v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Prior to the Company's announcement of the Asset Entities Merger in May 2025, the Company's management evaluated performance and allocated resources in consideration of only one operating segment, the Asset Management segment, as the Company's sole operations were related to its asset management business, with no consideration of a potential bitcoin treasury strategy. After the Asset Entities Merger closed in September 2025, the Company added a second operating segment, Bitcoin Operations, which includes the Company's treasury management operations, including bitcoin-related activity. After the Semler Scientific Merger closed in January 2026, the Company added a third operating segment, Medical Device, which includes the medical device operations acquired in that merger. As a result, the Company now manages its operations through three reportable segments: Asset Management, which provides investment advisory services; Medical Device, which includes the Company's medical device operations; and Bitcoin Operations, which includes the Company's fiat and bitcoin treasury operations. Costs that are not directly allocable to a specific operating segment, including, but not limited to, employee-related costs, general and administrative expenses, such as rent expense, and depreciation and amortization, are allocated using a reasonable allocation methodology, which is primarily represented by the relative percentage of resources used by each segment.
The Company's Chief Operating Decision Maker ("CODM") is its Chief Executive Officer, who utilizes key financial metrics, including net income (loss), to assess performance and make decisions regarding allocation of resources, such as capital allocation, determining compensation, and managing costs. The CODM also evaluates significant revenues and expenses by reportable segment to evaluate key operating decisions.
The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management, Medical Device, and Bitcoin Operations segments for the three months ended September 30, 2026, the period from September 12, 2025 to September 30, 2025, and the period from July 1, 2025 to September 11, 2025 (amounts in thousands):
Three Months Ended September 30, 2026 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$1,559 $— $— $1,559 
Medical device revenues— 1,133 — 1,133 
Other revenue— — 4 4 
Total revenues1,559 1,133 4 2,696 
Operating expenses:
Fund management and administration1,583 — — 1,583 
Employee compensation and benefits1,626 3,598 10,409 15,633 
General and administrative expense338 2,700 3,631 6,669 
Impairment of medical device research and development intangible asset— 14,650 — 14,650 
Marketing and advertising3 3 80 86 
Depreciation and amortization— 23 55 78 
Total operating expenses3,550 20,974 14,175 38,699 
Investment gains:
Net unrealized gain on digital assets, at fair value— — 533,697 533,697 
Net unrealized gain on investments in preferred equity, at fair value— — 8,833 8,833 
Other investment gain— — 1,497 1,497 
Total investment gains— — 544,027 544,027 
Net operating income (loss)(1,991)(19,841)529,856 508,024 
Other income (expense):
Other income— (148)1,156 1,008 
Total other income (expense)— (148)1,156 1,008 
Net income (loss) before income taxes(1,991)(19,989)531,012 509,032 
Income tax benefit (expense)— — — — 
Net income (loss)$(1,991)$(19,989)$531,012 $509,032 
Period from September 12, 2025 to September 30, 2025 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$246 $— $— $246 
Other revenue— — 9 9 
Total revenues246 — 9 255 
Operating expenses:
Fund management and administration282 — — 282 
Employee compensation and benefits3,129 — 15,591 18,720 
General and administrative expense91 — 354 445 
Marketing and advertising3 — 15 18 
Depreciation and amortization— — 12 12 
Total operating expenses3,505 — 15,972 19,477 
Investment losses:
Net unrealized loss on digital assets, at fair value— — (10,133)(10,133)
Other derivative loss— — (14,731)(14,731)
Total investment losses— — (24,864)(24,864)
Net operating loss(3,259)— (40,827)(44,086)
Other income (expense):
Other income3 — 65 68 
Transaction costs— — (7,484)(7,484)
Goodwill and intangible asset impairment— — (140,785)(140,785)
Total other income (expense)3 — (148,204)(148,201)
Net loss before income taxes(3,256)— (189,031)(192,287)
Income tax benefit (expense)— — — — 
Net loss$(3,256)$— $(189,031)$(192,287)
Period from July 1, 2025 to September 11, 2025 (Predecessor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$1,283 $— $— $1,283 
Other revenue— — 5 5 
Total revenues1,283 — 5 1,288 
Operating expenses:
Fund management and administration1,251 — — 1,251 
Employee compensation and benefits1,550 — 1,601 3,151 
General and administrative expense252 — 619 871 
Marketing and advertising10 — 58 68 
Depreciation and amortization— — 43 43 
Total operating expenses3,063 — 2,321 5,384 
Net operating loss(1,780)— (2,316)(4,096)
Other income (expense):
Other income15 — (5)10 
Transaction costs— — (10,280)(10,280)
Total other income (expense)15 — (10,285)(10,270)
Net loss before income taxes(1,765)— (12,601)(14,366)
Income tax benefit (expense)— — — — 
Net loss$(1,765)$— $(12,601)$(14,366)
The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management, Medical Device, and Bitcoin Operations segments for the nine months ended September 30, 2026, the period from September 12, 2025 to September 30, 2025, and the period from January 1, 2025 to September 11, 2025 (amounts in thousands):
Nine Months Ended September 30, 2026 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$4,418 $— $— $4,418 
Medical device revenues— 3,891 — 3,891 
Other revenue— — 88 88 
Total revenues4,418 3,891 88 8,397 
Operating expenses:
Fund management and administration4,496 — — 4,496 
Employee compensation and benefits4,452 12,447 28,101 45,000 
General and administrative expense1,614 7,869 9,552 19,035 
Impairment of medical device research and development intangible asset— 14,650 — 14,650 
Marketing and advertising14 6 261 281 
Depreciation and amortization— 86 168 254 
Total operating expenses10,576 35,058 38,082 83,716 
Investment gains (losses):
Net unrealized gain on digital assets, at fair value— — 9,888 9,888 
Net unrealized gain on investments in preferred equity, at fair value— — 3,361 3,361 
Other investment loss— — (1,304)(1,304)
Total investment gains— — 11,945 11,945 
Net operating loss(6,158)(31,167)(26,049)(63,374)
Other income (expense):
Other income11 327 2,151 2,489 
Interest expense on long-term notes payable, at fair value— — (282)(282)
Change in fair value on long-term notes payable, at fair value— — (2,464)(2,464)
Loss on extinguishment of debt— — (8,431)(8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan— — (2,594)(2,594)
Transaction costs— — (6,525)(6,525)
Bargain purchase gain— — 66,704 66,704 
Total other income11 327 48,559 48,897 
Net income (loss) before income taxes(6,147)(30,840)22,510 (14,477)
Income tax benefit (expense)— — — — 
Net income (loss)$(6,147)$(30,840)$22,510 $(14,477)
Period from September 12, 2025 to September 30, 2025 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$246 $— $— $246 
Other revenue— — 9 9 
Total revenues246 — 9 255 
Operating expenses:
Fund management and administration282 — — 282 
Employee compensation and benefits3,129 — 15,591 18,720 
General and administrative expense91 — 354 445 
Marketing and advertising3 — 15 18 
Depreciation and amortization— — 12 12 
Total operating expenses3,505 — 15,972 19,477 
Investment losses:
Net unrealized loss on digital assets, at fair value— — (10,133)(10,133)
Other derivative loss— — (14,731)(14,731)
Total investment losses— — (24,864)(24,864)
Net operating loss(3,259)— (40,827)(44,086)
Other income (expense):
Other income3 — 65 68 
Transaction costs— — (7,484)(7,484)
Goodwill and intangible asset impairment— — (140,785)(140,785)
Total other income (expense)3 — (148,204)(148,201)
Net loss before income taxes(3,256)— (189,031)(192,287)
Income tax benefit (expense)— — — — 
Net loss$(3,256)$— $(189,031)$(192,287)
Period from January 1, 2025 to September 11, 2025 (Predecessor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$4,187 $— $— $4,187 
Other revenue7 — 28 35 
Total revenues4,194 — 28 4,222 
Operating expenses:
Fund management and administration4,250 — — 4,250 
Employee compensation and benefits4,861 — 2,361 7,222 
General and administrative expense2,672 — 1,557 4,229 
Marketing and advertising88 — 143 231 
Depreciation and amortization52 — 97 149 
Total operating expenses11,923 — 4,158 16,081 
Net operating loss(7,729)— (4,130)(11,859)
Other income (expense):
Other income360 — 226 586 
Transaction costs— — (15,717)(15,717)
Total other income (expense)360 — (15,491)(15,131)
Net loss before income taxes(7,369)— (19,621)(26,990)
Income tax benefit (expense)— — — — 
Net loss$(7,369)$— $(19,621)$(26,990)
The total assets of the Company's operating segments are summarized as follows (in thousands):
September 30,
2026		December 31,
2025
Asset Management$1,275 $1,279 
Medical Device2,667 — 
Bitcoin Operations2,680,228 744,248 
Total$2,684,170 $745,527