Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 3,647	$ 7,282
Digital assets	21,000	21,000
Digital assets collateral receivable	2,312	0
Prepaid expenses and other current assets	1,787	2,873
Total current assets	28,746	31,155
Digital assets	112,329	196,724
Digital assets, restricted	18,474	39,219
Digital assets receivable	13,991	31,139
Digital assets fund investment	2,513	5,617
Other long-term assets	1	75
Total assets	176,054	303,929
Current liabilities
Accounts payable	1,291	1,890
Accrued and other current liabilities	868	1,126
Total current liabilities	2,159	3,016
Derivative liability	4,207	0
Total liabilities	6,366	3,016
Mezzanine equity
Class A ordinary common stock subject to possible redemption, $0.001 par value; 3,076,922 and 0 shares at $1.31 and $0.00 per share as of June 30, 2026 and December 31, 2025, respectively	4,043	0
Stockholders' equity
Class A ordinary common stock, $0.001 par value; 800,000,000 shares authorized; 60,354,067 shares issued and 57,416,984 outstanding and 43,744,207 shares issued and outstanding as of June 30, 2026 and December 31, 2025 (excluding 3,076,922 and zero ordinary shares subject to possible redemption as of June 30, 2026 and December 31, 2025), respectively	60	44
Additional paid-in capital	513,857	513,719
Treasury stock, at cost	(5,855)	0
Accumulated deficit	(342,644)	(212,589)
Accumulated other comprehensive loss	227	(261)
Total stockholders' equity	165,645	300,913
Total liabilities, mezzanine and stockholders' equity	$ 176,054	$ 303,929

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and for other liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

No definition available.