v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2026
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS    
Staking revenue, net of fees $ 1,545,470 $ 3,602,544
Operating expenses:    
General and administrative 3,498,994 5,441,428
Transaction costs incurred in connection with the Business Combination 15,213,769 15,213,769
Change in fair value of digital assets 14,596,810 60,789,394
Realized loss on digital assets 10,019,063 10,496,494
Impairment of digital assets 11,100,549 16,160,282
Loss from operations (52,883,715) (104,498,823)
Other income (expense):    
Change in fair value of token sale liability 16,611,782 41,419,685
Loss on settlement of token sale liability (6,958,697) (6,958,697)
Initial recognition of Earn-Out liability (3,153,333) (3,153,333)
Change in fair value of Earn-Out liability 2,780,000 2,780,000
Initial recognition of post share issuance liability (3,700,000) (3,700,000)
Change in fair value of post issuance liability 2,700,000 2,700,000
Other income 14,815 35,874
Interest expense (83,808) (83,808)
Interest income 15,166 21,070
Total other income (expense) 8,225,925 33,060,791
Net loss $ (44,657,790) $ (71,438,032)
Weighted-average number of shares of Class A Common Stock outstanding, basic (in shares) 29,050,495 28,359,734
Weighted-average number of shares of Class A Common Stock outstanding, diluted (in shares) 29,050,495 28,359,734
Basic net loss per unit of Class A Common Stock (in dollar per share) $ (1.54) $ (2.52)
Diluted net loss per unit of Class A Common Stock (in dollar per share) $ (1.54) $ (2.52)