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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2026
Derivative [Line Items] |
Schedule of Unaudited Condensed Consolidated and Combined Balance Sheets Classification of Derivatives Carried at Fair Value | The following table presents the Company’s Unaudited Condensed Consolidated and Combined Balance Sheets classification of derivatives carried at fair value:
(in USD thousands) |  |  |  | June 30, 2026 |  |  | December 31, 2025 |
Derivative |  | Balance Sheet Line |  | Asset |  |  | Liability |  |  | Asset |  |  | Liability |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bitcoin redemption and put options |  | Derivative assets |  | $ | 180,013 |  |  | $ | — |  |  | $ | 101,179 |  |  | $ | — |
Warrant liability |  | Warrant liability |  |  | — |  |  |  | 55 |  |  |  | — |  |  |  | 146 |
Total derivatives |  |  |  | $ | 180,013 |  |  | $ | 55 |  |  | $ | 101,179 |  |  | $ | 146 |
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 Consolidated and Combined Statements of Operations and Comprehensive (Loss) Income:
|  |  |  | Three Months Ended |  |  | Six Months Ended |
(in USD thousands) |  | Statement of |  | June 30, |  |  | June 30, |
Derivative |  | Operations Line |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bitcoin redemption and put options |  | Gain on derivatives |  | $ | 18,315 |  |  | $ | — |  |  | $ | 55,607 |  |  | $ | 20,862 |
Warrant liability |  | Gain on warrant liability |  |  | 22 |  |  |  | — |  |  |  | 91 |  |  |  | — |
Total derivatives |  |  |  | $ | 18,337 |  |  | $ | — |  |  | $ | 55,698 |  |  | $ | 20,862 |
Warrant [Member] |
Derivative [Line Items] |
Schedule of Valuation Inputs for Derivatives | As of June 30, 2026, the Company estimated the fair value of the warrant liability using the Black-Scholes pricing model with the following inputs:
|  | June 30, 2026 |
Exercise price |  | $ | 1.50 |
Expected price volatility |  |  | 120.0 | %
Risk-free interest rate |  |  | 4.32 | %
Expected term (in years) |  |  | 8.5 |
Dividend yield |  |  | 0.0 | %
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):
|  | Three Months Ended |  |  | Six Months Ended |
(in USD thousands) |  | June 30, 2026 |  |  | June 30, 2026 |
Balance, beginning of period |  | $ | 77 |  |  | $ | 146 |
Change in fair value |  |  | (22 | ) |  |  | (91 | )
Balance, end of period |  | $ | 55 |  |  | $ | 55 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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