XML 68 R49.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information - Summary of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 11, 2025
Sep. 30, 2024
Revenues:                    
Total revenues $ 255 $ 1,288       $ 984     $ 4,222 $ 2,615
Operating expenses:                    
Fund management and administration 282 1,251       1,272     4,250 3,488
Employee compensation and benefits 18,720 3,151       2,182     7,222 6,465
General and administrative expense 445 871       4,404     4,229 10,040
Marketing and advertising 18 68       89     231 443
Depreciation and amortization 12 43       47     149 141
Total operating expenses 19,477 5,384       7,994     16,081 20,577
Investment gains/(losses):                    
Net unrealized loss on digital assets (10,133) 0       0     0 0
Other derivative loss (14,731) 0       0     0 0
Net investment gains/(losses) (24,864) 0       0     0 0
Net operating loss (44,086) (4,096)       (7,010)     (11,859) (17,962)
Other income/(expense):                    
Other income 68 10       208     586 500
Transaction costs (7,484) (10,280)       0     (15,717) 0
Goodwill and intangible asset impairment (140,785) 0       0     0 0
Total other income/(expense) (148,201) (10,270)       208     (15,131) 500
Net loss before income taxes (192,287) (14,366)       (6,802)     (26,990) (17,462)
Income tax benefit/(expense) 0 0       0     0 0
Net loss (192,287) (14,366) $ (8,875) $ (3,749) $ (4,118) (6,802) $ (5,869) $ (4,791) (26,990) (17,462)
Asset Management                    
Revenues:                    
Total revenues 246 1,283       984     4,194 2,615
Operating expenses:                    
Fund management and administration 282 1,251       1,272     4,250 3,488
Employee compensation and benefits 3,129 1,550       2,182     4,861 6,465
General and administrative expense 91 252       4,404     2,672 10,040
Marketing and advertising 3 10       89     88 443
Depreciation and amortization 0 0       47     52 141
Total operating expenses 3,505 3,063       7,994     11,923 20,577
Investment gains/(losses):                    
Net unrealized loss on digital assets 0 0       0     0 0
Other derivative loss 0 0       0     0 0
Net investment gains/(losses) 0 0       0     0 0
Net operating loss (3,259) (1,780)       (7,010)     (7,729) (17,962)
Other income/(expense):                    
Other income 3 15       208     360 500
Transaction costs 0 0       0     0 0
Goodwill and intangible asset impairment 0 0       0     0 0
Total other income/(expense) 3 15       208     360 500
Net loss before income taxes (3,256) (1,765)       (6,802)     (7,369) (17,462)
Income tax benefit/(expense) 0 0       0     0 0
Net loss (3,256) (1,765)       (6,802)     (7,369) (17,462)
Corporate & Other                    
Revenues:                    
Total revenues 9 5       0     28 0
Operating expenses:                    
Fund management and administration 0 0       0     0 0
Employee compensation and benefits 15,591 1,601       0     2,361 0
General and administrative expense 354 619       0     1,557 0
Marketing and advertising 15 58       0     143 0
Depreciation and amortization 12 43       0     97 0
Total operating expenses 15,972 2,321       0     4,158 0
Investment gains/(losses):                    
Net unrealized loss on digital assets (10,133) 0       0     0 0
Other derivative loss (14,731) 0       0     0 0
Net investment gains/(losses) (24,864) 0       0     0 0
Net operating loss (40,827) (2,316)       0     (4,130) 0
Other income/(expense):                    
Other income 65 (5)       0     226 0
Transaction costs (7,484) (10,280)       0     (15,717) 0
Goodwill and intangible asset impairment (140,785) 0       0     0 0
Total other income/(expense) (148,204) (10,285)       0     (15,491) 0
Net loss before income taxes (189,031) (12,601)       0     (19,621) 0
Income tax benefit/(expense) 0 0       0     0 0
Net loss (189,031) (12,601)       0     (19,621) 0
Investment advisory fees                    
Revenues:                    
Total revenues 246 1,283       950     4,187 2,560
Investment advisory fees | Asset Management                    
Revenues:                    
Total revenues 246 1,283       950     4,187 2,560
Investment advisory fees | Corporate & Other                    
Revenues:                    
Total revenues 0 0       0     0 0
Other revenue                    
Revenues:                    
Total revenues 9 5       34     35 55
Other revenue | Asset Management                    
Revenues:                    
Total revenues 0 0       34     7 55
Other revenue | Corporate & Other                    
Revenues:                    
Total revenues $ 9 $ 5       $ 0     $ 28 $ 0