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Crypto Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Crypto Assets Held

The following table presents the Company’s crypto assets held as of September 30, 2025, which are measured at fair value in accordance with ASC 350-60, Intangibles – Crypto Assets. Measurement is based on quoted prices in active markets (Level 1 inputs under ASC 820, Fair Value Measurement).

  

Asset  Tokens   Cost  

Fair Market Value

 
Ethereum (ETH) (1)(2)   70,322   $213,513,938   $291,581,923 
Solana (SOL)   7,355    541,505    1,526,883 
BNB Chain (BNB)   68    48,246    69,015 
Rocket Pool (RPL)   610    6,751    2,861 
Total       $214,110,440   $293,180,682 

 

(1) As of September 30, 2025, the Company’s ETH holdings included:

 

  (a) Approximately 30,784 ETH staked to validator nodes with an approximate fair market value of $127,642,000, presented in Crypto assets – staked; and
  (b) Approximately 38,999 Aave aEthWETH tokens representing wrapped ETH deployed in DeFi protocols and serving as collateral for outstanding DeFi borrowings, with a fair market value of approximately $161,704,000. The underlying ETH remains recognized within Crypto assets - DeFi at fair value on the balance sheet. Although the associated aEthWETH tokens reside in the Company’s wallets, they are subject to protocol-enforced restrictions while the related borrowing is outstanding.
     
    These assets remain recorded as ETH within Crypto Assets – DeFi at fair value on the balance sheet and are subject to protocol restrictions and smart-contract risk while serving as staking or collateralized assets.
Schedule of Crypto Assets by Operational Use

As described in Note 3, the Company classifies its crypto assets by operational use into three categories:

 

Category  September 30, 2025   December 31, 2024 
Crypto assets – treasury   2,304,873    646,539 
Crypto assets – DeFi   161,703,903    - 
Crypto assets – staked   129,171,906    35,410,144 
Total crypto assets   293,180,682    36,056,683 
Schedule of Crypto Assets Rollforward Activity

The following table summarizes the activity in the Company’s crypto assets for the nine months ended September 30, 2025:

 

     
December 31, 2024 - Fair Market Value  $36,056,683 
Additions and purchases of crypto assets   199,858,288 
Rewards earned from blockchain infrastructure
and DeFi operations		   9,403,200 
Sales of crypto assets   (3,431,427)
Crypto payments   (8,115,551)
Crypto fees   (10,050)
Realized gains on sale of crypto assets   203,352 
Realized losses on sale of crypto assets   (8,771,033)
Change in unrealized appreciation (depreciation)
of crypto assets		   67,987,220 
September 30, 2025 - Fair Market Value  $293,180,682