v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 1 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Cash flows from operating activities:      
Net loss $ (192,287) $ (26,990) $ (14,477)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 12 149 254
Accretion of discount on investments, net 0 155 0
Reduction of right-of-use lease assets and operating lease liabilities 5 91 40
Net unrealized gain (loss) on digital assets, at fair value 10,133 0 (9,888)
Other investment loss 0 0 1,304
Other derivative loss 14,731 0 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 0 0 2,594
Net unrealized gain on investments in preferred equity, at fair value 0 0 (3,361)
Change in fair value on long-term notes payable, at fair value 0 0 2,464
Loss on extinguishment of debt 0 0 8,431
Share-based compensation expense 16,294 0 18,736
Goodwill and intangible asset impairment 140,785 0 0
Non-cash transaction expenses 2,936 2,150 0
Bargain purchase gain 0 0 (66,704)
Impairment of medical device research and development intangible asset 0 0 14,650
Changes in operating assets and liabilities:      
Prepaid expenses (2,928) (227) 2,273
Other current assets 1,461 (1,589) 1,392
Other non-current assets 0 (723) (430)
Compensation and benefits payable 263 (1,018) 10,402
Accounts payable and other liabilities (5,360) 9,793 (17,203)
Net cash used in operating activities (13,955) (18,209) (49,523)
Cash flows from investing activities:      
Purchases of digital assets, at fair value (675,008) 0 (1,182,412)
Cash acquired through business combination 400 0 3,513
Purchases of intangible assets (75) (123) 0
Purchases of investments in preferred equity, at fair value 0 0 (50,499)
Proceeds from return of capital dividends 0 0 3,688
Purchases of short-term investments 0 (4,271) 0
Proceeds from short-term investments 0 20,871 0
Net cash provided by (used in) investing activities (674,683) 16,477 (1,225,710)
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock 525,610 0 577,867
Proceeds from issuance of pre-funded warrants 283,170 0 0
Proceeds from warrant exercises 13,000 0 39,050
Proceeds from issuance of preferred stock 0 0 986,621
Redemption of preferred stock 0 (500) 0
Preferred stock dividends paid 0 0 (61,925)
Payment of issuance costs (27,996) 0 (18,157)
Net payments on vesting of restricted stock and employee stock options 0 0 (37)
Extinguishment of long-term notes payable, at fair value 0 0 (9,970)
Extinguishment of Coinbase Loan 0 0 (20,310)
Net cash provided by (used in) financing activities 793,784 (500) 1,493,139
Net increase (decrease) in cash and cash equivalents 105,146 (2,232) 217,906
Cash and cash equivalents, beginning of period 3,923 6,155 67,499
Cash and cash equivalents, end of period 109,069 3,923 285,405
Non-cash investing and financing activities:      
Change in declared but unpaid preferred stock dividends 0 0 11,969
Change in accrued but unpaid financing transaction costs 1,262 770 1,652
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan 0 0 37,971
Exchange of preferred stock for extinguishment of long-term notes payable, at fair value 0 0 90,108
Class A common stock exchanged for digital assets 8,038 0 0
Class A common stock issued as part of business combination 141,140 0 311,183
Assets and liabilities resulting from business combination:      
Prepaid expenses 27 0 599
Goodwill 140,039 0
Other current assets 0 0 1,831
Digital assets, at fair value 0 0 444,029
Receivable for bitcoin collateral 0 0 37,971
Property and equipment, net 0 0 175
Intangible assets, net 746 0 14,650
Other non-current assets 57 0 1
Compensation and benefits payable 0 0 (2,358)
Accounts payable and other liabilities 129 0 (13,029)
Long-term notes payable, at fair value 0 0 (89,495)
Coinbase Loan $ 0 $ 0 $ (20,000)