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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (Loss) $ 41,835 $ 46,024
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization 2,931 3,862
Deferred tax expense 5,869 6,752
Impairment of other assets 137 0
Gain on digital assets, net (44,694) (39,197)
Gain on sale of future token interests (2,000) 0
Staking and other income (241) (701)
Other loss, net 494 255
Stock based compensation 10,941 5,252
Accrued interest income (731) (1,824)
Other operating activities settled in digital assets and USDC [1] (33,753) (23,774)
Change in operating assets and liabilities:    
Accounts receivable 389 (89)
Prepaid expenses (297) (1,610)
Income tax receivable (1,649) (667)
Other current assets (704) (98)
Other long-term asset 57 (40)
Accounts payable 2,951 549
Other current liabilities 2,190 (1,532)
Other long-term liabilities 32 35
Net cash used in operating activities (16,243) (6,803)
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in SAFE Note (100) 0
Proceeds from sale of future token interests 2,000 0
Purchases of fixed assets (182) (228)
Purchase of treasury bills (4,938) (73,262)
Redemption of treasury bills 35,692 74,819
Purchases of digital assets (2,399) (2,534)
Disposal of digital assets held 11,586 26,097
Purchase of domain names 0 (151)
Net cash provided by investing activities 41,659 24,741
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of shares to pay employee withholding taxes (12,751) (2,684)
Net cash used in financing activities (12,751) (2,684)
Change in cash and cash equivalents, and restricted cash and cash equivalents 12,665 15,254
Cash and cash equivalents, and restricted cash and cash equivalents    
Beginning of period 37,883 11,376
End of period 50,548 26,630
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Non-cash issuance of stock 81 10
Fixed assets purchased with digital assets (36) 0
Non-cash capitalized software costs settled in digital assets and stock (including stock-based compensation of $389 and $506 respectively) (1,605) (2,959)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for income taxes $ (3) $ (4,300)
[1] See Note 5, “Intangible Assets”.