v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Cash flows from operating activities:    
Net loss from continuing operations $ (67,634) $ (24,277)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net unrealized holding loss on equity holdings 2,538 5,039
Loss from equity method holdings 4,938 10,713
Loss on disposal of fixed assets 5
Net realized gain on sale of equity holdings (1,056) (306)
Realized loss on digital assets 5,815
Unrealized measurement of fair value of ETH digital assets 38,327
ETH rewards for staking (1,543)
Depreciation and amortization 304 408
Amortization and accretion of operating leases 75
Impairment of property and equipment 1,422
Gain on merger of FGF and FGH (Note 5) (2,321)
Deferred income taxes (2,059) (639)
Stock compensation expense 7,762 1,619
Changes in operating assets and liabilities:    
Other assets 316 1,080
Current income taxes (148) 58
Accounts payable and accrued expenses 5,772 3,212
Operating lease obligations (23)
Net cash used in operating activities from continuing operations (6,663) (3,940)
Net cash (used in) provided by operating activities from discontinued operations 413 (299)
Net cash used in operating activities (6,250) (4,239)
Cash flows from investing activities:    
Proceeds from sales of equity securities 3,214 5,021
Proceeds from redemption of Saltire preferred shares 7,500
Purchases of ETH, net of sales (137,977)
Purchases of equity securities (887)
Proceeds from sales of property and equipment 6,161
Collection of note receivable, net 3 203
Cash acquired in Merger of FGF and FGH 1,903
Net cash (used in) provided by investing activities from continuing operations (128,147) 13,288
Net cash provided by (used in) investing activities from discontinued operations 5,592 (140)
Net cash (used in) provided by investing activities (122,555) 13,148
Cash flows from financing activities:    
Payment of withholding taxes in connection with vesting of RSUs (397) (21)
Proceeds from Private Placement Offering, net of costs 168,621
Proceeds from sales under ATM Offering, net of costs 14,050
Payment of dividends on preferred shares (1,788) (1,410)
Distribution of cash to CVR Trust (17,957)
Net borrowings on credit facility 97
Purchases of common shares (26,133)
Purchases of Series A preferred shares (127)
Principal payments on long-term debt (4,919)
Principal payments on short-term debt (247) (603)
Net cash provided by (used in) financing activities from continuing operations 136,022 (6,856)
Net cash (used in) provided by financing activities from discontinued operations (408) (2)
Net cash provided by (used in) financing activities 135,614 (6,858)
Effect of exchange rate changes on cash and cash equivalents from continuing operations 24 (11)
Effect of exchange rate changes on cash and cash equivalents from discontinued operations (36)
Net decrease in cash and cash equivalents from continuing operations 1,236 2,481
Net increase in cash and cash equivalents from discontinued operations 5,597 (477)
Net increase in cash and cash equivalents 6,833 2,004
Cash and cash equivalents at beginning of year 6,562 4,558
Cash and cash equivalents at end of year 13,395 6,562
Supplemental disclosure of non-cash financing activities:    
Digital assets received as part of Private Placement Offering (Note 1) $ 24,006