v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
1 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2026
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (362,717) $ (16,844,143)
Adjustments to reconcile net loss to net cash used in operations:    
Change in fair value of digital assets - AVAX   (24,421,883)
Realized loss on digital assets - AVAX   35,656,518
Impairment of digital assets - stAVAX and sAVAX   16,160,282
Digital assets received from staking rewards   (3,436,169)
Digital assets disposed of through staking fees   136,800
Digital assets received from liquid staking rewards   (910,987)
USDC received recorded as other income   (49,185)
Change in fair value of token sale liability   (41,419,685)
Loss on settlement of token sale liability   6,958,697
Loss on initial recognition of earn-out share liability   3,153,333
Change in fair value of earn-out share liability   (270,666)
Loss on initial recognition of post-closing share liability   3,700,000
Change in fair value of post-closing share liability   (2,700,000)
Share-based compensation   811,119
Changes in operating assets and liabilities:    
Prepaid expense   (1,214,186)
Due from related party 76,786 1,423,849
Accounts payable and accrued expenses 285,945 905,341
Accrued interest   87,500
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES 14 (22,273,465)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of digital assets   10,289,147
Disposal of USDC to USD   11,400,000
Purchase of USDC   (6,999,998)
Purchases of digital assets (4)  
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (4) 14,689,149
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash received from Notes payable   33,000,000
Repayments of note payable   (20,000,000)
Shares issued to SPAC in connection with Business Combination   2,756
Purchases of treasury stock   (3,281,631)
CASH PROVIDED BY FINANCING ACTIVITIES   9,721,125
NET CHANGE IN CASH 10 2,136,809
Cash, beginning of period   1,758,802
Cash, end of period 10 3,895,611
Supplemental disclosure of cash flow information:    
Cash paid for interest   384,529
Supplemental disclosure of non-cash investing and financing activities:    
Subscription receivable, digital assets received at fair value   699,797
Subscription receivable, change in fair value related to subscription receivable collected   1,727,385
Note payable repaid in USDC   3,000,000
Sale of digital assets for USDC   5,000,000
Shares issued for exchange of token sale liability   5,550,000
Issuance of Class A common stock in settlement of post-closing share liability   1,000,000
Deposits of AVAX staked into liquid staking activities   27,511,488
Digital assets pledged as collateral for note payable   20,128,714
Prepaid expenses acquired from the SPAC in connection with the Reverse Recapitalization   131,196
Accrued expenses acquired from the SPAC in connection with the Reverse Recapitalization   1,442,877
Deferred transaction costs included in accrued transaction costs $ 1,975,800  
sAVAX    
Adjustments to reconcile net loss to net cash used in operations:    
Impairment of digital assets - stAVAX and sAVAX   10,672,560
Digital assets received from liquid staking rewards   (250,294)
Supplemental disclosure of non-cash investing and financing activities:    
Receipt of AVAX from redemption in liquid staking activities   18,985,510
stAVAX    
Adjustments to reconcile net loss to net cash used in operations:    
Impairment of digital assets - stAVAX and sAVAX   5,487,722
Digital assets received from liquid staking rewards   (660,693)
Supplemental disclosure of non-cash investing and financing activities:    
Receipt of AVAX from redemption in liquid staking activities   $ 11,569,313