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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2025
[2]
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 166,072,700 [1] $ 170,236,100
Restricted cash 335,838,800 0
Short-term investments 550,421,700 606,547,300
Trading securities 587,505,100 0
Prepaid expenses and other current assets 10,035,100 7,457,300
Accounts receivable, net 298,800 17,400
Total current assets 1,650,172,200 784,258,100
Property and equipment, net 3,557,700 4,366,000
Goodwill 120,884,200 120,884,200
Digital assets 1,466,689,000 0
Intangible assets, net 21,224,400 25,363,100
Right-of-use assets, net 2,739,000 3,416,100
Total assets [1] 3,265,266,500 938,287,500
Current Liabilities:    
Accounts payable and accrued expenses 32,741,100 10,167,500
Related party payables $ 262,000 $ 262,000
Other Liability, Noncurrent, Related Party Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Unearned revenue $ 23,800 $ 1,010,700
Current portion of long-term debt 4,689,400 4,780,500
Current portion of operating lease liability 858,500 1,080,800
Total current liabilities 38,574,800 17,301,500
Convertible notes 945,645,500 0
Long-term operating lease liability 1,933,000 2,559,700
Long-term debt – other 434,200 4,836,200
Deferred tax liability 394,900 0
Total liabilities [1] 986,982,400 24,697,400
Commitments and contingencies (Note 17)
Stockholders’ Equity:    
Preferred Stock $0.0001 par value – 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and December 31, 2024 0 0
Common Stock $0.0001 par value – 999,000,000 shares authorized, 279,997,583 and 220,657,014 shares issued and outstanding at September 30, 2025 and December 31, 2024 28,100 22,100
Paid in capital 5,347,340,200 3,861,662,400
Treasury stock, at cost (779,691 and 128,138 shares) (17,571,500) (2,908,700)
Accumulated deficit (3,051,702,700) (2,945,185,700)
Total stockholders’ equity 2,278,094,100 913,590,100
Noncontrolling interest 190,000 0
Total equity 2,278,284,100 913,590,100
Total liabilities and equity $ 3,265,266,500 $ 938,287,500
[1] As of September 30, 2025, the total assets include $1,899.9 related to the consolidated VIE of which $1,899.9 is included in cash and cash equivalents.  Total liabilities included related to the consolidated VIE were $0.0.  As of December 31, 2024, we did not have a variable interest in the VIE, as a result no assets and liabilities of the VIE are included in our condensed consolidated balance sheet. There is no recourse against us for the liabilities of the consolidated VIE.
[2] Under certain provisions of Accounting Standards Codification (“ASC”) 810, Consolidations, (“ASC 810”) we are required to separately disclose on our condensed consolidated balance sheets the assets of the consolidated variable interest entity (“VIE”) that are owned by the consolidated VIE and liabilities of the consolidated VIE as to which there is no recourse against us.