Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Short-Term Debt [Line Items]

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2026 and December 31, 2025 (In thousands):

		Fair value measured at June 30, 2026
		Total fair value at June 30, 2026				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)

Assets:
Digital assets		$	313,378			$	313,378			$	-			$	-
Liabilities:
Conversion feature liability - Convertible Notes			23				-				-				23
Total		$	313,401			$	313,378			$	-			$	23

		Fair value measured at December 31, 2025
		Total fair value at December 31, 2025				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)

Assets:
Digital assets		$	441,791			$	441,791			$	-			$	-
Liabilities:
Derivative securities liabilities			428				-				-				428
Conversion feature liability - Convertible Notes			2,278				-				-				2,278
Total		$	444,497			$	441,791			$	-			$	2,706

Schedule of Roll Forward Convertible Notes

The following table presents a roll-forward of the Convertible Note Conversion Feature Liability as of June 30, 2026 (In thousands):

		Conversion feature derivative liability
Balance at December 31, 2025		$	2,278
Gain on debt extinguishment			(1,309	)
Change in fair value			(946	)
Balance at June 30, 2026		$	23

Convertible Notes Payable [Member]

Short-Term Debt [Line Items]

Schedule of Key Input Measurement For Fair Value

The key inputs used in determining the fair value of the conversion feature liability are presented in the table below:

		As of June 30, 2026				As of December 31, 2025
Strike price		$	13.00			$	13.00
Stock price			1.54				3.53
Volatility (as a percentage)			43.0				45.0
Remaining term (in years)			0.92				3.00
Risk-free rate (as a percentage)			3.89				3.49

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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