RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | 14. RELATED PARTY TRANSACTIONS
Key management personnel include those persons having the authority and responsibility of planning, directing, and executing the activities of the Company. The Company has determined that its key management personnel consist of the Company’s officers and directors.
Under our independent, non-employee director compensation program, each non-employee, independent director receives cash and non-cash compensation. In addition, if the director serves on a committee of the Company’s board, the director receives an additional annual cash fee for each committee the director is a member of. The cash director fees are payable in arrears in quarterly installments. During the six months ended June 30, 2026 and 2025, the Company incurred $0.2 million in cash director fees. Approximately $0.1 million was paid in July 2026 and is reflected in accounts payable and accrued liabilities in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2026.
During the six months ended June 30, 2026, the Company incurred $1.0 million to Hivemind Capital Partners, LLC (“Hivemind”), our Avalanche Protocol asset manager, which is a company controlled by Matt Zhang, the current chairman of the board of the Company. The agreement with Hivemind entitles the asset manager to receive an annual management fee equal to 1.25% of the account size, as defined (the “Management Fee”). The Management Fee is calculated and payable quarterly, in advance, as of the first business day of each calendar quarter. As of June 30, 2026, these fees were paid in full. In addition, Hivemind owns approximately million common shares as June 30, 2026.
During the six months ended June 30, 2025, the Company incurred $10.5 thousand to a former U.S. general counsel firm, Enso Law against legal services, a company controlled by a former director of the Company.
During the six months ended June 30, 2025, the Company incurred $45.0 thousand in legal fees and $0.1 million in consulting fees to Jolie Kahn, who is the former chief executive officer of the Company.
There were no other payments to related parties for the six months ended June 30, 2026 and 2025, other than expense reimbursements in the ordinary course of business.
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