v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 14. Segment Information

 

The Company’s Chief Executive Officer has been identified as the chief operating decision maker (“CODM”). The CODM reviews financial information on a consolidated basis for purposes of assessing performance, allocating resources, and making operating decisions. Accordingly, management has determined that the Company operates as one reportable segment.

 

The CODM primarily evaluates performance using consolidated net loss, cash flows, and liquidity measures. The CODM also reviews significant segment expenses that are regularly provided to the CODM, as presented in the table below to manage liquidity and assess progress against the Company’s operating plan. Total segment assets are consistent with total assets reported in the unaudited condensed consolidated balance sheets. The CODM also monitors the fair market value of the Company’s Bitcoin holdings in evaluating capital allocation and treasury management strategy.

 

Because the Company is focused on executing its growth strategy and is not currently generating significant revenue, resource allocation decisions are primarily based on liquidity management, operating expenditure, and capital allocation priorities.

 

The following table sets forth the Company’s significant segment expenses (in thousands):

 

Schedule of Significant Segment Expenses

   Three Months Ended    Six Months Ended   Period from June 10, 2025 (Inception) through 
   June 30, 2026    June 30, 2026   June 30, 2025 
              
Revenue  $37    $38   $- 
                 
Operating Expenses                
Payroll expenses   1,674     2,683    - 
One-time bonus   5,000     5,000    - 
Depreciation and amortization   1,210     1,249      
Other operating expenses(1)   3,420     6,624    8 
Stock-based compensation   3,723     7,263    - 
                 
Total Operating Expenses   15,027     22,819    8 
Operating Loss   (14,990)    (22,781)   (8)
Other Income (expense)               
Unrealized (loss) gain on digital assets   (49,362)   (154,829)   14,296 
Realized loss on digital assets   (2,676)   (2,676)   - 
Change in fair value of convertible notes conversion feature   109    946    - 
Realized loss on put option liability   -    (914)   - 
Gain on extinguishment of debt   -    5,933    - 
Interest and dividend income   128    871    - 
Interest expense   (760)   (1,860)   - 
Change in fair value of derivative liability   -    -    10,330 
Other (expenses) income, net   (52,561)   (152,529)   24,626 
                
Net (Loss) Income Before Taxes   (67,551)   (175,310)   24,618 
             
Income tax benefit   (2,504)   (2,504)   - 
                
Net (Loss) Income   (65,047)   (172,806)   24,618 

 

(1)Includes other operating expenses such as professional fees, insurance, rent, and utility expenses.