Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Taxes [Abstract] | |
| INCOME TAXES | NOTE 11 — INCOME TAXES
The Company recorded provision for or benefit from income taxes for the three and six months ended June 30, 2026 or 2025. The Company has incurred net operating losses since inception and maintains a full valuation allowance against its net deferred tax assets, as management has concluded that it is more likely than not that those assets will not be realized. Accordingly, the Company’s effective tax rate differs from the U.S. federal statutory rate of 21%, principally as a result of the change in the valuation allowance, non-deductible fair value changes on digital assets and derivative instruments, and non-deductible share-based compensation.
The Company has unrecognized tax benefits and has recorded interest or penalties related to uncertain tax positions as of June 30, 2026 or December 31, 2025. |