Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities:    
Net income (loss) $ 79,929 $ (7,141)
Adjustments to reconcile net income (loss) used in operating activities:    
Depreciation and amortization 963 798
Share-based compensation 17,552 958
Realized gain on digital assets (259,775)
Unrealized loss on digital assets 139,417
Unrealized gain on short-term investments - trading (109)
Unrealized loss on investment in equity securities 26
Income tax expense 14,151
Non-cash consideration received in the form of convertible promissory notes (2,765)
Non-cash consideration in the form of TON (707)
Non-cash transactions fees paid with digital assets 245
Amortization of debt discount 99
Amortization of debt issuance costs 73
Change in fair value of derivative liability (1)
Finance costs 90
Effect of changes in assets and liabilities, net of acquisition:    
Accounts receivable (1,152)
Prepaid expenses and other current assets (4,947) (39)
ERC receivable 1,724 (735)
Operating lease right-of-use assets 101 46
Accounts payable, accrued expenses, and accrued interest 2,246 (887)
Contract liabilities 314
Operating lease liabilities (99) (53)
Net cash used in operating activities (12,777) (6,901)
Investing Activities:    
Purchase of digital assets (295,000)
Purchases of investments – trading securities (811) (5,103)
Proceeds from sale of investments – trading securities 5,724 135
Purchase of Lyvecom, Inc., net of cash acquired (4,222)
Purchases of software development costs (100)
Purchases of property and equipment (82) (182)
Purchases of intangible assets (16) (84)
Net cash used in investing activities (294,507) (5,234)
Financing Activities:    
Proceeds from PIPE offering, net of offering costs 361,390
Proceeds from sale of common stock offerings 7,228 18,596
Repurchases of common stock (14,327)
Proceeds from sale of preferred stock offering 5,000
Redemption of Series D – Preferred Stock (6,152)
Payments for accrued offering costs related to common stock offerings (105)
Payments for offering costs related to preferred stock offerings (300) (180)
Payments for deferred offering costs (7)
Payment of notes payable (118) (14)
Net cash provided by financing activities 352,714 18,297
Net change in cash 45,430 6,162
Cash and restricted cash - beginning of period 8,495 4,353
Cash and restricted cash - end of period $ 53,925 $ 10,515