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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative [Line Items] |
Schedule of Combined Balance Sheets Classification of Derivatives Carried at Fair Value | The following table presents the Company’s Unaudited Condensed and Combined Balance Sheets classification of derivatives carried at fair value:
(in USD thousands) |  |  |  | September 30, 2025 |  |  | December 31, 2024 |
Derivative |  | Balance Sheet Line |  | Asset |  |  | Liability |  |  | Asset |  |  | Liability |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bitcoin redemption option |  | Derivative asset |  | $ | 63,723 |  |  | $ | — |  |  | $ | 18,076 |  |  | $ | — |
Covered call options |  | Derivative liability |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,437 |
Warrant liability |  | Warrant liability |  |  | — |  |  |  | 571 |  |  |  | — |  |  |  | — |
Total derivatives |  |  |  | $ | 63,723 |  |  | $ | 571 |  |  | $ | 18,076 |  |  | $ | 18,437 |
Schedule of Effect of Derivatives on Statements of Operations and Comprehensive Income (Loss) | The following table presents the effect of derivatives on the Company’s Unaudited Condensed and Combined Statements of Operations and Comprehensive Income (Loss):
|  |  |  | Three Months Ended |  |  | Nine Months Ended |
(in USD thousands) |  | Statement of |  | September 30, |  |  | September 30, |
Derivative |  | Operations Line |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bitcoin redemption option |  | (Loss) gain on derivatives |  | $ | (1,999 | ) |  | $ | — |  |  | $ | 18,863 |  |  | $ | — |
Covered call options |  | (Loss) gain on derivatives |  |  | — |  |  |  | 2,704 |  |  |  | — |  |  |  | 19,923 |
Warrant liability |  | Gain on warrant liability |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | — |
Total derivatives |  |  |  | $ | (1,999 | ) |  | $ | 2,704 |  |  | $ | 18,889 |  |  | $ | 19,923 |
Schedule of Activity and Change in Fair Value of Bitcoin Redemption Option Related to Parent | The following table provides a summary of activity and change in fair value of the Bitcoin redemption option related to the Parent Bitmain Purchase Agreement (previously a Level 3 derivative asset):
|  | Nine Months Ended |
(in USD thousands) |  | September 30, 2025 |
Balance, beginning of period |  | $ | 18,076 |
Transfer out of Level 3 (1) |  |  | (18,076 | )
Balance, end of period |  | $ | — |
(1) The Bitcoin redemption option was transferred out of Level 3 due to changes in the observability of inputs used in the valuation and retained by the Parent after the effectiveness of Transactions.
Warrant [Member] |
Derivative [Line Items] |
Schedule of Valuation Inputs for Derivatives | As of September 30, 2025, the Company estimated the fair value of the warrant liability using the Black-Scholes pricing model with the following inputs:
|  | September 30, 2025 |
Exercise price |  | $ | 1.50 |
Expected volatility |  |  | 122.2 | %
Risk-free interest rate |  | 4.02% – 4.10% |
Expected term |  |  | 0.25 |
Dividend yield |  |  | 0 | %
Summary of Activity and Change in Fair Value | The following table provides a summary of activity and change in fair value of the Company’s warrant liability (Level 3 derivative liability), and there was no activity during the three months and nine months ended September 30, 2024:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |
(in USD thousands) |  | 2025 |  |  | 2025 |
Balance, beginning of period |  | $ | — |  |  | $ | — |
Warrants assumed in Business Combination |  |  | 9,011 |  |  |  | 9,011 |
Exercise of warrants |  |  | (8,414 | ) |  |  | (8,414 | )
Change in fair value |  |  | (26 | ) |  |  | (26 | )
Balance, end of period |  | $ | 571 |  |  | $ | 571 |

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