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Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Cash and cash equivalents: $ 362,357    
Restricted cash equivalents: 1,658 $ 1,607  
Crypto assets held: 674,963 470,101 $ 327,866
Accounts receivable, net: 385 307  
Crypto asset collateral held   15,275  
Equity securities 1,382 219  
Corporate bonds   774  
Crypto asset options 684 6,354  
Warrants 1,659    
Total assets 1,223,267 662,937  
Liabilities      
Related party loans: 487,053 413,700  
Convertible notes   248,783  
Crypto asset collateral payable 21,282 15,275  
Derivative liability 874 7,620  
Total liabilities 509,209 685,378  
Crypto asset options      
Assets      
Crypto asset options 684 6,354  
Liabilities      
Derivative liability 685 6,371  
Crypto asset futures      
Assets      
Crypto asset options 0 0  
Liabilities      
Derivative liability 189 1,249  
Bitcoin      
Assets      
Crypto assets held: 604,746 412,115 295,320
Receivable, crypto assets pledged: 93,296 86,708  
Ether      
Assets      
Crypto assets held: 46,164 17,562 25,718
Receivable, crypto assets pledged: 86,883 81,592  
Other crypto assets      
Assets      
Crypto assets held: 24,053 40,424 $ 6,828
Level 1      
Assets      
Cash and cash equivalents: 362,357    
Restricted cash equivalents: 1,658 1,607  
Accounts receivable, net: 0 0  
Crypto asset collateral held   0  
Equity securities 1,382 219  
Corporate bonds   0  
Warrants 0    
Total assets 1,016,307 431,503  
Liabilities      
Related party loans: 0 0  
Convertible notes   0  
Crypto asset collateral payable 0 0  
Total liabilities 0 0  
Level 1 | Crypto asset options      
Assets      
Crypto asset options 0 0  
Liabilities      
Derivative liability 0 0  
Level 1 | Crypto asset futures      
Liabilities      
Derivative liability 0 0  
Level 1 | Bitcoin      
Assets      
Crypto assets held: 604,746 412,115  
Receivable, crypto assets pledged: 0 0  
Level 1 | Ether      
Assets      
Crypto assets held: 46,164 17,562  
Receivable, crypto assets pledged: 0 0  
Level 1 | Other crypto assets      
Assets      
Crypto assets held: 0 0  
Level 2      
Assets      
Cash and cash equivalents: 0    
Restricted cash equivalents: 0 0  
Accounts receivable, net: 385 307  
Crypto asset collateral held   15,275  
Equity securities 0 0  
Corporate bonds   774  
Warrants 0    
Total assets 205,301 231,434  
Liabilities      
Related party loans: 487,053 413,700  
Convertible notes   0  
Crypto asset collateral payable 21,282 15,275  
Total liabilities 509,209 436,595  
Level 2 | Crypto asset options      
Assets      
Crypto asset options 684 6,354  
Liabilities      
Derivative liability 685 6,371  
Level 2 | Crypto asset futures      
Liabilities      
Derivative liability 189 1,249  
Level 2 | Bitcoin      
Assets      
Crypto assets held: 0 0  
Receivable, crypto assets pledged: 93,296 86,708  
Level 2 | Ether      
Assets      
Crypto assets held: 0 0  
Receivable, crypto assets pledged: 86,883 81,592  
Level 2 | Other crypto assets      
Assets      
Crypto assets held: 24,053 40,424  
Level 3      
Assets      
Cash and cash equivalents: 0    
Restricted cash equivalents: 0 0  
Accounts receivable, net: 0 0  
Crypto asset collateral held   0  
Equity securities 0 0  
Corporate bonds   0  
Warrants 1,659    
Total assets 1,659 0  
Liabilities      
Related party loans: 0 0  
Convertible notes   248,783  
Crypto asset collateral payable 0 0  
Total liabilities 0 248,783  
Level 3 | Crypto asset options      
Assets      
Crypto asset options 0 0  
Liabilities      
Derivative liability 0 0  
Level 3 | Crypto asset futures      
Liabilities      
Derivative liability 0 0  
Level 3 | Bitcoin      
Assets      
Crypto assets held: 0 0  
Receivable, crypto assets pledged: 0 0  
Level 3 | Ether      
Assets      
Crypto assets held: 0 0  
Receivable, crypto assets pledged: 0 0  
Level 3 | Other crypto assets      
Assets      
Crypto assets held: $ 0 $ 0