Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Short-Term Debt [Line Items] |
|
|
| Schedule of Assets and Liabilities Measured at Fair Value |
The
following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis and
the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2026 and December
31, 2025 (In thousands):
Schedule of Assets and Liabilities Measured at Fair Value
| | |
Fair
value measured at June 30, 2026 | |
| | |
Total
fair value at
June 30, 2026 | | |
Quoted
prices in active markets
(Level 1) | | |
Significant
other observable inputs
(Level 2) | | |
Significant
unobservable inputs
(Level 3) | |
| | |
| | |
| | |
| | |
| |
| Assets: | |
| | | |
| | | |
| | | |
| | |
| Digital assets | |
$ | 313,378 | | |
$ | 313,378 | | |
$ | - | | |
$ | - | |
| Liabilities: | |
| | | |
| | | |
| | | |
| | |
| Conversion feature
liability - Convertible Notes | |
| 23 | | |
| - | | |
| - | | |
| 23 | |
| Total | |
$ | 313,401 | | |
$ | 313,378 | | |
$ | - | | |
$ | 23 | |
| | |
Fair
value measured at December 31, 2025 | |
| | |
Total
fair value at
December 31, 2025 | | |
Quoted
prices in active markets
(Level 1) | | |
Significant other
observable inputs
(Level 2) | | |
Significant
unobservable inputs
(Level 3) | |
| | |
| | |
| | |
| | |
| |
| Assets: | |
| | | |
| | | |
| | | |
| | |
| Digital assets | |
$ | 441,791 | | |
$ | 441,791 | | |
$ | - | | |
$ | - | |
| Liabilities: | |
| | | |
| | | |
| | | |
| | |
| Derivative securities liabilities | |
| 428 | | |
| - | | |
| - | | |
| 428 | |
| Conversion feature
liability - Convertible Notes | |
| 2,279 | | |
| - | | |
| - | | |
| 2,279 | |
| Total | |
$ | 444,497 | | |
$ | 441,791 | | |
$ | - | | |
$ | 2,706 | |
|
The
following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis and
the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of December 31, 2025:
Schedule of Assets and Liabilities Measured at Fair Value
| | |
Fair
value measured at December 31, 2025 | |
| | |
Total
fair value at
December
31, 2025 | | |
Quoted
prices in active markets
(Level
1) | | |
Significant
other observable inputs
(Level
2) | | |
Significant
unobservable inputs
(Level
3) | |
| | |
| | |
| | |
| | |
| |
| Assets: | |
| | | |
| | | |
| | | |
| | |
| Digital assets | |
$ | 441,791,316 | | |
$ | 441,791,316 | | |
$ | - | | |
$ | - | |
| Liabilities: | |
| | | |
| | | |
| | | |
| | |
| Derivative securities liabilities | |
$ | 428,236 | | |
$ | - | | |
$ | - | | |
$ | 428,236 | |
| Conversion feature liability - convertible
notes | |
$ | 2,278,940 | | |
$ | - | | |
$ | - | | |
$ | 2,278,940 | |
|
| Schedule of Roll Forward Convertible Notes |
The
following table presents a roll-forward of the Convertible Note Conversion Feature Liability as of June 30, 2026 (In thousands):
Schedule of Roll Forward Convertible Notes
| | |
Conversion feature
derivative liability | |
| Balance at
December 31, 2025 | |
$ | 2,278 | |
| Gain on debt extinguishment | |
| (1,309 | ) |
| Change in fair value | |
| (946 | ) |
| Balance
at June 30, 2026 | |
$ | 23 | |
|
The
following table presents a roll-forward of the Convertible Note Conversion Feature Liability for the period from June 17, 2025 (inception)
through December 31, 2025
Schedule
of Roll Forward Convertible Notes
| | |
Conversion feature | |
| | |
liability - convertible notes | |
| As of June 17, 2025 (inception) | |
$ | - | |
| Initial value at December 5, 2025 | |
| 4,629,230 | |
| Change in fair value | |
| (2,350,290 | ) |
| Balance at December
31, 2025 | |
$ | 2,278,940 | |
|
| Schedule of Roll Forward Derivatve Liability |
|
The
following table presents a roll-forward of the Derivative Liability – Preferred Units for the period from June 17, 2025
(inception) through December 31, 2025:
Schedule
of Roll Forward Derivatve Liability
| | |
Preferred
Units | |
| | |
Derivative
Liability | |
| As of June 17, 2025 (inception) | |
$ | - | |
| Initial value as of June 23, 2025 | |
| 56,298,500 | |
| Settlement of Derivative | |
| (56,298,500 | ) |
| Balance at December
31, 2025 | |
$ | - | |
|
| Schedule of Roll Forward Derivative Liability, Put Option |
|
The
following table presents a roll-forward of the derivative securities liability for the period from June 17, 2025 (inception) through
December 31, 2025:
Schedule
of Roll Forward Derivative Liability, Put Option
| | |
Fair
value | |
| As of June 17, 2025 (inception) | |
$ | - | |
| Premiums received on sold BTC put
options | |
| 534,500 | |
| Net change in fair value recognized in earnings | |
| (106,264 | ) |
| Settlements / expirations | |
| - | |
| Fair value as of December 31, 2025 | |
$ | 428,236 | |
|
| Convertible Notes Payable [Member] |
|
|
| Short-Term Debt [Line Items] |
|
|
| Schedule of Key Input Measurement For Fair Value |
The
key inputs used in determining the fair value of the conversion feature liability are presented in the table below:
Schedule of Key Input Measurement For
Fair Value
| | |
As
of
June 30, 2026 | | |
As
of
December 31, 2025 | |
| Strike price | |
$ | 13.00 | | |
$ | 13.00 | |
| Stock price | |
| 1.54 | | |
| 3.53 | |
| Volatility (as a percentage) | |
| 43.0 | | |
| 45.0 | |
| Remaining term (in years) | |
| 0.92 | | |
| 3.00 | |
| Risk-free rate (as a percentage) | |
| 3.89 | | |
| 3.49 | |
|
In
determining the fair value of Conversion Feature Liability, the Company utilized the Black-Scholes pricing model which is considered
to be Level 3 liability. The key inputs are presented in the table below:
Schedule
of Key Input Measurement For Fair Value
| | |
As
of
December
5, 2025
(Initial) | | |
As
of
December
31, 2025 | |
| Strike price | |
$ | 13.00 | | |
$ | 13.00 | |
| Stock price | |
$ | 4.36 | | |
$ | 3.53 | |
| Volatility | |
| 45.0 | % | |
| 45.0 | % |
| Remaining term (in years) | |
| 3.00 | | |
| 3.00 | |
| Risk-free rate | |
| 3.53 | % | |
| 3.49 | % |
|
| Deriviative Liability Preferred Units [Member] |
|
|
| Short-Term Debt [Line Items] |
|
|
| Schedule of Key Input Measurement For Fair Value |
|
In
determining the fair value of the Derivative Liability - Preferred Units, the Company utilized the Black-Scholes pricing model which
is considered to be a Level 3 liability. The key inputs are presented in the table below:
Schedule
of Key Input Measurement For Fair Value
| | |
As
of
June
23, 2025
(Initial) | |
| Strike price - Preferred unit | |
$ | 11.94 | |
| Stock price | |
$ | |
| Volatility | |
| 47.6 | % |
| Remaining term (in years) | |
| 0.5 | |
| Risk-free rate | |
| 4.29 | % |
|