v3.26.3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 285,405 $ 67,499
Investments in preferred equity, at fair value 50,172 0
Prepaid expenses 1,034 2,708
Other current assets 2,072 1,569
Total current assets 338,683 71,776
Digital assets, at fair value 2,340,192 668,486
Property and equipment, net 731 778
Intangible assets, net 321 355
Right-of-use lease assets 3,717 4,037
Other non-current assets 526 95
Total assets 2,684,170 745,527
Current liabilities:    
Compensation and benefits payable 12,924 164
Accounts payable and other liabilities 7,356 8,560
Dividends payable 14,022 2,053
Total current liabilities 34,302 10,777
Operating lease liabilities 3,218 3,512
Total liabilities 37,520 14,289
Mezzanine equity:    
Total mezzanine equity 1,210,820 148,802
Stockholders’ equity:    
Additional paid-in capital 1,998,157 1,055,595
Accumulated deficit (562,425) (474,054)
Total stockholders’ equity 1,435,830 582,436
Total liabilities, mezzanine equity, and stockholders' equity 2,684,170 745,527
Variable Rate Series A Perpetual Preferred Stock    
Mezzanine equity:    
Total mezzanine equity 1,210,820 148,802
Class A Common Stock    
Stockholders’ equity:    
Common stock 89 699
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 9 $ 196