Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2025		Sep. 30, 2024
Cash flows from operating activities
Net loss	$ (106,577,000)		$ (363,216,100)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash interest expense on debt	15,396,000		2,780,100
Change in fair value of derivative liability	0		225,916,000
Depreciation and amortization	5,516,800		771,500
Loss on extinguishment of debt	0		542,300
Stock based compensation	46,086,500		84,633,700
Change in fair value of digital assets	16,204,600		0
Net unrealized loss on investments	10,845,600		0
Operating lease amortization	677,100		201,200
Deferred taxes	394,900		0
Other current assets	(7,640,200)		(3,751,400)
Accounts receivable	(281,400)		66,100
Unearned revenue	(986,900)		(2,453,500)
Operating lease liabilities	(662,100)		(168,600)
Accounts payable and accrued expenses	23,664,900		2,038,700
Net cash provided by/(used in) operating activities	2,638,800		(52,640,000)
Cash flows used in investing activities
Purchases of property and equipment	(569,700)		(5,031,200)
Purchase of intangible assets	0		(7,000,000)
Purchases of digital assets	(1,436,000,000)		0
Purchases of short-term investments	(18,874,400)		(300,742,500)
Proceeds from sales of short-term investments	75,000,000		0
Purchases of trading securities	(592,756,400)		0
Sales of trading securities	92,300		0
Net cash used in investing activities	(1,973,108,200)		(312,773,700)
Cash flows provided by financing activities
Proceeds of convertible notes	960,000,000		47,455,000
Repayment of long-term debt	(4,629,600)		0
Proceeds from merger	0		233,017,500
Proceeds from PIPE	1,395,318,300		0
Payments of debt and equity offering costs	(34,399,300)		0
Repurchases of common stock	(14,662,800)		(2,908,700)
Proceeds from SEPA, net	0		339,463,100
Proceeds from the exercise of warrants, net	268,200		117,949,800
Contribution for non-controlling interest	250,000		0
Net cash provided by financing activities	2,302,144,800		734,976,700
Net change in cash, cash equivalents, and restricted cash	331,675,400		369,563,000
Cash, cash equivalents, and restricted cash, beginning of period	170,236,100		2,572,700
Cash, cash equivalents, and restricted cash, end of period	501,911,500		372,135,700
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	166,072,700	[1],[2]	372,135,700
Restricted cash	335,838,800		0
Total cash, cash equivalents, and restricted cash, end of period	501,911,500		372,135,700
Supplemental disclosure of cash flow information
Cash paid for interest	370,400		126,400
Cash paid for taxes	895,700		1,897,700
Noncash investing and financing activities
Shares issued for conversion of convertible notes	0		350,426,000
Operating lease assets obtained in exchange for operating lease obligations	0		2,703,000
Common stock issued for business combination	0		132,171,000
Common stock issued for digital assets	46,894,200		0
Debt and equity offering costs	41,328,400		10,107,500
Digital assets exchanged for other digital assets	$ 17,055,100		$ 0

[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.