Liquidity and Capital Resources	9 Months Ended
Sep. 30, 2025
Liquidity and Capital Resources [Abstract]
Liquidity and Capital Resources	Note 2. Liquidity and Capital Resources The Company monitors its liquidity position on a regular basis. The Company continues to incur significant ongoing administrative and other expenses, including public company expenses, while the Company continues to implement its business strategy. The Company intends to fund its activities through cash flows from investments and financing activities along with managing current cash on hand and other liquid assets. As of September 30, 2025, the Company has approximately $5.4 million of cash and cash equivalents and $170.8 million of marketable securities. Included in marketable securities is $156.4 million related to American Bitcoin shares that is subject to a lock-up period until March 1, 2026 ( See Note 5) along with approximately $1.2 million of marketable securities that are subject to lock-up periods that will end in November 2025 and another $4.0 million of marketable securities with lock-up periods that will end by March 1, 2026 as well. Additionally, the Company had approximately $28.9 million in receivable from clearing brokers. Unless otherwise noted, all such funds are available to fund the Company’s operations. Additionally, the Company’s working capital balance at September 30, 2025, totaled $198.8 million. Based upon projected cash flow requirements, the Company has adequate cash and cash equivalents and marketable securities, together with the anticipated cash flow from operations to fund its operations for at least the next twelve months from the date of the issuance of these unaudited condensed consolidated financial statements.

Liquidity and Capital Resources

9 Months Ended

Sep. 30, 2025

Liquidity and Capital Resources [Abstract]

Note 2. Liquidity and Capital Resources

The Company monitors its liquidity position on a regular basis. The Company continues to incur significant ongoing administrative and other expenses, including public company expenses, while the Company continues to implement its business strategy. The Company intends to fund its activities through cash flows from investments and financing activities along with managing current cash on hand and other liquid assets. As of September 30, 2025, the Company has approximately $5.4 million of cash and cash equivalents and $170.8 million of marketable securities. Included in marketable securities is $156.4 million related to American Bitcoin shares that is subject to a lock-up period until March 1, 2026 ( See Note 5) along with approximately $1.2 million of marketable securities that are subject to lock-up periods that will end in November 2025 and another $4.0 million of marketable securities with lock-up periods that will end by March 1, 2026 as well. Additionally, the Company had approximately $28.9 million in receivable from clearing brokers. Unless otherwise noted, all such funds are available to fund the Company’s operations. Additionally, the Company’s working capital balance at September 30, 2025, totaled $198.8 million. Based upon projected cash flow requirements, the Company has adequate cash and cash equivalents and marketable securities, together with the anticipated cash flow from operations to fund its operations for at least the next twelve months from the date of the issuance of these unaudited condensed consolidated financial statements.