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Note 5 - Digital Assets | 3 Months Ended
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Mar. 31, 2026
Notes to Financial Statements |
Crypto Asset [Text Block] | NOTE 5. DIGITAL ASSETS The Company holds SKY tokens, which it acquired in connection with the January 2026 Private Placement and through subsequent purchases on digital asset exchanges. The Company also receives additional SKY tokens through participation in the Sky Protocol's staking program, as described below. The following table summarizes the Company's digital asset holdings as of March 31, 2026 (in thousands, except number of tokens):
Crypto Asset |  | Number of Units |  |  | Cost Basis |  |  | Fair Value |  |  | Cumulative Unrealized Gain |
SKY tokens |  |  | 2,153,141,678 |  |  | $ | 137,412 |  |  | $ | 160,086 |  |  | $ | 22,674 |
The Company did not hold any digital assets as of December 31, 2025. As of March 31, 2026, the Company's digital assets were not subject to any contractual sale restrictions. The following table presents a roll forward of the Company's digital asset holdings for the three months ended March 31, 2026:
|  | Number of Tokens |  |  | Fair Value (in thousands) |
Balance at December 31, 2025 |  |  | - |  |  | $ | - |
Additions: |  |  |  |  |  |  |  |
Received in connection with the January 2026 Private Placement |  |  | 943,599,689 |  |  |  | 58,031 |
Purchased on digital asset exchanges |  |  | 1,174,155,340 |  |  |  | 76,918 |
Received as staking rewards |  |  | 35,386,649 |  |  |  | 2,463 |
Dispositions |  |  | - |  |  |  | - |
Net change in fair value |  |  | N/A |  |  |  | 22,674 |
Balance at March 31, 2026 |  |  | 2,153,141,678 |  |  | $ | 160,086 |
The Company recognized unrealized gains of $22.7 million on its digital assets during the three months ended March 31, 2026, representing the change in fair value of SKY tokens held during the period. The Company did not dispose of any SKY tokens during the three months ended March 31, 2026, and accordingly, no realized gains or losses were recognized on SKY tokens. The 943,599,689 SKY tokens received in connection with the January 2026 Private Placement were initially recorded at a value of approximately $58.0 million, based on a per-token price of $0.0615. In connection with the January 2026 Private Placement, the Company also received stablecoins (USDT and USDS) with an aggregate fair value of approximately $51.0 million as of the closing date. The Company redeemed all of the stablecoins received for U.S. dollars during the three months ended March 31, 2026, and used a portion of the proceeds to acquire additional SKY tokens. The Company recognized no material gain or loss in connection with the redemption of the stablecoins, which were held for a brief period prior to redemption. Native Staking The Company participates in the Sky Protocol's staking program by locking SKY tokens directly into the protocol's staking smart contract through wallets controlled by the Company. As of March 31, 2026, the Company had staked 2,153,141,678 SKY tokens. During the three months ended March 31, 2026, the Company received 35,386,649 SKY tokens with a fair value of $2.5 million from staking rewards, which was recognized as revenue. See Note 2, “Summary of Significant Accounting Policies,” for the Company's revenue recognition policy related to staking rewards.

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