v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (34,438) $ (10,684)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of digital assets 27,147 0
Change in fair value of digital assets receivable, net 1,533 0
Share-based compensation 518 (238)
Gain on derivative liabilities (541) 0
Noncash asset management and advisory expense 1,163 0
Noncash lease expense 0 214
Depreciation expense 0 368
Loss on disposal of property and equipment 0 14
Gain on disposition of nonfinancial asset 0 (500)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (819) 1,778
Other long-term assets (705) 0
Accounts payable 151 (2,572)
Accrued liabilities (446) (3,496)
Net cash used in operating activities (6,437) (15,116)
Cash flows from investing activities:    
Purchases of digital assets (100,000) 0
Net proceeds from written covered call options 569  
Proceeds from maturity of short-term investments 0 34,640
Proceeds from sale of property and equipment 0 10
Proceeds from the disposition of a nonfinancial asset 0 500
Net cash (used in) provided by investing activities (99,431) 35,150
Cash flows from financing activities:    
Proceeds from the issuance of Common Stock and Pre-Funded Warrants in July 2025, net of offering costs 92,190 0
Proceeds from issuance of Common Stock through our ATM Program, net of issuance costs 4,628 0
Repurchases of Common Stock through our Share Repurchase Program (203) 0
Net cash provided by financing activities 96,615 0
Net (decrease) increase in cash and cash equivalents (9,253) 20,034
Cash and cash equivalents at beginning of the period 18,011 3,705
Cash and cash equivalents at end of the period 8,758 23,739
Supplemental cash flow information:    
Issuance of Advisory Warrants for services rendered in the July 2025 PIPE 16,215 0
Issuance of Pre-Funded Warrants to asset manager in lieu of cash fees 1,875 0
Issuance of Advisory Warrants in lieu of cash fees $ 349 $ 0