisposalGroupIncludingDiscontinuedOperationCompensation_pn3n3_maDGIDOzHaC_zoszfoao015" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,653</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,656</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,489</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,660</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_pn3n3_maDGIDOzHaC_z6bR0A8YJVMi" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left">General and administrative</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">386</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,121</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">619</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,714</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization_pn3n3_maDGIDOzHaC_zpsEhBhkyzrl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation and amortization</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">33</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">32</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOperatingExpense_iT_pn3n3_mtDGIDOzHaC_msDGIDOzQE0_zUAxQvWfA0qb" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Total operating expenses</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,054</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,800</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,141</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,421</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_iT_pn3n3_mtDGIDOzQE0_maDOGLFzW2u_maDOGLFzt1a_zgBRPpiUPCtk" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating loss</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,798</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,391</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,406</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,433</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherExpense_iN_pn3n3_di_maDOGLFzW2u_msDOGLFzt1a_zftbpHpt1Zc8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Non-operating expense</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(447</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(19</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax_iT_pn3n3_mtDOGLFzt1a_zp1QQj8x10th" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net loss from discontinued operations before provision for income taxes</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,798</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,414</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,853</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,452</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> </table>

256000

409000

735000

988000

8000

15000

1653000 1656000 2489000 2660000

386000

1121000

619000

1714000

15000

33000

32000

2054000

2800000

3141000

4421000

-1798000

-2391000

-2406000

-3433000

23000

447000

19000

-1798000

-2414000

-2853000

-3452000

0 0 0 0

NOTE 12 — RELATED PARTY TRANSACTIONS As described in Note 3 — Business Combinations, we acquired BTC Inc and UTXO during February 2026. BTC Inc and UTXO were considered related parties of Nakamoto as David Bailey, our Chief Executive Officer and Chairman of the Board of Directors and Tyler Evans, our Chief Investment Officer and a member of our Board of Directors, each had significant influence over BTC Inc and UTXO through their prior ownership of and leadership positions within BTC Inc and UTXO. In connection with the review and approval of the BTC Inc and UTXO acquisitions, our Board of Directors formed a special committee comprised only of independent and disinterested directors of our Board. As discussed further in Note 2 — Summary of Significant Accounting Policies, we earn management and performance fees from management services provided to both 210k Capital and Bitcoin Ecosystem funds. During the three and six months ended June 30, 2026, we earned management fees from both Funds totaling $0.4 million and $0.6 million, respectively. During the six months ended June 30, 2026, we have received total payments of management fees of $0.6 million from both Funds and shares of Metaplanet with a fair value of $<span id="xdx_90F_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MetaplanetIncMember_zBS1S5bD41L8" title="Management fees">0.7 million from 210k Capital relating to pre-UTXO Acquisition redemption. As of June 30, 2026, we have an investment in the 210k Capital fund of $5.2 million and an investment in the Bitcoin Ecosystem fund of $0.2 million. We have receivables totaling $0.3 million from funds that we manage. In the six months ended June 30, 2026, we received approximately $<span id="xdx_90F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MetaplanetIncMember_z2hb1d5N2d8f" title="Revenue from related party">0.9 million from Metaplanet for event sponsorship and Bitcoin for Corporations membership. We also received $<span id="xdx_908_eus-gaap--ProceedsFromFeesReceived_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TreasuryBVMember_zCRDxbouji5j" title="Fees from terminated certain contractual agreements">0.4 million from Treasury B.V. in the six months ended June 30, 2026, for fees to terminate certain contractual agreements. In the three and six months ended June 30, 2026, we recorded approximately $<span id="xdx_904_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TreasuryBVMember_zMbhkWUsbS0d" title="Revenue from related party"><span id="xdx_901_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn5n6_c20260401__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TreasuryBVMember_zOUfNTOv8yXj" title="Revenue from related party">1.1 million of revenue related to Metaplanet event sponsorship and Treasury B.V. fees to terminate contractual agreements. In the three months ended June 30, 2026, we entered into an agreement with Metaplanet for BTC Inc to provide future event production services. During the six months ended June 30, 2026, we incurred approximately $0.1 million included in General and administrative expenses in the condensed consolidated statements of comprehensive loss with BTC Inc under a marketing and services agreement in which BTC Inc provided marketing and other administrative support prior to the BTC Merger. We paid BTC Inc $0.6 million prior to the BTC Merger for prior marketing and other administrative support. During the six months ended June 30, 2026, we paid David Bailey approximately $<span id="xdx_90C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DavidBaileyMember_zRDzz8cuTjVh" title="Related party transaction amount">1.4 million to pay down liabilities associated with pre-BTC Merger distributions declared and $<span id="xdx_905_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--UTXOManagementGPLLCMember_zKWCSyRbvDob" title="Related party transaction amount">0.1 million relating to funding provided to UTXO prior to the UTXO Acquisition. During the same period, we paid Tyler Evans approximately $<span id="xdx_90F_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TylerEvansMember_zjsp1Gt9gp14" title="Related party transaction amount">0.2 million to pay down liabilities associated with pre-BTC Merger distributions declared, $<span id="xdx_906_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BTCMergerIncMember_zdmR8Zgqsqh1" title="Related party transaction amount">0.1 million relating to funding provided to UTXO prior to the UTXO Acquisition and distributed shares of Metaplanet with a fair value of $<span id="xdx_90D_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MetaplanetIncMember_zWz6yd4kWBSk" title="Related party transaction amount">0.7 million relating to a pre-UTXO Acquisition distribution liability. During the six months ended June 30, 2026, we paid approximately $<span id="xdx_901_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CalliBaileyAndCharlesBaileyMember_zVPjZ4DVhB86" title="Related party transaction amount">2.7 million in total to Calli Bailey and Charles Bailey to pay down liabilities associated with pre-BTC Merger distributions declared. During the same period, we paid approximately $<span id="xdx_90C_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn5n6_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CalliBaileyAndCharlesBaileyMember__dei--LegalEntityAxis__custom--BTCIncMember_zi7cVT8BxJVi" title="Related party transaction amount">0.3 million to the BTC Merger Stockholder Representative, Calli Bailey. The funds paid to the BTC Merger Stockholder Representative are to be used for any expenses the Stockholder Representative incurs, and any remaining funds are then distributed to the prior BTC Inc shareholders.

400000

600000

700000

5200000

200000

300000

900000

400000

1100000

100000

600000

1400000

100000

200000

100000

700000

2700000

300000

NOTE 13 — SEGMENT INFORMATION During the six months ended June 30, 2026, we updated our reportable segments that were primarily driven by acquisitions completed during the period (see Note 3 — Business Combinations). We now operate three reportable segments: Media & Information Services, Asset Management and Bitcoin Operations. <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Media & Information Services: Consists of events, digital, advisory, print, and other revenue streams</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Asset Management: Identifies, invests in, and manages investments in a range of opportunities including early-stage technology companies and other blockchain-related ventures. </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Bitcoin Operations: Manages our digital asset treasury strategy, including acquiring and holding Bitcoin and other digital assets, as well as related investment activities.</td></tr> </table> We evaluate segment performance based on operating income (loss), which represents operating revenues less operating expenses attributable to each segment. The following table represents segment results for the three months ended June 30, 2026 (in thousands): SCHEDULE OF SEGMENT INFORMATION <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260401__20260630__us-gaap--SubsegmentsAxis__custom--MediaAndInformationServicesMember_zTzPAWGyCFUb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Media & Information Services</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260401__20260630__us-gaap--SubsegmentsAxis__custom--AssetManagementMember_zFeXJ72U8r54" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asset Management</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260401__20260630__us-gaap--SubsegmentsAxis__custom--BitcoinOperationsMember_zDDIxDusswlf" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Bitcoin Operations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260401__20260630__us-gaap--SubsegmentsAxis__custom--OtherMember_zPLDDwpCBqog" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other (1)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260401__20260630__us-gaap--SubsegmentsAxis__custom--EliminationsMember_z99JeLqV2SD9" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260401__20260630_zCloKG4ez4R2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenuesAbstract_iB_zDqeRdK7Zib9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating revenues:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember_zhqr0gc912n1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 28%; font-size: 10pt">Media</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">24,428</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">(373</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">24,055</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AdvisoryMember_zMskwdWns4sf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Advisory</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">714</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">216</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">930</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember_zzridygzKg1l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Asset management</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">466</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">466</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DerivativesMember_zt1jWFPMfTAb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Derivative</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,418</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,418</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_maOILzPyv_zz9Sa03ob0cj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total operating revenues</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">25,142</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">466</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">10,418</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">216</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(373</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">35,869</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingExpensesAbstract_iB_zY3Z9k5AXnk4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--CostOfRevenues_i01_pn3n3_maOEz0FA_zj4mgKOBsiJg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Cost of revenue</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,643</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">486</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">15,129</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SalariesWagesAndOfficersCompensation_i01_pn3n3_maOEz0FA_zxCgkR3aemWe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,721</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">433</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">86</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,348</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,588</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_i01_pn3n3_maOEz0FA_zQWuhcL4Pock" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">General and administrative</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,157</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">321</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">171</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,421</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(373</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,697</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DepreciationDepletionAndAmortization_i01_pn3n3_maOEz0FA_zcYEirk6aow5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Depreciation and amortization</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,669</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">763</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,432</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--GoodwillImpairmentLoss_i01_pn3n3_maOEz0FA_zwCj18pHWp52" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Impairment of goodwill</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">80,595</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">24,581</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">105,176</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--LossOnChangeInFairValueOfDigitalAssets_i01_pn3n3_maOEz0FA_zkNqDbwhm772" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Loss on change in fair value of digital assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">104</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">48,607</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">48,711</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--GainLossOnSaleOfInvestments_i01N_pn3n3_di_msOEz0FA_zH92oVs93WAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">(Gain) loss on investments</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,947</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,162</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(785</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OperatingExpenses_i01T_pn3n3_mtOEz0FA_msOILzPyv_zerrNofEohIg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Total operating expenses</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">100,942</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,098</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51,512</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,769</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(373</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">184,948</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_iT_pn3n3_mtOILzPyv_z9JjRJy0adsb" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Segment operating loss</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(75,800</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(25,632</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(41,094</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(6,553</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(149,079</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zyuYFwv1i0S7" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F1C_z0pbNUIePTLe" style="text-align: justify">We included revenue and operating expenses allocated to Other to show the rollup to the condensed consolidated statement of comprehensive loss for the three months ended June 30, 2026.</td> </tr></table> The following table represents segment results for the six months ended June 30, 2026 (in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630__us-gaap--SubsegmentsAxis__custom--MediaAndInformationServicesMember_z48Y3kRlimPd" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Media & Information Services</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260101__20260630__us-gaap--SubsegmentsAxis__custom--AssetManagementMember_zAiqbatF2hgd" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asset Management</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260630__us-gaap--SubsegmentsAxis__custom--BitcoinOperationsMember_z9SkhS6TmWqc" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Bitcoin Operations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630__us-gaap--SubsegmentsAxis__custom--OtherMember_z5duF3ammuLg" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other (1)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630__us-gaap--SubsegmentsAxis__custom--EliminationsMember_zRplc5u1X79b" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260630_zqAVyaJMupre" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenuesAbstract_iB_z7CqxqOWkfa1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating revenues:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember_zHuqnqm72A9g" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 28%; font-size: 10pt">Media</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">24,905</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">(441</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">24,464</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AdvisoryMember_zNV3dNXmjRHj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Advisory</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,070</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">370</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,440</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember_zgbLU2TIswr6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Asset management</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">675</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">675</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DerivativesMember_zJyReIOZ6vb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Derivative</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,489</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,489</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_maOILzCkR_zgSrWi3FPCn" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total operating revenues</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">25,975</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">675</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11,489</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">370</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(441</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">38,068</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingExpensesAbstract_iB_z8IjGcBGMtZh" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--CostOfRevenues_i01_pn3n3_maOEzcg6_zcjEpPmcSkX6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Cost of revenue</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,720</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">641</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">15,361</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--SalariesWagesAndOfficersCompensation_i01_pn3n3_maOEzcg6_zYTi3zJU1go5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,813</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">672</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">378</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,236</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">16,099</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--GeneralAndAdministrativeExpense_i01_pn3n3_maOEzcg6_zwYQ9eW1ZfH7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">General and administrative</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,814</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">417</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">317</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12,141</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(441</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,248</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DepreciationDepletionAndAmortization_i01_pn3n3_maOEzcg6_zf6mWucgAv14" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Depreciation and amortization</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,436</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,093</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,529</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--GoodwillImpairmentLoss_i01_pn3n3_maOEzcg6_zIS9UL7EcFj6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Impairment of goodwill</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">80,595</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">24,581</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">105,176</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--LossOnChangeInFairValueOfDigitalAssets_i01_pn3n3_maOEzcg6_zIqBMAGgASac" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Loss on change in fair value of digital assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">104</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">151,092</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">151,196</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--GainLossOnSaleOfInvestments_i01N_pn3n3_di_msOEzcg6_zUh36EtGqlAj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">(Gain) loss on investments</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,947</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,047</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,100</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingExpenses_i01T_pn3n3_mtOEzcg6_msOILzCkR_zqbfGRlE5zp1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Total operating expenses</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">104,535</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,763</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">162,475</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">19,377</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(441</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">312,709</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingIncomeLoss_iT_pn3n3_mtOILzCkR_znZQaNR1bjp9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Segment operating loss</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(78,560</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(26,088</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(150,986</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(19,007</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(274,641</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">We included revenue and operating expenses allocated to Other to show the rollup to the condensed consolidated statement of comprehensive loss for the six months ended June 30, 2026.</td> </tr></table> <p id="xdx_89C_ecustom--ScheduleOfSegmentOperatingLossToNetLossBeforeProvisionForIncomeTaxesTableTextBlock_zKwsABCq0kzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reconciles our segment operating loss to net loss from continuing operations before benefit from income taxes for the three and six months ended June 30, 2026 (in thousands): SCHEDULE OF RECONCILES SEGMENT OPERATING LOSS TO NET LOSS BEFORE PROVISION FOR INCOME TAXES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260401__20260630_zjlFUu0h3j9b" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Three Months EndedJune 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260101__20260630_zxRzqnmQIMc9" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Six Months EndedJune 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_408_ecustom--TotalSegmentOperatingLoss_pn3n3_zQk266g9flac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Total segment operating loss</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">(142,526</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">(255,634</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--OtherOperatingLoss_pn3n3_zdKJ4o7mvxx9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Corporate operating loss</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,553</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(19,007</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingIncomeLoss_pn3n3_zkz35aI8g2l2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total operating loss</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(149,079</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(274,641</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--OtherNonoperatingIncome_pn3n3_ztVM7SpUt49i" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other income, net</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">472</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">277</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InterestIncomeExpenseNet_pn3n3_zrXLpTzbk2e6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(4,016</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(8,236</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_404_ecustom--ChangeInFairValueOfCallOptionRelatedParty_pn3n3_zTrwSSNLpqx5" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of call option - related party</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(107,744</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_zrlAgoO1MK37" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net loss from continuing operations before benefit from income taxes</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(152,623</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(390,344</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> The following table represents assets by segment as of June 30, 2026, and December 31, 2025 (in thousands): SCHEDULE OF ASSETS BY SEGMENTS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Media & Information Services</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asset Management</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Bitcoin Operations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-size: 10pt">Segment assets, June 30, 2026</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98C_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20260630__us-gaap--SubsegmentsAxis__custom--MediaAndInformationServicesMember_zfmdkeQS7bs" style="width: 12%; font-size: 10pt; text-align: right" title="Assets">92,481</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20260630__us-gaap--SubsegmentsAxis__custom--AssetManagementMember_z3mznvaMQNLf" style="width: 12%; font-size: 10pt; text-align: right" title="Assets">35,257</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_985_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20260630__us-gaap--SubsegmentsAxis__custom--BitcoinOperationsMember_zcjaCakvwXqd" style="width: 12%; font-size: 10pt; text-align: right" title="Assets">281,698</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20260630_zO5HvTo7CI8a" style="width: 12%; font-size: 10pt; text-align: right" title="Assets">409,436</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Segment assets, December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98B_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20251231__us-gaap--SubsegmentsAxis__custom--MediaAndInformationServicesMember_z0puJt6wVCui" style="font-size: 10pt; text-align: right" title="Assets">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_983_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20251231__us-gaap--SubsegmentsAxis__custom--AssetManagementMember_zmNtKwBWRQc4" style="font-size: 10pt; text-align: right" title="Assets">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20251231__us-gaap--SubsegmentsAxis__custom--BitcoinOperationsMember_z2AlQVnrFpE8" style="font-size: 10pt; text-align: right" title="Assets">508,407</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_983_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20251231_zEVTGihZuKP7" style="font-size: 10pt; text-align: right" title="Assets">508,407</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_895_ecustom--ScheduleOfReconcilesTotalAssetsByReportableSegmentTotalConsolidatedAssetsTableTextBlock_zrBT2n6Ko2Uc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reconciles our total assets by reportable segment to total consolidated assets as of June 30, 2026, and December 31, 2025 (in thousands): SCHEDULE OF RECONCILES TOTAL ASSETS BY REPORTABLE SEGMENT TO TOTAL CONSOLIDATED ASSETS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630_zdIJkN4jFdKk" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zt21M4nGXY7b" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_403_ecustom--AssetsForRepotableSegments_iI_pn3n3_maAzKi2_zY0NIVFwtHoi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Total assets for reportable segments</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 18%; font-size: 10pt; text-align: right">409,436</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 18%; font-size: 10pt; text-align: right">508,407</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAssets_iI_pn3n3_maAzKi2_zkU6MBpGYN28" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">13,078</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">220,118</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AssetsFromDiscontinuedOperations_iI_pn3n3_maAzKi2_zVpIXxRzG4ek" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Assets from discontinued operations</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,083</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Assets_iTI_pn3n3_mtAzKi2_zN7dgm049gUa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Consolidated total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">422,514</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">730,608</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>

The following table represents segment results for the three months ended June 30, 2026 (in thousands): SCHEDULE OF SEGMENT INFORMATION <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260401__20260630__us-gaap--SubsegmentsAxis__custom--MediaAndInformationServicesMember_zTzPAWGyCFUb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Media & Information Services</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260401__20260630__us-gaap--SubsegmentsAxis__custom--AssetManagementMember_zFeXJ72U8r54" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asset Management</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260401__20260630__us-gaap--SubsegmentsAxis__custom--BitcoinOperationsMember_zDDIxDusswlf" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Bitcoin Operations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260401__20260630__us-gaap--SubsegmentsAxis__custom--OtherMember_zPLDDwpCBqog" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other (1)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260401__20260630__us-gaap--SubsegmentsAxis__custom--EliminationsMember_z99JeLqV2SD9" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260401__20260630_zCloKG4ez4R2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenuesAbstract_iB_zDqeRdK7Zib9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating revenues:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember_zhqr0gc912n1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 28%; font-size: 10pt">Media</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">24,428</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">(373</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">24,055</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AdvisoryMember_zMskwdWns4sf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Advisory</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">714</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">216</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">930</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember_zzridygzKg1l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Asset management</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">466</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">466</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DerivativesMember_zt1jWFPMfTAb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Derivative</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,418</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,418</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_maOILzPyv_zz9Sa03ob0cj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total operating revenues</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">25,142</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">466</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">10,418</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">216</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(373</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">35,869</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingExpensesAbstract_iB_zY3Z9k5AXnk4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--CostOfRevenues_i01_pn3n3_maOEz0FA_zj4mgKOBsiJg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Cost of revenue</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,643</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">486</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">15,129</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SalariesWagesAndOfficersCompensation_i01_pn3n3_maOEz0FA_zxCgkR3aemWe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,721</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">433</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">86</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,348</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,588</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_i01_pn3n3_maOEz0FA_zQWuhcL4Pock" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">General and administrative</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,157</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">321</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">171</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,421</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(373</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,697</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DepreciationDepletionAndAmortization_i01_pn3n3_maOEz0FA_zcYEirk6aow5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Depreciation and amortization</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,669</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">763</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,432</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--GoodwillImpairmentLoss_i01_pn3n3_maOEz0FA_zwCj18pHWp52" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Impairment of goodwill</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">80,595</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">24,581</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">105,176</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--LossOnChangeInFairValueOfDigitalAssets_i01_pn3n3_maOEz0FA_zkNqDbwhm772" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Loss on change in fair value of digital assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">104</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">48,607</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">48,711</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--GainLossOnSaleOfInvestments_i01N_pn3n3_di_msOEz0FA_zH92oVs93WAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">(Gain) loss on investments</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,947</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,162</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(785</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OperatingExpenses_i01T_pn3n3_mtOEz0FA_msOILzPyv_zerrNofEohIg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Total operating expenses</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">100,942</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,098</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51,512</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,769</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(373</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">184,948</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_iT_pn3n3_mtOILzPyv_z9JjRJy0adsb" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Segment operating loss</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(75,800</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(25,632</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(41,094</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(6,553</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(149,079</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zyuYFwv1i0S7" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F1C_z0pbNUIePTLe" style="text-align: justify">We included revenue and operating expenses allocated to Other to show the rollup to the condensed consolidated statement of comprehensive loss for the three months ended June 30, 2026.</td> </tr></table> The following table represents segment results for the six months ended June 30, 2026 (in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630__us-gaap--SubsegmentsAxis__custom--MediaAndInformationServicesMember_z48Y3kRlimPd" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Media & Information Services</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260101__20260630__us-gaap--SubsegmentsAxis__custom--AssetManagementMember_zAiqbatF2hgd" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asset Management</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260630__us-gaap--SubsegmentsAxis__custom--BitcoinOperationsMember_z9SkhS6TmWqc" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Bitcoin Operations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260101__20260630__us-gaap--SubsegmentsAxis__custom--OtherMember_z5duF3ammuLg" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other (1)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630__us-gaap--SubsegmentsAxis__custom--EliminationsMember_zRplc5u1X79b" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260630_zqAVyaJMupre" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenuesAbstract_iB_z7CqxqOWkfa1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating revenues:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--MediaMember_zHuqnqm72A9g" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 28%; font-size: 10pt">Media</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">24,905</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">(441</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">24,464</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AdvisoryMember_zNV3dNXmjRHj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Advisory</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,070</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">370</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,440</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AssetManagementMember_zgbLU2TIswr6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Asset management</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">675</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">675</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DerivativesMember_zJyReIOZ6vb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Derivative</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,489</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,489</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_maOILzCkR_zgSrWi3FPCn" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total operating revenues</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">25,975</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">675</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11,489</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">370</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(441</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">38,068</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingExpensesAbstract_iB_z8IjGcBGMtZh" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating expenses:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--CostOfRevenues_i01_pn3n3_maOEzcg6_zcjEpPmcSkX6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Cost of revenue</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,720</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">641</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">15,361</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--SalariesWagesAndOfficersCompensation_i01_pn3n3_maOEzcg6_zYTi3zJU1go5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,813</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">672</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">378</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,236</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">16,099</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--GeneralAndAdministrativeExpense_i01_pn3n3_maOEzcg6_zwYQ9eW1ZfH7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">General and administrative</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,814</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">417</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">317</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12,141</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(441</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,248</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DepreciationDepletionAndAmortization_i01_pn3n3_maOEzcg6_zf6mWucgAv14" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Depreciation and amortization</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,436</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,093</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,529</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--GoodwillImpairmentLoss_i01_pn3n3_maOEzcg6_zIS9UL7EcFj6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Impairment of goodwill</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">80,595</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">24,581</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">105,176</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--LossOnChangeInFairValueOfDigitalAssets_i01_pn3n3_maOEzcg6_zIqBMAGgASac" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Loss on change in fair value of digital assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">104</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">151,092</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">151,196</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--GainLossOnSaleOfInvestments_i01N_pn3n3_di_msOEzcg6_zUh36EtGqlAj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">(Gain) loss on investments</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,947</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,047</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,100</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingExpenses_i01T_pn3n3_mtOEzcg6_msOILzCkR_zqbfGRlE5zp1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Total operating expenses</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">104,535</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,763</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">162,475</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">19,377</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(441</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">312,709</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingIncomeLoss_iT_pn3n3_mtOILzCkR_znZQaNR1bjp9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Segment operating loss</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(78,560</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(26,088</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(150,986</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(19,007</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(274,641</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">We included revenue and operating expenses allocated to Other to show the rollup to the condensed consolidated statement of comprehensive loss for the six months ended June 30, 2026.</td> </tr></table>

24428000

-373000

24055000

714000

216000

930000

466000

10418000

25142000

466000

10418000

216000

-373000

35869000

14643000 486000 15129000

5721000

433000

86000

3348000

9588000

1157000

321000

171000

3421000

-373000

4697000

1669000

763000

2432000

80595000

24581000

105176000

104000 48607000 48711000

2947000

-2162000

785000

100942000

26098000

51512000

6769000

-373000

184948000

-75800000

-25632000

-41094000

-6553000

-149079000

24905000

-441000

24464000

1070000

370000

1440000

675000

11489000

25975000

675000

11489000

370000

-441000

38068000

14720000 641000 15361000

7813000

672000

378000

7236000

16099000

1814000

417000

317000

12141000

-441000

14248000

2436000

1093000

3529000

80595000

24581000

105176000

104000 151092000 151196000

2947000

-10047000

-7100000

104535000

26763000

162475000

19377000

-441000

312709000

-78560000

-26088000

-150986000

-19007000

-274641000

<p id="xdx_89C_ecustom--ScheduleOfSegmentOperatingLossToNetLossBeforeProvisionForIncomeTaxesTableTextBlock_zKwsABCq0kzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reconciles our segment operating loss to net loss from continuing operations before benefit from income taxes for the three and six months ended June 30, 2026 (in thousands): SCHEDULE OF RECONCILES SEGMENT OPERATING LOSS TO NET LOSS BEFORE PROVISION FOR INCOME TAXES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260401__20260630_zjlFUu0h3j9b" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Three Months EndedJune 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260101__20260630_zxRzqnmQIMc9" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Six Months EndedJune 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_408_ecustom--TotalSegmentOperatingLoss_pn3n3_zQk266g9flac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Total segment operating loss</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">(142,526</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">(255,634</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--OtherOperatingLoss_pn3n3_zdKJ4o7mvxx9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Corporate operating loss</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,553</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(19,007</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingIncomeLoss_pn3n3_zkz35aI8g2l2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total operating loss</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(149,079</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(274,641</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--OtherNonoperatingIncome_pn3n3_ztVM7SpUt49i" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other income, net</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">472</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">277</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InterestIncomeExpenseNet_pn3n3_zrXLpTzbk2e6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(4,016</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(8,236</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_404_ecustom--ChangeInFairValueOfCallOptionRelatedParty_pn3n3_zTrwSSNLpqx5" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of call option - related party</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(107,744</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_zrlAgoO1MK37" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net loss from continuing operations before benefit from income taxes</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(152,623</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(390,344</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> -142526000 -255634000 -6553000 -19007000

-149079000

-274641000

472000

277000

-4016000

-8236000

-107744000

-152623000

-390344000

The following table represents assets by segment as of June 30, 2026, and December 31, 2025 (in thousands): SCHEDULE OF ASSETS BY SEGMENTS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Media & Information Services</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Asset Management</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Bitcoin Operations</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-size: 10pt">Segment assets, June 30, 2026</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98C_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20260630__us-gaap--SubsegmentsAxis__custom--MediaAndInformationServicesMember_zfmdkeQS7bs" style="width: 12%; font-size: 10pt; text-align: right" title="Assets">92,481</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20260630__us-gaap--SubsegmentsAxis__custom--AssetManagementMember_z3mznvaMQNLf" style="width: 12%; font-size: 10pt; text-align: right" title="Assets">35,257</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_985_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20260630__us-gaap--SubsegmentsAxis__custom--BitcoinOperationsMember_zcjaCakvwXqd" style="width: 12%; font-size: 10pt; text-align: right" title="Assets">281,698</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20260630_zO5HvTo7CI8a" style="width: 12%; font-size: 10pt; text-align: right" title="Assets">409,436</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Segment assets, December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98B_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20251231__us-gaap--SubsegmentsAxis__custom--MediaAndInformationServicesMember_z0puJt6wVCui" style="font-size: 10pt; text-align: right" title="Assets">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_983_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20251231__us-gaap--SubsegmentsAxis__custom--AssetManagementMember_zmNtKwBWRQc4" style="font-size: 10pt; text-align: right" title="Assets">-</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20251231__us-gaap--SubsegmentsAxis__custom--BitcoinOperationsMember_z2AlQVnrFpE8" style="font-size: 10pt; text-align: right" title="Assets">508,407</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_983_ecustom--AssetsForRepotableSegments_iI_pn3n3_c20251231_zEVTGihZuKP7" style="font-size: 10pt; text-align: right" title="Assets">508,407</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> 92481000 35257000 281698000 409436000 508407000 508407000 <p id="xdx_895_ecustom--ScheduleOfReconcilesTotalAssetsByReportableSegmentTotalConsolidatedAssetsTableTextBlock_zrBT2n6Ko2Uc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reconciles our total assets by reportable segment to total consolidated assets as of June 30, 2026, and December 31, 2025 (in thousands): SCHEDULE OF RECONCILES TOTAL ASSETS BY REPORTABLE SEGMENT TO TOTAL CONSOLIDATED ASSETS <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630_zdIJkN4jFdKk" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zt21M4nGXY7b" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_403_ecustom--AssetsForRepotableSegments_iI_pn3n3_maAzKi2_zY0NIVFwtHoi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: left">Total assets for reportable segments</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 18%; font-size: 10pt; text-align: right">409,436</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 18%; font-size: 10pt; text-align: right">508,407</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAssets_iI_pn3n3_maAzKi2_zkU6MBpGYN28" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">13,078</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">220,118</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AssetsFromDiscontinuedOperations_iI_pn3n3_maAzKi2_zVpIXxRzG4ek" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Assets from discontinued operations</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,083</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--Assets_iTI_pn3n3_mtAzKi2_zN7dgm049gUa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Consolidated total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">422,514</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">730,608</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 409436000 508407000

13078000

220118000

2083000

422514000

730608000

NOTE 14 — SUBSEQUENT EVENTS On August 3, 2026, Tim Pickett resigned from all positions with the Company and its affiliates, including as Chief Medical Officer and a director of the Company. In connection with his resignation, the Company and Mr. Pickett entered into a Separation Agreement and Release under which the Company agreed to pay a gross cash separation payment of approximately $<span id="xdx_902_eus-gaap--SeveranceCosts1_pn5n6_c20260803__20260803__us-gaap--TypeOfArrangementAxis__custom--SeparationAgreementMember__srt--TitleOfIndividualAxis__custom--MrPickettMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfDOyVFsPdK4" title="Separation payment">0.9 million.

900000

false false false false false false Includes $0.4 million of intercompany revenue that is eliminated on a consolidated Nakamoto basis. Pre-tax net loss includes an $80.6 million goodwill impairment charge (see Note 6 — Intangible Assets and Goodwill). Includes $0.1 million of intercompany operating expense that is eliminated on a consolidated Nakamoto basis. Pre-tax net loss includes a $24.6 million goodwill impairment charge (see Note 6 — Intangible Assets and Goodwill). Excludes investments measured at fair value based on Net Asset Value (“NAV”) of $5.4 million as of June 30, 2026. We have investments in 210k Capital and Bitcoin Ecosystem funds and measure these investments based on the NAV of each of the funds at the end of each period. Includes $0.3 million of intercompany contract liabilities that were eliminated upon consolidation. We included revenue and operating expenses allocated to Other to show the rollup to the condensed consolidated statement of comprehensive loss for the three months ended June 30, 2026. We included revenue and operating expenses allocated to Other to show the rollup to the condensed consolidated statement of comprehensive loss for the six months ended June 30, 2026