v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (130,055) $ (13,671)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and imputed interest expense 0 680
Financing costs 67 448
Staking revenue (5,929) 0
Gain on sale of business (3,065) 0
Change in fair value of derivative liability 322 5,919
Unrealized (gain) loss on digital assets and digital assets receivable 86,819 0
Net change in fair value of digital assets fund investment 2,012 0
Realized loss on sale of digital assets 32,376 0
Loss on digital asset derivatives 682 0
Stock-based compensation expense 153 1,031
Other 472 (590)
Changes in operating assets and liabilities:    
Prepaid expense and other current assets 715 601
Accounts payable (737) 91
Accrued and other current liabilities (555) (782)
Other liabilities 0 (20)
Net cash used in operating activities (16,723) (6,293)
Cash flows from investing activities:    
Digital assets purchased (5,495) 0
Digital assets sold 13,321 0
Cash posted as derivative margin collateral (2,904) 0
Cash returned from derivative margin collateral 2,661 0
Proceeds from digital asset derivative contracts 1,140 0
Payments for digital asset derivative contracts and settlements (1,523) 0
Net proceeds from sale of business 4,242 0
Deposit on acquisition of business (500) 0
Net cash provided by investing activities 10,942 0
Cash flows from financing activities:    
Proceeds from issuance of common stock in registered direct offering 8,000 0
Proceeds from issuances of common stock in ATM 0 77
Proceeds from issuances of common stock and common stock warrants in private placement 0 9,364
Proceeds from exercise of warrants 1 3,734
Repurchase of common stock (5,855) 0
Share issuance costs 0 (1,212)
Proceeds from issuance of notes payable 0 880
Repayment of notes payable 0 (1,560)
Net cash provided by financing activities 2,146 11,283
Net (decrease) increase in cash and cash equivalents (3,635) 4,990
Cash and cash equivalents at beginning of period 7,282 1,088
Cash and cash equivalents at end of period 3,647 6,078
Non-cash investing and financing transactions:    
SOL transferred from digital assets receivable to digital assets upon restricted SOL unlock 6,166 0
SOL distributed from digital asset fund investment to digital assets upon restricted SOL unlock 1,113 0
SOL transferred from digital assets to digital asset receivable as margin collateral 10,994 0
SOL transferred from digital assets receivable to digital assets upon return of margin collateral 8,824 0
Derivative warrant liability reclassified to equity on exercise of warrants 0 9,527
Deferred offering costs reclassified to equity upon public offering 0 8
Share issuance costs included in accounts payable $ 138 $ 330