Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net loss $ (43,044) $ (7,082)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Depreciation and amortization 253 307
Strategic advisory warrants 476
Stock-based compensation 592
Realized foreign currency gain (265)
Non-cash staking revenue (668)
Write-off vendor deposits and accrued liabilities (1,493)
Change in fair value of digital assets 32,011
Impairment of investments 1,769
Accretion of debt discount 284
Provision for doubtful accounts 1,251 673
Digital assets transaction fees 63
Changes in operating assets and liabilities:    
Accounts receivable 308 (206)
Inventories (137)
Vendor deposits 564
Other current assets 692 88
Accounts payable 2,077 (1,075)
Accrued expenses and other liabilities (1,120) (116)
Customer deposits (1,195)
Net cash and cash equivalents used in operating activities (7,098) (7,895)
Cash flows from Investing Activities:    
Purchases of property and equipment, net (68)
Purchases of digital assets (11,293)
Purchases of Stablecoin-related protocol instruments (8,057)
Net cash and cash equivalents used in investing activities (19,350) (68)
Cash flows from Financing Activities:    
Proceeds from issuance of Class A common stock and warrants 20,746
Repayments of notes payable (7,958)
Net cash and cash equivalents provided by financing activities 12,788
Net (decrease) increase in cash and cash equivalents (26,448) 4,825
Cash and cash equivalents, beginning of the period 32,513 899
Cash and cash equivalents, end of period 6,065 5,724
Supplemental disclosures of cash flow information    
Cash paid for interest $ 107