CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (523,509)	$ (12,624)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	176	106
Accretion of discount on investments, net	0	155
Reduction in carrying amount of right-of-use assets	28	50
Net unrealized loss on digital assets, at fair value	523,809	0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan	2,594	0
Net unrealized loss on investments in preferred equity, at fair value	5,472	0
Change in fair value on long-term notes payable, at fair value	2,464	0
Loss on extinguishment of debt	8,431	0
Other investment loss	2,801	0
Share-based compensation expense	12,213	0
Bargain purchase gain	(66,704)	0
Changes in operating assets and liabilities:
Prepaid expenses	1,289	(364)
Other current assets	1,169	(404)
Other non-current assets	(200)	(837)
Compensation and benefits payable	7,102	(99)
Accounts payable and other liabilities	(16,535)	4,001
Net cash used in operating activities	(39,400)	(10,016)
Cash flows from investing activities:
Purchases of digital assets, at fair value	(540,556)	0
Cash acquired through business combination	3,513	0
Purchases of intangible assets	0	(123)
Purchases of investments in preferred equity, at fair value	(50,499)	0
Proceeds from return of capital dividends	2,173	0
Purchases of short-term investments	0	(4,273)
Proceeds from short-term investments	0	20,872
Net cash provided by (used in) investing activities	(585,369)	16,476
Cash flows from financing activities:
Proceeds from issuance of Class A common stock	306,248	0
Proceeds from issuance of preferred stock	475,460	0
Preferred stock dividends paid	(33,224)	0
Payment of issuance costs	(14,943)	0
Payment of withholding tax on vesting of restricted stock	(525)	0
Extinguishment of long-term notes payable, at fair value	(9,970)	0
Extinguishment of Coinbase Loan	(20,310)	0
Net cash provided by financing activities	702,736	0
Net increase in cash and cash equivalents	77,967	6,460
Cash and cash equivalents, beginning of period	67,499	6,155
Cash and cash equivalents, end of period	145,466	12,615
Non-cash investing and financing activities:
Change in declared but unpaid preferred stock dividends	6,439	0
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan	37,971	0
Exchange of preferred stock for extinguishment of long-term notes payable, at fair value	90,108	0
Class A common stock issued as part of business combination	311,183	0
Accrued but unpaid financing transaction costs	0	450
Assets and liabilities resulting from business combination:
Prepaid expenses	599	0
Other current assets	1,831	0
Digital assets, at fair value	444,029	0
Receivable for bitcoin collateral	37,971	0
Property and equipment, net	175	0
Intangible assets, net	14,650	0
Other non-current assets	1	0
Compensation and benefits payable	2,358	0
Accounts payable and other liabilities	13,029	0
Long-term notes payable, at fair value	89,495	0
Coinbase Loan	$ 20,000	$ 0

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 145,466	$ 67,499
Investments in preferred equity, at fair value	42,854	0
Prepaid expenses	2,018	2,708
Other current assets	2,231	1,569
Total current assets	192,569	71,776
Digital assets, at fair value	1,164,639	668,486
Property and equipment, net	798	778
Intangible assets, net	14,982	355
Right-of-use lease assets	3,825	4,037
Other non-current assets	296	95
Total assets	1,377,109	745,527
Current liabilities:
Compensation and benefits payable	9,624	164
Accounts payable and other liabilities	7,146	8,560
Dividends payable	8,492	2,053
Total current liabilities	25,262	10,777
Operating lease liabilities	3,319	3,512
Total liabilities	28,581	14,289
Mezzanine equity:
Total mezzanine equity	702,373	148,802
Stockholders’ equity:
Additional paid-in capital	1,683,299	1,055,595
Accumulated deficit	(1,037,226)	(474,054)
Total stockholders’ equity	646,155	582,436
Total liabilities, mezzanine equity, and stockholders' equity	1,377,109	745,527
Variable Rate Series A Perpetual Preferred Stock
Mezzanine equity:
Total mezzanine equity	$ 702,373	$ 148,802
Stockholders’ equity:
Temporary equity, shares authorized (in shares)	40,000,000	20,000,000
Class A Common Stock
Stockholders’ equity:
Common stock	$ 72	$ 699
Class B Common Stock
Stockholders’ equity:
Common stock	$ 10	$ 196