v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2026
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss   $ (71,438,032)
Adjustments to reconcile net loss to net cash used in operations:    
Digital assets received from staking rewards   (2,748,954)
Digital assets received from liquid staking rewards   (910,987)
Interest expense $ 83,808 83,808
USDC received recorded as other income   (35,874)
Digital assets disposed of through staking fees   60,997
Change in fair value of digital assets - AVAX 14,596,810 60,789,394
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 issuance of earn-out share liability 3,153,333 3,153,333
Change in fair value of earn-out share liability (2,780,000) (2,780,000)
Initial issuance of post-closing shares liability 3,700,000 3,700,000
Change in fair value of post-closing shares liability (2,700,000) (2,700,000)
Realized loss on digital assets - AVAX 10,019,063 10,496,494
Impairment of digital assets - stAVAX 11,100,549 16,160,282
Changes in operating assets and liabilities:    
Prepaid expense   (12,701)
Accounts payable and accrued expenses   (171,322)
Due from related party   1,423,849
CASH USED IN OPERATING ACTIVITIES   (19,390,701)
CASH FLOWS FROM INVESTING ACTIVITIES    
Disposal of USDC to USD   3,000,000
Purchase of USDC   (4,999,999)
CASH USED IN INVESTING ACTIVITIES   (1,999,999)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash received from Notes payable   23,000,000
Shares issued to SPAC in connection with Business Combination   2,756
CASH PROVIDED BY FINANCING ACTIVITIES   23,002,756
NET CHANGE IN CASH   1,612,056
Cash, beginning of period   1,758,802
Cash, end of period 3,370,858 3,370,858
Supplemental disclosure of non-cash investing and financing activities:    
Shares issued for exchange of token sale liability   5,550,000
Subscription receivable, digital assets received at fair value   564,449
Subscription receivable, change in fair value related to subscription receivable collected   1,257,920
Deposits of AVAX staked into liquid staking activities   27,511,488
Prepaid expenses acquired from the SPAC in connection with the Reverse Recapitalization   131,196
Accrued expenses acquired from the SPAC in connection with the Reverse Recapitalization   1,442,877
sAVAX    
Adjustments to reconcile net loss to net cash used in operations:    
Digital assets received from liquid staking rewards (250,294) (250,294)
Impairment of digital assets - stAVAX 10,672,560 10,672,560
Supplemental disclosure of non-cash investing and financing activities:    
Receipt of AVAX from redemption in liquid staking activities   18,985,510
stAVAX    
Adjustments to reconcile net loss to net cash used in operations:    
Digital assets received from liquid staking rewards (660,693) (660,693)
Impairment of digital assets - stAVAX $ 427,989 5,487,722
Supplemental disclosure of non-cash investing and financing activities:    
Receipt of AVAX from redemption in liquid staking activities   $ 11,569,313