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Description of Business, the Transactions and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Reconciliation of Unaudited Condensed and Combined Balance Sheets Prior to and Following the Effectiveness Transactions

 

Combined
Balance Sheet as of

 

 

Adjustments Post

 

 

Balance
Sheet as of

 

 

 

March 31, 2025

 

 

Carveout

 

 

March 31, 2025

 

Assets

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

Deposits and prepaid expenses

 

$

36,920

 

 

$

(36,920

)

 

$

—

 

Derivative assets

 

 

21,397

 

 

 

(21,397

)

 

 

—

 

Digital assets - pledged for miner purchase

 

 

79,893

 

 

 

(79,893

)

 

 

—

 

Total current assets

 

 

138,210

 

 

 

(138,210

)

 

 

—

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

Digital assets – held in custody

 

 

597,743

 

 

 

(597,743

)

 

 

—

 

Digital assets – pledged as collateral

 

 

169,608

 

 

 

(169,608

)

 

 

—

 

Property and equipment, net

 

 

123,079

 

 

 

(1,967

)

 

 

121,112

 

Goodwill

 

 

53,169

 

 

 

(53,169

)

 

 

—

 

Total non-current assets

 

 

943,599

 

 

 

(822,487

)

 

 

121,112

 

Total assets

 

$

1,081,809

 

 

$

(960,697

)

 

$

121,112

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

108,235

 

 

$

(108,235

)

 

$

—

 

Derivative liability

 

 

896

 

 

 

(896

)

 

 

—

 

Income tax payable

 

 

19

 

 

 

(19

)

 

 

—

 

Total current liabilities

 

 

109,150

 

 

 

(109,150

)

 

 

—

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

Deferred tax liability

 

 

21,103

 

 

 

(15,748

)

 

 

5,355

 

Total liabilities

 

 

130,253

 

 

 

(124,898

)

 

 

5,355

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

 

Parent net investment

 

 

995,436

 

 

 

(995,436

)

 

 

—

 

Common Stock

 

 

—

 

 

 

5

 

 

 

5

 

Additional paid-in capital

 

 

—

 

 

 

115,752

 

 

 

115,752

 

Accumulated other comprehensive income

 

 

(43,880

)

 

 

43,880

 

 

 

—

 

Total stockholders’ equity

 

 

951,556

 

 

 

(835,799

)

 

 

115,757

 

Total liabilities and stockholders’ equity

 

$

1,081,809

 

 

$

(960,697

)

 

$

121,112