v3.26.3
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Sep. 11, 2025
Sep. 30, 2026
Revenues:                  
Total revenues $ 255 $ 1,288 $ 2,696         $ 4,222 $ 8,397
Operating expenses:                  
Fund management and administration 282 1,251 1,583         4,250 4,496
Employee compensation and benefits 18,720 3,151 15,633         7,222 45,000
General and administrative expense 445 871 6,669         4,229 19,035
Impairment of medical device research and development intangible asset 0 0 14,650         0 14,650
Marketing and advertising 18 68 86         231 281
Depreciation and amortization 12 43 78         149 254
Total operating expenses 19,477 5,384 38,699         16,081 83,716
Investment gains (losses):                  
Net unrealized gain (loss) on digital assets, at fair value (10,133) 0 533,697         0 9,888
Net unrealized gain on investments in preferred equity, at fair value 0 0 8,833         0 3,361
Other investment gain (loss) 0 0 1,497         0 (1,304)
Other derivative loss (14,731) 0 0         0 0
Total investment gains (losses) (24,864) 0 544,027         0 11,945
Net operating income (loss) (44,086) (4,096) 508,024         (11,859) (63,374)
Other income (expense):                  
Other income 68 10 1,008         586 2,489
Interest expense on long-term notes payable, at fair value 0             0 (282)
Change in fair value on long-term notes payable, at fair value 0             0 (2,464)
Gain (loss) on extinguishment of debt 0             0 (8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 0             0 (2,594)
Transaction costs (7,484) (10,280) 0         (15,717) (6,525)
Goodwill and intangible asset impairment (140,785) 0 0         0 0
Bargain purchase gain 0             0 66,704
Total other income (expense) (148,201) (10,270) 1,008         (15,131) 48,897
Net income (loss) before income taxes (192,287) (14,366) 509,032         (26,990) (14,477)
Income tax benefit (expense) 0 0 0         0 0
Net income (loss) (192,287) (14,366) 509,032 $ (257,603) $ (265,906) $ (8,875) $ (3,749) (26,990) (14,477)
Investment advisory fees                  
Revenues:                  
Total revenues 246 1,283 1,559         4,187 4,418
Medical device revenues                  
Revenues:                  
Total revenues 0 0 1,133         0 3,891
Other revenue                  
Revenues:                  
Total revenues 9 5 4         35 88
Asset Management                  
Revenues:                  
Total revenues 246 1,283 1,559         4,194 4,418
Operating expenses:                  
Fund management and administration 282 1,251 1,583         4,250 4,496
Employee compensation and benefits 3,129 1,550 1,626         4,861 4,452
General and administrative expense 91 252 338         2,672 1,614
Impairment of medical device research and development intangible asset     0           0
Marketing and advertising 3 10 3         88 14
Depreciation and amortization 0 0 0         52 0
Total operating expenses 3,505 3,063 3,550         11,923 10,576
Investment gains (losses):                  
Net unrealized gain (loss) on digital assets, at fair value 0   0           0
Net unrealized gain on investments in preferred equity, at fair value     0           0
Other investment gain (loss)     0           0
Other derivative loss 0                
Total investment gains (losses) 0   0           0
Net operating income (loss) (3,259) (1,780) (1,991)         (7,729) (6,158)
Other income (expense):                  
Other income 3 15 0         360 11
Interest expense on long-term notes payable, at fair value                 0
Change in fair value on long-term notes payable, at fair value                 0
Gain (loss) on extinguishment of debt                 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan                 0
Transaction costs 0 0           0 0
Goodwill and intangible asset impairment 0                
Bargain purchase gain                 0
Total other income (expense) 3 15 0         360 11
Net income (loss) before income taxes (3,256) (1,765) (1,991)         (7,369) (6,147)
Income tax benefit (expense) 0 0 0         0 0
Net income (loss) (3,256) (1,765) (1,991)         (7,369) (6,147)
Asset Management | Investment advisory fees                  
Revenues:                  
Total revenues 246 1,283 1,559         4,187 4,418
Asset Management | Medical device revenues                  
Revenues:                  
Total revenues     0           0
Asset Management | Other revenue                  
Revenues:                  
Total revenues 0 0 0         7 0
Medical Device                  
Revenues:                  
Total revenues 0 0 1,133         0 3,891
Operating expenses:                  
Fund management and administration 0 0 0         0 0
Employee compensation and benefits 0 0 3,598         0 12,447
General and administrative expense 0 0 2,700         0 7,869
Impairment of medical device research and development intangible asset     14,650           14,650
Marketing and advertising 0 0 3         0 6
Depreciation and amortization 0 0 23         0 86
Total operating expenses 0 0 20,974         0 35,058
Investment gains (losses):                  
Net unrealized gain (loss) on digital assets, at fair value 0   0           0
Net unrealized gain on investments in preferred equity, at fair value     0           0
Other investment gain (loss)     0           0
Other derivative loss 0                
Total investment gains (losses) 0   0           0
Net operating income (loss) 0 0 (19,841)         0 (31,167)
Other income (expense):                  
Other income 0 0 (148)         0 327
Interest expense on long-term notes payable, at fair value                 0
Change in fair value on long-term notes payable, at fair value                 0
Gain (loss) on extinguishment of debt                 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan                 0
Transaction costs 0 0           0 0
Goodwill and intangible asset impairment 0                
Bargain purchase gain                 0
Total other income (expense) 0 0 (148)         0 327
Net income (loss) before income taxes 0 0 (19,989)         0 (30,840)
Income tax benefit (expense) 0 0 0         0 0
Net income (loss) 0 0 (19,989)         0 (30,840)
Medical Device | Investment advisory fees                  
Revenues:                  
Total revenues 0 0 0         0 0
Medical Device | Medical device revenues                  
Revenues:                  
Total revenues     1,133           3,891
Medical Device | Other revenue                  
Revenues:                  
Total revenues 0 0 0         0 0
Bitcoin Operations                  
Revenues:                  
Total revenues 9 5 4         28 88
Operating expenses:                  
Fund management and administration 0 0 0         0 0
Employee compensation and benefits 15,591 1,601 10,409         2,361 28,101
General and administrative expense 354 619 3,631         1,557 9,552
Impairment of medical device research and development intangible asset     0           0
Marketing and advertising 15 58 80         143 261
Depreciation and amortization 12 43 55         97 168
Total operating expenses 15,972 2,321 14,175         4,158 38,082
Investment gains (losses):                  
Net unrealized gain (loss) on digital assets, at fair value (10,133)   533,697           9,888
Net unrealized gain on investments in preferred equity, at fair value     8,833           3,361
Other investment gain (loss)     1,497           (1,304)
Other derivative loss (14,731)                
Total investment gains (losses) (24,864)   544,027           11,945
Net operating income (loss) (40,827) (2,316) 529,856         (4,130) (26,049)
Other income (expense):                  
Other income 65 (5) 1,156         226 2,151
Interest expense on long-term notes payable, at fair value                 (282)
Change in fair value on long-term notes payable, at fair value                 (2,464)
Gain (loss) on extinguishment of debt                 (8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan                 (2,594)
Transaction costs (7,484) (10,280)           (15,717) (6,525)
Goodwill and intangible asset impairment (140,785)                
Bargain purchase gain                 66,704
Total other income (expense) (148,204) (10,285) 1,156         (15,491) 48,559
Net income (loss) before income taxes (189,031) (12,601) 531,012         (19,621) 22,510
Income tax benefit (expense) 0 0 0         0 0
Net income (loss) (189,031) (12,601) 531,012         (19,621) 22,510
Bitcoin Operations | Investment advisory fees                  
Revenues:                  
Total revenues 0 0 0         0 0
Bitcoin Operations | Medical device revenues                  
Revenues:                  
Total revenues     0           0
Bitcoin Operations | Other revenue                  
Revenues:                  
Total revenues $ 9 $ 5 $ 4         $ 28 $ 88