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Liquidity and Capital Resources
12 Months Ended
Dec. 31, 2025
Liquidity and Capital Resources [Abstract]  
Liquidity and Capital Resources

Note 2. Liquidity and Capital Resources

 

The Company continues to incur ongoing administrative and other expenses, including public company expenses, in excess of corresponding (non-financing related) revenue. While the Company continues to implement its business strategy, it intends to finance its activities through managing current cash on hand from the Company’s past equity offerings.

As of December 31, 2025, the Company has approximately $34.0 million of cash and cash equivalents and $46.5 million of marketable securities as well as $9.8 million of securities owned. Additionally, the Company had approximately $4.0 million in receivable from clearing brokers. As disclosed in Note 18, subsequent to December 31, 2025, the Company sold it shares of American Bitcoin Corp (“ABTC”) common stock of $39.4 million included in marketable securities at December 31, 2025 (please see Note 5 for further information about ABTC). Unless otherwise noted, all such funds are available to fund the Company’s operations. Based upon projected cash flow requirements, the Company has adequate cash and cash equivalents and marketable securities, together with the anticipated cash flow from operations to fund its operations for at least the next twelve months from the date of the issuance of these consolidated financial statements.