| Schedule of Segment Reporting |
The
following tables present the financial information for each segment that is specifically identifiable or based on allocations using internal
methodology for the years ended December 31, 2025 and 2024 (in thousands):
Schedule of Segment Reporting
| | |
Digital
Assets | | |
Merchant
Banking | | |
Other | | |
Total | |
| | |
Year
Ended December 31, 2025 | |
| | |
Digital
Assets | | |
Merchant
Banking | | |
Other | | |
Total | |
| ETH staking rewards | |
$ | 1,475 | | |
$ | - | | |
$ | - | | |
$ | 1,475 | |
| Rental income | |
| - | | |
| - | | |
| 415 | | |
| 415 | |
| Merchant banking advisory
fees | |
| - | | |
| 523 | | |
| - | | |
| 523 | |
| Total revenue | |
| 1,475 | | |
| 523 | | |
| 415 | | |
| 2,413 | |
| | |
| | | |
| | | |
| | | |
| | |
| Compensation costs | |
| (655 | ) | |
| (1,239 | ) | |
| - | | |
| (1,894 | ) |
| Professional fees | |
| (574 | ) | |
| (608 | ) | |
| - | | |
| (1,182 | ) |
| Bank and custodial fees | |
| (90 | ) | |
| (2 | ) | |
| - | | |
| (92 | ) |
| Realized loss on digital assets | |
| (5,815 | ) | |
| - | | |
| - | | |
| (5,815 | ) |
| Unrealized measurement of fair value of ETH digital assets | |
| (38,327 | ) | |
| - | | |
| - | | |
| (38,327 | ) |
| Loss on equity holdings | |
| - | | |
| (5,503 | ) | |
| - | | |
| (5,503 | ) |
| Depreciation and amortization | |
| - | | |
| - | | |
| (291 | ) | |
| (291 | ) |
| Other operating expenses | |
| (11 | ) | |
| (92 | ) | |
| - | | |
| (103 | ) |
| Interest expense, net | |
| - | | |
| - | | |
| (113 | ) | |
| (113 | ) |
| Segment (loss) income before
taxes | |
| (43,997 | ) | |
| (6,921 | ) | |
| 11 | | |
| (50,907 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Corporate and other non-segment operating expenses | |
| | | |
| | | |
| | | |
| (10,957 | ) |
| Stock-based compensation | |
| | | |
| | | |
| | | |
| (7,760 | ) |
| Foreign currency transaction gain | |
| | | |
| | | |
| | | |
| 1,936 | |
| Interest expense, net | |
| | | |
| | | |
| | | |
| (19 | ) |
| | |
Digital
Assets | | |
Merchant
Banking | | |
Other | | |
Total | |
| | |
Year
Ended December 31, 2024 | |
| | |
Digital
Assets | | |
Merchant
Banking | | |
Other | | |
Total | |
| ETH staking rewards | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| Rental income | |
| - | | |
| - | | |
| 704 | | |
| 704 | |
| Merchant banking advisory
fees | |
| - | | |
| 75 | | |
| - | | |
| 75 | |
| Total revenue | |
| - | | |
| 75 | | |
| 704 | | |
| 779 | |
| | |
| | | |
| | | |
| | | |
| | |
| Compensation costs | |
| - | | |
| (679 | ) | |
| (104 | ) | |
| (783 | ) |
| Professional fees | |
| - | | |
| (400 | ) | |
| - | | |
| (400 | ) |
| Loss on equity holdings | |
| - | | |
| (14,675 | ) | |
| - | | |
| (14,675 | ) |
| Depreciation and amortization | |
| - | | |
| (18 | ) | |
| (384 | ) | |
| (402 | ) |
| Other operating expenses | |
| - | | |
| (91 | ) | |
| (170 | ) | |
| (261 | ) |
| Impairment | |
| - | | |
| - | | |
| (1,475 | ) | |
| (1,475 | ) |
| Interest expense, net | |
| - | | |
| - | | |
| (225 | ) | |
| (225 | ) |
| Segment loss before taxes | |
| - | | |
| (15,788 | ) | |
| (1,654 | ) | |
| (17,442 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Corporate and other non-segment operating expenses | |
| | | |
| | | |
| | | |
| (7,552 | ) |
| Stock-based compensation | |
| | | |
| | | |
| | | |
| (1,618 | ) |
| Bargain purchase on acquisition | |
| | | |
| | | |
| | | |
| 2,321 | |
| Interest expense, net | |
| | | |
| | | |
| | | |
| (78 | ) |
|
| Schedule of Assets Segment Reporting |
The
following table presents the Company’s specifically identifiable assets for each of the Company’s segments as of December
31, 2024 (in thousands).
Schedule of Assets Segment Reporting
| | |
December
31, 2025 | |
| | |
Merchant Banking | | |
Digital
Assets | | |
Other | | |
Total | |
| Segment assets | |
$ | 14,677 | | |
$ | 119,384 | | |
$ | 29,783 | | |
$ | 163,844 | |
| | |
December
31, 2024 | |
| | |
Merchant Banking | | |
Digital
Assets | | |
Other | | |
Total | |
| Segment assets | |
$ | 60,073 | | |
$ | - | | |
$ | 49,396 | | |
$ | 109,469 | |
|