v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 11,241,000 $ 5,920,000
Investments 1,868,000 3,675,000
Digital assets pledged as collateral 225,933,000 103,943,000
Deferred offering costs 583,000 6,377,000
Other current assets 11,605,000 2,011,000
Total current assets 251,230,000 121,926,000
Digital assets, at fair value 117,727,000 136,000,000
Digital assets, at carrying value 86,318,000 45,764,000
Goodwill 607,000 607,000
Intangible assets, net 1,948,000 3,020,000
Other assets 230,000 93,000
Total assets 458,060,000 307,410,000
Current liabilities:    
Accounts payable and accrued expenses 3,756,000 6,821,000
Digital asset financing arrangements 225,933,000 67,521,000
Loans payable 0 107,000
Other current liabilities 168,000 6,339,000
Total current liabilities 229,857,000 80,788,000
Long-term debt, net 120,998,000 127,361,000
Total liabilities 350,855,000 208,149,000
Commitments and contingencies (Note 16)
Mezzanine Equity:    
Variable Rate Series C Perpetual Preferred stock, $0.00001 par value and $10.00 stated value, 32,200,000 shares authorized, 1,581,250 and no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 11,316,000 0
Stockholders' equity:    
Common stock, $0.00001 par value, 100,000,000 shares authorized, [XX] and 9,909,473 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 254,191,000 202,581,000
Treasury stock (22,022,000) (11,520,000)
Accumulated other comprehensive (loss) income 0 (27,000)
Accumulated (deficit) (136,280,000) (91,773,000)
Total stockholders’ equity 95,889,000 99,261,000
Total liabilities, mezzanine equity and stockholders’ equity 458,060,000 307,410,000
Undesignated Preferred Stock    
Stockholders' equity:    
Preferred stock, value 0 0
Series A Preferred Stock    
Stockholders' equity:    
Preferred stock, value 0 0
Series B Preferred Stock    
Stockholders' equity:    
Preferred stock, value $ 0 $ 0