v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 1 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2024
Cash flows from operating activities:      
Net loss $ (192,287) $ (26,990) $ (17,462)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 12 149 141
Accretion of discount on investments, net 0 155 11
Reduction in carrying amount of right-of-use assets 5 91 59
Net unrealized loss on digital assets 10,133 0 0
Other derivative loss 14,731 0 0
Share-based compensation expense 16,294 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 (2,928) (227) (157)
Other current assets 1,461 (1,589) (388)
Other non-current assets 0 (723) 0
Compensation and benefits payable 263 (1,018) 932
Accounts payable and other liabilities (5,360) 9,793 1,342
Net cash used in operating activities (13,955) (18,209) (15,522)
Cash flows from investing activities:      
Purchases of digital assets (675,008) 0 0
Purchases of intangible assets (75) (123) 0
Purchases of property and equipment 0 0 (200)
Cash acquired through business combination 400 0 0
Purchases of short-term investments 0 (4,271) (32,202)
Proceeds from short-term investments 0 20,871 20,738
Net cash provided by (used in) investing activities (674,683) 16,477 (11,664)
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock 525,610 0 0
Proceeds from issuance of pre-funded warrants 283,170 0 0
Proceeds from warrant exercises 13,000 0 0
Payment of issuance costs (27,996) 0 0
Proceeds from issuance of preferred stock 0 0 28,949
Redemption of preferred stock 0 (500) (85)
Net cash provided by (used in) financing activities 793,784 (500) 28,864
Net increase (decrease) in cash and cash equivalents 105,146 (2,232) 1,678
Cash and cash equivalents, beginning of period 3,923 6,155 2,086
Cash and cash equivalents, end of period 109,069 3,923 3,764
Non-cash investing and financing activities:      
Accrued but unpaid financing transaction costs 1,262 770 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