v3.26.3
Fair Value Measurements (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Schedule of Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2, and Level 3 as follows:

 

As of June 30, 2026
   

Total

  

Level 1

  

Level 2

  

Level 3

Assets:

  

 

    

 

    

 

    

 

  

Digital assets

  

$

15,860,313

  

$

15,860,313

  

$

—

  

$

—

Total assets

  

$

15,860,313

  

$

15,860,313

  

$

—

  

$

—
   

 

    

 

    

 

    

 

  

Liabilities:

  

 

    

 

    

 

    

 

  

Customer rewards liability

  

$

4,504,290

  

$

—

  

$

—

  

$

4,504,290

February 2026 Investor Note – embedded derivative

  

 

85,214

  

 

—

  

 

—

  

 

85,214

Total liabilities

  

$

4,589,504

  

$

—

  

$

—

  

$

4,589,504
 

As of December 31, 2025
   

Total

  

Level 1

  

Level 2

  

Level 3

Assets:

  

 

    

 

    

 

    

 

  

Digital assets

  

$

140,531,660

  

$

140,531,660

  

$

—

  

$

—

Total assets

  

$

140,531,660

  

$

140,531,660

  

$

—

  

$

—
   

 

    

 

    

 

    

 

  

Liabilities:

  

 

    

 

    

 

    

 

  

Customer rewards liability

  

$

6,872,869

  

$

—

  

$

—

  

$

6,872,869

March 2025 Investor Note

  

 

47,207,556

  

 

—

  

 

—

  

 

47,207,556

Total liabilities

  

$

54,080,425

  

$

—

  

$

—

  

$

54,080,425

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2, and Level 3 as follows:

 

As of December 31, 2025
   

Total

  

Level 1

  

Level 2

  

Level 3

Assets:

  

 

    

 

    

 

    

 

  

Digital assets

  

$

140,531,660

  

$

140,531,660

  

$

—

  

$

—

Total assets

  

$

140,531,660

  

$

140,531,660

  

$

—

  

$

—
   

 

    

 

    

 

    

 

  

Liabilities:

  

 

    

 

    

 

    

 

  

Customer rewards liability

  

$

6,872,869

  

$

—

  

$

—

  

$

6,872,869

March 2025 Investor Note

  

 

47,207,556

  

 

—

  

 

—

  

 

47,207,556

Total liabilities

  

$

54,080,425

  

$

—

  

$

—

  

$

54,080,425
 

As of December 31, 2024
   

Total

  

Level 1

  

Level 2

  

Level 3

Assets:

  

 

    

 

    

 

    

 

  

Digital assets

  

$

102,138,351

  

$

102,138,351

  

$

—

  

$

—

Total assets

  

$

102,138,351

  

$

102,138,351

  

$

—

  

$

—
   

 

    

 

    

 

    

 

  

Liabilities:

  

 

    

 

    

 

    

 

  

Customer rewards liability

  

$

8,569,651

  

$

—

  

$

—

  

$

8,569,651

SAFEs

  

 

171,080,533

  

 

—

  

 

—

  

 

171,080,533

Total liabilities

  

$

179,650,184

  

$

—

  

$

—

  

$

179,650,184
Schedule of Significant Inputs which the Fair Value Measurements Associated with Convertible Note  

The following table summarizes the significant inputs which the fair value measurements associated with the convertible note was determined:

 

As of
December 31,
2025

  

As of
December 31,
2024

Risk-free rate (continuously compounded)

  

 

3.60

%

  

—

Fold volatility (annual)

  

 

99.16

%

  

—

Bitcoin volatility (annual)

  

 

52.03

%

  

—

Note term

  

 

4.18 Years

 

  

—

Fold stock price

  

$

2.61

 

  

—

Bitcoin price

  

$

87,508.83

 

  

—

Correlation (Fold and Bitcoin)

  

 

0.4289

 

  

—

Conversion price

  

$

12.50

 

  

—

Dividend yield (annual)

  

 

0.00

%

  

—
SAFEs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Schedule of Changes in Fair Value Associated With Level 3 Convertible Note Financial Instruments Held  

The following table summarizes the changes in fair value associated with Level 3 SAFE financial instruments held at the beginning or end of the periods presented:

 

SAFEs

Balance at January 1, 2024

  

$

10,601,545

 

Proceeds from issuances of SAFEs

  

 

72,106,134

 

Change in fair value of SAFEs

  

 

88,372,854

 

Balance at December 31, 2024

  

$

171,080,533

 

Proceeds from issuances of SAFEs

  

$

—

 

Change in fair value of SAFEs

  

 

6,503,113

 

Conversion of SAFEs

  

 

(177,583,646

)

Balance at December 31, 2025

  

$

—

 
Convertible Notes [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Schedule of Changes in Fair Value Associated With Level 3 Convertible Note Financial Instruments Held

The following table summarizes the changes in fair value associated with Level 3 convertible note financial instruments held at the beginning or end of the periods presented:

 

Convertible
Note

Balance at January 1, 2025

  

$

—

 

Additions

  

 

46,279,500

 

Fair value adjustment – day one loss on issuance of debt

  

 

12,753,994

 

Fair value adjustment – change in fair value

  

 

(910,243

)

Balance at June 30, 2025

  

$

58,123,251

 

Fair value adjustment – change in fair value

  

 

(10,915,695

)

Balance at December 31, 2025

  

$

47,207,556

 

Fair value adjustment – change in fair value

  

 

(13,200,089

)

Settlement – delivery of 500 bitcoin

  

 

(34,007,467

)

Balance at June 30, 2026

  

$

—

 

The following table summarizes the changes in fair value associated with Level 3 convertible note financial instruments held at the beginning or end of the periods presented:

 

Convertible
Note

Balance at December 31, 2024

  

$

—

 

Additions

  

 

46,279,500

 

Fair value adjustment – day one loss on issuance of debt

  

 

12,753,994

 

Fair value adjustment – change in fair value

  

 

(11,825,938

)

Balance at December 31, 2025

  

$

47,207,556