Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements (Tables)

v3.26.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements  
Schedule of company's financial assets and liabilities that are measured at fair value on a recurring basis

(in thousands)

December 31, 2025

  ​ ​ ​

  ​ ​ ​

Significant

  ​ ​ ​

Quoted prices

other

Significant

in active

observable

unobservable

markets

inputs

inputs

 

(Level 1)

 

(Level 2)

 

(Level 3)

Assets:

 

  ​

 

  ​

 

  ​

Equity investment - NYIAX

$

$

$

4,300

Bitcoin

$

92,222

$

$

Liabilities:

Convertible note payable

$

$

$

3,936

Warrant liabilities

$

$

$

9

(in thousands)

December 31, 2024

  ​ ​ ​

  ​ ​ ​

Significant

  ​ ​ ​

Quoted prices

other

Significant

in active

observable

unobservable

markets

inputs

inputs

 

(Level 1)

 

(Level 2)

 

(Level 3)

Convertible note payable

$

10,000

Warrant liabilities

$

$

$

664

Schedule of crypto assets held for operations

The following table summarizes Crypto assets held for operations (in thousands, except units):

  ​ ​ ​

December 31, 2025

  ​ ​ ​

Units

  ​ ​ ​

Cost Basis

  ​ ​ ​

Fair Value

Bitcoin

 

1,054

$

92,051

$

92,222

  ​ ​ ​

December 31, 2024

  ​ ​ ​

Units

  ​ ​ ​

 

Cost Basis

  ​ ​ ​

 

Fair Value

Bitcoin

$

$

Schedule of crypto assets

The following table provides details of the activities related to our Crypto assets for the years ended December 31, 2025 (in thousands):

  ​ ​ ​

December 31, 2025

Units

Cost Basis

Fair Value

Beginning balance

 

$

$

Additions

 

1,309

 

115,937

 

115,937

Disposals

 

(255)

 

(23,886)

 

(24,192)

Fair value remeasurement

 

 

 

477

Ending balance

 

1,054

$

92,051

$

92,222

Warrant Liabilities  
Fair Value Measurements  
Schedule of changes in the fair value of the warrant liability and derivative liability

  ​ ​ ​

For the year ended December 31, 

(in thousands)

2025

2024

Beginning balance

$

664

$

5,460

Additions

 

 

8,701

Change in fair value

 

(19)

 

29,120

Exercise of warrant liabilities

 

 

(587)

Repurchase

(621)

(824)

Conversion of equity warrants to liability warrants

645

Conversion of liability warrants to equity warrants

(15)

(41,851)

Ending balance

$

9

$

664

Convertible Notes Payable  
Fair Value Measurements  
Schedule of changes in fair value of the Company's convertible notes

  ​ ​ ​

For the year ended December 31,

(in thousands)

2025

2024

Beginning balance

$

10,000

$

Additions

 

25,557

 

10,000

Change in fair value recorded in interest expense

 

20,624

 

Amounts settled on DV note

 

(3,260)

 

Debt extinguishment

 

2,139

 

Partial conversion on DV note

 

(3,100)

 

Conversion of 10% notes

 

(48,024)

 

Ending balance

$

3,936

$

10,000