v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 1 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2026
Cash flows from operating activities:    
Net (loss) income $ 24,618 $ (172,806)
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Unrealized loss (gain) on digital assets (14,296) 154,829
Gain on extinguishment of debt (5,933)
Stock based compensation 7,263
Depreciation and amortization expenses 1,249
Amortization of discount and debt issuance costs on Convertible Notes 1,860
Realized loss on digital assets 2,676
Change in fair value of derivative liability (10,330)
Realized loss on put option liability 914
Change in fair value of convertible notes conversion feature (946)
Amortization of right-of-use asset 128
Changes in operating assets and liabilities:    
Accounts payable and other current liabilities 6 (1,717)
Deferred tax liabilities (2,504)
Escrow account (1,000)
Due to investors 1,000
Prepaid expenses and other current assets (10) 483
Other non-current assets 18
Due to related party 12
Lease liability (55)
Net cash used in operating activities (14,541)
Cash flows from investing activities:    
Purchases of digital assets (476,000) (35,953)
Sales of digital assets 6,861
Acquisition of CFO Silvia, net of cash acquired (1,326)
Purchases of fixed assets (306)
Net cash used in investing activities (476,000) (30,724)
Cash flows from financing activities:    
Payments of Convertible Notes (119,152)
Purchase of treasury stock (12,753)
Purchase of derivative securities (1,653)
Taxes paid on RSU vesting (1,011)
Settlement of derivative securities (578)
Proceeds from derivative securities 889
Proceeds from issuance of preferred units 476,000
Net cash (used in) provided by financing activities 476,000 (134,258)
Net decrease in cash and cash equivalents (179,523)
Cash, cash equivalents, and restricted cash, beginning of period 194,861
Cash and cash equivalents, end of period 15,338
Non-cash investing and financing activities:    
Common stock issued as consideration for CFO Silvia Acquisition (15,992)
Share-settled earnout consideration for CFO Silvia Acquisition   (5,933)
Contribution of digital assets for preferred units 32,000
Contribution of digital assets for preferred units, related party 8,500
Initial recognition of conversion feature liability 56,299
Conversion of due to related party to a promissory note, related party $ 12