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CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (89,855) $ 1,130
Adjustments to reconcile net income (loss) to net cash provided (used) in operating activities:    
Deferred income taxes 0 129
Unrealized loss on digital assets and receivable, net 16,354 0
Realized loss on digital assets, net 53,765 0
Impairment of digital asset receivable 1,367 0
Net realized and unrealized loss/(gain) on investments 10,668 (477)
Provision for credit losses 1,070 0
Staking income (850) 0
Digital lending interest income (106) 0
Stock-based compensation 3,941 0
Purchases of investments 0 (4,429)
Proceeds from sales of investments 0 504
Changes in operating assets and liabilities:    
Prepaid expenses 870 (3)
Interest and dividend receivable (384) (228)
Digital assets receivable (12) 0
Other assets 65 0
Accounts payable and other liabilities (581) (524)
Net cash used in operating activities (3,688) (3,898)
Cash flows from investing activities:    
Investments in equity securities (6,030) 0
Proceeds from sales and repayments of investments 923 0
Purchases of digital asset receivable (10,000) 0
Net cash used in investing activities (15,107) 0
Cash flows from financing activities:    
Payments for repurchase of common stock 0 (630)
Net cash used in financing activities 0 (630)
Net decrease in cash (18,795) (4,528)
Cash, beginning of period 21,936 6,026
Cash, end of period 3,141 1,498
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 0
Non-cash investing activity    
Transfer of digital assets to digital asset receivable (11,666) 0
Digital assets loan receivable (2,870) 0
Digital assets loan receivable return $ 1,023 $ 0