v3.26.1
Equity and Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 11 Months Ended
Dec. 26, 2025
Aug. 25, 2025
Aug. 05, 2025
Aug. 31, 2025
Jul. 31, 2025
Jul. 31, 2026
Jul. 31, 2026
Apr. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Class of Stock [Line Items]                    
Common stock, shares authorized (in shares)           200,000,000 200,000,000 200,000,000    
Common stock par value (in usd per share)           $ 0.00001 $ 0.00001 $ 0.00001    
Preferred stock, shares authorized (in shares)           25,000,000 25,000,000 25,000,000    
Preferred stock, par or stated value per share (in usd per share)           $ 0.00001 $ 0.00001 $ 0.00001    
Preferred stock, shares outstanding (in shares)           0 0 0    
Preferred stock, shares issued (in shares)           0 0 0    
Common stock, shares issued (in shares)           41,173,850 41,173,850 42,607,962    
Class of warrant or right, number of securities called by each warrant or right (in shares)           1 1      
Beneficial ownership 15.00%                  
Share repurchase program, authorized, amount                   $ 250,000
Stock repurchased and retired during period, shares (in shares)           1,434,112 4,676,322      
Weighted-average price (in usd per share)           $ 2.63        
Stock repurchased and retired during period, value           $ 3,800 $ 21,100      
Share repurchase program, transaction costs           0 0      
Cash and cash equivalents     $ 409,900     7,084 7,084 $ 3,061    
Digital assets     66,300     $ 450,147 $ 450,147 $ 449,937    
Predecessor                    
Class of Stock [Line Items]                    
Common stock par value (in usd per share)               $ 0    
Common stock, shares issued (in shares)               1,410    
Stapled Warrants                    
Class of Stock [Line Items]                    
Shares issued (in shares)       49,504,988            
Common stock at an exercise price (in usd per share)       $ 15.15            
Issuance costs     9,300              
Proceeds from issuance of warrants     305,000              
Additional paid-in capital, net of issuance costs     195,100              
Other affiliate operating expenses     $ 14,600              
Strategic Advisor Warrants                    
Class of Stock [Line Items]                    
Shares issued (in shares)     5,940,598              
Warrants issued     $ 105,600              
Asset Manager Warrants                    
Class of Stock [Line Items]                    
Shares issued (in shares)     990,099              
Warrants issued     $ 15,000              
Public Warrants                    
Class of Stock [Line Items]                    
Shares issued (in shares)         17,582          
Warrants exercised         1,434,418          
Fair value at date of grant         $ 42,500          
2022 Underwriter Warrants                    
Class of Stock [Line Items]                    
Shares issued (in shares)         66          
Warrants exercised         21,065          
Fair value at date of grant         $ 600          
At The Market Offering Agreement                    
Class of Stock [Line Items]                    
Shares issued (in shares)           856,275        
Proceeds from issuance of common stock           $ 13,100        
Payments of stock issuance costs           $ 200        
At The Market Offering Agreement | Maximum                    
Class of Stock [Line Items]                    
Proceeds from issuance initial public offering   $ 50,000                
Gross proceeds commission, percentage   3.00%                
Series C Junior Participating Preferred Stock                    
Class of Stock [Line Items]                    
Class of warrant or right, number of securities called by each warrant or right (in shares) 0.001                  
Stock price (in usd per share) $ 33.50                  
Shares, issued (in shares) 1,000                  
Discount prevailing market price percentage 50.00%                  
Common Stock                    
Class of Stock [Line Items]                    
Fat Panda Acquisition (in shares)         39,000     39,000    
Shares issued (in shares)       41,754,478            
Common stock at an exercise price (in usd per share)       $ 10.10            
Pre-funded Warrants                    
Class of Stock [Line Items]                    
Shares issued (in shares)       7,750,510            
Common stock at an exercise price (in usd per share)       $ 0.00001            
Issuance costs     $ 23,900              
Preferred Stock | Series C Junior Participating Preferred Stock                    
Class of Stock [Line Items]                    
Preferred stock, shares authorized (in shares)           200,000 200,000   200,000