Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Effective Income Tax Rate Reconciliation

The benefit from or provision for income taxes differs from the amount computed by applying the federal statutory income tax rate to the Company's loss before income taxes as follows (amounts in thousands, other than percentages):


	Successor				Predecessor
	Period from September 12, 2025 to December 31, 2025				Period from January 1, 2025 to September 11, 2025				Year Ended December 31, 2024
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory income tax rate	$	(82,656)	21.0	%	$	(5,668)	21.0	%	$	(4,532)	21.0	%
Nontaxable and nondeductible items:
Non-deductible goodwill impairment	29,408		(7.5)	%	—		—	%	—		—	%
Non-deductible transaction expenses	1,694		(0.4)	%	3,301		(12.2)	%	—		—	%
Non-deductible officers compensation	10,559		(2.7)	%	—		—	%	—		—	%
Other nondeductible items:
Other permanent differences	3,121		(0.8)	%	—		—	%	21		(0.1)	%
Other reconciling items:
Share-based compensation	(12,939)		3.3	%	—		—	%	—		—	%
Change in valuation allowance	50,813		(12.9)	%	2,367		(8.8)	%	4,511		(20.9)	%
Effective income tax rate	$	—	—	%	$	—	—	%	$	—	—	%

Schedule of Components of Deferred Income Tax Assets and Deferred Tax Liabilities

The components of deferred income tax assets and deferred tax liabilities as of December 31, 2025 and December 31, 2024 are shown below (in thousands):


	December 31, 2025		December 31, 2024
	(Successor)		(Predecessor)
Deferred tax assets:
Net operating loss carryforwards	$	26,748	$	11,723
Other accruals	—		72
Lease liabilities	1,019		375
Digital assets	46,443		—
Capitalized start-up costs	158		35
Share-based compensation expense	1,434		—
Charitable contribution carryforward	46		35
Other	—		98
Gross deferred tax assets	$	75,848	12,338
Less: valuation allowances	(74,719)		(11,828)
Deferred tax assets, net	$	1,129	$	510

Deferred tax liabilities:
Right of use assets	(992)		(375)
Property and equipment	(137)		(126)
Intangible assets	—		(9)
Gross deferred tax liabilities	$	(1,129)	$	(510)
Net deferred tax asset	$	—	$	—