Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Revenue | ||||
| Staking revenue | $ 2,512 | $ 0 | $ 5,929 | $ 0 |
| Other revenue | 14 | 43 | 218 | 92 |
| Total revenue | 2,526 | 43 | 6,147 | 92 |
| Cost of revenue | ||||
| Cost of revenue | 77 | 96 | 257 | 217 |
| Gross profit (loss) | 2,449 | (53) | 5,890 | (125) |
| Operating (income) expenses | ||||
| General and administrative expenses | 11,116 | 3,269 | 16,305 | 7,208 |
| Unrealized (gain) loss on digital assets and digital assets receivable | (2,363) | 0 | 86,835 | 0 |
| Realized loss on digital assets | 25,389 | 0 | 32,376 | 0 |
| Unrealized loss on digital assets fund investment | 298 | 0 | 1,983 | 0 |
| Loss on digital asset derivatives | 682 | 0 | 682 | 0 |
| Net operating expenses | 35,122 | 3,269 | 138,181 | 7,208 |
| Loss from operations | (32,673) | (3,322) | (132,291) | (7,333) |
| Nonoperating income (expense) | ||||
| Unrealized gain (loss) on derivatives | (322) | (6,028) | (322) | (5,919) |
| Gain on sale of business | 3,065 | 0 | 3,065 | 0 |
| Other (expense) income | (259) | (43) | (440) | 21 |
| Financing costs | (67) | (440) | (67) | (440) |
| Nonoperating income (expense), net | 2,417 | (6,511) | 2,236 | (6,338) |
| Loss before provision for income taxes | (30,256) | (9,833) | (130,055) | (13,671) |
| Provision for income taxes | 0 | 0 | 0 | 0 |
| Net loss | (30,256) | (9,833) | (130,055) | (13,671) |
| Other comprehensive loss | ||||
| Foreign currency translation adjustments | 271 | (577) | 488 | (628) |
| Comprehensive loss | $ (29,985) | $ (10,410) | $ (129,567) | $ (14,299) |
| Loss per share | ||||
| Basic (in dollars per share) | $ (0.38) | $ (79.73) | $ (1.66) | $ (201.55) |
| Diluted (in dollars per share) | $ (0.38) | $ (79.73) | $ (1.66) | $ (201.55) |
| Weighted average number of common shares outstanding | ||||
| Basic (in shares) | 79,756,908 | 123,335 | 78,254,877 | 67,828 |
| Diluted (in shares) | 79,756,908 | 123,335 | 78,254,877 | 67,828 |
| X | ||||||||||
- Definition Amount of unrealized gain (loss) from remeasurement of digital assets fund investment, classified as operating. Excludes crypto asset held for platform user. No definition available.
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| X | ||||||||||
- Definition Amount of unrealized gain (loss) from remeasurement of digital intangible assets and digital assets receivable, classified as operating. Excludes crypto asset held for platform user. No definition available.
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| X | ||||||||||
- Definition Amount of realized gain (loss) from remeasurement of digital intangible assets, classified as operating. Excludes crypto asset held for platform user. No definition available.
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| X | ||||||||||
- Definition Financing Costs No definition available.
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| X | ||||||||||
- Definition Amount of income earned from staking Solana (SOL) tokens, a virtual digital asset (VDA). No definition available.
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of revenue that is not accounted for under Topic 606, classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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