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Note 1. OrganizationDescription of BusinessAvalanche Treasury Corporation (the “Company”) was incorporated in Delaware on September 22, 2025, in connection with the transactions that culminated in the Business Combination with Mountain Lake Acquisition Corp. (“MLAC”), which closed on June 11, 2026. On October 1, 2025, the Company entered into a Business Combination Agreement (the “Agreement”) with MLAC, Avalanche Treasury Company LLC, a Delaware limited liability company (“Treasury LLC”), Avalanche SPAC Merger Sub LLC (“MLAC Merger Sub”), Avalanche Company Merger Sub LLC (“Company Merger Sub,” and together with MLAC Merger Sub, the “Company Subsidiaries”), and Dragonfly Digital Management, LLC (the “Seller”), pursuant to which the transactions contemplated therein (collectively, the “Business Combination”) were consummated on June 11, 2026 (the “Closing Date”). Following the Business Combination and related recapitalization transactions, the Company became a publicly traded company and operates through Avalanche Treasury Company, LLC to hold and manage AVAX, conduct staking and validator operations, and support other Avalanche-related activities.Pursuant to the Agreement, on the Closing Date, (i) MLAC Merger Sub merged with and into MLAC (the “MLAC Merger”), with MLAC continuing as the surviving entity and a wholly owned subsidiary of the Company, and (ii) Company Merger Sub merged with and into Avalanche Treasury Company LLC (the “Company Merger,” and together with the MLAC Merger, the “Mergers”), with Treasury LLC continuing as the surviving entity and a wholly owned subsidiary of the Company.In connection with the Company Merger, each member of Treasury LLC other than the Seller received one share of the Company’s Class A common stock, par value $0.01 per share (“Class A Stock”), for each unit held immediately prior to the effective time of the Company Merger, and the Seller received one share of Class A Stock and one share of the Company’s Class B common stock, par value $0.01 per share (“Class B Stock”), for each unit it held. As a result of the consummation of the Business Combination, the Company became a publicly traded entity and Treasury LLC became its wholly owned subsidiary.The Company is an operating company focused exclusively on business lines relating to Avalanche and AVAX, offering public-market investors a differentiated, capital-efficient means of gaining exposure to Avalanche and AVAX through (i) the targeted accumulation of AVAX; (ii) treasury management activities, including staking and other yield-generating strategies designed to increase AVAX per share over time; and (iii) broader ecosystem participation, including validator operations, Avalanche L1 activation, infrastructure services and other corporate development initiatives intended to expand the Company’s participation in the Avalanche ecosystem.

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Note 2. Liquidity and Going ConcernFor the nine months ended September 30, 2026, the Company generated revenue from staking rewards, net of fees, of $4,221,155 and reported a net loss of $16,844,143. As of September 30, 2026, the Company had aggregate cash of $3,895,611.The Company assesses its liquidity based on its ability to generate and maintain adequate sources of liquidity to meet its current and future obligations. Its expected primary uses of liquidity on a short- and long-term basis include working capital requirements, business acquisitions and other general corporate purposes. The Company’s future capital requirements will depend on a number of factors.In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASC Subtopic 205-40), management evaluated whether conditions and events, considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these unaudited condensed consolidated financial statements are issued.As of September 30, 2026, the Company had cash of $3,895,611 and USDC of $1,011,949. Management evaluated the Company’s forecasted operating cash requirements and obligations, including the repayment of the $10,000,000 principal amount of the July 2026 Collateralized Term Loan, which matures on January 10, 2027 (see Note 7), and plans to fund these requirements through the sale of AVAX that is not subject to lock-up restrictions or pledged as collateral. Accordingly, approximately 1.6 million AVAX, with a fair value of $17,593,657 as of September 30, 2026, has been classified as a current asset on the condensed consolidated balance sheet (see Note 11). As of September 30, 2026, approximately 4.9 million AVAX, with a fair value of approximately $53.8 million, were not subject to lock-up restrictions or pledged as collateral.Accordingly, after considering the Company’s cash, liquid digital assets, expected operating cash flows and other available sources of liquidity, management concluded that the conditions and events considered in the aggregate do not raise substantial doubt about the Company’s ability to continue as a going concern for at least twelve months from the date these unaudited condensed consolidated financial statements are issued.

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Note 3. Reverse Recapitalization.As discussed in Note 1, “Organization”, the Business Combination was consummated on June 11, 2026, which for accounting purposes, was treated as the equivalent of the Company issuing stock for the net assets of MLAC, accompanied by a recapitalization. Under this method of accounting, MLAC was treated as the acquired company for financial accounting and reporting purposes under GAAP.Transaction proceedsUpon the closing of the Business Combination, the Company received gross proceeds of $1.6 million from the Business Combination offset by transaction expenses paid at closing of $1.6 million. The following table reconciles the elements of the Business Combination to the condensed consolidated statement of cash flows and the condensed consolidated statement of changes in stockholders’ equity for the nine months ended September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:458.85pt;padding:0pt;"></td><td style="width:14.6pt;padding:0pt;"></td><td style="width:9.2pt;padding:0pt;"></td><td style="width:57.35pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Cash - trust and cash, net of redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,634,507</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:458.85pt;margin:0pt;padding:0pt;">Less: transaction expenses paid</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,631,751)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Net proceeds from the Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,756</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Assets (liabilities) assumed from the SPAC:</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;margin:0pt;padding:0pt;">Prepaid expense and other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;margin:0pt;padding:0pt;"> 131,196</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Accrued expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;margin:0pt;padding:0pt;"> (1,442,877)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:458.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Reverse recapitalization, net</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (1,308,925)</td></tr></table>The number of shares of Common Stock issued immediately following the consummation of the Business Combination were as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:346pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:82.75pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:82.75pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Class A Common</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Class B Common</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC public shares outstanding prior to the Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 23,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 7,187,500</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;">Less: Redemption of MLAC ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"> (22,846,470)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"> (7,187,500)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346pt;background:#cceeff;margin:0pt;padding:0pt;">Rights exchanged for shares in connection with Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,299,999</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;">Shares issued to SPAC in connection with Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"> 1,200,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346pt;background:#cceeff;margin:0pt;padding:0pt;">Shares issued to Foundation in connection with Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;">Total AVAX Pub Co Common Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,653,529</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>MLAC RightsUpon consummation of the Business Combination, each outstanding right automatically converted into one-tenth (1/10) of one share of the Company’s Class A common stock. No fractional shares were issued in connection with the conversion of the rights, and the rights ceased to be outstanding following the Business Combination.The table below summarizes the Company Units and corresponding PubCo common stock outstanding following the Business Combination:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:346pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:82.75pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:82.75pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;">AVAX Pub Co Units</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">AVAX Company Units</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Common Stock</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346pt;background:#cceeff;margin:0pt;padding:0pt;">Class A units</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 27,368,672</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 27,661,297</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;">Class B units</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,805,639</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:346pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 27,368,672</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 33,466,936</td></tr></table>Transaction OverviewOn June 11, 2026 (the “Closing Date”), Avalanche Treasury Corporation consummated the transactions contemplated by the Agreement. The Business Combination included the domestication of MLAC, the MLAC Merger, the Company Merger and the other related transactions contemplated by the Agreement, including the Company Unit Subscription, the Foundation Transaction and the Dragonfly Contribution (each defined below).Domestication and Merger StepsOn the Closing Date, MLAC domesticated by way of continuation from the Cayman Islands to the State of Delaware (the “Domestication”). Following the Domestication, Avalanche SPAC Merger Sub LLC (“MLAC Merger Sub”) merged with and into MLAC, with MLAC surviving as a wholly owned subsidiary of the Company (the “MLAC Merger”). Company Merger Sub also merged with and into Avalanche Treasury Company, LLC, with Avalanche Treasury Company, LLC surviving as a wholly owned subsidiary of the Company (the “Company Merger” and, together with the MLAC Merger, the “Mergers”).Consideration and Exchange MechanicsThe Business Combination and related transactions included the following consideration and exchange mechanics. Legacy Company Units converted on a one-for-one basis into shares of the Company’s common stock, as described below.Company Unit Subscription, Token Sale and ContributionConcurrently with the execution of the Agreement, the Company, Avalanche Treasury Company, LLC and MLAC entered into Company Unit Subscription Agreements pursuant to which investors purchased approximately $216 million of Company Units at $10.00 per Company Unit, payable in cash, USDC or AVAX (the “Company Unit Subscription”). At Closing, each Company Unit held by the Company Unit Investors converted automatically into one share of non-voting Class A common stock, par value $0.01 per share, of the Company.The Business Combination also included (i) the contribution by Dragonfly, directly and indirectly through certain related funds, of 1,960,040 AVAX tokens to Avalanche Treasury Company, LLC in exchange for 5,805,638 Company Units (the “Dragonfly Contribution”) and (ii) the sale by Avalanche BVI and Avalanche Cayman (together, the “Foundation”) of AVAX tokens to Avalanche Treasury Company, LLC pursuant to the Token Sale Agreement dated October 1, 2025 (the “Foundation Transaction”).Transactions costsFor the three and nine months ended September 30, 2026, transaction costs incurred within the condensed consolidated statements of operations were $— and $15,213,769, respectively. No transaction costs were incurred during the three months ended September 30, 2026. Transaction costs for the nine months ended September 30, 2026 were as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:433.2pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td><td style="width:8.65pt;padding:0pt;"></td><td style="width:84.45pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:93.1pt;margin:0pt;padding:0pt;">Nine months ended</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:93.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 30, 2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:433.2pt;background:#cceeff;margin:0pt;padding:0pt;">Legal</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:84.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,835,984</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;">Professional fees</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:84.45pt;margin:0pt;padding:0pt;"> 9,373,385</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:433.2pt;background:#cceeff;margin:0pt;padding:0pt;">Other expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:84.45pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,400</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:84.45pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 15,213,769</td></tr></table>Contingent ConsiderationIn connection with the Business Combination Agreement and the Sponsor Support Agreement, the Company entered into earn-out arrangements with certain former equity holders of Astral Horizon, L.P. (“Astral”) (the “Astral Earn-out”) and MLAC’s sponsor (the “Sponsor” and the “Sponsor Earn-out,” and together with the Astral Earn-out, the “Earn-out Arrangements”). The Earn-out Arrangements provide for the issuance or release of shares of the Company’s common stock upon achievement of specified market-price thresholds following the Business Combination and include provisions that may accelerate issuance or release upon certain change-in-control events.The Earn-out Arrangements were negotiated in connection with the Business Combination and do not represent settlement of pre-existing relationships, compensation for post-combination services or reimbursement of acquisition-related costs. Accordingly, the Company determined that the Earn-out Arrangements represent contingent consideration issued in connection with the Business Combination.The Company evaluated the Earn-out Arrangements under ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity. Because certain settlement provisions may result in settlement outcomes that are not indexed solely to the Company’s own stock, the Earn-out Arrangements do not meet the criteria for equity classification under ASC 815-40 and are therefore classified as liabilities.The Astral Earnout Shares, together with any shares received upon equitable adjustment of the Astral Earnout Shares, shall be subject to the Astral Transfer at the end of the Earnout Period in the event that not all of the Triggering Events are achieved by the Company during the Earnout Period.The Astral Earnout Shares shall vest, shall no longer be subject to the Astral Transfer and shall be released from the Astral Escrow Account to Astral, in the amounts specified below, upon the Company meeting the price milestones specified below:<div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:18pt;">(a)Upon the occurrence of Triggering Event I, 666,667 shares of Company Class A Stock;</div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:18pt;">(b)Upon the occurrence of Triggering Event II, 666,667 shares of Company Class A Stock; and</div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:18pt;">(c)Upon the occurrence of Triggering Event III, 666,666 shares of Company Class A Stock. Notwithstanding </div><div style="margin-top:12pt;"></div>the foregoing, in the event that during the Earnout Period, the Company is subject to a Change in Control, then all of the Astral Earnout Shares, together with any shares received upon equitable adjustment of the Astral Earnout Shares, then remaining in the Astral Escrow Account shall no longer be subject to the Astral Transfer and shall be released to Astral from the Astral Escrow Account.Each Triggering Event shall only occur once, if at all, and all Astral Earnout Shares not released by the end of the Earnout Period will be transferred to the Company through an Astral Transfer, in each case as set forth in the Business Combination Agreement.In addition, 1,600,000 Sponsor Earnout Shares have been deposited into an escrow account with Continental Stock Transfer and Trust Company and will be released in tranches as provided in the Sponsor Support Agreement and the Sponsor Escrow Agreement. The Sponsor agreed that all of the Sponsor Earnout Shares, together with any shares received upon equitable adjustment of the Sponsor Earnout Shares, shall be subject to the Sponsor Transfer at the end of the Earnout Period in the event that not all of the Triggering Events are achieved by the Company.The Sponsor Earnout Shares shall vest, no longer be subject to the Sponsor Transfer and shall be released from the escrow account to the Sponsor, in the amounts specified below, upon the Company meeting the price milestones specified below:<div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:18pt;">(a)Upon the occurrence of Triggering Event I, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor;</div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:18pt;">(b)Upon the occurrence of Triggering Event II, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; and</div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:18pt;">(c)Upon the occurrence of Triggering Event III, 533,334 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor.</div><div style="margin-top:12pt;"></div>The Earn-out Arrangements were initially recognized at fair value as of the Closing Date in accordance with ASC 820, Fair Value Measurement. The fair value measurement considers the contractual terms of the arrangements, including applicable stock-price thresholds, expected volatility of the Company’s common stock, expected term, risk-free interest rate and the probability and timing of potential settlement events, as applicable. The earn-out contingent consideration was valued using a Monte Carlo simulation based on a Geometric Brownian Motion in a risk-neutral framework. Due to the use of significant unobservable inputs, the Earn-out Arrangements are classified within Level 3 of the fair value hierarchy.Astral and the Company executed a side-letter agreement on August 13, 2026 pursuant to which the 2,000,000 Astral Post-Closing Shares were required to be delivered on a date identified by Astral but in any event by September 11, 2026. The Company remeasures the Earn-out Arrangements at fair value at each reporting date until the respective obligations are settled, with changes in fair value recognized in earnings in the period in which they occur. Upon settlement, the related liability is derecognized, with any difference between its carrying amount immediately prior to settlement and the settlement value recognized in earnings. The following table presents a reconciliation of the Company’s Earn-out Arrangements measured at fair value for the three and nine months ended September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:338.55pt;padding:0pt;"></td><td style="width:9pt;padding:0pt;"></td><td style="width:5.2pt;padding:0pt;"></td><td style="width:80.7pt;padding:0pt;"></td><td style="width:9.2pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:89.85pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:338.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:85.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Earn Out Liability</td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:97.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Post-closing Shares Liability</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:338.55pt;background:#cceeff;margin:0pt;padding:0pt;">Balance at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.2pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.7pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:89.85pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:338.55pt;margin:0pt;padding:0pt;">Initial recognition upon reverse recapitalization</td><td style="vertical-align:bottom;white-space:nowrap;width:9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.7pt;margin:0pt;padding:0pt;"> 3,153,333</td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:89.85pt;margin:0pt;padding:0pt;"> 3,700,000</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:338.55pt;background:#cceeff;margin:0pt;padding:0pt;">Change in fair value recognized in earnings</td><td style="vertical-align:bottom;white-space:nowrap;width:9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.2pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,780,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:89.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,700,000)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:338.55pt;margin:0pt;padding:0pt;">Balance at June 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.7pt;margin:0pt;padding:0pt;"> 373,333</td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:89.85pt;margin:0pt;padding:0pt;"> 1,000,000</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:338.55pt;background:#cceeff;margin:0pt;padding:0pt;">Settled through issuance of Class A common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.7pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:89.85pt;background:#cceeff;margin:0pt;padding:0pt;"> (1,000,000)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:338.55pt;margin:0pt;padding:0pt;">Change in fair value recognized in earnings</td><td style="vertical-align:bottom;white-space:nowrap;width:9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,509,334</td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:89.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:338.55pt;background:#cceeff;margin:0pt;padding:0pt;">Balance at September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.7pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,882,667</td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:89.85pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>In connection with the closing of the Business Combination on June 11, 2026, the 3,600,000 Earn-out shares (2,000,000 Astral Earnout Shares and 1,600,000 Sponsor Earnout Shares) were deposited into escrow with Continental Stock Transfer & Trust Company, as escrow agent. Separately, on August 20, 2026, the Company issued 2,000,000 Astral Post-Closing Shares to Astral Horizon, L.P. in settlement of the post-closing share liability; unlike the Earn-out shares, the Astral Post-Closing Shares are not subject to forfeiture and are included in the shares of Class A common stock issued and outstanding as of September 30, 2026. Because the Earn-out shares are subject to forfeiture until the applicable Triggering Events occur and the Earn-out Arrangements are accounted for as a liability, the escrowed shares, although legally issued and held in escrow by the transfer agent, are not reflected as issued or outstanding in the condensed consolidated financial statements and are excluded from the weighted-average shares used to compute net income (loss) per share.Accounting TreatmentThe Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP, with Avalanche Treasury Company, LLC treated as the accounting acquirer and MLAC treated as the acquired company for financial accounting and reporting purposes. Because MLAC did not meet the definition of a business under ASC 805, Business Combinations, the transaction was not accounted for as a business combination using acquisition accounting.Accordingly, the consolidated financial statements of the combined company represent a continuation of the financial statements of Avalanche Treasury Company, LLC. The transaction was treated as the equivalent of Avalanche Treasury Company, LLC issuing equity for the net assets of MLAC, accompanied by a recapitalization. The net assets of MLAC were recorded at historical cost, and no goodwill or other intangible assets were recognized as a result of the Business Combination.In connection with the reverse recapitalization, the historical equity structure of Avalanche Treasury Company, LLC was recast to reflect the legal capital structure of the combined company following the Business Combination.Earnings Per ShareAs a result of the reverse recapitalization, the Company’s historical equity structure was recast to reflect the Company’s common stock structure, and weighted-average shares outstanding for the periods presented were calculated using the post-recapitalization share structure, applying the applicable exchange mechanics to the legacy equity interests of Avalanche Treasury Company, LLC.Basic earnings per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, excluding treasury shares. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised, converted, or otherwise resulted in the issuance of common shares, to the extent dilutive.The Company’s Class B common stock is entitled to voting rights but is not entitled to dividends or liquidating distributions and, therefore, is not a participating security. Accordingly, basic and diluted net income (loss) per share is presented only for Class A common stock (see Note 12).

1600000 -1600000

The following table reconciles the elements of the Business Combination to the condensed consolidated statement of cash flows and the condensed consolidated statement of changes in stockholders’ equity for the nine months ended September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:458.85pt;padding:0pt;"></td><td style="width:14.6pt;padding:0pt;"></td><td style="width:9.2pt;padding:0pt;"></td><td style="width:57.35pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Cash - trust and cash, net of redemptions</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,634,507</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:458.85pt;margin:0pt;padding:0pt;">Less: transaction expenses paid</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,631,751)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Net proceeds from the Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,756</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Assets (liabilities) assumed from the SPAC:</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;margin:0pt;padding:0pt;">Prepaid expense and other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;margin:0pt;padding:0pt;"> 131,196</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Accrued expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;margin:0pt;padding:0pt;"> (1,442,877)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:458.85pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:458.85pt;background:#cceeff;margin:0pt;padding:0pt;">Reverse recapitalization, net</td><td style="vertical-align:bottom;white-space:nowrap;width:14.6pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.2pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.35pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (1,308,925)</td></tr></table>

1634507 -1631751 2756

131196

1442877 1308925 <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:346pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:82.75pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:82.75pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Class A Common</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Class B Common</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346pt;background:#cceeff;margin:0pt;padding:0pt;">MLAC public shares outstanding prior to the Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 23,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 7,187,500</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;">Less: Redemption of MLAC ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"> (22,846,470)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"> (7,187,500)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346pt;background:#cceeff;margin:0pt;padding:0pt;">Rights exchanged for shares in connection with Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,299,999</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;">Shares issued to SPAC in connection with Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"> 1,200,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:346pt;background:#cceeff;margin:0pt;padding:0pt;">Shares issued to Foundation in connection with Business Combination</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:346pt;margin:0pt;padding:0pt;">Total AVAX Pub Co Common Stock</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,653,529</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:82.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>

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15213769

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3153333

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373333

1000000

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2509334

2882667

3600000 2000000 1600000 2000000

Note 4. Summary of Significant Accounting PoliciesBasis of PresentationThe accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the accounting rules and regulations of the Securities and Exchange Commission (the “SEC”). References to GAAP issued by the Financial Accounting Standards Board (“FASB”) in these accompanying notes to the unaudited condensed consolidated financial statements are to the FASB Accounting Standards Codification (“ASC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Registration Statement on Form S-4, as filed with the SEC.Principles of ConsolidationThe accompanying unaudited condensed consolidated financial statements include the accounts of Avalanche Treasury Corporation and the Company’s wholly-owned subsidiaries. All intercompany transactions have been eliminated upon consolidation of these entities.Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions include those related to the valuation and impairment assessment of digital assets, the recognition of staking reward revenue, and the evaluation of contingent liabilities.Management bases its estimates and assumptions on currently available information and various judgments that it believes are reasonable under the circumstances. Actual results could differ materially from those estimates, and such differences may be reflected in future periods as facts and circumstances change.Segment InformationASC 280, “Segment Reporting” (“ASC 280”), defines operating segments as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company operates as a single operating segment. The Company’s CODM is the Chief Executive Officer, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. Currently, the CODM reviews total expenses as the primary measure to manage the business and does not segment the business for internal reporting or decision making. The CODM does not review segment assets at a level other than that presented in the Company’s balance sheet. There are no significant expense categories regularly provided to the CODM beyond those disclosed in the statement of operations.Concentration of Credit RiskCashFinancial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the FDIC up to $250,000 per depositor, per insured bank. As of September 30, 2026, the Company had $3,629,110 in cash balances in excess of the FDIC insured limit. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.USD CoinThe Company holds USD Coin (“USDC”), a fiat-backed stablecoin issued on public blockchain networks. USDC is accounted for as a financial asset. Based on the terms governing USDC, the Company has a contractual right to redeem USDC for U.S. dollars on demand. Because this right represents a contractual claim to cash, USDC meets the definition of a financial asset under ASC 825-10, Financial Instruments — Overall. USDC is recognized as a financial asset upon acquisition.The Company has elected the fair value option under ASC 825-10 for its USDC. Accordingly, USDC is measured at fair value on a recurring basis, with changes in fair value recognized in earnings within other income in the condensed consolidated statements of operations. The Company elected the fair value option for USDC because fair value, based on quoted prices on an active exchange, best reflects the amount the Company would realize on its USDC, including the effect of any deviation from the U.S. dollar peg, and is consistent with how the Company measures its other digital assets. There were no gains or losses from changes in the fair value of USDC for the three and nine months ended September 30, 2026.The Company classifies its USDC as current assets on the balance sheet. The Company safeguards its USDC through third-party custodians. As of September 30, 2026 and December 31, 2025, the Company held USDC balances of $1,011,949 and $3,373,564, respectively, with third-party custodian Coinbase Custody Trust Company, LLC. The Company’s USDC holdings are subject to the creditworthiness and reserve practices of the issuer. Although USDC is designed to maintain a stable value, de-pegging events, regulatory actions, or issuer level risks could impair the Company’s ability to redeem USDC at par.For the three and nine months ended September 30, 2026 the Company earned yield of $13,311 and $49,185 of USDC on USDC balances through participation in a third-party wallet and recorded $13,311 and $49,185, respectively, related to these USDC as other income in the accompanying unaudited condensed consolidated statements of operations. The Company’s purchases, sales, and dispositions of USDC are reflected within investing activities in the statement of cash flows. Contributions of USDC received in connection with private placement member interest agreements are presented as non-cash financing activities in the accompanying statement of cash flows. Sales of digital assets in exchange for USDC and repayments of borrowings in USDC are presented as non-cash investing and financing activities, respectively.Digital AssetsThe Company holds digital assets, which include Avalanche (“AVAX”) and the liquid staking tokens stAVAX and sAVAX, each representing AVAX staked through a third-party liquid staking protocol (“stAVAX” and “sAVAX,” respectively), which expose it to concentrations of market, credit and custodial risk. As of September 30, 2026 and December 31, 2025, digital assets represented a significant portion of the Company’s total assets. The Company’s holdings of AVAX, stAVAX and sAVAX are not insured or guaranteed by any government or third-party institution. Changes in market prices, protocol performance, or blockchain network conditions could materially affect the fair value of these assets.The Company safeguards its digital assets through third-party custodians. As of September 30, 2026 and December 31, 2025, the Company held approximately 4,549,209 and 8,329,871 AVAX, respectively, with Coinbase Custody Trust Company. The Company held no AVAX as of September 30, 2026 and approximately 5,249,578 AVAX as of December 31, 2025 with BitGo Trust Company, Inc. In addition, the Company held no stAVAX as of September 30, 2026 and approximately 1,180,516 stAVAX as of December 31, 2025 with BitGo Trust Company, Inc. As of September 30, 2026, the Company also held approximately 8,763,542 AVAX with Anchorage Digital Bank N.A., of which approximately 3,010,907 AVAX were pledged as collateral under the Company’s note payable (see Note 7). Lastly, the Company held no sAVAX as of September 30, 2026 or December 31, 2025.The Company’s AVAX, stAVAX and sAVAX holdings are dependent on the performance and security of the underlying Avalanche blockchain and the specific staking protocol that issues AVAX, stAVAX and sAVAX. Smart contract vulnerabilities, validator performance issues, or protocol governance actions could adversely affect the value or liquidity of AVAX, stAVAX and sAVAX.Digital asset markets may experience periods of reduced liquidity. The Company may be unable to convert AVAX, stAVAX or sAVAX into fiat currency or other digital assets on a timely basis or at expected prices.Concentration and Current VulnerabilityThe Company’s activities consisted principally of investing, staking and evaluating digital token technologies that run on the Avalanche public blockchain network. Due to the current nature of the Company’s operations and the scale of business transacted on the Avalanche Network, a concentration could potentially result in vulnerability as of the reporting date. The concentration and potential associated vulnerabilities are listed below:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A decline in, or loss of, staking rewards earned from the staking of AVAX, stAVAX and sAVAX delegated to one or more validator nodes on the network;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A decline in, or loss of, the Company’s AVAX, stAVAX or sAVAX holdings and its utility to the Avalanche network and a source of liquidity for its business; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Disruption to the nature and extent of the business plan should the Avalanche public blockchain fail or become redundant due to technological obsolescence or regulatory action.</td></tr></table><div style="margin-top:11pt;"></div>The AVAX, stAVAX and sAVAX tokens perform various functions within the Avalanche Ecosystem, including incentivizing network security and functionality and acting as the payment currency on the primary network. Therefore this concentration may result in vulnerability to a near-term severe impact, and at least a possibility that there could be events outside of the Company’s control that may result in a severe impact in the near future.Based on the above concentrations, as of the date of these unaudited condensed consolidated financial statements, and in the event of a dissolution of Avalanche Foundation or an inability of the Avalanche public blockchain and/or AVAX, stAVAX or sAVAX to function as expected, these could result in near-term severe impacts to the Company’s business.Management monitors these concentrations on an ongoing basis and may adjust its USDC and digital asset exposure in response to market, regulatory, or operational developments.The Company relies on third-party service providers to perform certain functions essential to its operations. Any disruptions to the Company’s service providers’ business operations resulting from business failures, financial instability, security failures, government mandated regulation or operational problems could have an adverse impact on the Company’s ability to access critical services and be disruptive to the operations of the Company.If the Company were to liquidate a significant block of AVAX in a single transaction, this may adversely impact the price per AVAX in the market. Separately, because a substantial portion of the Company’s AVAX is subject to contractual transfer restrictions during the applicable lock-up periods (see “Restrictions on AVAX” below), the Company may be unable to sell restricted AVAX to meet its liquidity needs, which represents an additional liquidity risk.Business CombinationsThe Company evaluates whether acquired net assets should be accounted for as a business combination or an asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, the Company applies its judgment to determine whether the acquired net assets meets the definition of a business by considering if the set includes an acquired input, process, and the ability to create outputs.The Company accounts for business combinations using the acquisition method when it has obtained control. The Company measures goodwill as the fair value of the consideration transferred including the fair value of any non-controlling interest recognized, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at their fair value as of the acquisition date. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred.Any contingent consideration is measured at fair value at the acquisition date. For contingent consideration that does not meet all the criteria for equity classification, such contingent consideration is required to be recorded at its initial fair value at the acquisition date, and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified contingent consideration are recognized on the condensed consolidated statements of operations in the period of change.When the initial accounting for a business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.The Company accounts for certain business combinations that meet the definition of a reverse recapitalization in accordance with ASC 805, Business Combinations, and ASC 810, Consolidation. A reverse recapitalization occurs when the legal acquirer is determined to be the accounting acquiree, and the legal acquiree is determined to be the accounting acquirer.<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">No goodwill or intangible assets are recorded</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The transaction is treated as a capital transaction in substance</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The accounting acquirer’s assets and liabilities are carried forward at their historical carrying amounts</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The accounting acquiree’s net assets are recorded at historical cost</td></tr></table><div style="margin-top:11pt;"></div>Notes PayableThe Company accounts for borrowings as notes payable. Notes payable are initially recognized at the amount of proceeds received and are subsequently measured at amortized cost. Interest expense is recognized over the term of the borrowing based on the contractual terms of the applicable agreements. Digital assets pledged as collateral in connection with borrowings continue to be recognized as assets of the Company unless control of such assets is transferred in accordance with the terms of the underlying agreements.Stock-Based CompensationThe Company accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Stock-based awards, including stock options and restricted stock units (“RSUs”) granted to employees and non-employee directors, are measured at their grant-date fair value. The fair value of stock options is estimated using the Black-Scholes option-pricing model, which requires assumptions about the expected term, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is based on the fair value of the Company’s Class A common stock on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period of each award, which is generally the vesting period, and is included in general and administrative expenses. For RSUs with a vesting commencement date that precedes the grant date, compensation cost is recognized beginning on the service inception date. The Company accounts for forfeitures as they occur.Digital AssetsThe Company’s digital assets include holdings of AVAX, the native token of the Avalanche blockchain network, which are measured at fair value in accordance with ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets, codified in ASC Subtopic 350-60 and stAVAX and sAVAX, liquid staking tokens on the Avalanche blockchain network, which fall within the scope of ASC 350-30. The digital assets held by the Company are included in current and non-current assets in the accompanying balance sheet. Certain AVAX holdings are classified as current assets because they are readily convertible to cash in active markets and are available to support the Company’s operations and liquidity needs.The Company’s AVAX are measured at fair value as of each reporting period using Level 1 inputs in accordance with ASC 820, Fair Value Measurement. Level 1 inputs are based on quoted prices in active markets for identical assets that the Company has the ability to access. The Company has determined its principal market to be Coinbase, which serves as its primary digital asset exchange for purchases and sales and the market in which it conducts the majority of its trading activity and due to the most volume of all accessible markets. Fair value is determined using the closing price as of 12:00 AM UTC on Coinbase on the Company’s financial statement measurement date. Changes in fair value are recognized within change in fair value of digital assets within operating expense in the Company’s accompanying unaudited condensed consolidated statement of operations. Realized gains and losses on disposition are recognized using specific identification.The Company’s stAVAX and sAVAX are intangible assets that do not meet the criteria in ASC 350-60-15-1 and are accounted for as indefinite-lived intangible assets. The Company exchanges AVAX for liquid staking receipt tokens, including stAVAX and sAVAX, through the Hypha Protocol and BENQI Protocol, respectively, in connection with its liquid staking activities. These receipt tokens entitle the holder to redeem the digital intangible assets for which they were exchanged. Holders of stAVAX and sAVAX have claims on underlying staked AVAX and associated staking rewards. Accordingly, these tokens are intangible assets that do not meet the definition of crypto assets within the scope of ASC 350-60 because they are liquid staking tokens that convey enforceable rights to underlying assets. ASU 2023-08 excludes digital assets that provide enforceable rights to underlying goods, services, or other assets.Accordingly, the Company tests stAVAX and sAVAX for impairment annually and more frequently when events or changes in circumstances indicate that fair value is below carrying amount. If fair value exceeds carrying value, no upward adjustment is recorded. The Company monitors the value of AVAX subsequent to the initial recognition of stAVAX and sAVAX on an intraday basis for changes in circumstances that may indicate that the carrying amounts of stAVAX and sAVAX may not be recoverable. This ongoing assessment considers significant declines in the market value of AVAX.While impairment assessments are performed daily, any identified impairment losses are formally recorded on a quarterly basis in the Company’s condensed consolidated financial statements. For the period from January 1, 2026 through September 30, 2026, the Company recognized impairment on stAVAX and sAVAX based on the lowest intraday value of AVAX identified during the period when such value was below the respective carrying values of stAVAX and sAVAX.For the three and nine months ended September 30, 2026, the Company recorded impairment losses related to its stAVAX of $— and $5,487,722, respectively, and impairment losses related to its sAVAX of $— and $10,672,560, respectively. Total impairment losses related to stAVAX and sAVAX were $— and $16,160,282, respectively, for the three and nine months ended September 30, 2026, and are presented in operating expenses in the accompanying unaudited condensed consolidated statements of operations.The Company’s current treasury strategy is primarily to retain its digital assets for investment and to generate returns through staking and liquid staking activities, as applicable. The Company does not generally acquire digital assets for the purpose of short-term trading; however, from time to time, the Company may sell, redeem or otherwise dispose of digital assets to fund operating activities, satisfy liquidity requirements, rebalance its treasury holdings or for other strategic purposes.Digital assets held for investment that are staked remain recorded within digital assets on the balance sheet. Staking rewards earned by the Company through staking of these assets are recognized as an addition to digital assets and as staking revenue in the accompanying unaudited condensed consolidated statements of operations in the period in which such rewards are recognized.The Company classifies digital assets as current or non-current based on management’s intended use of the assets and its expectations regarding the timing of their disposition. Digital assets that the Company expects to sell or otherwise monetize within the next twelve months, including amounts expected to be used to fund operating activities and other liquidity requirements, are classified as current assets. Digital assets that the Company intends to retain for long-term investment and does not expect to monetize within the next twelve months are classified as non-current assets. As of September 30, 2026, approximately $17.6 million of the Company’s digital assets were classified as current based on management’s expectation that such assets may be monetized within the next twelve months to support the Company’s operating and liquidity requirements, including repayment of the note payable maturing on January 10, 2027.Purchases of digital assets are reflected as cash flows used in investing activities in the accompanying statement of cash flows. Contributions of digital assets received in connection with private placement member interest agreements are presented as non-cash financing activities in the accompanying statement of cash flows.Staking RewardsThe Company recognizes revenue from its staking activities in accordance with ASC 606, Revenue from Contracts with Customers, applied by analogy. To determine the appropriate amount of revenue to be recognized the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including the constraint on variable consideration, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies each performance obligation.The Company participates in direct staking in proof-of-stake blockchain networks by staking or delegating digital assets held for investment. The Company utilizes third-party node operators to operate validator infrastructure on the Company’s behalf, provide staking facilitation services, and support staking- related reporting and monitoring. The Company is entitled to receive protocol-defined staking rewards only when the validator to which it has staked tokens successfully maintains protocol defined uptime. The Company’s performance obligation is the delegation of its AVAX tokens to a third-party node operator for a defined staking period. This obligation is satisfied over time as the node operator maintains the required uptime throughout the staking period, since the customer simultaneously receives and consumes the benefit provided. The transaction price, measured at contract inception using quoted prices of AVAX on the Company’s principal market, is recognized ratably over the staking period. The staking terms are contractually fixed at inception and the Company does not have the practical ability to withdraw its tokens prior to the expiration of the staking period. Staked digital assets remain under the Company’s ownership and continue to be measured at fair value.The Company delegates to third-party node operators to facilitate its staking operations, including the setup, operation, and maintenance of their validator nodes. While the Company determines the amount of AVAX staked and the timing of staking and unstaking, the third-party service providers control the underlying infrastructure critical to the staking process, including node availability and the ability to meet the network’s uptime requirements necessary to earn staking rewards. Because the Company is dependent on the third-party vendors’ infrastructure to meet the performance obligation of the node and to generate rewards, and because the vendors bear primary responsibility for ensuring the nodes remain operational and eligible for rewards, the Company has determined that it acts as the agent in these arrangements. Although the Company retains ownership of the underlying digital assets and directs certain aspects of the staking process, the nature and extent of the vendors’ involvement in delivering the staking service is the predominant factor in this assessment. Accordingly, the Company recognizes staking rewards on a net basis as revenue, net of fees paid to the third-party service providers.The transaction price consists entirely of variable consideration in the form of staking rewards, which is contingent upon successful uptime requirements by the node operator. The Company constrains variable consideration until it is probable that a significant reversal of cumulative revenue recognized will not occur. Validators are required to maintain a minimum uptime of 90% (previously 80%) throughout the staking period. Failure to meet this threshold results in the forfeiture of all staking rewards for the validator and its delegators, including the Company. As such, the consideration the Company expects to receive is contingent upon the node operator’s performance and is accounted for as variable consideration under ASC 606, by analogy. Because the Company is entitled either to the full staking reward or to no reward depending on whether the uptime requirement is met, the transaction price is measured at inception using the most likely amount method. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty is subsequently resolved. The performance obligation is satisfied over time as the node operator maintains the required uptime throughout the staking period, since the customer simultaneously receives and consumes the benefit provided. The transaction price is recognized ratably over the staking period, subject to the variable consideration constraint. Revenue is not recognized until the uncertainty associated with the variable consideration is resolved, which is typically at the end of the validation period. As of September 30, 2026 and December 31, 2025 there were no active validation periods in progress.The Company participates in liquid staking by staking AVAX through liquid staking protocols rather than operating its own validators. In connection with these activities, the Company receives stAVAX and sAVAX tokens, which are liquid staking receipt tokens representing claims on underlying staked AVAX and accumulated staking rewards and are custodied with BitGo or Anchorage. Unlike direct staking, rewards are not paid separately. Instead, staking rewards are reflected through increases in the respective AVAX-to-stAVAX and AVAX-to-sAVAX exchange rates over time. Staking rewards are not continuously reflected in token balances but are instead realized separately. Staking rewards are therefore recognized only when the stAVAX and sAVAX are redeemed and derecognized, measured at the fair value of AVAX at contract inception, which is when the AVAX were staked. Staking rewards received or receivable upon redemption and derecognition of stAVAX and sAVAX are presented in staking rewards, net of fees in the Company’s condensed consolidated statements of operations. Upon staking AVAX through the liquid staking protocols, the AVAX is derecognized because the protocols obtain the ability to deploy and direct its use, and the stAVAX and sAVAX tokens received concurrently are then recognized. Any gain or loss on the staking transaction is recognized in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”) based on the difference between the cost basis of the AVAX staked and the fair value of the stAVAX and sAVAX received and included in realized loss on digital assets in the Company’s condensed consolidated statements of operations.When stAVAX or sAVAX is redeemed, the Company derecognizes the stAVAX or sAVAX at its carrying amount (cost less impairment) and recognizes the AVAX received at fair value on the redemption date. The AVAX received in excess of the AVAX originally staked represents staking rewards and is recognized as revenue as described above. Any gain or loss on redemption is recognized in accordance with ASC 610-20 based on the difference between the fair value of the remaining AVAX received and the carrying amount of the stAVAX or sAVAX, and is included in realized loss on digital assets in the Company’s condensed consolidated statements of operations.The Company recognizes income from liquid staking when the related rewards are earned and are measurable and realizable. As of September 30, 2026, the Company had no stAVAX or sAVAX tokens. As of December 31, 2025, the Company held 1,180,516 stAVAX tokens with a carrying value of $15,246,914 and no sAVAX tokens. During the nine months ended September 30, 2026, the Company recorded impairment losses of $5,487,722 and $10,672,560 related to stAVAX and sAVAX, respectively (included in impairment of digital assets). The Company also recognized gains on redemption of $1,810,121 and $2,146,582 related to stAVAX and sAVAX, respectively (included in realized loss on digital assets), during the nine months ended September 30, 2026. The Company recognized liquid staking rewards of $660,693 and $250,294 from stAVAX and sAVAX, respectively, during the nine months ended September 30, 2026. No liquid staking rewards, impairment losses or gains on redemption were recognized during the three months ended September 30, 2026, as all stAVAX and sAVAX had been redeemed prior to July 1, 2026.Restrictions on AVAXOn or about October 1, 2025 (the Effective Date), the Company acquired a total of 8,658,685 restricted AVAX tokens from six counterparties, with a fair value of $106.5 million as of December 31, 2025, pursuant to a combination of the Contribution Agreement, the Token Sale Agreement dated October 1, 2025 (the “TSA”), and separate subscription or contribution agreements with each investor.All AVAX tokens received by the Company are subject to contractual transfer restrictions that prevent the Company from selling, transferring, or otherwise disposing of the tokens during the applicable lockup periods. These restrictions are implemented through a combination of paper-lock provisions (contractual restrictions enforced through the terms of the applicable agreements) and P-chain lock provisions (protocol- enforced restrictions embedded at the Avalanche blockchain level). The lockup schedules vary by investor, with restriction periods ranging from approximately 7 months to approximately 56 months. Each tranche is subject to a staged unlock schedule under which tokens become freely transferable in periodic monthly increments over the restriction period.The Company is permitted to engage in certain activities with respect to the restricted tokens during the lockup period, including protocol staking, liquid staking, yield generation, and limited liquidity provision, subject to the terms and conditions specified in the applicable agreements. The restrictions limit the Company’s ability to access the liquidity for these AVAX until the lock-up periods expire. The Company may be exposed to increased price volatility to restricted AVAX because it cannot sell these positions during the lock-up period. The timing of future unlocks is determined by the contractual terms of the applicable agreements and the related P-chain lock provisions; however, changes in market conditions could affect the value of AVAX when it unlocks. Consistent with the Company’s long-term treasury strategy, AVAX subject to lock-up restrictions, including AVAX scheduled to unlock within the next twelve months, is classified as noncurrent. AVAX classified as current consists of unrestricted AVAX that management expects to sell within the next twelve months to fund the Company’s obligations (see Note 2).The Company considered the restrictions noted above in accordance with ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, and determined that all of the restrictions would be considered entity-specific or sales restrictions rather than restrictions on the underlying token (i.e. the restrictions don’t follow the underlying token), therefore the Company will not consider these restrictions in determining the fair value of the digital assets.The following summarizes the restrictions on the locked AVAX as of September 30, 2026 and December 31, 2025:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:69.9pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:10.15pt;padding:0pt;"></td><td style="width:69.1pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:361.05pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;margin:0pt;padding:0pt;">Fair value as of</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">AVAX tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restriction period</td></tr><tr style="height:34.74pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,083,136</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 55,551,052</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock in monthly increments beginning October 2026 and concluding July 2029. The original schedule of 48 equal monthly increments beginning September 2026 was shortened by the sale of 2,082,371 tokens to the Foundation (see Note 11).</td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 183,953</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 2,010,330</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;">72,987*</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 797,638</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027.</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">40,904*</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 447,019</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock February 2027.</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,380,980</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 58,806,039</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>*The AVAX tokens in the table above as of September 30, 2026 includes 113,891 AVAX tokens that remain to be received under executed subscription agreements. These AVAX tokens are not held in the Company’s custody and are not included in digital assets on the condensed consolidated balance sheet; they are reflected in the subscription receivable within stockholders’ equity (see Subscription Receivable below).<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:69.9pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:10.15pt;padding:0pt;"></td><td style="width:69.1pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:361.05pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;margin:0pt;padding:0pt;">Fair value as of</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">AVAX tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restriction period</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 7,317,966</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,010,982</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 48 equal monthly increments beginning September 2026 and concluding August 2030.</td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 833,003</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 10,245,937</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 275,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,382,500</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over a period spanning October 2025 through July 2026 with equal monthly increments of approximately 11.1%</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 167,502</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 2,060,275</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period beginning March 2026 through August 2026, with equal monthly increments of approximately 16.7% per month.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 15,439</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 189,900</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027.</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 49,775</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 612,233</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning February 2025 and concluding September 2027.</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 8,658,685</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 106,501,827</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table>Token Sale LiabilityThe TSA represented an asset acquisition of AVAX tokens funded through a combination of cash, USDC and equity-based consideration. Prior to settlement, the token sale liability represented the fair value of the Company’s obligation to issue Class A Common Stock to satisfy the remaining contractual consideration of $30.0 million. The token sale liability met the criteria for liability classification under ASC 480-10-25-14(a) and was remeasured at fair value each reporting period, with changes in fair value recognized in earnings.On June 11, 2026, the Company settled the token sale liability through the issuance of Class A Common Stock in connection with the closing of the Business Combination. Upon settlement, the carrying value of the token sale liability was reclassified to stockholders’ equity. To the extent the fair value of the equity issued differed from the carrying amount of the token sale liability immediately prior to settlement, the Company recognized a loss on settlement of approximately $7.0 million, which is included in other income (expense), net, in the accompanying consolidated statements of operations. Following the settlement, no token sale liability remained outstanding as of September 30, 2026.The token sale liability was measured as the fair value of the 7,317,966 AVAX tokens deliverable under the TSA, less the $50.0 million paid to the Foundation. The token sale liability had a balance of $40,010,988 as of December 31, 2025. For the nine months ended September 30, 2026, the Company recognized a gain of $41,419,685 within change in fair value of token sale liability and a loss of $6,958,697 within loss on settlement of token sale liability in the condensed consolidated statements of operations. The liability was settled on June 11, 2026 through the issuance of 3,000,000 shares of Class A Common Stock with a fair value of $5,550,000.Subscription ReceivableThe Company records subscription receivables when Class A Common Stock are issued pursuant to executed subscription agreements for which consideration, including cash, USDC, or digital assets, has not yet been received. Subscription receivables are presented as a contra-equity balance within stockholders’ equity in the accompanying condensed consolidated balance sheets.The subscription receivable is initially measured based on the fair value of the AVAX tokens to be received on the issuance date of the related Class A Common Stock. Subsequent changes in the fair value of the AVAX tokens underlying the subscription receivable are recognized through equity as an adjustment to additional paid-in capital and do not impact the condensed consolidated statements of operations.As of September 30, 2026 and December 31, 2025, the subscription receivable represented approximately 113,862 and 192,923 AVAX tokens to be received under executed subscription agreements, with carrying amounts of $3,495,567 and $5,922,749, respectively.Treasury StockThe Company accounts for repurchases of its common stock using the cost method in accordance with ASC 505-30, Treasury Stock. Repurchased shares are recorded at their acquisition cost and presented as a reduction of stockholders’ equity in the accompanying consolidated balance sheets. Treasury shares are not considered outstanding and are excluded from the calculation of basic and diluted earnings per share from the date of repurchase.Upon subsequent reissuance of treasury shares, any difference between the proceeds received and the original acquisition cost is recorded within additional paid-in capital, to the extent available, or retained earnings (accumulated deficit), as applicable. Gains or losses resulting from treasury stock transactions are not recognized in the consolidated statements of operations.Fair Value MeasurementThe Company measures certain assets and liabilities at fair value in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs).The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.Level 3 — Inputs that are both significant to the fair value measurement and unobservable.The estimated fair value of certain financial instruments, including cash, accounts payable, accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. USDC is measured at fair value on a recurring basis pursuant to the Company’s election of the fair value option under ASC 825-10 (see “USD Coin” above).Deferred Transaction CostsThe Company capitalized transaction costs, in accordance with ASC 340-10-S99-1 (SEC Staff Accounting Bulletin Topic 5.A, Expenses of Offering), which primarily consist of direct, incremental legal, professional, accounting and other third-party fees relating to the Company’s closing of the Transactions. The deferred costs were expensed upon the consummation of the Business Combination. At September 30, 2026 and December 31, 2025, the Company recorded $— and $1,845,131 in deferred transaction costs on the accompanying balance sheet.Net Loss Per ShareBasic net income (loss) per share attributable to holders of Class A Common Stock is computed by dividing net income (loss) attributable to holders of Class A Common Stock by the weighted-average number of shares of Class A Common Stock outstanding during the period. The Company’s Class B Common Stock is not a participating security and, therefore, is not included in the calculation of basic net income (loss) per share.Diluted net income (loss) per share attributable to holders of Class A Common Stock is computed by giving effect to all potentially dilutive securities outstanding during the period using the treasury stock method or if-converted method, as applicable. Potential common shares are excluded from the calculation of diluted net income (loss) per share when their effect would be anti-dilutive.For the nine months ended September 30, 2026, the Company’s diluted weighted-average shares of Class A Common Stock outstanding were equal to its basic weighted-average shares of Class A Common Stock outstanding because the Company reported a net loss for the period, and all potentially dilutive securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive. For the three months ended September 30, 2026, the Company reported net income, and the dilutive effect of stock options and restricted stock units is evaluated using the treasury stock method and the dilutive effect of the earn-out shares is evaluated as contingently issuable shares (see Note 12).Income taxesThe Company accounts for income taxes under the asset and liability method in accordance with FASB ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards, as applicable. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect of changes in enacted tax rates on deferred tax assets and liabilities is recognized in income in the period of enactment. A valuation allowance is established when necessary to reduce deferred tax assets to the amount that is more likely than not to be realized.The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable taxing authority. Recognized tax positions are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company is not currently aware of any uncertain tax positions that could result in significant payments, accruals or material changes to its tax positions. The Company is subject to examination by applicable taxing authorities for tax years since inception.While ASC 740 identifies usage of the annual effective tax rate for purposes of interim provision, it does allow for estimating elements in the current period of they are significant or unusual or infrequent. Computing the AETR for the Company is complicated due to the potential impact of the Company’s change in fair market value of token sale liabilities, post issuance liabilities and earnout liabilities. Furthermore, the Company recognizes realized and unrealized gains and losses on its liquid staking tokens which are dependent on timing and pricing of markets which are highly volatile. The Company has taken the position as to the calculation of income tax expenses in the current period based on ASC 740-270-25-2 which states, “if an entity is unable to estimate a part of its ordinary income (or loss) or the related tax (or benefit) but is otherwise able to make a reliable estimate, the tax (or benefit) applicable to the item that cannot be estimated shall be reported in the interim period in which the item is reported.” The Company believes its calculation to be a reliable estimate and allows it to properly take into account the unusual elements that can impact its annualized book income and its impact on the ETR. As such, the Company is computing its taxable income (loss) and associated income tax provision based on actual results through September 30, 2026. Because the Company maintains a full valuation allowance against its net deferred tax assets, its estimated annual effective tax rate for 2026 is 0%. The Company recorded no income tax expense or benefit for the three and nine months ended September 30, 2026, resulting in an effective tax rate of 0%. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to nondeductible transaction costs, the change in fair value of and loss on settlement of the token sale liability, the issuance and change in fair value of the earn-out and post-closing share liabilities, and the change in the valuation allowance.As of September 30, 2026, the Company had net deferred tax assets of $6,782,266, consisting primarily of deferred tax assets related to capital losses on digital assets, impairment of digital assets, federal net operating loss carryforwards and stock-based compensation, net of a deferred tax liability related to unrealized gains on digital assets. Based on the available evidence, including the Company’s history of losses, management concluded that it is not more likely than not that the deferred tax assets will be realized and recorded a full valuation allowance of $6,782,266 as of September 30, 2026. Prior to the closing of the Business Combination on June 11, 2026, Avalanche Treasury Company, LLC was treated as a partnership for U.S. federal income tax purposes, and its income and losses were reported by its members. The $37,099 paid during the three months ended September 30, 2026 represents withholding tax paid under Section 1446 of the Internal Revenue Code on behalf of foreign members for 2025 and is included in general and administrative expenses.Recent Accounting Pronouncements:Recent Accounting Pronouncements, not yet adopted:ASU 2024-03, “Disaggregation of Income Statement Expenses (“DISE”)” (“ASU 2024-03”) requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosure about selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its financial statements and disclosures.In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The standard revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business. The amendments differ from current U.S. GAAP because, for certain transactions, they replace the requirement that the primary beneficiary of a VIE is always the acquirer with an assessment that requires an entity to consider the factors to determine which entity is the accounting acquirer. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The ASU does not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance will become effective for interim and annual reporting periods beginning on January 1, 2027, will require a prospective transition method for business combinations that occur after the initial adoption date, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s financial statements.In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which improves the navigability of the required interim disclosures, clarifies when that guidance applies and provides additional guidance on the disclosures that should be provided in interim reporting periods. The amendments do not change the underlying principles of interim reporting. ASU 2025-11 is effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2027, and for all other entities for interim reporting periods within annual reporting periods beginning after December 15, 2028, and may be applied prospectively or retrospectively. Early adoption is permitted. As an emerging growth company that has elected the extended transition period, the Company expects to adopt ASU 2025-11 for interim reporting periods within its annual reporting period beginning January 1, 2029, unless it ceases to qualify as an emerging growth company before that date. The Company is currently evaluating the impact of this ASU on its interim financial statements and related disclosures.In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements, which refines existing guidance to further enhance the interpretation and application of the Codification. The guidance is effective for annual reporting periods, and interim reporting periods within those annual reporting periods, beginning after December 15, 2026, and may be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company does not expect the adoption of ASU 2025-12 to have a material impact on its financial statements and related disclosures.

Principles of ConsolidationThe accompanying unaudited condensed consolidated financial statements include the accounts of Avalanche Treasury Corporation and the Company’s wholly-owned subsidiaries. All intercompany transactions have been eliminated upon consolidation of these entities.

Segment InformationASC 280, “Segment Reporting” (“ASC 280”), defines operating segments as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company operates as a single operating segment. The Company’s CODM is the Chief Executive Officer, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. Currently, the CODM reviews total expenses as the primary measure to manage the business and does not segment the business for internal reporting or decision making. The CODM does not review segment assets at a level other than that presented in the Company’s balance sheet. There are no significant expense categories regularly provided to the CODM beyond those disclosed in the statement of operations.

true

Concentration of Credit RiskCashFinancial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the FDIC up to $250,000 per depositor, per insured bank. As of September 30, 2026, the Company had $3,629,110 in cash balances in excess of the FDIC insured limit. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.USD CoinThe Company holds USD Coin (“USDC”), a fiat-backed stablecoin issued on public blockchain networks. USDC is accounted for as a financial asset. Based on the terms governing USDC, the Company has a contractual right to redeem USDC for U.S. dollars on demand. Because this right represents a contractual claim to cash, USDC meets the definition of a financial asset under ASC 825-10, Financial Instruments — Overall. USDC is recognized as a financial asset upon acquisition.The Company has elected the fair value option under ASC 825-10 for its USDC. Accordingly, USDC is measured at fair value on a recurring basis, with changes in fair value recognized in earnings within other income in the condensed consolidated statements of operations. The Company elected the fair value option for USDC because fair value, based on quoted prices on an active exchange, best reflects the amount the Company would realize on its USDC, including the effect of any deviation from the U.S. dollar peg, and is consistent with how the Company measures its other digital assets. There were no gains or losses from changes in the fair value of USDC for the three and nine months ended September 30, 2026.The Company classifies its USDC as current assets on the balance sheet. The Company safeguards its USDC through third-party custodians. As of September 30, 2026 and December 31, 2025, the Company held USDC balances of $1,011,949 and $3,373,564, respectively, with third-party custodian Coinbase Custody Trust Company, LLC. The Company’s USDC holdings are subject to the creditworthiness and reserve practices of the issuer. Although USDC is designed to maintain a stable value, de-pegging events, regulatory actions, or issuer level risks could impair the Company’s ability to redeem USDC at par.For the three and nine months ended September 30, 2026 the Company earned yield of $13,311 and $49,185 of USDC on USDC balances through participation in a third-party wallet and recorded $13,311 and $49,185, respectively, related to these USDC as other income in the accompanying unaudited condensed consolidated statements of operations. The Company’s purchases, sales, and dispositions of USDC are reflected within investing activities in the statement of cash flows. Contributions of USDC received in connection with private placement member interest agreements are presented as non-cash financing activities in the accompanying statement of cash flows. Sales of digital assets in exchange for USDC and repayments of borrowings in USDC are presented as non-cash investing and financing activities, respectively.Digital AssetsThe Company holds digital assets, which include Avalanche (“AVAX”) and the liquid staking tokens stAVAX and sAVAX, each representing AVAX staked through a third-party liquid staking protocol (“stAVAX” and “sAVAX,” respectively), which expose it to concentrations of market, credit and custodial risk. As of September 30, 2026 and December 31, 2025, digital assets represented a significant portion of the Company’s total assets. The Company’s holdings of AVAX, stAVAX and sAVAX are not insured or guaranteed by any government or third-party institution. Changes in market prices, protocol performance, or blockchain network conditions could materially affect the fair value of these assets.The Company safeguards its digital assets through third-party custodians. As of September 30, 2026 and December 31, 2025, the Company held approximately 4,549,209 and 8,329,871 AVAX, respectively, with Coinbase Custody Trust Company. The Company held no AVAX as of September 30, 2026 and approximately 5,249,578 AVAX as of December 31, 2025 with BitGo Trust Company, Inc. In addition, the Company held no stAVAX as of September 30, 2026 and approximately 1,180,516 stAVAX as of December 31, 2025 with BitGo Trust Company, Inc. As of September 30, 2026, the Company also held approximately 8,763,542 AVAX with Anchorage Digital Bank N.A., of which approximately 3,010,907 AVAX were pledged as collateral under the Company’s note payable (see Note 7). Lastly, the Company held no sAVAX as of September 30, 2026 or December 31, 2025.The Company’s AVAX, stAVAX and sAVAX holdings are dependent on the performance and security of the underlying Avalanche blockchain and the specific staking protocol that issues AVAX, stAVAX and sAVAX. Smart contract vulnerabilities, validator performance issues, or protocol governance actions could adversely affect the value or liquidity of AVAX, stAVAX and sAVAX.Digital asset markets may experience periods of reduced liquidity. The Company may be unable to convert AVAX, stAVAX or sAVAX into fiat currency or other digital assets on a timely basis or at expected prices.

3629110

0 0 1011949 3373564 13311 49185 13311 49185 4549209 8329871 0 5249578 0 1180516 8763542 3010907 0 0 Concentration and Current VulnerabilityThe Company’s activities consisted principally of investing, staking and evaluating digital token technologies that run on the Avalanche public blockchain network. Due to the current nature of the Company’s operations and the scale of business transacted on the Avalanche Network, a concentration could potentially result in vulnerability as of the reporting date. The concentration and potential associated vulnerabilities are listed below:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A decline in, or loss of, staking rewards earned from the staking of AVAX, stAVAX and sAVAX delegated to one or more validator nodes on the network;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">A decline in, or loss of, the Company’s AVAX, stAVAX or sAVAX holdings and its utility to the Avalanche network and a source of liquidity for its business; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Disruption to the nature and extent of the business plan should the Avalanche public blockchain fail or become redundant due to technological obsolescence or regulatory action.</td></tr></table><div style="margin-top:11pt;"></div>The AVAX, stAVAX and sAVAX tokens perform various functions within the Avalanche Ecosystem, including incentivizing network security and functionality and acting as the payment currency on the primary network. Therefore this concentration may result in vulnerability to a near-term severe impact, and at least a possibility that there could be events outside of the Company’s control that may result in a severe impact in the near future.Based on the above concentrations, as of the date of these unaudited condensed consolidated financial statements, and in the event of a dissolution of Avalanche Foundation or an inability of the Avalanche public blockchain and/or AVAX, stAVAX or sAVAX to function as expected, these could result in near-term severe impacts to the Company’s business.Management monitors these concentrations on an ongoing basis and may adjust its USDC and digital asset exposure in response to market, regulatory, or operational developments.The Company relies on third-party service providers to perform certain functions essential to its operations. Any disruptions to the Company’s service providers’ business operations resulting from business failures, financial instability, security failures, government mandated regulation or operational problems could have an adverse impact on the Company’s ability to access critical services and be disruptive to the operations of the Company.If the Company were to liquidate a significant block of AVAX in a single transaction, this may adversely impact the price per AVAX in the market. Separately, because a substantial portion of the Company’s AVAX is subject to contractual transfer restrictions during the applicable lock-up periods (see “Restrictions on AVAX” below), the Company may be unable to sell restricted AVAX to meet its liquidity needs, which represents an additional liquidity risk.

Business CombinationsThe Company evaluates whether acquired net assets should be accounted for as a business combination or an asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, the Company applies its judgment to determine whether the acquired net assets meets the definition of a business by considering if the set includes an acquired input, process, and the ability to create outputs.The Company accounts for business combinations using the acquisition method when it has obtained control. The Company measures goodwill as the fair value of the consideration transferred including the fair value of any non-controlling interest recognized, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at their fair value as of the acquisition date. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred.Any contingent consideration is measured at fair value at the acquisition date. For contingent consideration that does not meet all the criteria for equity classification, such contingent consideration is required to be recorded at its initial fair value at the acquisition date, and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified contingent consideration are recognized on the condensed consolidated statements of operations in the period of change.When the initial accounting for a business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.The Company accounts for certain business combinations that meet the definition of a reverse recapitalization in accordance with ASC 805, Business Combinations, and ASC 810, Consolidation. A reverse recapitalization occurs when the legal acquirer is determined to be the accounting acquiree, and the legal acquiree is determined to be the accounting acquirer.<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">No goodwill or intangible assets are recorded</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The transaction is treated as a capital transaction in substance</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:11pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The accounting acquirer’s assets and liabilities are carried forward at their historical carrying amounts</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">The accounting acquiree’s net assets are recorded at historical cost</td></tr></table><div style="margin-top:11pt;"></div>

Digital AssetsThe Company’s digital assets include holdings of AVAX, the native token of the Avalanche blockchain network, which are measured at fair value in accordance with ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets, codified in ASC Subtopic 350-60 and stAVAX and sAVAX, liquid staking tokens on the Avalanche blockchain network, which fall within the scope of ASC 350-30. The digital assets held by the Company are included in current and non-current assets in the accompanying balance sheet. Certain AVAX holdings are classified as current assets because they are readily convertible to cash in active markets and are available to support the Company’s operations and liquidity needs.The Company’s AVAX are measured at fair value as of each reporting period using Level 1 inputs in accordance with ASC 820, Fair Value Measurement. Level 1 inputs are based on quoted prices in active markets for identical assets that the Company has the ability to access. The Company has determined its principal market to be Coinbase, which serves as its primary digital asset exchange for purchases and sales and the market in which it conducts the majority of its trading activity and due to the most volume of all accessible markets. Fair value is determined using the closing price as of 12:00 AM UTC on Coinbase on the Company’s financial statement measurement date. Changes in fair value are recognized within change in fair value of digital assets within operating expense in the Company’s accompanying unaudited condensed consolidated statement of operations. Realized gains and losses on disposition are recognized using specific identification.The Company’s stAVAX and sAVAX are intangible assets that do not meet the criteria in ASC 350-60-15-1 and are accounted for as indefinite-lived intangible assets. The Company exchanges AVAX for liquid staking receipt tokens, including stAVAX and sAVAX, through the Hypha Protocol and BENQI Protocol, respectively, in connection with its liquid staking activities. These receipt tokens entitle the holder to redeem the digital intangible assets for which they were exchanged. Holders of stAVAX and sAVAX have claims on underlying staked AVAX and associated staking rewards. Accordingly, these tokens are intangible assets that do not meet the definition of crypto assets within the scope of ASC 350-60 because they are liquid staking tokens that convey enforceable rights to underlying assets. ASU 2023-08 excludes digital assets that provide enforceable rights to underlying goods, services, or other assets.Accordingly, the Company tests stAVAX and sAVAX for impairment annually and more frequently when events or changes in circumstances indicate that fair value is below carrying amount. If fair value exceeds carrying value, no upward adjustment is recorded. The Company monitors the value of AVAX subsequent to the initial recognition of stAVAX and sAVAX on an intraday basis for changes in circumstances that may indicate that the carrying amounts of stAVAX and sAVAX may not be recoverable. This ongoing assessment considers significant declines in the market value of AVAX.While impairment assessments are performed daily, any identified impairment losses are formally recorded on a quarterly basis in the Company’s condensed consolidated financial statements. For the period from January 1, 2026 through September 30, 2026, the Company recognized impairment on stAVAX and sAVAX based on the lowest intraday value of AVAX identified during the period when such value was below the respective carrying values of stAVAX and sAVAX.For the three and nine months ended September 30, 2026, the Company recorded impairment losses related to its stAVAX of $— and $5,487,722, respectively, and impairment losses related to its sAVAX of $— and $10,672,560, respectively. Total impairment losses related to stAVAX and sAVAX were $— and $16,160,282, respectively, for the three and nine months ended September 30, 2026, and are presented in operating expenses in the accompanying unaudited condensed consolidated statements of operations.The Company’s current treasury strategy is primarily to retain its digital assets for investment and to generate returns through staking and liquid staking activities, as applicable. The Company does not generally acquire digital assets for the purpose of short-term trading; however, from time to time, the Company may sell, redeem or otherwise dispose of digital assets to fund operating activities, satisfy liquidity requirements, rebalance its treasury holdings or for other strategic purposes.Digital assets held for investment that are staked remain recorded within digital assets on the balance sheet. Staking rewards earned by the Company through staking of these assets are recognized as an addition to digital assets and as staking revenue in the accompanying unaudited condensed consolidated statements of operations in the period in which such rewards are recognized.The Company classifies digital assets as current or non-current based on management’s intended use of the assets and its expectations regarding the timing of their disposition. Digital assets that the Company expects to sell or otherwise monetize within the next twelve months, including amounts expected to be used to fund operating activities and other liquidity requirements, are classified as current assets. Digital assets that the Company intends to retain for long-term investment and does not expect to monetize within the next twelve months are classified as non-current assets. As of September 30, 2026, approximately $17.6 million of the Company’s digital assets were classified as current based on management’s expectation that such assets may be monetized within the next twelve months to support the Company’s operating and liquidity requirements, including repayment of the note payable maturing on January 10, 2027.Purchases of digital assets are reflected as cash flows used in investing activities in the accompanying statement of cash flows. Contributions of digital assets received in connection with private placement member interest agreements are presented as non-cash financing activities in the accompanying statement of cash flows.

5487722

10672560

16160282

17600000

Staking RewardsThe Company recognizes revenue from its staking activities in accordance with ASC 606, Revenue from Contracts with Customers, applied by analogy. To determine the appropriate amount of revenue to be recognized the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including the constraint on variable consideration, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies each performance obligation.The Company participates in direct staking in proof-of-stake blockchain networks by staking or delegating digital assets held for investment. The Company utilizes third-party node operators to operate validator infrastructure on the Company’s behalf, provide staking facilitation services, and support staking- related reporting and monitoring. The Company is entitled to receive protocol-defined staking rewards only when the validator to which it has staked tokens successfully maintains protocol defined uptime. The Company’s performance obligation is the delegation of its AVAX tokens to a third-party node operator for a defined staking period. This obligation is satisfied over time as the node operator maintains the required uptime throughout the staking period, since the customer simultaneously receives and consumes the benefit provided. The transaction price, measured at contract inception using quoted prices of AVAX on the Company’s principal market, is recognized ratably over the staking period. The staking terms are contractually fixed at inception and the Company does not have the practical ability to withdraw its tokens prior to the expiration of the staking period. Staked digital assets remain under the Company’s ownership and continue to be measured at fair value.The Company delegates to third-party node operators to facilitate its staking operations, including the setup, operation, and maintenance of their validator nodes. While the Company determines the amount of AVAX staked and the timing of staking and unstaking, the third-party service providers control the underlying infrastructure critical to the staking process, including node availability and the ability to meet the network’s uptime requirements necessary to earn staking rewards. Because the Company is dependent on the third-party vendors’ infrastructure to meet the performance obligation of the node and to generate rewards, and because the vendors bear primary responsibility for ensuring the nodes remain operational and eligible for rewards, the Company has determined that it acts as the agent in these arrangements. Although the Company retains ownership of the underlying digital assets and directs certain aspects of the staking process, the nature and extent of the vendors’ involvement in delivering the staking service is the predominant factor in this assessment. Accordingly, the Company recognizes staking rewards on a net basis as revenue, net of fees paid to the third-party service providers.The transaction price consists entirely of variable consideration in the form of staking rewards, which is contingent upon successful uptime requirements by the node operator. The Company constrains variable consideration until it is probable that a significant reversal of cumulative revenue recognized will not occur. Validators are required to maintain a minimum uptime of 90% (previously 80%) throughout the staking period. Failure to meet this threshold results in the forfeiture of all staking rewards for the validator and its delegators, including the Company. As such, the consideration the Company expects to receive is contingent upon the node operator’s performance and is accounted for as variable consideration under ASC 606, by analogy. Because the Company is entitled either to the full staking reward or to no reward depending on whether the uptime requirement is met, the transaction price is measured at inception using the most likely amount method. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty is subsequently resolved. The performance obligation is satisfied over time as the node operator maintains the required uptime throughout the staking period, since the customer simultaneously receives and consumes the benefit provided. The transaction price is recognized ratably over the staking period, subject to the variable consideration constraint. Revenue is not recognized until the uncertainty associated with the variable consideration is resolved, which is typically at the end of the validation period. As of September 30, 2026 and December 31, 2025 there were no active validation periods in progress.The Company participates in liquid staking by staking AVAX through liquid staking protocols rather than operating its own validators. In connection with these activities, the Company receives stAVAX and sAVAX tokens, which are liquid staking receipt tokens representing claims on underlying staked AVAX and accumulated staking rewards and are custodied with BitGo or Anchorage. Unlike direct staking, rewards are not paid separately. Instead, staking rewards are reflected through increases in the respective AVAX-to-stAVAX and AVAX-to-sAVAX exchange rates over time. Staking rewards are not continuously reflected in token balances but are instead realized separately. Staking rewards are therefore recognized only when the stAVAX and sAVAX are redeemed and derecognized, measured at the fair value of AVAX at contract inception, which is when the AVAX were staked. Staking rewards received or receivable upon redemption and derecognition of stAVAX and sAVAX are presented in staking rewards, net of fees in the Company’s condensed consolidated statements of operations. Upon staking AVAX through the liquid staking protocols, the AVAX is derecognized because the protocols obtain the ability to deploy and direct its use, and the stAVAX and sAVAX tokens received concurrently are then recognized. Any gain or loss on the staking transaction is recognized in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”) based on the difference between the cost basis of the AVAX staked and the fair value of the stAVAX and sAVAX received and included in realized loss on digital assets in the Company’s condensed consolidated statements of operations.When stAVAX or sAVAX is redeemed, the Company derecognizes the stAVAX or sAVAX at its carrying amount (cost less impairment) and recognizes the AVAX received at fair value on the redemption date. The AVAX received in excess of the AVAX originally staked represents staking rewards and is recognized as revenue as described above. Any gain or loss on redemption is recognized in accordance with ASC 610-20 based on the difference between the fair value of the remaining AVAX received and the carrying amount of the stAVAX or sAVAX, and is included in realized loss on digital assets in the Company’s condensed consolidated statements of operations.The Company recognizes income from liquid staking when the related rewards are earned and are measurable and realizable. As of September 30, 2026, the Company had no stAVAX or sAVAX tokens. As of December 31, 2025, the Company held 1,180,516 stAVAX tokens with a carrying value of $15,246,914 and no sAVAX tokens. During the nine months ended September 30, 2026, the Company recorded impairment losses of $5,487,722 and $10,672,560 related to stAVAX and sAVAX, respectively (included in impairment of digital assets). The Company also recognized gains on redemption of $1,810,121 and $2,146,582 related to stAVAX and sAVAX, respectively (included in realized loss on digital assets), during the nine months ended September 30, 2026. The Company recognized liquid staking rewards of $660,693 and $250,294 from stAVAX and sAVAX, respectively, during the nine months ended September 30, 2026. No liquid staking rewards, impairment losses or gains on redemption were recognized during the three months ended September 30, 2026, as all stAVAX and sAVAX had been redeemed prior to July 1, 2026.

0.90 0.80

1180516

15246914

5487722 10672560 1810121 2146582 660693 250294 0 0 Restrictions on AVAXOn or about October 1, 2025 (the Effective Date), the Company acquired a total of 8,658,685 restricted AVAX tokens from six counterparties, with a fair value of $106.5 million as of December 31, 2025, pursuant to a combination of the Contribution Agreement, the Token Sale Agreement dated October 1, 2025 (the “TSA”), and separate subscription or contribution agreements with each investor.All AVAX tokens received by the Company are subject to contractual transfer restrictions that prevent the Company from selling, transferring, or otherwise disposing of the tokens during the applicable lockup periods. These restrictions are implemented through a combination of paper-lock provisions (contractual restrictions enforced through the terms of the applicable agreements) and P-chain lock provisions (protocol- enforced restrictions embedded at the Avalanche blockchain level). The lockup schedules vary by investor, with restriction periods ranging from approximately 7 months to approximately 56 months. Each tranche is subject to a staged unlock schedule under which tokens become freely transferable in periodic monthly increments over the restriction period.The Company is permitted to engage in certain activities with respect to the restricted tokens during the lockup period, including protocol staking, liquid staking, yield generation, and limited liquidity provision, subject to the terms and conditions specified in the applicable agreements. The restrictions limit the Company’s ability to access the liquidity for these AVAX until the lock-up periods expire. The Company may be exposed to increased price volatility to restricted AVAX because it cannot sell these positions during the lock-up period. The timing of future unlocks is determined by the contractual terms of the applicable agreements and the related P-chain lock provisions; however, changes in market conditions could affect the value of AVAX when it unlocks. Consistent with the Company’s long-term treasury strategy, AVAX subject to lock-up restrictions, including AVAX scheduled to unlock within the next twelve months, is classified as noncurrent. AVAX classified as current consists of unrestricted AVAX that management expects to sell within the next twelve months to fund the Company’s obligations (see Note 2).The Company considered the restrictions noted above in accordance with ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, and determined that all of the restrictions would be considered entity-specific or sales restrictions rather than restrictions on the underlying token (i.e. the restrictions don’t follow the underlying token), therefore the Company will not consider these restrictions in determining the fair value of the digital assets.The following summarizes the restrictions on the locked AVAX as of September 30, 2026 and December 31, 2025:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:69.9pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:10.15pt;padding:0pt;"></td><td style="width:69.1pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:361.05pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;margin:0pt;padding:0pt;">Fair value as of</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">AVAX tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restriction period</td></tr><tr style="height:34.74pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,083,136</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 55,551,052</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock in monthly increments beginning October 2026 and concluding July 2029. The original schedule of 48 equal monthly increments beginning September 2026 was shortened by the sale of 2,082,371 tokens to the Foundation (see Note 11).</td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 183,953</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 2,010,330</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;">72,987*</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 797,638</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027.</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">40,904*</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 447,019</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock February 2027.</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,380,980</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 58,806,039</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>*The AVAX tokens in the table above as of September 30, 2026 includes 113,891 AVAX tokens that remain to be received under executed subscription agreements. These AVAX tokens are not held in the Company’s custody and are not included in digital assets on the condensed consolidated balance sheet; they are reflected in the subscription receivable within stockholders’ equity (see Subscription Receivable below).<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:69.9pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:10.15pt;padding:0pt;"></td><td style="width:69.1pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:361.05pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;margin:0pt;padding:0pt;">Fair value as of</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">AVAX tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restriction period</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 7,317,966</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,010,982</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 48 equal monthly increments beginning September 2026 and concluding August 2030.</td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 833,003</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 10,245,937</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 275,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,382,500</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over a period spanning October 2025 through July 2026 with equal monthly increments of approximately 11.1%</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 167,502</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 2,060,275</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period beginning March 2026 through August 2026, with equal monthly increments of approximately 16.7% per month.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 15,439</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 189,900</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027.</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 49,775</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 612,233</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning February 2025 and concluding September 2027.</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 8,658,685</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 106,501,827</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table>

8658685

106500000

P7M P56M <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:69.9pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:10.15pt;padding:0pt;"></td><td style="width:69.1pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:361.05pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;margin:0pt;padding:0pt;">Fair value as of</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">AVAX tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restriction period</td></tr><tr style="height:34.74pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,083,136</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 55,551,052</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock in monthly increments beginning October 2026 and concluding July 2029. The original schedule of 48 equal monthly increments beginning September 2026 was shortened by the sale of 2,082,371 tokens to the Foundation (see Note 11).</td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 183,953</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 2,010,330</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;">72,987*</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 797,638</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027.</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">40,904*</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 447,019</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock February 2027.</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,380,980</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 58,806,039</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>*The AVAX tokens in the table above as of September 30, 2026 includes 113,891 AVAX tokens that remain to be received under executed subscription agreements. These AVAX tokens are not held in the Company’s custody and are not included in digital assets on the condensed consolidated balance sheet; they are reflected in the subscription receivable within stockholders’ equity (see Subscription Receivable below).<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:69.9pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:10.15pt;padding:0pt;"></td><td style="width:69.1pt;padding:0pt;"></td><td style="width:14.9pt;padding:0pt;"></td><td style="width:361.05pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;margin:0pt;padding:0pt;">Fair value as of</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">AVAX tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:79.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Restriction period</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 7,317,966</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 90,010,982</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 48 equal monthly increments beginning September 2026 and concluding August 2030.</td></tr><tr style="height:34.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 833,003</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 10,245,937</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period spanning September 2025 through June 2027 at a rate of approximately 6-7% per month through October 2026, after which the schedule tapers off periodically through the conclusion of the unlock period in June 2027.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 275,000</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,382,500</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over a period spanning October 2025 through July 2026 with equal monthly increments of approximately 11.1%</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;margin:0pt;padding:0pt;"> 167,502</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;margin:0pt;padding:0pt;"> 2,060,275</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over a period beginning March 2026 through August 2026, with equal monthly increments of approximately 16.7% per month.</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 15,439</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 189,900</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning October 2025 and concluding September 2027.</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 49,775</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 612,233</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:361.05pt;margin:0pt;padding:0pt;">Tokens unlock over 24 equal monthly increments beginning February 2025 and concluding September 2027.</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;white-space:nowrap;width:69.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 8,658,685</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:69.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 106,501,827</td><td style="vertical-align:bottom;white-space:nowrap;width:14.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:361.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table>

5083136

55551052

48 2082371

183953

2010330

0.06 0.07

72987

797638

40904

447019

5380980

58806039

113891

7317966

90010982

833003

10245937

0.06 0.07

275000

3382500

0.111

167502

2060275

0.167

15439

189900

49775

612233

8658685

106501827

Token Sale LiabilityThe TSA represented an asset acquisition of AVAX tokens funded through a combination of cash, USDC and equity-based consideration. Prior to settlement, the token sale liability represented the fair value of the Company’s obligation to issue Class A Common Stock to satisfy the remaining contractual consideration of $30.0 million. The token sale liability met the criteria for liability classification under ASC 480-10-25-14(a) and was remeasured at fair value each reporting period, with changes in fair value recognized in earnings.On June 11, 2026, the Company settled the token sale liability through the issuance of Class A Common Stock in connection with the closing of the Business Combination. Upon settlement, the carrying value of the token sale liability was reclassified to stockholders’ equity. To the extent the fair value of the equity issued differed from the carrying amount of the token sale liability immediately prior to settlement, the Company recognized a loss on settlement of approximately $7.0 million, which is included in other income (expense), net, in the accompanying consolidated statements of operations. Following the settlement, no token sale liability remained outstanding as of September 30, 2026.The token sale liability was measured as the fair value of the 7,317,966 AVAX tokens deliverable under the TSA, less the $50.0 million paid to the Foundation. The token sale liability had a balance of $40,010,988 as of December 31, 2025. For the nine months ended September 30, 2026, the Company recognized a gain of $41,419,685 within change in fair value of token sale liability and a loss of $6,958,697 within loss on settlement of token sale liability in the condensed consolidated statements of operations. The liability was settled on June 11, 2026 through the issuance of 3,000,000 shares of Class A Common Stock with a fair value of $5,550,000.

30000000

7000000 0 7317966 50000000 40010988 -41419685 -6958697 3000000 5550000 Subscription ReceivableThe Company records subscription receivables when Class A Common Stock are issued pursuant to executed subscription agreements for which consideration, including cash, USDC, or digital assets, has not yet been received. Subscription receivables are presented as a contra-equity balance within stockholders’ equity in the accompanying condensed consolidated balance sheets.The subscription receivable is initially measured based on the fair value of the AVAX tokens to be received on the issuance date of the related Class A Common Stock. Subsequent changes in the fair value of the AVAX tokens underlying the subscription receivable are recognized through equity as an adjustment to additional paid-in capital and do not impact the condensed consolidated statements of operations.As of September 30, 2026 and December 31, 2025, the subscription receivable represented approximately 113,862 and 192,923 AVAX tokens to be received under executed subscription agreements, with carrying amounts of $3,495,567 and $5,922,749, respectively. 113862 192923

3495567

5922749

Treasury StockThe Company accounts for repurchases of its common stock using the cost method in accordance with ASC 505-30, Treasury Stock. Repurchased shares are recorded at their acquisition cost and presented as a reduction of stockholders’ equity in the accompanying consolidated balance sheets. Treasury shares are not considered outstanding and are excluded from the calculation of basic and diluted earnings per share from the date of repurchase.Upon subsequent reissuance of treasury shares, any difference between the proceeds received and the original acquisition cost is recorded within additional paid-in capital, to the extent available, or retained earnings (accumulated deficit), as applicable. Gains or losses resulting from treasury stock transactions are not recognized in the consolidated statements of operations.

1845131

Net Loss Per ShareBasic net income (loss) per share attributable to holders of Class A Common Stock is computed by dividing net income (loss) attributable to holders of Class A Common Stock by the weighted-average number of shares of Class A Common Stock outstanding during the period. The Company’s Class B Common Stock is not a participating security and, therefore, is not included in the calculation of basic net income (loss) per share.Diluted net income (loss) per share attributable to holders of Class A Common Stock is computed by giving effect to all potentially dilutive securities outstanding during the period using the treasury stock method or if-converted method, as applicable. Potential common shares are excluded from the calculation of diluted net income (loss) per share when their effect would be anti-dilutive.For the nine months ended September 30, 2026, the Company’s diluted weighted-average shares of Class A Common Stock outstanding were equal to its basic weighted-average shares of Class A Common Stock outstanding because the Company reported a net loss for the period, and all potentially dilutive securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive. For the three months ended September 30, 2026, the Company reported net income, and the dilutive effect of stock options and restricted stock units is evaluated using the treasury stock method and the dilutive effect of the earn-out shares is evaluated as contingently issuable shares (see Note 12).

Income taxesThe Company accounts for income taxes under the asset and liability method in accordance with FASB ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards, as applicable. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect of changes in enacted tax rates on deferred tax assets and liabilities is recognized in income in the period of enactment. A valuation allowance is established when necessary to reduce deferred tax assets to the amount that is more likely than not to be realized.The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable taxing authority. Recognized tax positions are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company is not currently aware of any uncertain tax positions that could result in significant payments, accruals or material changes to its tax positions. The Company is subject to examination by applicable taxing authorities for tax years since inception.While ASC 740 identifies usage of the annual effective tax rate for purposes of interim provision, it does allow for estimating elements in the current period of they are significant or unusual or infrequent. Computing the AETR for the Company is complicated due to the potential impact of the Company’s change in fair market value of token sale liabilities, post issuance liabilities and earnout liabilities. Furthermore, the Company recognizes realized and unrealized gains and losses on its liquid staking tokens which are dependent on timing and pricing of markets which are highly volatile. The Company has taken the position as to the calculation of income tax expenses in the current period based on ASC 740-270-25-2 which states, “if an entity is unable to estimate a part of its ordinary income (or loss) or the related tax (or benefit) but is otherwise able to make a reliable estimate, the tax (or benefit) applicable to the item that cannot be estimated shall be reported in the interim period in which the item is reported.” The Company believes its calculation to be a reliable estimate and allows it to properly take into account the unusual elements that can impact its annualized book income and its impact on the ETR. As such, the Company is computing its taxable income (loss) and associated income tax provision based on actual results through September 30, 2026. Because the Company maintains a full valuation allowance against its net deferred tax assets, its estimated annual effective tax rate for 2026 is 0%. The Company recorded no income tax expense or benefit for the three and nine months ended September 30, 2026, resulting in an effective tax rate of 0%. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to nondeductible transaction costs, the change in fair value of and loss on settlement of the token sale liability, the issuance and change in fair value of the earn-out and post-closing share liabilities, and the change in the valuation allowance.As of September 30, 2026, the Company had net deferred tax assets of $6,782,266, consisting primarily of deferred tax assets related to capital losses on digital assets, impairment of digital assets, federal net operating loss carryforwards and stock-based compensation, net of a deferred tax liability related to unrealized gains on digital assets. Based on the available evidence, including the Company’s history of losses, management concluded that it is not more likely than not that the deferred tax assets will be realized and recorded a full valuation allowance of $6,782,266 as of September 30, 2026. Prior to the closing of the Business Combination on June 11, 2026, Avalanche Treasury Company, LLC was treated as a partnership for U.S. federal income tax purposes, and its income and losses were reported by its members. The $37,099 paid during the three months ended September 30, 2026 represents withholding tax paid under Section 1446 of the Internal Revenue Code on behalf of foreign members for 2025 and is included in general and administrative expenses.

0.21

6782266

37099

Note 5. Stockholders’ equityThe authorized capital stock of the Company consists of 700,000,000 shares of capital stock, par value $0.01 per share, including 550,000,000 shares of Class A Common Stock, 100,000,000 shares of Class B Common Stock and 50,000,000 shares of preferred stock.As of September 30, 2026, the 3,600,000 Earn-out Arrangements shares are held in escrow with the transfer agent and are not reflected as issued or outstanding in the condensed consolidated financial statements (see Note 3). The 2,000,000 Astral Post-Closing Shares issued to Astral Horizon, L.P. on August 20, 2026 are included in the shares of Class A common stock issued and outstanding as of September 30, 2026.Voting RightsHolders of Class A Common Stock will not be entitled to vote on any matters voted on by shareholders, except as required by the General Corporation Law of the State of Delaware (the “DGCL”), until all shares of Class B Common Stock are cancelled.In particular, pursuant to Section 242 of the DGCL (as interpreted by case law), until all shares of Class B Common Stock are cancelled, holders of Class A Common Stock, (i) are entitled to vote, as a separate class, exclusively on any proposed amendment to the Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws that would adversely affect the powers, preferences or rights of holders of Class A Common Stock that are unique to such class (such as their economic rights), and (ii) are not entitled to vote on any other matters (including, inter alia, the election of directors, the decision to bring suit against directors, etc). In respect of the matters under point (i) above that are voted on by holders of Class A Common Stock, each holder of Class A Common Stock would be entitled to one (1) vote for each share held of record as of the applicable record date relating to such matter, and the approval of a majority of the outstanding shares of Class A Common Stock is required, in each case, as set forth in the Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws and the DGCL.Once all shares of Class B Common Stock are canceled, holders of Class A Common Stock will acquire full voting rights.Each holder of Class B Common Stock is entitled to one (1) vote for each share held of record as of the record date on all matters voted on by shareholders, including the election of directors.The Company Board is elected annually, and each director holds office for the term for which he or she is elected and until his or her successor is elected and qualified, except in the case of his or her death, resignation, removal or disqualification, and pursuant to the terms and conditions set forth in the Organizational Documents.Dividend RightsHolders of shares of Class A Common Stock are entitled to dividends when, as and if declared by the Company Board out of funds legally available therefor, subject to any preferential or other rights of any outstanding Company preferred stock. Holders of shares of Class B Common Stock are not entitled to dividends.TransferabilityShares of Class A Common Stock are freely transferable, subject to any restrictions pursuant to the DGCL and applicable federal securities laws. Transfers of shares of Class A Common Stock held by Dragonfly and certain MLAC Insiders will be subject to the lock-up restrictions pursuant to the Lock-Up Agreements. Shares of Class B Common Stock are not freely transferable, except to an Affiliate of a holder of shares of Class B Common Stock in accordance with the terms of the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws. If a holder of shares of Class B Common Stock transfers any of its shares of Class A Common Stock to third parties other than their respective Affiliates, such that as a result of such transfer, said transferor would hold a number of shares of Class B Common Stock greater than the number of shares of Class A Common Stock it holds, then said excess shares of Class B Common Stock shall be automatically cancelled for no consideration concurrently with such transfer, so that immediately following such transfer, the number of shares of Class B Common Stock held by said transferor equals the number of shares of Class A Common Stock held by the same transferor.Liquidation and Dissolution RightsSubject to applicable law, upon liquidation, dissolution or winding up of the Company’s affairs, holders of shares of Class A Common Stock will be entitled to receive pro rata on a share-for-share basis, the assets available for distribution after payment of liabilities and payment of preferential and other amounts, if any, payable on any outstanding convertible notes or preferred stock. Holders of shares of Class B Common Stock are not entitled to liquidating distributions.Share Repurchase ProgramOn August 24, 2026, the Company’s Board of Directors approved a share repurchase program authorizing the repurchase of up to $10,000,000 of the Company’s Class A common stock (the “Repurchase Program”). Repurchases under the Repurchase Program may be made from time to time, on the open market, in privately negotiated transactions or otherwise, as determined by management. The timing, manner, price and amount of any repurchases are determined at the Company’s discretion and are subject to economic and market conditions, stock price, applicable legal requirements and other factors. The Repurchase Program may be modified, suspended, extended or discontinued at any time without prior notice. The Repurchase Program does not have an expiration date.During the three and nine months ended September 30, 2026, the Company repurchased 2,889,440 shares of Class A common stock at an average price of $1.14 per share for an aggregate cost of $3,281,631, which is presented as treasury stock, at cost, within stockholders’ equity. The Company accounts for treasury stock using the cost method, under which the entire cost of the reacquired shares is recorded in treasury stock; the repurchased shares are held in treasury and remain issued but not outstanding. Of that amount, 370,229 shares were repurchased from Astral Horizon, L.P. in privately negotiated transactions in two tranches of 237,833 shares at $0.55 per share and 132,396 shares at $0.98 per share, for an aggregate cost of $259,999, and 2,519,211 shares were repurchased in the open market through a Rule 10b5-1 trading plan for an aggregate cost of $3,021,632, including commissions. As of September 30, 2026, approximately $6,718,369 remained available for future repurchases under the Repurchase Program. At September 30, 2026, $478,368 of cash deposited with the broker to fund future repurchases is included in prepaid expenses and other current assets. Astral Horizon, L.P. is a related party (see Note 6). The price for the first Astral tranche was the volume-weighted average price of the Class A common stock on August 24, 2026.

700000000

0.01

550000000

100000000

50000000

3600000 2000000 1 1 10000000

2889440

1.14

3281631

370229

237833

0.55

132396

0.98

259999

2519211

3021632

6718369

478368

Note 6. Related Party TransactionsLoan agreementsOn October 10, 2025, certain members of Avalanche Treasury Company (the “Contributing Members”), considered related parties, entered into loan contribution agreements with Avalanche Treasury Company and the Company, an affiliate and related party, to fund formation and general and administrative expenses prior to the Business Combination (as defined in Note 1). The loans are unsecured, bear interest at 4.35% per annum compounded annually, and are repayable from the proceeds of the Business Combination or other available funds thereafter. Interest is computed on a 365-day basis and limited to the maximum rate permitted by law. As of December 31, 2025 the Company drew $91,500 on these notes and paid $91,500 on these notes. As of September 30, 2026 and December 31, 2025, there were no outstanding balances on these loans. During the three and nine months ended September 30, 2026, the Company paid $37,099 of withholding tax under Section 1446 of the Internal Revenue Code on behalf of foreign members of Avalanche Treasury Company for 2025, which is included in general and administrative expenses (see Note 4).Astral Horizon, L.P.Astral Horizon, L.P. is a related party because Robert Hadick, a member of the Company’s Board of Directors, is a manager of the entity that serves as the general partner of Astral Horizon, L.P. On August 20, 2026, the Company issued 2,000,000 shares of Class A common stock to Astral Horizon, L.P. in settlement of the post-closing share liability, which had a carrying amount of $1,000,000 (see Note 3). During the three months ended September 30, 2026, the Company repurchased 370,229 shares of Class A common stock from Astral Horizon, L.P. in privately negotiated transactions for an aggregate cost of $259,999 (see Note 5). The 2,000,000 Astral Earnout Shares held in escrow are described in Note 3.

0.0435

91500

37099 2000000 1000000

370229

259999

2000000

Note 7. DebtFalconX Credit FacilityOn March 20, 2026 the Company entered into a master lender agreement with FalconX Charlie, Inc. (the “Master Lender Agreement”) and on May 29, 2026, the Company entered into a loan term sheet with FalconX Charlie, Inc. On June 10, 2026, the Company and FalconX Charlie, Inc. entered into an amended loan term sheet, effective June 11, 2026, which amended, restated and superseded the May 29, 2026 loan term sheet in its entirety (the “Loan Term Sheet”), pursuant to which it agreed to borrow $23.0 million, collateralized by certain of the Company’s AVAX holdings. As of June 11, 2026 the Company borrowed $23.0 million under the facility. The loan was open-term with no stated maturity date and bore interest at 7.0% per annum on any outstanding borrowings. Under the terms of the Master Lender Agreement, upon any draw on the facility, the Company was required to pledge AVAX tokens as collateral, the fair value of which must meet or exceed specified collateral coverage ratios at the time of borrowing and on an ongoing basis. Under the Loan Term Sheet, the initial collateral ratio was 200%, the margin call limit was 180%, the liquidation threshold was 160% and the refund limit was 230%, and all of the AVAX collateral was required to remain unstaked and fully liquid at all times. In the event that the fair value of the pledged AVAX declined below certain maintenance thresholds, the Company could be required to post additional collateral or repay a portion of the outstanding balance to restore the required coverage ratio. A further decline below a liquidation threshold could result in the lender liquidating a portion or all of the pledged collateral to satisfy the outstanding obligation. Either party could terminate the agreement in accordance with its terms, and any outstanding principal and accrued interest would become due upon termination.Repayment of the FalconX Credit FacilityThe Company used the proceeds of the July 2026 Collateralized Term Loan and the cash proceeds from sales of AVAX to the Foundation (see Note 11), together with other available funds, to repay in full all outstanding principal and accrued interest under the FalconX Credit Facility. Repayments during the nine months ended September 30, 2026 totaled $23,000,000 of principal, consisting of $20,000,000 repaid in cash and $3,000,000 repaid in USDC. Upon repayment, the approximately 7.8 million AVAX pledged as collateral were released from the tri-party custody account in two transfers on August 13, 2026 and September 2, 2026, and no amounts remained outstanding under the Master Lender Agreement as of September 30, 2026.Galaxy Digital Credit FacilityOn July 2, 2026, the Company signed a Master Digital Currency Loan Agreement (the “Galaxy Master Loan Agreement”) with Galaxy Digital LLC (“Galaxy Digital”) to facilitate the potential future execution of collateralized loans in which Galaxy Digital may lend to the Company certain digital currency or cash and the Company would pay a borrow fee and pledge collateral on or prior to the date of any drawdown. Loans under the Galaxy Master Loan Agreement may be open loans without a maturity date or term loans with a predetermined maturity date.On July 10, 2026, the Company and Galaxy Digital executed a loan term sheet pursuant to which the Company borrowed $10.0 million under a term loan with a maturity date of January 10, 2027 (the “July 2026 Collateralized Term Loan”). The borrow fee is 10.5% per annum. The proceeds were used to pay down borrowings under the FalconX Credit Facility. As of September 30, 2026, $10,000,000 of principal was outstanding under the July 2026 Collateralized Term Loan and accrued interest of $87,500 is presented separately on the condensed consolidated balance sheets. As of September 30, 2026, the Company had pledged approximately 3,010,907 AVAX tokens as collateral, with an aggregate fair value of approximately $32.9 million, based on an initial collateral level of 180%. On July 10, 2026, the Company pledged 2,990,005 AVAX with a fair value of $20,128,713 as collateral for the July 2026 Collateralized Term Loan. Under the loan term sheet and an Account Control Agreement executed on July 9, 2026 among the Company, Galaxy Digital and Anchorage Digital Bank N.A. (“Anchorage”), the collateral is held in a segregated custody account in the Company’s name at Anchorage that is subject to a first priority security interest in favor of Galaxy Digital. Withdrawals and transfers from the account require joint instructions from the Company and Galaxy Digital, and staking or unstaking of the collateral requires Galaxy Digital’s prior written consent. Galaxy Digital may direct Anchorage to act solely on its instructions only by delivering a notice of exclusive control following an event of default or termination event, and until then the collateral remains the property of the Company. Neither Galaxy Digital nor Anchorage may rehypothecate, lend or otherwise dispose of the collateral. Up to 75% of the AVAX collateral may be staked, and staking rewards generated by the collateral accrue to the Company. The Company may be required to post additional collateral or repay the loan if the value of the collateral declines below specified levels, and upon an event of default Galaxy Digital may liquidate the collateral to satisfy the Company’s obligations. Because the Company retains title to the pledged AVAX and the economic benefits of the collateral, including staking rewards, and Galaxy Digital may not sell or rehypothecate the collateral absent a default, the pledged AVAX continue to be recognized as digital assets of the Company (see Note 4). The Company recognized interest expense of $388,221 and $472,029 related to its borrowings during the three and nine months ended September 30, 2026, respectively. Cash paid for interest during the nine months ended September 30, 2026 was $384,529.

23000000

0.07

2 1.80 1.60 2.30 23000000

20000000

3000000 7800000 2

10000000

0.105

10000000

87500

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32900000

1.80 2990005

20128713

0.75

388221

472029

384529

Note 8. Commitments and ContingenciesSubscription AgreementOn October 1, 2025, Avalanche Treasury Company, MLAC, and certain investors entered into Subscription Agreements providing for a private placement of Company Units at $10.00 per unit, payable in cash or AVAX tokens, for an aggregate value of approximately $216 million. The proceeds from the sale of Company Units are intended to provide capitalization for Avalanche Treasury Company and the post-Closing combined entity. Upon Closing, each Company Unit automatically converted into one share of the Class A Common Stock. During October and November 2025, Avalanche Treasury Company received proceeds with a fair value of approximately $178.2 million which consisted of $96.5 million, 22,300,205 USDC, valued at $22.3 million, and 3,340,696 AVAX, valued at $59.4 million pursuant to the Subscription Agreements and issued 21,235,349 membership interests.Nasdaq Listing MattersNasdaq Minimum Bid Price NotificationOn August 6, 2026, the Company received a written notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (the “Nasdaq Staff”) notifying the Company that, for the preceding 33 consecutive business days, the closing bid price of the Company’s Class A Common Stock was below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). The notification letter has no immediate effect on the listing or trading of the Company’s Class A Common Stock, which continues to trade on The Nasdaq Capital Market under the symbol “AVAT.” In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until February 2, 2027, to regain compliance. Compliance may be achieved if the closing bid price of the Company’s Class A Common Stock is at least $1.00 per share for a minimum of ten consecutive business days during the compliance period. If the Company does not regain compliance by February 2, 2027, it may be eligible for an additional 180-calendar-day compliance period, provided it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market (other than the bid price requirement) and provides written notice of its intention to cure the deficiency, by effecting a reverse stock split if necessary. If the Company is not eligible or it appears to Nasdaq that the Company will not be able to cure the deficiency, Nasdaq will provide notice that the Company’s Class A Common Stock is subject to delisting, at which time the Company may appeal the determination to a hearing panel. On October 7, 2026, the Company received a letter from the Nasdaq Staff notifying the Company that it had regained compliance with the Minimum Bid Price Requirement. The Company disclosed the receipt of the letter in a Current Report on Form 8-K filed with the SEC on October 9, 2026.Nasdaq Market Value of Listed Securities RequirementOn August 6, 2026, the Company also received a written notification letter from the Nasdaq Staff notifying the Company that, for the preceding 33 consecutive business days, the market value of listed securities (“MVLS”) of the Company’s Class A Common Stock was below the minimum $35 million threshold required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2) (the “MVLS Requirement”). Nasdaq Listing Rule 5550(b) requires listed companies to maintain at least one of the following: (i) a minimum of $2.5 million in stockholders’ equity, (ii) an MVLS of at least $35 million, or (iii) net income from continuing operations of at least $500,000. On August 25, 2026, the Company received a letter from the Nasdaq Staff stating that, based on the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, evidencing stockholders’ equity of $83,766,235, the Nasdaq Staff has determined that the Company complies with Nasdaq Listing Rule 5550(b) and that matter is now closed.

10 216000000 1 178200000 96500000 22300205 22300000 3340696 59400000 21235349 P33D P33D

Note 9. Fair Value MeasurementsThe following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of September 30, 2026 and December 31, 2025:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:266.7pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:7pt;padding:0pt;"></td><td style="width:59.9pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:53.95pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:5.55pt;padding:0pt;"></td><td style="width:48.1pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="11" style="vertical-align:bottom;white-space:nowrap;width:265.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair value measured at September 30, 2026</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.9pt;margin:0pt;padding:0pt;">Total carrying</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;margin:0pt;padding:0pt;">Quoted prices in</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.25pt;margin:0pt;padding:0pt;">Significant other</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.65pt;margin:0pt;padding:0pt;">Significant</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.9pt;margin:0pt;padding:0pt;">value at</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;margin:0pt;padding:0pt;">active markets</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.25pt;margin:0pt;padding:0pt;">observable inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.65pt;margin:0pt;padding:0pt;">unobservable</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">inputs (Level 3)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:266.7pt;background:#cceeff;margin:0pt;padding:0pt;">Assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;">Digital assets - AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;margin:0pt;padding:0pt;"> 145,488,349</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 145,488,349</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:266.7pt;background:#cceeff;margin:0pt;padding:0pt;">USDC</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,011,949</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,011,949</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 146,500,298</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 146,500,298</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:266.7pt;background:#cceeff;margin:0pt;padding:0pt;">Liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;">Earn out liability</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,882,667</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,882,667</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:266.95pt;padding:0pt;"></td><td style="width:8.05pt;padding:0pt;"></td><td style="width:6.8pt;padding:0pt;"></td><td style="width:57.89pt;padding:0pt;"></td><td style="width:8.11pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:6.29pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:5.5pt;padding:0pt;"></td><td style="width:49.91pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td colspan="11" style="vertical-align:bottom;white-space:nowrap;width:265pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair value measured at December 31, 2025</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.7pt;margin:0pt;padding:0pt;">Total carrying</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;margin:0pt;padding:0pt;">Quoted prices in</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.3pt;margin:0pt;padding:0pt;">Significant other</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.4pt;margin:0pt;padding:0pt;">Significant</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.7pt;margin:0pt;padding:0pt;">value at</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;margin:0pt;padding:0pt;">active markets</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.3pt;margin:0pt;padding:0pt;">observable inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.4pt;margin:0pt;padding:0pt;">unobservable</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">inputs (Level 3)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:266.95pt;background:#cceeff;margin:0pt;padding:0pt;">Assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;">Digital assets - AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;margin:0pt;padding:0pt;"> 167,093,560</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 167,093,560</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:266.95pt;background:#cceeff;margin:0pt;padding:0pt;">USDC</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,373,564</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,373,564</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 170,467,124</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 170,467,124</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:266.95pt;background:#cceeff;margin:0pt;padding:0pt;">Liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;">Token sale liability</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 40,010,988</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 40,010,988</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>AVAX and USDCIn determining the value of its AVAX and USDC investments, the Company uses quoted prices as determined by utilizing Coinbase closing prices at 12:00 AM UTC.Token Sale LiabilityIn determining the fair value of the token sale liability, the Company used quoted prices as determined by utilizing Coinbase closing prices at 12:00 AM UTC, net of cash received.stAVAX and sAVAXCertain assets are measured at fair value on a nonrecurring basis when events or changes in circumstances indicate that the carrying amount may not be recoverable. As of September 30, 2026 and December 31, 2025 the Company recognized impairment charges related to its stAVAX and sAVAX, which are accounted for as indefinite-lived intangible assets.For the three and nine months ended September 30, 2026, the Company recognized impairment losses of $— and $5.5 million, respectively, related to its stAVAX due to declining market values of AVAX. Fair value was determined using the quoted price of AVAX because stAVAX does not have a directly observable quoted price in an active market.For the three and nine months ended September 30, 2026, the Company recognized impairment losses of $— and $10.7 million, respectively, related to its sAVAX due to declining market values of AVAX. Fair value was determined using the quoted price of AVAX because sAVAX does not have a directly observable quoted price in an active market.Earn-out liabilityAs of September 30, 2026, the Company measured the earn-out liability using a Monte Carlo simulation based on a Geometric Brownian Motion in a risk-neutral framework.Significant unobservable inputs used in the valuation as of September 30, 2026 included the following:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:fixed;width:100%;"><tr><td style="width:270pt;padding:0pt;"></td><td style="width:270pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:top;width:270pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Unobservable Input</td><td style="vertical-align:top;width:270pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Value / Range</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:270pt;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Expected volatility</td><td style="vertical-align:top;width:270pt;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">80.0% – 85.0%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:270pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Risk-free interest rate</td><td style="vertical-align:top;width:270pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">4.90% – 5.01%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:270pt;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Expected term</td><td style="vertical-align:top;width:270pt;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">2.7- 4.7 years</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:270pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">Stock price</td><td style="vertical-align:top;width:270pt;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;">$1.83</td></tr></table>Post Share Issuance LiabilityIn determining the fair value of the post share issuance liability, the Company used quoted prices as determined by utilizing closing share price of the Company’s Class A Common Stock.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:266.7pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:7pt;padding:0pt;"></td><td style="width:59.9pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:6.3pt;padding:0pt;"></td><td style="width:53.95pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:5.55pt;padding:0pt;"></td><td style="width:48.1pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="11" style="vertical-align:bottom;white-space:nowrap;width:265.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair value measured at September 30, 2026</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.9pt;margin:0pt;padding:0pt;">Total carrying</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;margin:0pt;padding:0pt;">Quoted prices in</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.25pt;margin:0pt;padding:0pt;">Significant other</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.65pt;margin:0pt;padding:0pt;">Significant</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.9pt;margin:0pt;padding:0pt;">value at</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;margin:0pt;padding:0pt;">active markets</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.25pt;margin:0pt;padding:0pt;">observable inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.65pt;margin:0pt;padding:0pt;">unobservable</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:66.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:53.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">inputs (Level 3)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:266.7pt;background:#cceeff;margin:0pt;padding:0pt;">Assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;">Digital assets - AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;margin:0pt;padding:0pt;"> 145,488,349</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 145,488,349</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:266.7pt;background:#cceeff;margin:0pt;padding:0pt;">USDC</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,011,949</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,011,949</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 146,500,298</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 146,500,298</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:266.7pt;background:#cceeff;margin:0pt;padding:0pt;">Liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:266.7pt;margin:0pt;padding:0pt;">Earn out liability</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:59.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,882,667</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:53.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.1pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,882,667</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:266.95pt;padding:0pt;"></td><td style="width:8.05pt;padding:0pt;"></td><td style="width:6.8pt;padding:0pt;"></td><td style="width:57.89pt;padding:0pt;"></td><td style="width:8.11pt;padding:0pt;"></td><td style="width:5pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:6.29pt;padding:0pt;"></td><td style="width:54pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:5.5pt;padding:0pt;"></td><td style="width:49.91pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td colspan="11" style="vertical-align:bottom;white-space:nowrap;width:265pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair value measured at December 31, 2025</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.7pt;margin:0pt;padding:0pt;">Total carrying</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;margin:0pt;padding:0pt;">Quoted prices in</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.3pt;margin:0pt;padding:0pt;">Significant other</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.4pt;margin:0pt;padding:0pt;">Significant</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.7pt;margin:0pt;padding:0pt;">value at</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;margin:0pt;padding:0pt;">active markets</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.3pt;margin:0pt;padding:0pt;">observable inputs</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.4pt;margin:0pt;padding:0pt;">unobservable</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(Level 2)</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">inputs (Level 3)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:266.95pt;background:#cceeff;margin:0pt;padding:0pt;">Assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;">Digital assets - AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;margin:0pt;padding:0pt;"> 167,093,560</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"> 167,093,560</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:266.95pt;background:#cceeff;margin:0pt;padding:0pt;">USDC</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,373,564</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,373,564</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 170,467,124</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 170,467,124</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:266.95pt;background:#cceeff;margin:0pt;padding:0pt;">Liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:266.95pt;margin:0pt;padding:0pt;">Token sale liability</td><td style="vertical-align:bottom;white-space:nowrap;width:8.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 40,010,988</td><td style="vertical-align:bottom;white-space:nowrap;width:8.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.3pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:54pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 40,010,988</td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.5pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>

145488349

1011949 1011949

146500298

2882667

167093560

3373564 3373564

170467124

40010988 40010988

5500000

10700000

0.80

0.85

0.049

0.0501

2.7

4.7

1.83

Note 10. Staking RevenueThe Company participates in staking activities on the Avalanche network through validator arrangements with Chorus One AG, Tarmac Labs Inc., and ParaFi Technologies LLC. Under these arrangements, the service providers operate and maintain validator node infrastructure, including monitoring and reporting services, under the direction of the Company. The Company sets the contractual staking terms, which could range from 14 to 365 days. The Company retains ownership and control of its staked AVAX tokens at all times through the staking process.The Company earns staking rewards in exchange for delegating digital assets to support network validation activities on the Avalanche blockchain protocol. Staking rewards consist of block rewards, transaction fees, and, where applicable, supplemental protocol incentives. Rewards are distributed directly by the Avalanche protocol to the Company’s designated wallet. See Note 4 for the Company’s revenue recognition policy for staking rewards.Agent ConsiderationsStaking ActivitiesThe Company engages third-party service providers to facilitate staking activities on its blockchain nodes. While the Company determines the amount of AVAX staked and the timing of staking and unstaking, the third-party service providers control the underlying infrastructure critical to the staking process, including node availability and the ability to meet the network’s uptime requirements necessary to earn staking rewards. Accordingly, the Company has determined that it is the agent in these arrangements and recognizes staking rewards on a net basis as revenue. Staking revenue, net of fees, for the three and nine months ended September 30, 2026 was as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:360.3pt;padding:0pt;"></td><td style="width:12.1pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:70.1pt;padding:0pt;"></td><td style="width:12.1pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:70.1pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Three Months</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Nine Months</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Ended September 30,</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Ended September 30,</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Staking rewards, gross</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 673,904</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,436,169</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;">Less: fees paid to third-party service providers</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (55,293)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (126,001)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Staking rewards, net of fees</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 618,611</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,310,168</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;">Liquid staking rewards (see below)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 910,987</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Staking revenue, net of fees</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 618,611</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,221,155</td></tr></table>Liquid Staking ActivitiesSeparately, the Company participates in liquid staking by staking AVAX through third-party liquid staking protocols rather than operating its own validators. In connection with these activities, the Company receives liquid staking tokens, including stAVAX and sAVAX, representing claims on underlying staked AVAX and accumulated staking rewards. Unlike the Company’s traditional staking activities, liquid staking rewards are not distributed separately while the liquid staking tokens are held. Instead, staking rewards accrue through increases in the respective AVAX-to-stAVAX and AVAX-to-sAVAX exchange rates and are realized upon redemption of the liquid staking tokens for AVAX. For the nine months ended September 30, 2026, the Company recognized $910,987 of revenue from liquid staking rewards upon redemption, consisting of $660,693 related to stAVAX and $250,294 related to sAVAX, in the accompanying unaudited condensed consolidated statements of operations. No liquid staking rewards were recognized during the three months ended September 30, 2026 because all stAVAX and sAVAX had been redeemed prior to July 1, 2026.Service FeesValidator node operators are compensated based on a percentage of staking rewards earned, generally ranging from 2.5% to 3.0%. Fees under the Chorus One and Tarmac arrangements are settled in AVAX and measured at fair value at contract inception. Fees under the ParaFi arrangement were invoiced monthly and settled in fiat currency through June 30, 2026; beginning in July 2026, ParaFi fees are invoiced in AVAX and settled in AVAX. Fees paid to third-party node operators are netted against gross staking rewards, with the resulting net amount recognized as revenue in the period the staking rewards are earned, because the Company acts as an agent in these arrangements (see Note 4). Fees paid to third-party service providers also include custody, staking and tri-party fees charged by the Company’s custodians, which are not based on a percentage of staking rewards. As a result, fees as a percentage of gross staking rewards for interim periods may differ from the rates charged by node operators.

P14D P365D <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:360.3pt;padding:0pt;"></td><td style="width:12.1pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:70.1pt;padding:0pt;"></td><td style="width:12.1pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:70.1pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Three Months</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Nine Months</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Ended September 30,</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Ended September 30,</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Staking rewards, gross</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 673,904</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,436,169</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;">Less: fees paid to third-party service providers</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (55,293)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (126,001)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Staking rewards, net of fees</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 618,611</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,310,168</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;">Liquid staking rewards (see below)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 910,987</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Staking revenue, net of fees</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 618,611</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,221,155</td></tr></table> 673904 3436169 55293 126001 618611 3310168 910987

618611

4221155

910987 660693 250294 0 0.025 0.03

Note 11. Digital AssetsDigital assets — AVAXThe following table summarizes the Company’s total digital assets — AVAX holdings, as shown on the accompanying balance sheet as of September 30, 2026 and December 31, 2025:The cost basis for the AVAX represents the cost at the time the Company received or purchased the AVAX.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:321.2pt;padding:0pt;"></td><td style="width:11.15pt;padding:0pt;"></td><td style="width:6.85pt;padding:0pt;"></td><td style="width:53.6pt;padding:0pt;"></td><td style="width:11.2pt;padding:0pt;"></td><td style="width:6.9pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.2pt;padding:0pt;"></td><td style="width:6.9pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:321.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:321.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.15pt;margin:0pt;padding:0pt;"></td><td colspan="8" style="vertical-align:bottom;white-space:nowrap;width:207.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 30, 2026</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:321.2pt;margin:0pt;padding:0pt;">Asset</td><td style="vertical-align:bottom;white-space:nowrap;width:11.15pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:11.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cost basis</td><td style="vertical-align:bottom;white-space:nowrap;width:11.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair value</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:321.2pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:11.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.85pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.6pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 13,312,754</td><td style="vertical-align:bottom;white-space:nowrap;width:11.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 217,552,322</td><td style="vertical-align:bottom;white-space:nowrap;width:11.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 145,488,349</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:321.2pt;padding:0pt;"></td><td style="width:11pt;padding:0pt;"></td><td style="width:6.8pt;padding:0pt;"></td><td style="width:53.7pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:6.9pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:6.9pt;padding:0pt;"></td><td style="width:55.5pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:321.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"></td><td colspan="8" style="vertical-align:bottom;white-space:nowrap;width:207.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:321.2pt;margin:0pt;padding:0pt;">Asset</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:60.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Cost basis</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:62.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair value</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:321.2pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:11pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:53.7pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 13,579,449</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 263,431,911</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:55.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 167,093,560</td></tr></table>As of September 30, 2026, the Company’s AVAX holdings were classified as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:77.65pt;padding:0pt;"></td><td style="width:13.4pt;padding:0pt;"></td><td style="width:8.4pt;padding:0pt;"></td><td style="width:77.65pt;padding:0pt;"></td><td style="width:13.4pt;padding:0pt;"></td><td style="width:349.5pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:77.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:77.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:349.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:77.65pt;margin:0pt;padding:0pt;">AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:86.05pt;margin:0pt;padding:0pt;">Fair value as of</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:349.5pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:77.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:86.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:349.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Classification</td></tr><tr style="height:23.24pt;"><td style="vertical-align:bottom;width:77.65pt;background:#cceeff;margin:0pt;padding:0pt;">1,609,888</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:77.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 17,593,657</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:349.5pt;background:#cceeff;margin:0pt;padding:0pt;">Current – unrestricted AVAX that management expects to sell within the next twelve months (see Note 2)</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;width:77.65pt;margin:0pt;padding:0pt;">3,424,870</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:77.65pt;margin:0pt;padding:0pt;"> 37,428,616</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:349.5pt;margin:0pt;padding:0pt;">Noncurrent – unrestricted AVAX not subject to lock-up restrictions or pledged as collateral</td></tr><tr style="height:22.99pt;"><td style="vertical-align:bottom;width:77.65pt;background:#cceeff;margin:0pt;padding:0pt;">3,010,907</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:77.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 32,904,694</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:349.5pt;background:#cceeff;margin:0pt;padding:0pt;">Noncurrent – pledged as collateral under the July 2026 Collateralized Term Loan (see Note 7)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:77.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">5,267,089</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:77.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 57,561,382</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:349.5pt;margin:0pt;padding:0pt;">Noncurrent – subject to contractual lock-up restrictions (see Note 4)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:77.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">13,312,754</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:77.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 145,488,349</td><td style="vertical-align:bottom;white-space:nowrap;width:13.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:349.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr></table>The following table presents a roll forward of the Company’s AVAX as of September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX as of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 167,093,560</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Partial contribution from Subscription agreements</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 699,797</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Digital assets received from staking rewards</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,436,168</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Fees paid in AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> (126,001)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Deposits of AVAX staked into liquid staking activities</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> (27,511,488)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Receipt of AVAX from redemption in liquid staking activities - sAVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 18,985,510</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Receipt of AVAX from redemption in liquid staking activities - stAVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,569,313</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Receipt of AVAX from redemption in liquid staking activities - sAVAX (rewards)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 250,294</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Receipt of AVAX from redemption in liquid staking activities - stAVAX (rewards)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 660,693</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Sales of AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> (15,291,527)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Realized loss on digital assets</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> (38,699,853)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Change in fair value of digital assets</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 24,421,883</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX at fair value as of September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 145,488,349</td></tr></table>Sales of AVAX to the FoundationDuring the three months ended September 30, 2026, the Company sold 2,082,371 AVAX tokens to the Foundation in three privately negotiated tranches on August 21, August 27 and September 24, 2026, for aggregate proceeds of $15,000,000, consisting of $10,000,000 in cash and $5,000,000 in USDC. The price for each tranche was set at a 10% discount to the reference price of AVAX for that tranche, which was the average of the daily closing prices of AVAX over a five-day period preceding the effective date of the applicable token sale agreement. The AVAX sold were tokens acquired from the Foundation under the TSA that were subject to the lock-up described in Note 4; for each sale, the Foundation provided a limited consent waiving the lock-up for the tokens sold, and the tokens sold reduced the lock-up releases scheduled for the final months of the lock-up period. The cash proceeds from the first two tranches were used, together with other available funds, to repay the FalconX Credit Facility (see Note 7). The third tranche closed on September 24, 2026, and its proceeds of $5,000,000 were received in USDC. The Company also sold 32,500 AVAX in the open market on September 22, 2026 for cash proceeds of $291,527.The Company recognized a realized loss of $25,210,596 on the sales of AVAX to the Foundation, measured as the difference between the proceeds of $15,000,000 and the cost basis of the AVAX sold of $40,210,596, determined using specific identification, which is included in realized loss on digital assets. Upon the sales, the Company also reversed $23,238,468 of cumulative unrealized losses previously recognized on those tokens, a portion of which was recognized during the year ended December 31, 2025; the reversal is included in change in fair value of digital assets.Digital assets — stAVAXThe following table presents a roll forward of the Company’s stAVAX as of September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Balance at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 15,246,914</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Disposal of stAVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> (11,569,313)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Impairment loss on stAVAX tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> (5,487,722)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Gain on redemption in liquid staking activities - stAVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,810,121</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Balance at September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>As of September 30, 2026 the Company did not hold any stAVAX.Digital assets — sAVAXThe following table presents a roll forward of the Company’s sAVAX as of September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Balance at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">sAVAX received for AVAX staked</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 27,511,488</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Disposal of sAVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> (18,985,510)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Impairment loss on sAVAX tokens</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> (10,672,560)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Gain on redemption in liquid staking activities - sAVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,146,582</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Balance at September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>As of September 30, 2026 the Company did not hold any sAVAX.

13312754

217552322

145488349

13579449

263431911

167093560

1609888 17593657 3424870 37428616 3010907 32904694 5267089 57561382

13312754

145488349

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX as of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 167,093,560</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Partial contribution from Subscription agreements</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 699,797</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Digital assets received from staking rewards</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,436,168</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Fees paid in AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> (126,001)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Deposits of AVAX staked into liquid staking activities</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> (27,511,488)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Receipt of AVAX from redemption in liquid staking activities - sAVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 18,985,510</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Receipt of AVAX from redemption in liquid staking activities - stAVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 11,569,313</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Receipt of AVAX from redemption in liquid staking activities - sAVAX (rewards)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 250,294</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Receipt of AVAX from redemption in liquid staking activities - stAVAX (rewards)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 660,693</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Sales of AVAX</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> (15,291,527)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Realized loss on digital assets</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> (38,699,853)</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Change in fair value of digital assets</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 24,421,883</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">AVAX at fair value as of September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 145,488,349</td></tr></table>

167093560

699797 3436168

126001

27511488 18985510 11569313 250294 660693

15291527

38699853

24421883

145488349

2082371

15000000

10000000 5000000 0.10 P5D 5000000 32500

291527

25210596

15000000

40210596 23238468

15246914

11569313

5487722

1810121

27511488

18985510

10672560

2146582

Note 12. Earnings per shareThe Company has two classes of common stock, Class A common stock and Class B common stock. The Company has determined that Class B common stock is not a participating security for purposes of calculating earnings per share. Accordingly, basic and diluted net income (loss) per share is presented only for Class A common stock.Basic net income (loss) per share attributable to holders of Class A common stock is computed by dividing net income (loss) attributable to holders of Class A common stock by the weighted-average number of shares of Class A common stock outstanding during the period.Diluted net income (loss) per share attributable to holders of Class A common stock is computed by adjusting basic net income (loss) per share for the potentially dilutive effect of securities or other contracts that may result in the issuance of Class A common stock, using the applicable methods prescribed by U.S. GAAP. Potential common shares are excluded from the calculation of diluted net income (loss) per share when their effect would be anti-dilutive.The following table sets forth the computation of basic and diluted net income (loss) per share attributable to holders of Class A common stock for the three and nine months ended September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:360.3pt;padding:0pt;"></td><td style="width:12.1pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:70.1pt;padding:0pt;"></td><td style="width:12.1pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:70.1pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Three Months</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Nine Months</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Ended September 30,</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;margin:0pt;padding:0pt;">Ended September 30,</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:77.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Numerator:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;">Net income (loss) attributable to holders of Class A common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;margin:0pt;padding:0pt;"> 54,593,889</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;margin:0pt;padding:0pt;"> (16,844,143)</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Denominator:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;">Weighted-average shares of Class A common stock outstanding - basic</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 34,647,696</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,478,754</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Effect of dilutive share-based awards</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 966,264</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;">Weighted-average shares of Class A common stock outstanding - diluted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;margin:0pt;padding:0pt;"> 35,613,960</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;margin:0pt;padding:0pt;"> 30,478,754</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:360.3pt;background:#cceeff;margin:0pt;padding:0pt;">Basic net income (loss) per share of Class A common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 1.58</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;background:#cceeff;margin:0pt;padding:0pt;"> (0.55)</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:360.3pt;margin:0pt;padding:0pt;">Diluted net income (loss) per share of Class A common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1.53</td><td style="vertical-align:bottom;white-space:nowrap;width:12.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:70.1pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.55)</td></tr></table>For the period from August 20, 2025 (inception) through September 30, 2025, net loss per share of Class A common stock of $(362.35) was computed by dividing the net loss of $362,717 by the 1,001 weighted-average shares of Class A common stock outstanding. For the nine months ended September 30, 2026, the Company reported a net loss and all potentially dilutive securities were excluded from diluted net loss per share because their effect would have been anti-dilutive. For the three months ended September 30, 2026, the dilutive effect of stock options and RSUs was determined using the treasury stock method, based on an average market price of the Class A common stock of approximately $0.72 per share for the period, which resulted in 966,264 incremental shares from stock options and no incremental shares from RSUs. The 3,600,000 earn-out shares held in escrow are contingently issuable shares and were excluded because the stock-price conditions of the Triggering Events ($13.00, $15.00 and $17.00 per share) had not been satisfied as of September 30, 2026. The following potentially dilutive securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive or, for the earn-out shares, because the applicable conditions had not been satisfied:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:370.2pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:73.15pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:73.15pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:370.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;margin:0pt;padding:0pt;">Three Months</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;margin:0pt;padding:0pt;">Nine Months</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:370.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;margin:0pt;padding:0pt;">Ended September 30,</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;margin:0pt;padding:0pt;">Ended September 30,</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:370.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:370.2pt;background:#cceeff;margin:0pt;padding:0pt;">Stock options</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 77,263</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,970,534</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:370.2pt;margin:0pt;padding:0pt;">Restricted stock units</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;margin:0pt;padding:0pt;"> 1,288,323</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;margin:0pt;padding:0pt;"> 1,288,323</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:370.2pt;background:#cceeff;margin:0pt;padding:0pt;">Earn-out shares held in escrow</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,600,000</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,600,000</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:370.2pt;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;margin:0pt;padding:0pt;"> 4,965,586</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:73.15pt;margin:0pt;padding:0pt;"> 8,858,857</td></tr></table>

54593889

-16844143

34647696

30478754

966264

35613960

30478754

1.58

-0.55

1.53

-0.55

-362.35

-362717

1001

0.72

966264

3600000 13 15 17

77263

3970534

1288323

3600000

4965586

8858857

Note 13. Stock-Based Compensation2026 Omnibus Incentive PlanThe Company maintains the 2026 Omnibus Incentive Plan (the “Plan”), which provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based and cash-based awards to eligible employees, directors and consultants. The Plan is administered by the Compensation Committee of the Board of Directors. As of September 30, 2026, 9,000,000 shares of Class A common stock were authorized for issuance under the Plan, of which 3,741,143 shares remained available for future grants. On each January 1 from 2027 through 2036, the number of shares reserved under the Plan increases by a percentage of the fully diluted shares outstanding on the last day of the preceding year, or a lesser number determined by the plan administrator.Stock Option AwardsExecutive Officer AwardsOn July 12, 2026, the Compensation Committee of the Board of Directors approved stock option awards under the Plan to Gerald Bartholomew Smith, the Company’s Chief Executive Officer, and Laine Mihalchick Moljo, the Company’s Chief Operating Officer, to purchase 2,700,000 shares and 1,100,000 shares, respectively, of the Company’s Class A common stock at an exercise price of $0.54 per share.The executive options vest in three equal annual installments on January 12, 2027, 2028 and 2029, subject to the continued employment of the respective executive through each applicable vesting date. The awards provide for accelerated vesting upon certain qualifying termination events in connection with a change in control. The options expire on the tenth anniversary of the grant date.Non-Employee Director AwardsDuring the three months ended September 30, 2026, the Compensation Committee approved stock option awards to non-employee directors under the Plan as follows:On August 27, 2026, Paul Grinberg was granted options to purchase an aggregate of 93,271 shares of the Company’s Class A common stock at an exercise price of $0.63 per share, which was equal to the closing price of the Company’s Class A common stock on the grant date, in connection with his appointment to the Board of Directors. Mr. Grinberg’s award consists of (i) an initial option award covering 66,363 shares and (ii) an annual option award covering 26,908 shares. The options expire on August 27, 2036.On September 8, 2026, Virginia Gambale was granted options to purchase an aggregate of 77,263 shares of the Company’s Class A common stock at an exercise price of $0.85 per share, which was equal to the closing price of the Company’s Class A common stock on the grant date, in connection with her appointment to the Board of Directors. Ms. Gambale’s award consists of (i) an initial option award covering 66,512 shares and (ii) an annual option award covering 10,751 shares. The options expire on September 8, 2036.The initial option awards vest in three equal installments during each of the first three 12-month periods following the grant date on the earlier to occur during each such 12-month period of (i) the anniversary of the grant date and (ii) the annual meeting of the Company’s stockholders, subject to the director’s continued service with the Company or an affiliate through each applicable vesting date. The annual option awards vest in full on the earlier to occur of (i) the first anniversary of the grant date and (ii) the first annual meeting of the Company’s stockholders to occur following the grant date, subject to the director’s continued service with the Company or an affiliate through the vesting date.Restricted Stock Unit AwardsOn September 28, 2026, the Company granted 1,288,323 restricted stock units (“RSUs”) under the Plan to certain officers and employees, with a grant-date fair value of $1.67 per unit, or $2,151,499 in the aggregate. The RSUs vest ratably over service periods ranging from 24 to 48 months measured from each grantee’s vesting commencement date, which for certain grantees preceded the grant date, subject to the grantee’s continued service through each applicable vesting date. As a result, 212,425 RSUs were vested as of September 30, 2026, and no shares of Class A common stock had been issued in settlement of vested RSUs as of that date.Stock-Based Compensation ExpenseThe Company estimated the fair value of the stock options granted to executive officers during the three months ended September 30, 2026 using the Black-Scholes option pricing model, which resulted in a grant-date fair value of $0.432 per option, or $1,641,600 in the aggregate.The Company estimated the fair value of the stock options granted to non-employee directors using the Black-Scholes option pricing model with the same expected term, risk-free interest rate and volatility assumptions, which resulted in grant-date fair values of $0.543 per option for the options granted on August 27, 2026 and $0.733 per option for the options granted on September 8, 2026, or $107,280 in the aggregate. The initial director awards vest in three equal annual installments and the annual director awards vest in full on the earlier of the first anniversary of the grant date and the first annual meeting of stockholders following the grant date, in each case subject to continued service.The grant-date fair value of the executive officer stock options was estimated using the following assumptions:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:369.75pt;padding:0pt;"></td><td style="width:13.3pt;padding:0pt;"></td><td style="width:8.39pt;padding:0pt;"></td><td style="width:140.2pt;padding:0pt;"></td><td style="width:8.35pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:369.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.3pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:148.6pt;margin:0pt;padding:0pt;">Executive officer stock options granted</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:369.75pt;margin:0pt;padding:0pt;">Assumption</td><td style="vertical-align:bottom;white-space:nowrap;width:13.3pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:148.6pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">July 12, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:369.75pt;background:#cceeff;margin:0pt;padding:0pt;">Stock price (closing price on July 13, 2026)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:140.2pt;background:#cceeff;margin:0pt;padding:0pt;">0.504</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.75pt;margin:0pt;padding:0pt;">Exercise price</td><td style="vertical-align:bottom;white-space:nowrap;width:13.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:140.2pt;margin:0pt;padding:0pt;">0.54</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.75pt;background:#cceeff;margin:0pt;padding:0pt;">Expected term</td><td style="vertical-align:bottom;white-space:nowrap;width:13.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:140.2pt;background:#cceeff;margin:0pt;padding:0pt;">5.75 years</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.75pt;margin:0pt;padding:0pt;">Risk-free interest rate</td><td style="vertical-align:bottom;white-space:nowrap;width:13.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:140.2pt;margin:0pt;padding:0pt;">5.01</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.75pt;background:#cceeff;margin:0pt;padding:0pt;">Expected volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:13.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:140.2pt;background:#cceeff;margin:0pt;padding:0pt;">85.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:369.75pt;margin:0pt;padding:0pt;">Expected dividend yield</td><td style="vertical-align:bottom;white-space:nowrap;width:13.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:140.2pt;margin:0pt;padding:0pt;">0.0</td><td style="vertical-align:bottom;white-space:nowrap;width:8.35pt;margin:0pt;padding:0pt;">%</td></tr></table>The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of each award. The Company recognized stock-based compensation expense of $811,119 for each of the three and nine months ended September 30, 2026 and is included in general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company did not recognize stock-based compensation expense for the period from August 20, 2025 (inception) through September 30, 2025. As of September 30, 2026, total unrecognized compensation cost related to unvested stock options and RSUs was approximately $3,089,261, which is expected to be recognized over a weighted-average period of approximately 2.3 years.The following table summarizes stock option activity for the nine months ended September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:391.3pt;padding:0pt;"></td><td style="width:12.39pt;padding:0pt;"></td><td style="width:58pt;padding:0pt;"></td><td style="width:12.4pt;padding:0pt;"></td><td style="width:7.8pt;padding:0pt;"></td><td style="width:58.1pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:65.9pt;margin:0pt;padding:0pt;">Weighted-Average</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Options</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:65.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exercise Price</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:391.3pt;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;margin:0pt;padding:0pt;"> 3,970,534</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;margin:0pt;padding:0pt;"> 0.55</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:391.3pt;background:#cceeff;margin:0pt;padding:0pt;">Exercised</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;">Forfeited or expired</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:391.3pt;background:#cceeff;margin:0pt;padding:0pt;">Outstanding at September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,970,534</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 0.55</td></tr></table>As of September 30, 2026, the outstanding stock options had a weighted-average remaining contractual term of approximately 9.8 years and an aggregate intrinsic value of $5,089,643, based on the closing price of the Company’s Class A common stock of $1.83 per share on September 30, 2026. No stock options were vested or exercisable as of September 30, 2026.The following table summarizes RSU activity for the nine months ended September 30, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:391.3pt;padding:0pt;"></td><td style="width:12.39pt;padding:0pt;"></td><td style="width:58pt;padding:0pt;"></td><td style="width:12.4pt;padding:0pt;"></td><td style="width:7.8pt;padding:0pt;"></td><td style="width:58.1pt;padding:0pt;"></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:65.9pt;margin:0pt;padding:0pt;">Weighted-Average</td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:65.9pt;margin:0pt;padding:0pt;">Grant-Date</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">RSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:65.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:391.3pt;background:#cceeff;margin:0pt;padding:0pt;">Unvested at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;margin:0pt;padding:0pt;"> 1,288,323</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;margin:0pt;padding:0pt;"> 1.67</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:391.3pt;background:#cceeff;margin:0pt;padding:0pt;">Vested</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;background:#cceeff;margin:0pt;padding:0pt;"> (212,425)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;background:#cceeff;margin:0pt;padding:0pt;"> 1.67</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:391.3pt;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:391.3pt;background:#cceeff;margin:0pt;padding:0pt;">Unvested at September 30, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,075,898</td><td style="vertical-align:bottom;white-space:nowrap;width:12.4pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:58.1pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1.67</td></tr></table>The total grant-date fair value of RSUs as of September 30, 2026 was $2,151,499.

9000000

3741143

2700000

1100000

0.54

93271

0.63

66363

26908

77263

0.85

66512

10751

1288323

1.67

2151499

P24M

P48M

212425

0.432

1641600

0.543

0.733

107280 3

0.504

0.54

P5Y9M

0.0501

0.85

811119

3089261

P2Y3M18D

3970534

0.55

3970534

0.55

P9Y9M18D

5089643

1.83

1288323

1.67

212425

1.67

1075898

1.67

2151499

Note 14. Subsequent EventsThe Company evaluated subsequent events and transactions that occurred after the balance sheet date up to November 12, 2026, the date the financial statements are issued. Based on this review, other than as described below, the Company did not identify any subsequent events that would require adjustment to, or disclosure in, the condensed consolidated financial statements.Nasdaq Minimum Bid Price ComplianceOn October 7, 2026, the Company received a letter from the Nasdaq Staff notifying the Company that it had regained compliance with the Minimum Bid Price Requirement (see Note 8).AVAX PriceAs of November 10, 2026, the closing price of AVAX was $8.43 per token, compared with $10.93 as of September 30, 2026. Based on that price, the fair value of the 13,312,754 AVAX held by the Company as of September 30, 2026 would have been approximately $112,226,516, compared with $145,488,349 as of September 30, 2026.

8.43 10.93

13312754

112226516

145488349

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