CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		4 Months Ended	8 Months Ended	12 Months Ended
		Dec. 31, 2025	Sep. 11, 2025	Dec. 31, 2024
Revenues:
Total revenues		$ 1,512	$ 4,222	$ 3,650
Operating expenses:
Fund management and administration		1,867	4,250	4,867
Employee compensation and benefits		27,639	7,222	9,135
General and administrative expense		3,681	4,229	11,248
Marketing and advertising		151	231	862
Depreciation and amortization		71	149	192
Total operating expenses		33,409	16,081	26,304
Investment gains/(losses):
Net unrealized loss on digital assets, at fair value		(194,508)	0	0
Other derivative loss		(14,731)	0	0
Net investment gains/(losses)		(209,239)	0	0
Net operating loss		(241,136)	(11,859)	(22,654)
Other income/(expense):
Other income		723	586	795
Transaction costs		(12,400)	(15,717)	0
Gain on lease remeasurement		0	0	279
Goodwill and intangible asset impairment		(140,785)	0	0
Total other income/(expense)		(152,462)	(15,131)	1,074
Net loss before income taxes		(393,598)	(26,990)	(21,580)
Income tax benefit/(expense)		0	0	0
Net loss		(393,598)	(26,990)	(21,580)
Dividends on preferred stock		(4,320)	0	0
Net loss attributable to common stockholders		(397,918)	(26,990)	(21,580)
Net loss attributable to common stockholders		$ (397,918)	$ (26,990)	$ (21,580)
Weighted average number of common shares outstanding:
Basic (in shares)	[1]	43,997,862	2,299,243	2,213,424
Diluted (in shares)	[1]	43,997,862	2,299,243	2,213,424
Net loss per common share:
Basic (in USD per share)	[1]	$ (9.04)	$ (11.74)	$ (9.75)
Diluted (in USD per share)	[1]	$ (9.04)	$ (11.74)	$ (9.75)
Investment advisory fees
Revenues:
Total revenues		$ 1,495	$ 4,187	$ 3,592
Other revenue
Revenues:
Total revenues		$ 17	$ 35	$ 58

[1] (1) Basic and diluted earnings per common share for Class A and Class B common stock are the same.