v3.26.3
SEGMENTS - Schedule of Reconciliation of Segment Income (Loss) to Consolidated Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]        
Revenue $ 2,432 $ 4,625 $ 8,410 $ 6,898
Cost of revenue 29 88 153 122
General and administrative 3,659 3,572 13,724 8,793
Sales and marketing 94 668 467 1,814
Research and development 140 269 364 751
Depreciation and amortization 353 352 1,056 693
Net (gain) loss on digital assets (37,946) (74,368) 34,603 (95,561)
Loss on disposition of Janover Pro 0 1,958 0 1,958
(Gain) loss from changes in fair value of contingent consideration 0 0 0 (64)
Total operating expenses (33,671) (67,461) 50,367 (81,494)
Operating income (loss) 36,103 72,086 (41,957) 88,392
Interest expense (3,359) (2,933) (9,756) (3,709)
Gain (loss) from derivative instruments 33,400 4,639 10,587 4,639
Gain on retirement of debt 0 0 2,849 0
Investment and other income (expense), net 447 169 (5,808) 494
Income (loss) before income taxes 66,591 73,961 (44,085) 89,816
Operating Segments | Treasury        
Segment Reporting [Line Items]        
Revenue 2,379 3,794 8,037 5,000
Cost of revenue 22 81 132 101
General and administrative 3,655 3,313 12,696 7,709
Sales and marketing 87 222 344 303
Research and development 139 145 346 302
Depreciation and amortization 304 303 911 506
Net (gain) loss on digital assets (37,946) (74,368) 34,603 (95,561)
Loss on disposition of Janover Pro 0 0 0 0
(Gain) loss from changes in fair value of contingent consideration     0 0
Total operating expenses (33,739) (70,304) 49,032 (86,640)
Operating income (loss) 36,118 74,098 (40,995) 91,640
Interest expense 0 0 0 0
Gain (loss) from derivative instruments 0 0 0 0
Gain on retirement of debt 0 0 0 0
Investment and other income (expense), net 0 0 0 0
Income (loss) before income taxes 36,118 74,098 (40,995) 91,640
Operating Segments | Real Estate        
Segment Reporting [Line Items]        
Revenue 53 831 373 1,898
Cost of revenue 7 7 21 21
General and administrative 4 259 1,028 1,084
Sales and marketing 7 446 123 1,511
Research and development 1 124 18 449
Depreciation and amortization 49 49 145 187
Net (gain) loss on digital assets 0 0 0 0
Loss on disposition of Janover Pro 0 1,958 0 1,958
(Gain) loss from changes in fair value of contingent consideration     0 (64)
Total operating expenses 68 2,843 1,335 5,146
Operating income (loss) (15) (2,012) (962) (3,248)
Interest expense 0 0 0 0
Gain (loss) from derivative instruments 0 0 0 0
Gain on retirement of debt 0 0 0 0
Investment and other income (expense), net 0 0 0 0
Income (loss) before income taxes (15) (2,012) (962) (3,248)
Corporate        
Segment Reporting [Line Items]        
Revenue 0 0 0 0
Cost of revenue 0 0 0 0
General and administrative 0 0 0 0
Sales and marketing 0 0 0 0
Research and development 0 0 0 0
Depreciation and amortization 0 0 0 0
Net (gain) loss on digital assets 0 0 0 0
Loss on disposition of Janover Pro 0 0 0 0
(Gain) loss from changes in fair value of contingent consideration     0 0
Total operating expenses 0 0 0 0
Operating income (loss) 0 0 0 0
Interest expense (3,359) (2,933) (9,756) (3,709)
Gain (loss) from derivative instruments 33,400 4,639 10,587 4,639
Gain on retirement of debt 0 0 2,849 0
Investment and other income (expense), net 447 169 (5,808) 494
Income (loss) before income taxes $ 30,488 $ 1,875 $ (2,128) $ 1,424