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Condensed and Combined Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash $ 7,976
Deposits and prepaid expenses 2,943 42,650
Derivative asset 18,076
Digital assets - pledged for miner purchase, current portion 92,389
Total current assets 10,919 153,115
Non-current assets    
Property and equipment, net 370,823 43,089
Operating lease right-of-use-asset 174,647
Derivative asset 63,723
Intangible assets, net 998
Goodwill 151,779 53,082
Total non-current assets 1,151,902 953,283
Total assets 1,162,821 1,106,398
Current liabilities    
Accounts payable and accrued expenses 106,465 31,012
Advances from sale of property and equipment 450
Derivative liability 18,437
Income tax payable 20 889
Warrant liability 571
Operating lease liability, current portion 40,614
Total current liabilities 148,120 50,338
Non-current liabilities    
Miner purchase liability 286,202
Deferred tax liabilities 8,046 40,993
Operating lease liability, less current portion 145,000
Total non-current liabilities 439,248 40,993
Total liabilities 587,368 91,331
Commitments and Contingencies
Stockholders' equity    
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of September 30, 2025; no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
Additional paid-in capital 568,455
Retained earnings 6,906
Accumulated other comprehensive loss (48,347)
Net Parent investment 1,063,414
Total stockholders’ deficit 575,453 1,015,067
Total liabilities and stockholders’ deficit 1,162,821 1,106,398
Held in Custody [Member]    
Current assets    
Digital assets - pledged for miner purchase, current portion
Non-current assets    
Digital assets 117,879 525,236
Pledged for Miner Purchase [Member]    
Current assets    
Digital assets - pledged for miner purchase, current portion 92,389
Non-current assets    
Digital assets 272,053
Pledged as Collateral [Member]    
Non-current assets    
Digital assets 331,876
Class A Common Stock [Member]    
Stockholders' equity    
Common stock value 19
Class B Common Stock [Member]    
Stockholders' equity    
Common stock value 73
Class C Common Stock    
Stockholders' equity    
Common stock value