Digital Assets, at Fair Value

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Digital Assets, at Fair Value

Digital Assets, at Fair Value

The Company accounts for its digital assets, which are comprised solely of bitcoin, in accordance with ASC 350-60, Intangibles - Goodwill and Other - Crypto Assets. The Company’s digital assets are initially recorded at cost, inclusive of transaction costs and fees. The Company subsequently remeasures its digital assets to fair value at the end of each reporting period in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, resulting in their classification as Level 1 instruments. Any changes in fair value are recognized in net income within net unrealized gain (loss) on digital assets, at fair value. As of December 31, 2025, there are no contractual restrictions on the Company's holdings of digital assets.

The following table provides a summary of the changes in the Company's digital assets, at fair value for the period from September 12, 2025 to December 31, 2025 (in thousands):

	Period from September 12, 2025 to December 31, 2025
Balance, beginning of period	$	—
Acquisitions	862,994
Sales	—
Aggregate cost basis	$	862,994
Change in fair value	(194,508)
Balance, end of period	$	668,486

The Company's investments in digital assets are summarized below. The Company did not hold any investments in digital assets prior to September 12, 2025.

	December 31, 2025		December 31, 2024
	(Successor)		(Predecessor)
Approximate number of bitcoin held	7,627		—
Weighted average acquisition cost	$	113,153	$	—
Fair value per bitcoin	$	87,650	$	—