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Subsequent Events
9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the Unaudited Condensed Consolidated Financial Statements were issued.
Subsequent SPA Portfolio Notes Activity
Subsequent to September 30, 2025, the Company received gross proceeds in connection with issuance of SPA Portfolio Notes to third parties totaling $9.1 million, with maturity period of five years and 10.00% interest. Principal and accrued interest are convertible at the option of the holder into Common Stock of the Company at a conversion price per share equal to the lower of a) stated conversion price or b) lowest VWAP of the five trading days immediately prior to the day on which lender provides conversion notice. Additionally, $8.7 million of principal and $0.2 million of interest of the Company’s SPA Portfolio Notes were converted into 7,842,407 shares of the Company’s Class A Common Stock.
Bitron Settlement
On August 15, 2025, the Company entered into a Settlement and Release Agreement (the “Bitron Settlement and Release Agreement”) with Bitron S.P.A. (“Bitron”) to resolve a $0.3 million judgment stemming from an arbitration award related to several unpaid purchase orders and invoices for goods and services provided by Bitron to the Company.
Pursuant to the Bitron Settlement and Release Agreement, the Company agreed to satisfy $0.3 million of the settlement through a cash payment of $0.1 million on or before August 20, 2025 and the remaining $0.2 million through the issuance of Class A common stock. The number of shares based on the price per share equal to the Nasdaq closing price of the Company Stock on the trading day immediately preceding the issuance date. On October 21, 2025, the Company issued 153,020 shares of its Class A common stock to Bitron. These shares are not registered as of the date of filing these Financial Statements.

Sale and Purchase of Digital Assets
Subsequent to September 30, 2025, the Company completed the sale of its staked digital assets for $1.3 million. In September 2025, the Company received a $1.4 million advance payment from its staked digital assets. The completion of the sale did not have a material impact on the Company’s liquidity or results of operations.
Additionally, subsequent to September 30, 2025, AIXC, a consolidated subsidiary of the Company, transferred approximately $20.0 million to Bitgo to establish a cryptocurrency fund.
AIXC Shareholder Vote
On November 12, 2024, AIXC held a special meeting of stockholders, at which a majority of outstanding voting shares approved the Subscription Agreement dated September 19, 2025, along with related share issuances, including the issuance and future conversion of Series B Convertible Preferred Stock. These approvals enable the Company to obtain its expected majority ownership position in AIXC and to exercise its associated rights, including the ability to designate a majority of the reconstituted board following closing.
Qualigen Therapeutics, Inc. Name Change to AIxCrypto Holdings, Inc.
Effective on November 14, 2025, Qualigen Therapeutics, Inc. filed a Certificate of Amendment to its Certificate of Incorporation under Section 242 of the Delaware General Corporation Law to change its corporate name to AIxCrypto Holdings, Inc. The amendment was approved by the AIXC’s board of directors and stockholders and was executed by Co-Chief Executive Officer Kevin A. Richardson II.