v3.26.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss from continuing operations $ (40,263) $ (8,629)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net unrealized holding loss on equity holdings 1,472
(Gain) loss from equity method holdings (32) 5,765
Net realized gain on sale of equity holdings (770)
Realized loss on digital assets 18,664
Unrealized loss on measurement of fair value of ETH digital assets 17,995
Depreciation and amortization 74 78
Deferred income taxes (151)
Stock compensation expense 117 175
Changes in operating assets and liabilities:    
Other assets (201) 124
Current income taxes (1,022) 83
Accounts payable and accrued expenses (1,561) (521)
Net cash used in operating activities from continuing operations (6,229) (2,374)
Net cash used in operating activities from discontinued operations (549)
Net cash used in operating activities (6,229) (2,923)
Cash flows from investing activities:    
Proceeds from sales of equity securities 1,810
Proceeds from sales of ETH digital assets 22,010
Purchases of equity securities (500) (277)
Collection of note receivable 150
Net cash provided by investing activities from continuing operations 21,660 1,533
Net cash used in investing activities from discontinued operations (250) (14)
Net cash provided by investing activities 21,410 1,519
Cash flows from financing activities:    
Payment of dividends on preferred shares (370) (447)
Net repayments on credit facility (27)
Purchases of common shares (8,747)
Purchases of Series A preferred shares (5,282)
Principal payments on short-term debt (28) (104)
Net cash used in financing activities from continuing operations (14,427) (578)
Net cash used in financing activities from discontinued operations (142)
Net cash used in financing activities (14,427) (720)
Effect of exchange rate changes on cash and cash equivalents from continuing operations (8) (1)
Net increase (decrease) in cash and cash equivalents from continuing operations 996 (1,420)
Net decrease in cash and cash equivalents from discontinued operations (250) (705)
Net increase (decrease) in cash and cash equivalents 746 (2,125)
Cash and cash equivalents at beginning of period 13,395 6,562
Cash and cash equivalents at end of period 14,141 4,437
Supplemental disclosure of non-cash investing and financing activities:    
Deposits of digital assets (ETH) for liquid staking activities 17,436
Receipt of digital assets (wstETH) for liquid staking activities $ (17,233)