CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2025	Sep. 11, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (393,598)	$ (26,990)		$ (21,580)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	71	149		192
Accretion of discount on investments, net	0	155		(14)
Reduction in carrying amount of right-of-use assets	22	91		68
Gain on lease remeasurement	0	0		(279)
Net unrealized loss on digital assets, at fair value	194,508	0		0
Other derivative loss	14,731	0		0
Share-based compensation expense	21,710	0		0
Goodwill and intangible asset impairment	140,785	0		0
Non-cash transaction expenses	2,936	2,150		0
Changes in operating assets and liabilities:
Prepaid expenses	(2,103)	(227)		13
Other current assets	520	(1,589)		(354)
Other non-current assets	47	(723)		(1,464)
Compensation and benefits payable	70	(1,018)		896
Accounts payable and other liabilities	(4,675)	9,793		927
Net cash used in operating activities	(24,976)	(18,209)		(21,595)
Cash flows from investing activities:
Purchases of digital assets, at fair value	(854,956)	0		0
Purchases of intangible assets	(80)	(123)		0
Purchases of property and equipment	(12)	0		(24)
Cash acquired through business combination	400	0		0
Purchases of short-term investments	0	(4,271)		(32,203)
Proceeds from short-term investments	0	20,871		29,026
Net cash provided by (used in) investing activities	(854,648)	16,477		(3,201)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock	545,143	0		0
Proceeds from issuance of pre-funded warrants	283,170	0		0
Proceeds from warrant exercises	31,550	0		0
Payment of issuance costs	(41,986)	0		0
Proceeds from issuance of preferred stock	161,212	0		28,950
Preferred stock dividends paid	(2,267)	0		0
Payment of withholding tax on vesting of restricted stock	(33,622)	0		0
Redemption of preferred stock	0	(500)		(85)
Net cash provided by (used in) financing activities	943,200	(500)		28,865
Net increase (decrease) in cash and cash equivalents	63,576	(2,232)		4,069
Cash and cash equivalents, beginning of period	3,923	6,155	$ 6,155	2,086
Cash and cash equivalents, end of period	67,499	3,923	67,499	6,155	$ 2,086
Supplemental disclosures of cash flow information:
Cash paid during the period for interest expense			0	0	0
Cash paid during the period for income taxes			0	0	0
Non-cash investing and financing activities:
Accrued but unpaid financing offering costs	718	770		0
Declared but unpaid preferred stock dividends	2,053		$ 2,053	0	$ 0
Class A common stock exchanged for digital assets	8,038	0		0
Class A common stock issued as part of business combination	141,140	0		0
Assets and liabilities resulting from business combination:
Prepaid expenses	27	0		0
Goodwill	140,039	0		0
Intangible assets	746	0		0
Other non-current assets	57	0		0
Accounts payable and other liabilities	$ 129	$ 0		$ 0