Digital Assets (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| AVAX |
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| Digital Assets |
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| Summary of digital assets |
| | | | | | | | | | | | June 30, 2026 | Asset | | Tokens | | Cost basis | | Fair value | AVAX | | | 15,312,363 | | $ | 257,265,326 | | $ | 99,989,818 |
As of June 30, 2026, the Company classified approximately 2.9 million AVAX for $19.0 million as current assets on the condensed consolidated balance sheet. Substantially the remaining 12.4 million AVAX are restricted as either pledged collateral or locked tokens (see Note 4). | | | | | | | | | | | | December 31, 2025 | Asset | | Tokens | | Cost basis | | Fair value | AVAX | | | 13,579,449 | | $ | 263,431,911 | | $ | 167,093,560 |
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| Schedule of roll forward of digital assets |
| | | | | | Amount | AVAX as of December 31, 2025 | | $ | 167,093,560 | Partial contribution from Subscription agreements | | | 579,602 | Digital assets received from staking rewards | | | 2,748,954 | Fees paid in AVAX | | | (57,397) | Deposits of AVAX staked into liquid staking activities | | | (27,511,488) | Receipt of AVAX from redemption in liquid staking activities - sAVAX | | | 18,985,510 | Receipt of AVAX from redemption in liquid staking activities - stAVAX | | | 11,569,313 | Receipt of AVAX from redemption in liquid staking activities - sAVAX (rewards) | | | 250,294 | Receipt of AVAX from redemption in liquid staking activities - stAVAX (rewards) | | | 660,693 | Realized loss on digital assets | | | (13,539,829) | Change in fair value of digital assets | | | (60,789,394) | AVAX at fair value as of June 30, 2026 | | $ | 99,989,818 |
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| stAVAX |
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| Digital Assets |
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| Schedule of roll forward of digital assets |
| | | | | | Amount | stAVAX as of December 31, 2025 | | $ | 15,246,914 | Disposal of stAVAX | | | (11,569,313) | Impairment loss on stAVAX tokens | | | (5,487,722) | Gain on redemption in liquid staking activities - stAVAX | | | 1,810,121 | stAVAX as of June 30, 2026 | | $ | — |
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| sAVAX |
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| Digital Assets |
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| Schedule of roll forward of digital assets |
| | | | | | Amount | Balance at December 31, 2025 | | $ | — | AVAX redeemed for sAVAX | | | 27,511,488 | Disposal of sAVAX | | | (18,985,510) | Impairment loss on sAVAX tokens | | | (10,672,560) | Gain on redemption in liquid staking activities - sAVAX | | | 2,146,582 | Balance at June 30, 2026 | | $ | — |
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