v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2026
Staking revenue, net of fees   $ 618,611 $ 4,221,155
Operating expenses:      
General and administrative $ 362,717 3,213,898 8,655,326
Transaction costs incurred in connection with the Business Combination   0 15,213,769
Change in fair value of digital assets   (85,211,277) (24,421,883)
Realized loss on digital assets   25,160,024 35,656,518
Impairment of digital assets     16,160,282
Income (loss) from operations (362,717) 57,455,966 (47,042,857)
Other income (expense):      
Change in fair value of token sale liability     41,419,685
Loss on settlement of token sale liability     (6,958,697)
Initial recognition of Earn-Out liability     (3,153,333)
Change in fair value of Earn-Out liability   (2,509,334) 270,666
Initial recognition of post share issuance liability     (3,700,000)
Change in fair value of post issuance liability     2,700,000
Other income   13,568 49,442
Interest expense   (388,221) (472,029)
Interest income   21,910 42,980
Total other income (expense)   (2,862,077) 30,198,714
Income (loss) before provision for income taxes (362,717) 54,593,889 (16,844,143)
Provision for income taxes   0 0
Net income (loss) $ (362,717) $ 54,593,889 $ (16,844,143)
Weighted-average number of shares of Class A Common Stock outstanding - basic (in shares) 1,001 34,647,696 30,478,754
Basic net income (loss) per share of Class A Common Stock (in dollar per share) $ (362.35) $ 1.58 $ (0.55)
Weighted-average number of shares of Class A Common Stock outstanding - diluted (in shares) 1,001 35,613,960 30,478,754
Diluted net income (loss) per share of Class A Common Stock (in dollar per share) $ (362.35) $ 1.53 $ (0.55)
Class A Common Stock      
Other income (expense):      
Weighted-average number of shares of Class A Common Stock outstanding - basic (in shares) 1,001 34,647,696 30,478,754
Basic net income (loss) per share of Class A Common Stock (in dollar per share) $ (362.35) $ 1.58 $ (0.55)
Weighted-average number of shares of Class A Common Stock outstanding - diluted (in shares) 1,001 35,613,960 30,478,754
Diluted net income (loss) per share of Class A Common Stock (in dollar per share) $ (362.35) $ 1.53 $ (0.55)