CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 67,499	$ 6,155
Short-term investments	0	16,755
Prepaid expenses	2,708	351
Other current assets	1,569	500
Total current assets	71,776	23,761
Digital assets, at fair value	668,486	0
Property and equipment, net	778	951
Intangible assets, net	355	187
Right-of-use lease assets	4,037	1,786
Other non-current assets	95	1,512
Total assets	745,527	28,197
Current liabilities:
Compensation and benefits payable	164	1,112
Accounts payable and other liabilities	8,560	2,227
Dividends payable	2,053	0
Total current liabilities	10,777	3,339
Operating lease liabilities	3,512	1,516
Total liabilities	14,289	4,855
Mezzanine equity:
Total mezzanine equity	148,802	0
Stockholders’ equity:
Additional paid-in capital	1,055,595	0
Accumulated deficit	(474,054)	(49,146)
Total stockholders’ equity	582,436	23,342
Total liabilities, mezzanine equity, and stockholders' equity	745,527	28,197
Variable Rate Series A Perpetual Preferred Stock
Mezzanine equity:
Total mezzanine equity	148,802	0
Predecessor Preferred Stock
Stockholders’ equity:
Predecessor preferred stock		72,488
Predecessor Class A Common Stock
Stockholders’ equity:
Common stock		0
Predecessor Class B Common Stock
Stockholders’ equity:
Common stock		$ 0
Class A Common Stock
Stockholders’ equity:
Common stock	699
Class B Common Stock
Stockholders’ equity:
Common stock	$ 196