v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 1 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2026
Dec. 31, 2025
Cash flows from operating activities:      
Net (loss) income $ 24,618,000 $ (172,806,000) $ (28,975,504)
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Unrealized loss (gain) on digital assets (14,296,000) 154,829,000  
Gain on extinguishment of debt (5,933,000)  
Change in fair value of digital assets     25,005,384
Realized loss on put option liability 914,000 (106,264)
Change in fair value of conversion feature -preferred units     (56,298,500)
Change in fair value of convertible notes conversion feature (946,000) (2,350,290)
Realized loss on digital assets 2,676,000 54,463,684
Change in fair value of derivative liability (10,330,000) (106,264)
Stock based compensation 7,263,000 442,043
Depreciation and amortization expenses 1,249,000 32,469
Amortization of discount and debt issuance costs on Convertible Notes 1,860,000 534,054
Amortization of right-of-use asset 128,000  
Changes in operating assets and liabilities:      
Accounts receivable     (45,000)
Prepaid expenses and other current assets (10,000) 483,000 (1,879,466)
Other current assets     (257,389)
Accounts payable and other current liabilities 6,000 (1,717,000) 1,829,984
Deferred tax liabilities (2,504,000)  
Escrow account (1,000,000)  
Due to investors 1,000,000  
Other non-current assets 18,000  
Lease liability (55,000)  
Deferred revenue     1,000
Due to related party 12,000 111,981
Net cash used in operating activities (14,541,000) (7,491,814)
Cash flows from investing activities:      
Purchases of digital assets (476,000,000) (35,953,000) (983,296,700)
Sales of digital assets 6,861,000 462,036,316
Acquisition of CFO Silvia, net of cash acquired (1,326,000)  
Purchases of fixed assets (306,000) (84,582)
Net cash used in investing activities (476,000,000) (30,724,000) (521,344,966)
Cash flows from financing activities:      
Proceeds from promissory note, related party     1,777,581
Payments of promissory note, related party     (1,889,562)
Payments of Convertible Notes (119,152,000)  
Purchase of derivative securities (1,653,000)  
Taxes paid on RSU vesting (1,011,000)  
Settlement of derivative securities (578,000)  
Proceeds from Convertible Notes, net of debt discount     227,950,000
Payment of debt issuance costs     (9,682,916)
Proceeds from derivative securities 889,000 534,500
Proceeds from issuance of preferred units 476,000,000  
Proceeds from reverse recapitalization, net     12,190,671
Purchase of treasury stock (12,753,000) (2,846,627)
Proceeds from sale of preferred units, net     487,507,479
Proceeds from sale of preferred units by related party     8,157,113
Net cash (used in) provided by financing activities 476,000,000 (134,258,000) 723,698,239
Net decrease in cash and cash equivalents (179,523,000) 194,861,459
Cash, cash equivalents, and restricted cash, beginning of period 194,861,459
Cash and cash equivalents, end of period 15,338,000 194,861,459
Cash     19,973,574
Cash equivalents   15,300,000 25,002,553
Restricted cash   149,885,332
Non-cash investing and financing activities:      
Conversion of due to related party to a promissory note, related party 12,000 111,981
Initial recognition of conversion feature liability 56,299,000 4,629,230
Conversion of preferred units to common stock     56,298,500
Issuance of common units pursuant to the Investment Consulting and Marketing Services Agreement, as recasted     $ 10,000
Common stock issued as consideration for CFO Silvia Acquisition (15,992,000)  
Share-settled earnout consideration for CFO Silvia Acquisition   (5,933,000)  
Contribution of digital assets for preferred units 32,000,000  
Contribution of digital assets for preferred units, related party $ 8,500,000