Segment Information - Schedule of Segment Reporting Information (Details) - 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)
Asset Management
Revenues:
Total revenues	1,495	4,194	3,650
Operating expenses:
Fund management and administration	1,867	4,250	4,867
Employee compensation and benefits	4,932	4,861	9,135
General and administrative expense	631	2,672	11,248
Marketing and advertising	19	88	862
Depreciation and amortization	0	52	192
Total operating expenses	7,449	11,923	26,304
Investment gains/(losses):
Net unrealized loss on digital assets, at fair value	0	0	0
Other derivative loss	0	0	0
Net investment gains/(losses)	0	0	0
Net operating loss	(5,954)	(7,729)	(22,654)
Other income/(expense):
Other income	15	360	795
Transaction costs	0	0	0
Gain on lease remeasurement			279
Goodwill and intangible asset impairment	0	0	0
Total other income/(expense)	15	360	1,074
Net loss before income taxes	(5,939)	(7,369)	(21,580)
Income tax benefit/(expense)	0	0	0
Net loss	(5,939)	(7,369)	(21,580)
Corporate & Other
Revenues:
Total revenues	17	28	0
Operating expenses:
Fund management and administration	0	0	0
Employee compensation and benefits	22,707	2,361	0
General and administrative expense	3,050	1,557	0
Marketing and advertising	132	143	0
Depreciation and amortization	71	97	0
Total operating expenses	25,960	4,158	0
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	(235,182)	(4,130)	0
Other income/(expense):
Other income	708	226	0
Transaction costs	(12,400)	(15,717)	0
Gain on lease remeasurement			0
Goodwill and intangible asset impairment	(140,785)	0	0
Total other income/(expense)	(152,477)	(15,491)	0
Net loss before income taxes	(387,659)	(19,621)	0
Income tax benefit/(expense)	0	0	0
Net loss	(387,659)	(19,621)	0
Investment advisory fees
Revenues:
Total revenues	1,495	4,187	3,592
Investment advisory fees | Asset Management
Revenues:
Total revenues	1,495	4,187	3,592
Investment advisory fees | Corporate & Other
Revenues:
Total revenues	0	0	0
Other revenue
Revenues:
Total revenues	17	35	58
Other revenue | Asset Management
Revenues:
Total revenues	0	7	58
Other revenue | Corporate & Other
Revenues:
Total revenues	$ 17	$ 28	$ 0