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FAIR VALUE MEASUREMENTS - Narrative (Details)	Jun. 30, 2026 $ / digital_asset
Fair Value Disclosures [Abstract]
Price per SOL	73.54
Contractual internal rate of return floor rate (as a percent)	7.00%

BASIC AND DILUTED LOSS PER SHARE - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Basic:
Net loss available to common stockholders - basic	$ (30,256)	$ (9,833)	$ (130,055)	$ (13,671)
Weighted average common shares outstanding - basic (in shares)	79,756,908	123,335	78,254,877	67,828
Loss per share - basic (in dollar per share)	$ (0.38)	$ (79.73)	$ (1.66)	$ (201.55)
Diluted:
Net loss available to common stockholders - diluted	$ (30,256)	$ (9,833)	$ (130,055)	$ (13,671)
Weighted average common shares outstanding - diluted (in shares)	79,756,908	123,335	78,254,877	67,828
Loss per share - diluted (in dollar per share)	$ (0.38)	$ (79.73)	$ (1.66)	$ (201.55)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Number of Options
Outstanding at beginning of period (in shares)	127,835
Granted (in shares)	168,372
Expired (in shares)	(1,005)
Forfeited (in shares)	(26)
Outstanding at end of period (in shares)	295,176	127,835
Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 117.38
Granted (in dollars per share)	4.89
Expired (in dollars per share)	12.96
Forfeited (in dollars per share)	510.15
Outstanding at end of period (in dollars per share)	$ 53.54	$ 117.38
Stock Options Additional Disclosures
Outstanding, weighted-average remaining contractual term	6 years 1 month 2 days	9 years 5 months 19 days
Aggregate intrinsic value, beginning balance	$ 0
Aggregate intrinsic value, ending balance	$ 0	$ 0
Nonvested, number of options (in shares)	61,881
Nonvested, weighted average exercise price per share (in dollars per share)	$ 2.46
Nonvested, weighted-average remaining contractual term	9 years 10 months 20 days
Aggregate intrinsic value, options exercisable, options nonvested	$ 0
Exercisable, number of options (in shares)	233,295
Exercisable, weighted average exercise price per share (in dollars per share)	$ 67.08
Exercisable, weighted average remaining contractual term	5 years 1 month 2 days
Aggregate intrinsic value, options exercisable	$ 0

SIGNIFICANT ACCOUNTING POLICIES (Details)	Jul. 01, 2025	May 23, 2025	May 02, 2025	Apr. 21, 2025
Schedule of Significant Accounting Policies [Line Items]
Reverse stock split	0.02		0.067
Minimum
Schedule of Significant Accounting Policies [Line Items]
Reverse stock split		0.004		0.033
Maximum
Schedule of Significant Accounting Policies [Line Items]
Reverse stock split		0.50		0.50

DIGITAL ASSETS - Schedule of the Company's Digital Assets Holdings (Details) $ in Thousands	Jun. 30, 2026 USD ($) token digital_asset	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Quantity
Locked PIPE SOL \| token	251,202
Fair Value (in thousands)
SOL	$ 133,329
Total digital assets	$ 170,619
Level 1
Quantity
SOL \| digital_asset	1,812,866
Locked PIPE SOL \| digital_asset	251,202
Total digital assets \| digital_asset	2,064,068
Quantity Staked
SOL \| digital_asset	1,728,626
Locked PIPE SOL \| digital_asset	251,202
Total digital assets \| digital_asset	1,979,828
Cost Basis (in thousands)
SOL	$ 374,555
Locked PIPE SOL	53,834
Total digital assets	428,389
Fair Value (in thousands)
SOL	133,329
Locked PIPE SOL	18,474
Total digital assets	$ 151,803	$ 172,151	$ 256,943

COMMON STOCK AND WARRANTS - 2025 At-The-Market Offering (Details) - 2025 At-The-Market Offering - USD ($) $ in Millions		6 Months Ended
	Sep. 15, 2025	Jun. 30, 2026	Jun. 30, 2025
Schedule Of Stockholders Equity [Line Items]
Maximum commission rate, percentage of gross proceeds	3.00%
Shares issued (in shares)		0	0
Maximum
Schedule Of Stockholders Equity [Line Items]
Aggregate offering price	$ 250.0
Minimum
Schedule Of Stockholders Equity [Line Items]
Aggregate offering price	$ 92.8

- Definition

Number of new stock issued during the period.

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-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

DERIVATIVES - Schedule of Gains and Losses for Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivative [Line Items]
Total	$ (1,004)	$ (6,028)	$ (1,004)	$ (5,919)
SOL \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments still held			56
Put Options \| SOL
Derivative [Line Items]
Total	318	0	318	0
Call Option Spread \| SOL
Derivative [Line Items]
Total	(1,000)	0	(1,000)	0
Equity contracts — RDO put options
Derivative [Line Items]
Total	(322)	0	(322)	0
Equity contracts — RDO put options \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments still held			(322)
Equity Contract, Warrant Liability
Derivative [Line Items]
Total	$ 0	$ (6,028)	$ 0	$ (5,919)

DIGITAL ASSET FUND INVESTMENT - Schedule of Roll-Forward of Digital Assets Fund Investment Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025
Digital Asset Fund Investment
Beginning balance	$ 3,304	$ 5,617	$ 5,617
Unrestricted SOL distributed	(496)	(617)
Net change in fair value	(295)	(1,696)	(2,012)	$ 0
Ending balance	$ 2,513	$ 3,304	$ 2,513

Condensed Consolidated Balance Sheets (parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Temporary equity, shares issued (in shares)	3,076,922
Temporary equity, shares outstanding (in shares)	3,076,922
Temporary equity, aggregate amount of redemption	$ 8,100
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares, issued (in shares)	60,354,067	43,744,207
Common stock, shares, outstanding (in shares)	57,416,984	43,744,207
Redeemable Class A Common Stock
Statement [Line Items]
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares issued (in shares)	3,076,922	0
Temporary equity, shares outstanding (in shares)	3,076,922	0
Temporary equity, aggregate amount of redemption	$ 8,100	$ 0

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company may issue stock-based compensation awards under the Company’s 2022 Equity Incentive Plan (as amended, the “2022 Plan”) or the Company’s 2021 Inducement Plan (as amended, the “Inducement Plan”), as described more fully in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 31, 2026.

On May 30, 2024, the Board adopted a First Amendment (the “Amendment”) to the 2022 Plan. On June 27, 2024, at the annual meeting of stockholders, the stockholders of the Company approved the Amendment. Pursuant to the terms and conditions of the Amendment, the 2022 Plan was amended to increase the aggregate number of shares of Class A common stock that may be issued under the 2022 Plan to 2,785 new shares with an automatic increase on January 1st of each year by an amount equal to 5% of the fully diluted shares (as defined in the 2022 Plan) as of the last day of the preceding calendar year. As of January 1, 2025, the number of shares authorized for issuance increased from 2,785 to 3,605. On April 22, 2025, the Board adopted an amendment to the 2022 Plan to increase the aggregate number of shares of Class A common stock that may be issued under the 2022 Plan to 20% of the fully diluted shares on the 10th calendar date following the first closing of a registered offering of the Company’s Class A common stock that occurs on or after May 15, 2025 (the “April Equity Plan Amendment”). The April Equity Plan Amendment was approved by stockholders at the special stockholders meeting held on May 23, 2025, and on June 16, 2025, following the 2025 Offering, the number of shares authorized for issuance increased from 3,605 to 142,286. On September 25, 2025, the Board adopted an amendment to the 2022 Plan to increase the aggregate number of shares of Class A common stock that may be issued under the 2022 Plan by 4,000,000 shares (the “September Equity Plan Amendment”). The September Equity Plan Amendment was approved by stockholders at the special stockholders meeting held on October 30, 2025, and the number of shares authorized for issuance increased from 142,286 to 4,142,286. On January 1, 2026, the number of shares authorized for issuance increased by 7,965,869 to 12,108,155.

As of June 30, 2026, the remaining shares available for grant were 10,669,709 under the 2022 Plan and 192 under the Inducement Plan. During the six months ended June 30, 2026, the Company granted 168,372 stock options out of the 2022 Plan and no stock options out of the Inducement Plan. The options vest over one to three years and expire ten years after the grant date. A total of 847 stock options were granted under the 2022 Plan during the six months ended June 30, 2025.

Stock option activity during the six months ended June 30, 2026 was as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	127,835	$	117.38	9.47	$	—
Granted	168,372	4.89
Expired	(1,005)	12.96
Forfeited	(26)	510.15
Outstanding as of June 30, 2026	295,176	53.54		6.09	—
Nonvested as of June 30, 2026	61,881	2.46		9.89	—
Exercisable as of June 30, 2026	233,295	$	67.08	5.09	$	—

The grant date fair values of the stock options were estimated using the Black-Scholes option pricing model using the following weighted average assumptions:


	Six Months Ended June 30,
	2026			2025
Risk-free interest rate	4.07		%	4.44		%
Expected volatility	108.41		%	125.37		%
Expected term (years)	5.12			5.38
Expected dividend yield	0.00		%	0.00		%
Fair value, per share	$	1.45		$	476.10

The following table summarizes restricted stock unit ("RSU') activity during the six months ended June 30, 2026:


	Shares	Weighted Average Grant Date Fair Value
Vested outstanding as of December 31, 2025	1,109,118	$	5.98
Nonvested outstanding as of December 31, 2025	—	—
Granted	34,160	2.20
Vested	(12,960)	1.94
Settled	(1,109,118)	5.98
Nonvested and outstanding as of June 30, 2026	21,200	$	2.36

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 12, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-38445
Entity Registrant Name	SOLANA COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4787690
Entity Address, Address Line One	1650 Market Street, Suite 3600, PMB 17139084
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	267
Local Phone Number	207-2717
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	HSDT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,458,703
Entity Central Index Key	0001610853
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

COMMON STOCK AND WARRANTS - Warrant inducement (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Jan. 21, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Schedule Of Stockholders Equity [Line Items]
Proceeds from exercise of warrants			$ 1	$ 3,734
Professional fees	$ 200
Share issuance costs		$ 780		$ 790
Existing Warrants
Schedule Of Stockholders Equity [Line Items]
Shares of class A common stock purchasable with warrants (in shares)	6,628
Exercise price (in dollars per share)	$ 563.25
Proceeds from exercise of warrants	$ 3,700
Other legal and regulatory expenses	100
Net proceeds from exercise of warrants	3,400
Share issuance costs	$ 1,000
Shares of common stock issued (in shares)		3,572		3,572
Inducement Warrants
Schedule Of Stockholders Equity [Line Items]
Shares of class A common stock purchasable with warrants (in shares)	8,281
Share issuance costs	$ 3,100

DIGITAL ASSETS FUND INVESTMENT

6 Months Ended

Jun. 30, 2026

DIGITAL ASSET FUND INVESTMENT [Abstract]

DIGITAL ASSETS FUND INVESTMENT

DIGITAL ASSET FUND INVESTMENT

For the three and six months ended June 30, 2026, the Company held a minority membership interest of approximately 1% in Digital Asset Fund Investment, which represents the Company’s pro rata entitlement to receive distributions of SOL as the underlying assets unlock in accordance with predetermined contractual lock-up schedules. The underlying SOL held by the fund is staked through protocol-based mechanisms, and the Company is entitled to receive its pro rata share of protocol-generated staking rewards attributable to each tranche of SOL as such tranche unlocks. Other than the distributions as the underlying SOL unlocks, our investment in the Digital Asset Fund Investment is not redeemable.

The underlying restricted SOL for the Digital Asset Fund Investment unlock on a monthly basis in relatively even intervals and amounts through January 2028. The following table presents the expected fund distribution of the Company’s pro rata share of the Digital Asset Fund Investment by calendar year as of June 30, 2026:


			Digital Asset Fund Investment
2026			12,266
2027			21,016
2028			886
Total			34,168

The following table presents the Company's Digital Asset Fund Investment holdings as of June 30, 2026:


	Cost Basis (in thousands)		Fair Value (in thousands)
Digital Asset Fund Investment	$	5,730	$	2,513

The following table presents a roll-forward of Digital Asset Fund Investment fair value for the three and six months ended June 30, 2026 (in thousands):


	Digital Asset Fund Investment
Fair Value as of December 31, 2025	$	5,617
Unrestricted SOL distributed	(617)
Net change in fair value	(1,696)
Fair value as of March 31, 2026	$	3,304
Unrestricted SOL distributed	(496)
Net change in fair value	(295)
Fair value as of June 30, 2026	$	2,513

DERIVATIVES - Schedule of Gross and Net Amounts (Details) - Put Options - SOL $ in Thousands	Jun. 30, 2026 USD ($)
Derivative [Line Items]
Gross amount of recognized derivative liabilities	$ 299
Gross amounts offset in the balance sheet	0
Net amount presented in the balance sheet	299
Collateral pledged not offset in the balance sheet	(299)
Net amount	$ 0

- Definition

Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities.

+ References + Details

- Definition

Fair value, after effect of master netting arrangement, of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative subject to master netting arrangement not elected or qualified to offset. Excludes derivative not subject to master netting arrangement or similar agreement.

+ References + Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value of an asset or liability considers assumptions that market participants

would use in pricing the asset or liability, including consideration of non-performance risk. The inputs used to determine fair values are categorized in one of the following three levels of the fair value hierarchy:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than quoted prices in active markets, that are observable, either directly or indirectly.

Level 3 – Unobservable inputs that are not corroborated by market data.

The following table presents the Company's financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2026 (in thousands):


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets:
SOL digital assets	$	133,329	$	—	$	—	$	133,329
SOL digital assets, restricted*	18,474		—		—		18,474
SOL digital assets collateral receivable	—		2,312		—		2,312
SOL digital assets receivable**	—		13,991		—		13,991
SOL digital assets fund investment**	—		2,513		—		2,513
Total assets	$	151,803	$	18,816	$	—	$	170,619

Liabilities:
Written put options derivative liability***	$	—	$	—	$	299	$	299
RDO put options derivative liability****	—		—		4,207		4,207
Total liabilities	$	—	$	—	$	4,506	$	4,506

*Subject to contractual sales restriction. See Note 3.

**Underlying assets subject to contractual sales restriction. See Notes 4 and 5.

***Represents the fair value of written OTC SOL put option contracts outstanding as of June 30, 2026, which are included within "Accrued and other current liabilities" on the unaudited condensed consolidated balance sheets. Fair value is estimated using standard option-pricing models incorporating SOL spot prices, implied volatility, and time to expiration. See Notes 2 and 7.

****Represents the fair value of put option agreements entered into in connection with the April 2026 Registered Direct Offering, which are included within "Derivative liability" on the unaudited condensed consolidated balance sheets. Fair value is estimated using an option lattice model. See Notes 2 and 9.

SOL digital assets and digital assets, restricted, are measured at fair value on a recurring basis using quoted prices of SOL in the Company’s principal market for Unlocked SOL (Level 1 inputs). Digital assets receivable and digital assets fund investment are measured at fair value on a recurring basis using quoted prices of the underlying Locked SOL in the Company’s principal market for Unlocked SOL (Level 2 inputs). As of midnight UTC on June 30, 2026, the price per SOL was $73.54.

Premiums received for OTC put option derivative liabilities at inception are initially recorded on the unaudited condensed consolidated balance sheets, and subsequently reflected in earnings consistent with the subsequent fair value changes of the related options. The fair value of these written options is measured using standard option-pricing models incorporating SOL spot prices, time to expiration, and volatility. Because no observable market implied-volatility surface for SOL is available, volatility is estimated using trailing realized volatility of SOL and is not corroborated by observable market data. Accordingly, the options are classified as Level 3 within the fair value hierarchy.

The fair value of the RDO put option derivative liability is estimated using an option lattice model incorporating assumptions related to the likelihood and timing of qualifying exercise triggering events, the contractual repurchase price, the risk-free rate, expected volatility of the Company's Class A common stock, and the contractual internal rate of return floor of 7.0% per annum. The put options are classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs, primarily expected volatility. The RDO put option derivative liability is presented in "Derivative liability" on the unaudited condensed consolidated balance sheets.

The following table presents the significant unobservable inputs used in the fair value measurement of the Company's Level 3 derivative liabilities as of June 30, 2026:

Written Put Option Derivative Liability

RDO Put Option Derivative Liability

Implied volatility - range

71.5% - 80.9%

72.8%

Implied volatility - weighted average(1)

73.2%

n/a

(1)The weighted average implied volatility is calculated by weighting each contract's implied volatility by the relative fair value of that contract.

The fair value measurements of the OTC SOL put options and the Put Options incorporate volatility assumptions that are not observable in the market. An increase in the volatility assumption used would increase the fair value of the related derivative liability, and a decrease would reduce it. Because the repurchase price of the Put Options accretes at a rate in excess of the risk-free rate, exercise prior to the latest available exercise date would not be economically advantageous to the holders. Accordingly, the fair value of the Put Options is not significantly sensitive to assumptions regarding the timing of exercise.

The following table presents a roll-forward of the Company's derivative assets measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2026 (in thousands):


	Purchased Call Options
Fair Value as of December 31, 2025	$	—
Purchases	1,147
Settlements	—
Total loss included in earnings	(1,147)
Fair Value as of June 30, 2026	$	—

The following table presents a roll-forward of the Company's derivative liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2026 (in thousands):


	Written Put Options		Written Call Options		RDO Put Options		Total
Fair Value as of December 31, 2025	$	—	$	—	$	—	$	—
Issuances	993		147		3,885		5,025
Settlements	(376)		—		—		(376)
Total (gain) loss included in earnings(1)	(318)		(147)		322		(143)
Fair Value as of June 30, 2026	$	299	$	—	$	4,207	$	4,506

(1)Amounts presented in parentheses reduce the carrying amount of the related derivative. Accordingly, parenthetical amounts in the derivative liabilities roll-forward represent gains included in earnings. See Note 7 for the statement of operations line items in which these gains and losses are recognized.

The unaudited condensed consolidated financial statements include financial instruments for which the fair market value of such instruments may differ from amounts reflected on a historical cost basis. As of June 30, 2026 and December 31, 2025, financial instruments of the Company consist of cash equivalents, which were comprised of deposits of excess cash in an unrestricted money market savings account, USD Coin (“USDC”) at custodians and a money market mutual fund. The carrying value of cash equivalents generally approximates fair value due to their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Option Contracts

The following table presents a roll-forward of OTC option contracts for the six months ended June 30, 2026:


	Written put options — contracts	Written put options — SOL	Call option spreads — contracts	Call option spreads — SOL
Open as of December 31, 2025	—	—	—	—
Entered during period	12	824,089	6	442,703
Settled or expired during period	(8)	(535,284)	(6)	(442,703)
Open as of June 30, 2026	4	288,805	—	—

Schedule of Derivative Liability Fair Values

The following table presents the derivative liability fair values by type as of June 30, 2026:


Derivatives not designated as hedging instruments	Balance sheet location	June 30, 2026		December 31, 2025
Digital asset (SOL) price contracts — written put options	Accrued and other current liabilities	$	299	$	—
Equity contracts — RDO put options	Derivative liability	4,207		—
Total derivative liabilities		$	4,506	$	—

Schedule of Gross and Net Amounts

The following table presents the gross and net amounts of the Company's OTC SOL option contracts, which are subject to enforceable master netting arrangements under the ISDA Agreements, as of June 30, 2026 (in thousands):


	OTC SOL Options
Gross amount of recognized derivative liabilities	$	299
Gross amounts offset in the balance sheet	—
Net amount presented in the balance sheet	299
Collateral pledged not offset in the balance sheet	(299)
Net amount	$	—

Schedule of Gains and Losses for Derivatives

The following table presents the gains and losses for derivatives by type for the three and six months ended June 30, 2026 (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments	Location	2026		2025		2026		2025
SOL price contracts — written put options(1)	Loss on digital asset derivatives	$	318	$	—	$	318	$	—
SOL price contracts — call option spreads	Loss on digital asset derivatives	(1,000)		—		(1,000)		—
Equity contracts — RDO put options(1)	Change in fair value of derivative liability	(322)		—		(322)		—
Equity contracts — derivative warrant liabilities	Change in fair value of derivative liability	—		(6,028)		—		(5,919)
Total		$	(1,004)	$	(6,028)	$	(1,004)	$	(5,919)

(1)Of the total gains and losses included in earnings, a gain of $56 thousand in "Loss on digital asset derivatives" and a loss of $322 thousand in "Change in fair value of derivative liability" are attributable to derivative instruments still held as of June 30, 2026.

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References + Details

COMMON STOCK AND WARRANTS - 2023 At-The-Market Offering (Details) - 2023 At-The-Market Offering - USD ($)			6 Months Ended
	Jul. 07, 2025	Jun. 23, 2023	Jun. 30, 2026	Jun. 30, 2025
Schedule Of Stockholders Equity [Line Items]
Aggregate offering price	$ 25,000,000.0	$ 2,000,000.0
Maximum commission rate, percentage of gross proceeds		3.00%
Shares issued (in shares)			0	124
Net proceeds after commissions from sale of stock			$ 0	$ 74,500
Commissions paid			$ 2,500	$ 2,500

- Definition

Number of new stock issued during the period.

+ References

+ Details

DERIVATIVES - Schedule of Option Contracts (Details)	6 Months Ended
DERIVATIVES - Schedule of Option Contracts (Details)	Jun. 30, 2026 sol contract
Put Options
Derivative, Instruments Held [Roll Forward]
Beginning balance \| contract	0
Entered during period \| contract	12
Settled or expired during period \| contract	(8)
Ending balance \| contract	4
Put Options \| SOL
Crypto Asset, Number of Units, Activity [Roll Forward]
Open as of December 31, 2025 \| sol	0
Entered during period (in shares) \| sol	824,089
Settled or expired during period (in shares) \| sol	(535,284)
Open as of June 30, 2026 \| sol	288,805
Call Option Spread
Derivative, Instruments Held [Roll Forward]
Beginning balance \| contract	0
Entered during period \| contract	6
Settled or expired during period \| contract	(6)
Ending balance \| contract	0
Call Option Spread \| SOL
Crypto Asset, Number of Units, Activity [Roll Forward]
Open as of December 31, 2025 \| sol	0
Entered during period (in shares) \| sol	442,703
Settled or expired during period (in shares) \| sol	(442,703)
Open as of June 30, 2026 \| sol	0

BASIC AND DILUTED LOSS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

BASIC AND DILUTED LOSS PER SHARE

The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic and diluted:
Net loss available to common stockholders	$	(30,256)	$	(9,833)	$	(130,055)	$	(13,671)
Weighted average common shares outstanding — (1)(2)	79,756,908		123,335		78,254,877		67,828
Loss per share	$	(0.38)	$	(79.73)	$	(1.66)	$	(201.55)

(1)The weighted average number of common shares outstanding as of June 30, 2025 includes the Abeyance Shares from the exercise of the Existing Warrants, the exercise of which was fully paid by the Holders and requires no further consideration for the delivery of the shares of Class A common stock. Therefore, the Abeyance Shares are included in the computation of basic and diluted loss per share as of the exercise date. The Abeyance Shares were subsequently issued at the direction of the Holder.

(2)In September 2025, in connection with the 2025 PIPE Offerings, the Company issued and sold 2025 Pre-funded Warrants exercisable for an aggregate of 36,261,239 shares of Class A common stock. The 2025 Pre-funded Warrants are included in the computation of basic and diluted loss per share as of the issuance date. Refer to Note 9 for additional information about the 2025 PIPE Offerings and the 2025 Pre-Funded Warrants.

The following outstanding securities, presented based on amounts outstanding as of the end of each period, were not included in the computation of diluted net loss per share for the periods indicated, as they would have been anti-dilutive due to the net loss in each period.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock options	295,176	3,635	295,176	3,635
Restricted stock units	21,200	—	21,200	—
Warrants	79,695,950	18,554	79,695,950	18,554

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Staking revenue	$ 2,512	$ 0	$ 5,929	$ 0
Other revenue	14	43	218	92
Total revenue	2,526	43	6,147	92
Cost of revenue
Cost of revenue	77	96	257	217
Gross profit (loss)	2,449	(53)	5,890	(125)
Operating (income) expenses
General and administrative expenses	11,116	3,269	16,305	7,208
Unrealized (gain) loss on digital assets and digital assets receivable	(2,363)	0	86,835	0
Realized loss on digital assets	25,389	0	32,376	0
Unrealized loss on digital assets fund investment	298	0	1,983	0
Loss on digital asset derivatives	682	0	682	0
Net operating expenses	35,122	3,269	138,181	7,208
Loss from operations	(32,673)	(3,322)	(132,291)	(7,333)
Nonoperating income (expense)
Unrealized gain (loss) on derivatives	(322)	(6,028)	(322)	(5,919)
Gain on sale of business	3,065	0	3,065	0
Other (expense) income	(259)	(43)	(440)	21
Financing costs	(67)	(440)	(67)	(440)
Nonoperating income (expense), net	2,417	(6,511)	2,236	(6,338)
Loss before provision for income taxes	(30,256)	(9,833)	(130,055)	(13,671)
Provision for income taxes	0	0	0	0
Net loss	(30,256)	(9,833)	(130,055)	(13,671)
Other comprehensive loss
Foreign currency translation adjustments	271	(577)	488	(628)
Comprehensive loss	$ (29,985)	$ (10,410)	$ (129,567)	$ (14,299)
Loss per share
Basic (in dollars per share)	$ (0.38)	$ (79.73)	$ (1.66)	$ (201.55)
Diluted (in dollars per share)	$ (0.38)	$ (79.73)	$ (1.66)	$ (201.55)
Weighted average number of common shares outstanding
Basic (in shares)	79,756,908	123,335	78,254,877	67,828
Diluted (in shares)	79,756,908	123,335	78,254,877	67,828

COMMON STOCK AND WARRANTS - June 2025 Offering (Details) $ in Thousands		1 Months Ended	6 Months Ended
	Apr. 24, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Class of Warrant or Right [Line Items]
Derivative liability at issuance of cost		$ 3,400
Offering costs		500		$ 500
Derivative, fair value, net		$ 6,200		6,200
Aggregate gross proceeds			$ 0	77
Repayment of promissory notes			$ 0	1,560
June 2025 Offering
Class of Warrant or Right [Line Items]
Aggregate gross proceeds				9,100
Other expenses				1,200
Repayment of promissory notes				1,560
Cash fee received (as a percent)		7.00%
Legal fees	$ 15			$ 100
Measurement Input, Price Volatility
Class of Warrant or Right [Line Items]
SOL implied volatility		0.9995		0.9995

DIGITAL ASSETS RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2026

DIGITAL ASSETS RECEIVABLE [Abstract]

Schedule of Locked SOL Receivable Monthly Unlock Distribution

The following table presents the quantity of tokens that the Company has a right to receive upon unlock of the Digital Assets Receivable summarized by year as of June 30, 2026:


			Digital Assets Receivable
2026			66,720
2027			117,634
2028			5,894
Total			190,248

Schedule of Roll-Forward of Digital Assets Receivable Fair Value

The following table presents a roll-forward of Digital Assets Receivable fair value for the three and six months ended June 30, 2026 (in thousands):


	Digital Assets Receivable
Fair Value as of December 31, 2025	$	31,139
Staking rewards	331
Unrestricted SOL distributed	(3,421)
Net change in fair value	(9,702)
Fair value as of March 31, 2026	$	18,347
Transfer to margin collateral	—
Return of margin collateral	—
Staking rewards	211
Unrestricted SOL distributed	(2,745)
Net change in fair value	(1,822)
Fair value as of June 30, 2026	$	13,991

DIGITAL ASSET FUND INVESTMENT - Schedule of Digital Assets Fund Investment Holdings (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
DIGITAL ASSET FUND INVESTMENT [Abstract]
Cost basis	$ 5,730
Fair value	$ 2,513	$ 3,304	$ 5,617

COMMON STOCK AND WARRANTS (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Warrants Outstanding

The following table provides a roll-forward of the number of shares of Class A common stock underlying warrants issued during the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025:


	2025 Pre-funded Warrants	2025 Stapled Warrants	Base Advisor Warrants	2022 Public Warrants	2025 Common Warrants	Other Equity Warrants	Total
Classification	Equity(1)	Equity(1)	Equity(1)	Liability	Liability	Equity(1)
Exercise Price ($)	0.001	10.134	0.001	6.756	47.55	Various(2)
Expiration Date	N/A	Various(6)	Oct-30	Aug-2027	Dec-2027	Various(3)
Balance at December 31, 2024	—	—	—	804	—	7,807	8,611
Issuances	—	—	—	—	293,235	32,831	326,066
Exercises	—	—	—	(187)	(293,233)	(22,323)	(315,743)
Expirations	—	—	—	—	—	(487)	(487)
Balance at June 30, 2025	—	—	—	617	2	17,828	18,447
Issuances	36,261,239	73,941,196	7,394,119	—	—	—	117,596,554
Exercises	(3,269,896)	—	—		—	(8,871)	(3,278,767)
Exercised but not issued(4)	(2,298,075)	—	—	—	—	—	(2,298,075)
Balance at December 31, 2025	30,693,268	73,941,196	7,394,119	617	2	8,957	112,038,159
Exercises	(11,627,247)	—	(1,567,862)	—	—	—	(13,195,109)
Exercised but not issued(5)	—	—	(80,403)	—	—	—	(80,403)
Expirations	—	—	—	—	—	(676)	(676)
Balance at June 30, 2026	19,066,021	73,941,196	5,745,854	617	2	8,281	98,761,971

(1)The Company’s outstanding equity-classified warrants as of June 30, 2026 have a weighted average exercise price of $7.63.

(2)Exercise prices for outstanding other equity warrants as of June 30, 2026 range from $563.25 to $1,856.25 per share of Class A common stock exercised.

(3)Expiration dates for outstanding other equity warrants as of June 30, 2026 range from April 2027 to April 2030.

(4)As of December 31, 2025, the Company received formal notice of exercise from the holder and shares were issued in January 2026.

(5)As of June 30, 2026, the Company received formal notice of exercise from the holder and shares were issued in July 2026.

(6)The Cash Stapled Warrants have an expiration of June 2028 and the Cryptocurrency Stapled Warrants have an expiration of July 2028.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company accounts for income taxes in interim periods using the estimated annual effective tax rate method. Under this method, the Company estimates its annual effective tax rate for the full fiscal year and applies that rate to year-to-date pre-tax income or loss, and records discrete tax items in the period in which they occur. The Company’s effective income tax rate for the three and six months ended June 30, 2026 and twelve months ended December 31, 2025 was 0.0% and 0.0%, respectively. The difference in the effective income tax rate compared with the U.S. federal statutory rate of 21.0% is primarily due to the full valuation allowance recorded against its deferred tax assets, as well as the impact of losses generated in both domestic and foreign jurisdictions for which no tax benefit or expense has been recognized. The Company continues to assess the realizability of its deferred tax assets at each reporting date. Based on the weight of available evidence, management concluded that it is not more likely than not that the Company’s net deferred tax assets will be realized and, accordingly, the Company continues to maintain a full valuation allowance as of June 30, 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

DIGITAL ASSETS RECEIVABLE - Schedule of Locked SOL Receivable Monthly Unlock Distribution (Details)	6 Months Ended
	Jun. 30, 2026 item
DIGITAL ASSETS RECEIVABLE [Abstract]
2026	66,720
2027	117,634
2028	5,894
Total	190,248

OVERVIEW (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
OVERVIEW (Details) - USD ($) $ in Thousands	May 12, 2026	Apr. 08, 2026	Apr. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Product Information [Line Items]
Accumulated deficit				$ 342,644		$ 342,644		$ 212,589
Working capital				26,600		26,600
Digital assets				21,000		21,000		21,000
Net loss				(30,256)	$ (9,833)	(130,055)	$ (13,671)
Cash in operating activitie						16,723	$ 6,293
Cash and cash equivalents				3,647		3,647		$ 7,282
PoNS Asset Sale
Product Information [Line Items]
Upfront payment		$ 5,000
Earnout income receivable		20,000
Transaction costs		800
Net cash proceed		4,200
Disposal group, including discontinued operation, other assets		1,100
Asset sale		$ 3,100
PoNS Asset Sale \| Employee Severance
Product Information [Line Items]
Severance payments			$ 1,400
Severance expense			$ 1,400	$ 6,800		$ 6,800
PoNS Asset Sale \| Chief Executive Officer
Product Information [Line Items]
Severance payments	$ 3,000
PoNS Asset Sale \| Chief Financial Officer
Product Information [Line Items]
Severance payments	$ 2,400

DIGITAL ASSETS RECEIVABLE - Narrative (Details)	Jun. 30, 2026
Receivables [Abstract]
Digital asset receivables, percentage of total assets	9.30%

COMMON STOCK AND WARRANTS - Registered Direct Offering (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Apr. 27, 2026	Jun. 30, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Temporary equity redemption rate (as a percent)		7.00%
Temporary equity, aggregate amount of redemption		$ 8,100
Derivative, net liability, aggregate fair value		4,500
Temporary equity, carrying amount		4,043	$ 0
Put Options
Class of Warrant or Right [Line Items]
Derivative, net liability, aggregate fair value		$ 4,200
Registered Direct Offering
Class of Warrant or Right [Line Items]
Issuance of common stock in public offering (in shares)	3,076,922
Offering price (in dollars per share)	$ 2.60
Net proceeds after commissions from sale of stock	$ 7,900
Transaction related costs	$ 100
Redemption price incremental percentage	7.00%
Net debt to total capitalization ratio	30.00%
Registered Direct Offering \| Minimum
Class of Warrant or Right [Line Items]
Put option exercise term	12 months
Registered Direct Offering \| Maximum
Class of Warrant or Right [Line Items]
Put option exercise term	18 months

BASIC AND DILUTED LOSS PER SHARE - Schedule of Anti-Dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock options
Anti-dilutive securities
Anti-dilutive outstanding securities not included in computation of diluted (in dollars per share)	295,176	3,635	295,176	3,635
Restricted stock units
Anti-dilutive securities
Anti-dilutive outstanding securities not included in computation of diluted (in dollars per share)	21,200	0	21,200	0
Warrants
Anti-dilutive securities
Anti-dilutive outstanding securities not included in computation of diluted (in dollars per share)	79,695,950	18,554	79,695,950	18,554

DIGITAL ASSETS - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2026 USD ($) custodian
Crypto Asset, Activity [Line Items]
Number of custodians \| custodian	2
Cash and cash equivalents held at custodian \| $	$ 2.7
Digital asset holdings, percentage of total assets	86.20%
Maximum
Crypto Asset, Activity [Line Items]
SOL held by the company as a percentage of the total supply of SOL	1.00%
Unbonding period	3 days
Minimum
Crypto Asset, Activity [Line Items]
Unbonding period	2 days

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity during the six months ended June 30, 2026 was as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	127,835	$	117.38	9.47	$	—
Granted	168,372	4.89
Expired	(1,005)	12.96
Forfeited	(26)	510.15
Outstanding as of June 30, 2026	295,176	53.54		6.09	—
Nonvested as of June 30, 2026	61,881	2.46		9.89	—
Exercisable as of June 30, 2026	233,295	$	67.08	5.09	$	—

Schedule of Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model

The grant date fair values of the stock options were estimated using the Black-Scholes option pricing model using the following weighted average assumptions:


	Six Months Ended June 30,
	2026			2025
Risk-free interest rate	4.07		%	4.44		%
Expected volatility	108.41		%	125.37		%
Expected term (years)	5.12			5.38
Expected dividend yield	0.00		%	0.00		%
Fair value, per share	$	1.45		$	476.10

Schedule of Nonvested Restricted Stock Unit Activity

The following table summarizes restricted stock unit ("RSU') activity during the six months ended June 30, 2026:


	Shares	Weighted Average Grant Date Fair Value
Vested outstanding as of December 31, 2025	1,109,118	$	5.98
Nonvested outstanding as of December 31, 2025	—	—
Granted	34,160	2.20
Vested	(12,960)	1.94
Settled	(1,109,118)	5.98
Nonvested and outstanding as of June 30, 2026	21,200	$	2.36

DIGITAL ASSET FUND INVESTMENT (Tables)

6 Months Ended

Jun. 30, 2026

DIGITAL ASSET FUND INVESTMENT [Abstract]

Schedule of Locked Fund SOL Monthly Unlock Distribution


			Digital Asset Fund Investment
2026			12,266
2027			21,016
2028			886
Total			34,168

Schedule of Digital Assets Fund Investment Holdings

The following table presents the Company's Digital Asset Fund Investment holdings as of June 30, 2026:


	Cost Basis (in thousands)		Fair Value (in thousands)
Digital Asset Fund Investment	$	5,730	$	2,513

Schedule of Roll-Forward of Digital Assets Fund Investment Fair Value

The following table presents a roll-forward of Digital Asset Fund Investment fair value for the three and six months ended June 30, 2026 (in thousands):


	Digital Asset Fund Investment
Fair Value as of December 31, 2025	$	5,617
Unrestricted SOL distributed	(617)
Net change in fair value	(1,696)
Fair value as of March 31, 2026	$	3,304
Unrestricted SOL distributed	(496)
Net change in fair value	(295)
Fair value as of June 30, 2026	$	2,513

DIGITAL ASSET FUND INVESTMENT - Schedule of Locked Fund SOL Monthly Unlock Distribution (Details) - sol	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
DIGITAL ASSET FUND INVESTMENT [Abstract]
Percentage of ownership interest in fund locked SOL	1.00%	1.00%
2026		12,266
2027		21,016
2028		886
Total		34,168

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%		0.00%		0.00%
Income tax expense or benefit	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DIGITAL ASSETS COLLATERAL RECEIVABLE - Schedule of Digital Assets Collateral Receivable Fair Value (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
DIGITAL ASSETS COLLATERAL RECEIVABLE [Roll Forward]
Beginning balance	$ 0
Transfer to margin collateral	10,994
Return of margin collateral	(8,824)
Net change in fair value	142
Ending balance	$ 2,312

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Assets:
SOL digital assets	$ 133,329
Total assets	170,619
Liabilities:
Derivative liability	4,207		$ 0
Total liabilities	4,506
OTC SOL Put option Derivative Liability
Liabilities:
Derivative liability	299
RDO Put Option Derivative Liability
Liabilities:
Derivative liability	4,207
Locked PIPE SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	18,474
SOL digital assets collateral receivable
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	2,312
Locked SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	13,991
Fund Locked SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	2,513
Level 1
Assets:
SOL digital assets	133,329
SOL digital assets, restricted, receivable, collateral receivable, investment	18,474
Total assets	151,803	$ 172,151	256,943
Liabilities:
Total liabilities	0
Level 1 \| OTC SOL Put option Derivative Liability
Liabilities:
Derivative liability	0
Level 1 \| RDO Put Option Derivative Liability
Liabilities:
Derivative liability	0
Level 1 \| Locked PIPE SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	18,474
Total assets	18,474	$ 23,564	$ 39,219
Level 1 \| SOL digital assets collateral receivable
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	0
Level 1 \| Locked SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	0
Level 1 \| Fund Locked SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	0
Level 2
Assets:
SOL digital assets	0
Total assets	18,816
Liabilities:
Total liabilities	0
Level 2 \| OTC SOL Put option Derivative Liability
Liabilities:
Derivative liability	0
Level 2 \| RDO Put Option Derivative Liability
Liabilities:
Derivative liability	0
Level 2 \| Locked PIPE SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	0
Level 2 \| SOL digital assets collateral receivable
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	2,312
Level 2 \| Locked SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	13,991
Level 2 \| Fund Locked SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	2,513
Level 3
Assets:
SOL digital assets	0
Total assets	0
Liabilities:
Total liabilities	4,506
Level 3 \| OTC SOL Put option Derivative Liability
Liabilities:
Derivative liability	299
Level 3 \| RDO Put Option Derivative Liability
Liabilities:
Derivative liability	4,207
Level 3 \| Locked PIPE SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	0
Level 3 \| SOL digital assets collateral receivable
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	0
Level 3 \| Locked SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	0
Level 3 \| Fund Locked SOL
Assets:
SOL digital assets, restricted, receivable, collateral receivable, investment	$ 0

DIGITAL ASSETS - Schedule of the Company's Locked PIPE SOL Summarized by Year (Details)	Jun. 30, 2026 token
Intangible Asset, Goodwill and Other [Abstract]
2026	72,509
2027	161,431
2028	17,262
Total	251,202

FAIR VALUE MEASUREMENTS - Schedule of Derivative Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total (gain) loss included in earnings	$ (682)	$ 0	$ (682)	$ 0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance			0
Issuances			5,025
Settlements			(376)
Total (gain) loss included in earnings			(143)
Ending balance	4,506		4,506
Level 3 \| Written Put Options
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance			0
Issuances			993
Settlements			(376)
Total (gain) loss included in earnings			(318)
Ending balance	299		299
Level 3 \| Written Call Options
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance			0
Issuances			147
Settlements			0
Total (gain) loss included in earnings			(147)
Ending balance	0		0
Level 3 \| RDO Put Option Derivative Liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance			0
Issuances			3,885
Settlements			0
Total (gain) loss included in earnings			322
Ending balance	$ 4,207		$ 4,207

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RELATED PARTIES	6 Months Ended
RELATED PARTIES	Jun. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES Strategic Advisory Agreement In connection with the 2025 PIPE Offerings, the Company entered into the Strategic Advisory Agreement with Pantera and Summer. Under the terms of the agreement, the Advisors will provide strategic advisory services in connection with the expansion and diversification of the Company’s core business through integration of cryptocurrency and digital asset strategies in its product offerings and as part of its SOL treasury management strategy for two years. As consideration for these services, Pantera and Summer received the Advisor Warrants to purchase shares of the Company’s Class A common stock as discussed in more detail in Note 9. During the three and six months ended June 30, 2026, the Company recognized pass-through expenses from Summer of $51 thousand and $57 thousand, respectively, which is permissible under the Strategic Advisory Agreement and is classified under selling, general and administrative operating expense in the statement of operations. As of June 30, 2026, there were no amounts payable to Summer related to the Strategic Advisory Agreement. Trading Advisory Agreement In connection with the 2025 PIPE Offerings, the Company entered into a Trading Advisory Agreement (the “Trading Advisory Agreement”) with Pantera, pursuant to which the Company engaged Pantera to manage the investment of substantially all of Company’s digital assets, digital asset derivatives, cash and other assets for an initial term of ten (10) years, which term automatically renews for successive periods of one (1) year each, subject to the mutual agreement of the Company and Pantera. The management fees pursuant to the Trading Advisory Agreement shall be equal to: (a) 1.0%, if the Client’s Assets Under Management is less than or equal to $1 billion, (b) 0.75% per annum of assets under management (“AUM”) if AUM is more than $1 billion but less than or equal to $5 billion and (c) 0.50% per annum of AUM if AUM is more than $5 billion. During the three and six months ended June 30, 2026, the Company recognized $0.5 million and $1.1 million, respectively, in trading advisory fees in connection with the Trading Advisory Agreement for the management fee for Company AUM by Pantera and is classified under selling, general and administrative operating expense in the statement of operations. As of June 30, 2026, the Company has a balance of $0.1 million in accounts payable due to Pantera under the Trading Advisory Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Redeemable Class A Common Stock	Class A Common Stock	Additional Paid-In Capital	Treasury Stock	Share to be Issued	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Common stock, beginning balance (in shares) at Dec. 31, 2024			4,936
Beginning balance at Dec. 31, 2024	$ 1,059		$ 0	$ 172,425			$ (171,699)	$ 333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants (in shares)			621,414
Exercise of warrants	12,955		$ 1	12,954
Stock-based compensation	1,031			1,031
Other comprehensive income (loss)	(628)							(628)
Net loss	(13,671)						(13,671)
Issuance of common stock in public offering (in shares)			54,125
Issuance of common stock in public offering	5,749			5,749
Issuance of warrants in public offering	321			321
Share issuance costs	(790)			(790)
Common stock, ending balance (in shares) at Jun. 30, 2025			680,475			0
Ending balance at Jun. 30, 2025	6,026		$ 1	191,690		$ 0	(185,370)	(295)
Common stock, beginning balance (in shares) at Mar. 31, 2025			8,132			3,572
Beginning balance at Mar. 31, 2025	1,280		$ 0	174,692		$ 1,843	(175,537)	282
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants (in shares)			618,342			(3,572)
Exercise of warrants	9,533		$ 1	11,375		$ (1,843)
Stock-based compensation	410			410
Other comprehensive income (loss)	(577)							(577)
Net loss	(9,833)						(9,833)
Issuance of common stock in public offering (in shares)			54,001
Issuance of common stock in public offering	5,672			5,672
Issuance of warrants in public offering	321			321
Share issuance costs	(780)			(780)
Common stock, ending balance (in shares) at Jun. 30, 2025			680,475			0
Ending balance at Jun. 30, 2025	6,026		$ 1	191,690		$ 0	(185,370)	(295)
Temporary equity, beginning balance (in shares) at Dec. 31, 2025		0
Temporary equity, beginning balance at Dec. 31, 2025	$ 0	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of common stock in registered direct offering (in shares)		3,076,922
Issuance of common stock in registered direct offering		$ 4,043
Temporary equity, ending balance (in shares) at Jun. 30, 2026	3,076,922	3,076,922
Temporary equity, ending balance at Jun. 30, 2026	$ 4,043	$ 4,043
Common stock, beginning balance (in shares) at Dec. 31, 2025	43,744,207		43,744,207
Beginning balance at Dec. 31, 2025	$ 300,913		$ 44	513,719	$ 0		(212,589)	(261)
Treasury stock beginning balance (in shares) at Dec. 31, 2025	0				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock (in shares)					2,937,083
Repurchases of common stock	$ (5,855)				$ (5,855)
Exercise of warrants (in shares)			15,487,782
Exercise of warrants	1		$ 15	(14)
Settlement of restricted stock units (in shares)			1,122,078
Settlement of restricted stock units	0		$ 1	(1)
Stock-based compensation	153			153
Other comprehensive income (loss)	488							488
Net loss	$ (130,055)						(130,055)
Common stock, ending balance (in shares) at Jun. 30, 2026	57,416,984		60,354,067
Treasury stock ending balance (in shares) at Jun. 30, 2026	2,937,083				2,937,083
Ending balance at Jun. 30, 2026	$ 165,645		$ 60	513,857	$ (5,855)		(342,644)	227
Temporary equity, beginning balance (in shares) at Mar. 31, 2026		0
Temporary equity, beginning balance at Mar. 31, 2026		$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of common stock in registered direct offering (in shares)		3,076,922
Issuance of common stock in registered direct offering		$ 4,043
Temporary equity, ending balance (in shares) at Jun. 30, 2026	3,076,922	3,076,922
Temporary equity, ending balance at Jun. 30, 2026	$ 4,043	$ 4,043
Common stock, beginning balance (in shares) at Mar. 31, 2026			56,565,079
Beginning balance at Mar. 31, 2026	197,897		$ 57	513,796	$ (3,524)		(312,388)	(44)
Treasury stock beginning balance (in shares) at Mar. 31, 2026					1,603,971
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock (in shares)					1,333,112
Repurchases of common stock	(2,331)				$ (2,331)
Exercise of warrants (in shares)			2,666,910
Exercise of warrants	1		$ 2	(1)
Settlement of restricted stock units (in shares)			1,122,078
Settlement of restricted stock units	0		$ 1	(1)
Stock-based compensation	63			63
Other comprehensive income (loss)	271							271
Net loss	$ (30,256)						(30,256)
Common stock, ending balance (in shares) at Jun. 30, 2026	57,416,984		60,354,067
Treasury stock ending balance (in shares) at Jun. 30, 2026	2,937,083				2,937,083
Ending balance at Jun. 30, 2026	$ 165,645		$ 60	$ 513,857	$ (5,855)		$ (342,644)	$ 227

STOCK-BASED COMPENSATION - Schedule of Nonvested Restricted Stock Unit Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Shares
Settled (in shares)	(1,109,118)
Weighted Average Grant Date Fair Value
Settled (in dollars per share)	$ 5.98
Restricted stock units
Shares
Vested, beginning of period (in shares)		1,109,118
Nonvested, beginning of period (in shares)	0
Granted (in shares)	34,160
Vested (in shares)	(12,960)
Nonvested, end of period (in shares)	21,200
Weighted Average Grant Date Fair Value
Vested, beginning of period (in dollars per share)		$ 5.98
Nonvested, beginning of period (in dollars per share)	$ 0
Granted (in dollars per share)	2.20
Vested (in dollars per share)	1.94
Nonvested, end of period (in dollars per share)	$ 2.36

COMMON STOCK AND WARRANTS - Schedule of Warrants Outstanding (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Class of Warrant or Right [Roll Forward]
Beginning balance	112,038,159	18,447	8,611
Issuances		117,596,554	326,066
Exercises	(13,195,109)	(3,278,767)	(315,743)
Exercised but not issued	(80,403)	(2,298,075)
Expirations	(676)		(487)
Ending balance	98,761,971	112,038,159	18,447
2025 Pre-funded Warrants
Class of Warrant or Right [Line Items]
Warrant exercisable price (in dollars per share)	$ 0.001
Class of Warrant or Right [Roll Forward]
Beginning balance	30,693,268
Issuances		36,261,239
Exercises	(11,627,247)	(3,269,896)
Exercised but not issued		(2,298,075)
Ending balance	19,066,021	30,693,268
2025 Stapled Warrants
Class of Warrant or Right [Line Items]
Warrant exercisable price (in dollars per share)	$ 10.134
Class of Warrant or Right [Roll Forward]
Beginning balance	73,941,196
Issuances		73,941,196
Ending balance	73,941,196	73,941,196
Base Advisor Warrants
Class of Warrant or Right [Line Items]
Warrant exercisable price (in dollars per share)	$ 0.001
Class of Warrant or Right [Roll Forward]
Beginning balance	7,394,119
Issuances		7,394,119
Exercises	1,567,862
Exercised but not issued	(80,403)
Ending balance	5,745,854	7,394,119
2022 Public Warrants
Class of Warrant or Right [Line Items]
Warrant exercisable price (in dollars per share)	$ 6.756
Class of Warrant or Right [Roll Forward]
Beginning balance	617	617	804
Exercises			(187)
Ending balance	617	617	617
2025 Common Warrants
Class of Warrant or Right [Line Items]
Warrant exercisable price (in dollars per share)	$ 47.55
Class of Warrant or Right [Roll Forward]
Beginning balance	2	2	0
Issuances			293,235
Exercises		0	(293,233)
Ending balance	2	2	2
Other Equity Warrants
Class of Warrant or Right [Line Items]
Warrant exercisable price (in dollars per share)	$ 7.63
Class of Warrant or Right [Roll Forward]
Beginning balance	8,957	17,828	7,807
Issuances			32,831
Exercises		(8,871)	(22,323)
Expirations	(676)		(487)
Ending balance	8,281	8,957	17,828
Other Equity Warrants \| Minimum
Class of Warrant or Right [Line Items]
Warrant exercisable price (in dollars per share)	$ 563.25
Other Equity Warrants \| Maximum
Class of Warrant or Right [Line Items]
Warrant exercisable price (in dollars per share)	$ 1,856.25

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RELATED PARTIES (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
RELATED PARTIES (Details) - USD ($) $ in Thousands	Sep. 15, 2025	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Subsidiary, Sale of Stock [Line Items]
Accounts payable		$ 1,291	$ 1,291	$ 1,890
Strategic Advisory Agreement \| Related Party
Subsidiary, Sale of Stock [Line Items]
Term of agreement (in year)			2 years
Strategic Advisory Agreement \| Reimbursement of expenses \| Related Party
Subsidiary, Sale of Stock [Line Items]
Pass-through expenses		51	$ 57
Accounts payable		0	0
Trading Advisory Agreement \| Pantera Capital Management \| Related Party
Subsidiary, Sale of Stock [Line Items]
Term of agreement (in year)	10 years
Accounts payable		100	100
Renewal term of the agreement	1 year
Trading advisory fees		$ 500	$ 1,100
Trading Advisory Agreement \| Pantera Capital Management \| Related Party \| Assets Managed Less Than 1 Billion
Subsidiary, Sale of Stock [Line Items]
Rate of management fees	1.00%
Management fees	$ 1,000,000
Trading Advisory Agreement \| Pantera Capital Management \| Related Party \| Assets Managed Between 1 Billion To 5 Billion
Subsidiary, Sale of Stock [Line Items]
Rate of management fees	0.75%
Trading Advisory Agreement \| Pantera Capital Management \| Related Party \| Assets Managed More Than 5 Billion
Subsidiary, Sale of Stock [Line Items]
Rate of management fees	0.50%
Management fees	$ 5,000,000
Trading Advisory Agreement \| Pantera Capital Management \| Minimum \| Related Party \| Assets Managed Between 1 Billion To 5 Billion
Subsidiary, Sale of Stock [Line Items]
Management fees	1,000,000
Trading Advisory Agreement \| Pantera Capital Management \| Maximum \| Related Party \| Assets Managed Between 1 Billion To 5 Billion
Subsidiary, Sale of Stock [Line Items]
Management fees	$ 5,000,000

DERIVATIVES - Schedule of Derivative Liability Fair Values (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Derivative [Line Items]
Total derivative liabilities	$ 4,506	$ 0
Put Options \| SOL
Derivative [Line Items]
Total derivative liabilities	$ 299	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Equity contracts — RDO put options
Derivative [Line Items]
Total derivative liabilities	$ 4,207	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

DERIVATIVES - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) sol $ / digital_asset	Dec. 31, 2025 sol
Derivative [Line Items]
Margin collateral	$ 200
Net debt to capitalization ratio	30.00%
Single-day percent decline in net equity	25.00%
Default on indebtedness	$ 100
Derivative, net liability, aggregate fair value	4,500
Put Options
Derivative [Line Items]
Derivative, net liability, aggregate fair value	4,200
Assets needed for immediate settlement, aggregate fair value	$ 8,100
Put Options \| SOL
Derivative [Line Items]
Crypto assets, number of units \| sol	288,805	0
Derivative, net liability, aggregate fair value	$ 300
Collateral already posted, aggregate fair value	$ 2,600
Put Options \| Minimum \| SOL
Derivative [Line Items]
Strike prices (in per share) \| $ / digital_asset	63.00
Put Options \| Maximum \| SOL
Derivative [Line Items]
Strike prices (in per share) \| $ / digital_asset	69.30

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (130,055)	$ (13,671)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount and imputed interest expense	0	680
Financing costs	67	448
Staking revenue	(5,929)	0
Gain on sale of business	(3,065)	0
Change in fair value of derivative liability	322	5,919
Unrealized (gain) loss on digital assets and digital assets receivable	86,819	0
Net change in fair value of digital assets fund investment	2,012	0
Realized loss on sale of digital assets	32,376	0
Loss on digital asset derivatives	682	0
Stock-based compensation expense	153	1,031
Other	472	(590)
Changes in operating assets and liabilities:
Prepaid expense and other current assets	715	601
Accounts payable	(737)	91
Accrued and other current liabilities	(555)	(782)
Other liabilities	0	(20)
Net cash used in operating activities	(16,723)	(6,293)
Cash flows from investing activities:
Digital assets purchased	(5,495)	0
Digital assets sold	13,321	0
Cash posted as derivative margin collateral	(2,904)	0
Cash returned from derivative margin collateral	2,661	0
Proceeds from digital asset derivative contracts	1,140	0
Payments for digital asset derivative contracts and settlements	(1,523)	0
Net proceeds from sale of business	4,242	0
Deposit on acquisition of business	(500)	0
Net cash provided by investing activities	10,942	0
Cash flows from financing activities:
Proceeds from issuance of common stock in registered direct offering	8,000	0
Proceeds from issuances of common stock in ATM	0	77
Proceeds from issuances of common stock and common stock warrants in private placement	0	9,364
Proceeds from exercise of warrants	1	3,734
Repurchase of common stock	(5,855)	0
Share issuance costs	0	(1,212)
Proceeds from issuance of notes payable	0	880
Repayment of notes payable	0	(1,560)
Net cash provided by financing activities	2,146	11,283
Net (decrease) increase in cash and cash equivalents	(3,635)	4,990
Cash and cash equivalents at beginning of period	7,282	1,088
Cash and cash equivalents at end of period	3,647	6,078
Non-cash investing and financing transactions:
SOL transferred from digital assets receivable to digital assets upon restricted SOL unlock	6,166	0
SOL distributed from digital asset fund investment to digital assets upon restricted SOL unlock	1,113	0
SOL transferred from digital assets to digital asset receivable as margin collateral	10,994	0
SOL transferred from digital assets receivable to digital assets upon return of margin collateral	8,824	0
Derivative warrant liability reclassified to equity on exercise of warrants	0	9,527
Deferred offering costs reclassified to equity upon public offering	0	8
Share issuance costs included in accounts payable	$ 138	$ 330

DERIVATIVES

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

OTC SOL Options

The Company enters into over-the-counter ("OTC") option contracts referencing the price of SOL in connection with managing the risk and return profile of its digital asset treasury. The primary underlying risk exposure of these contracts is SOL price risk. The contracts are not designated as hedging instruments under ASC 815-20. The Company writes put options to generate premium income on its treasury holdings, and enters into call option spreads to obtain participation in increases in the price of SOL. During the six months ended June 30, 2026, the Company (i) wrote SOL put options, receiving premium in exchange for the obligation to pay at maturity any excess of the strike price over the settlement price, and (ii) entered into SOL call option spreads, purchasing near-the-money calls and simultaneously writing further out-of-the-money calls of equal size and maturity for a net premium paid, obtaining participation in increases in the price of SOL up to the strike price of the written calls. All contracts were cash-settled, except one written put option that provided for physical settlement and expired unexercised, and all were collateralized by SOL (see Note 6) and U.S. dollars posted as initial and variation margin. U.S. dollars posted as margin collateral of $0.2 million as of June 30, 2026, are included in "Prepaid expenses and other current assets".

As of June 30, 2026, the Company’s outstanding SOL put option contracts referenced 288,805 SOL with strike prices ranging from $63.00 to $69.30 and maturities extending through July 10, 2026. See Note 8 for information regarding the fair value measurement of these contracts. On July 10, 2026, the SOL put options expired out-of-the-money.

The following table presents a roll-forward of OTC option contracts for the six months ended June 30, 2026:


	Written put options — contracts	Written put options — SOL	Call option spreads — contracts	Call option spreads — SOL
Open as of December 31, 2025	—	—	—	—
Entered during period	12	824,089	6	442,703
Settled or expired during period	(8)	(535,284)	(6)	(442,703)
Open as of June 30, 2026	4	288,805	—	—

Registered Direct Offering Put Options

In connection with the April 2026 Registered Direct Offering, the Company granted the Purchasers the right to require the Company to repurchase their shares upon certain qualifying events. The Put Options were issued as consideration in that offering rather than for risk management purposes, and their primary underlying risk exposure is the price of the Company's Class A common stock. The Put Options are freestanding derivative instruments classified as liabilities and are not designated as hedging instruments. See Note 9 for the terms of the Put Option Agreements and the related mezzanine equity classification.

The following table presents the derivative liability fair values by type as of June 30, 2026:


Derivatives not designated as hedging instruments	Balance sheet location	June 30, 2026		December 31, 2025
Digital asset (SOL) price contracts — written put options	Accrued and other current liabilities	$	299	$	—
Equity contracts — RDO put options	Derivative liability	4,207		—
Total derivative liabilities		$	4,506	$	—

The Company does not offset derivative assets and derivative liabilities on the unaudited condensed consolidated balance sheets. Under the ISDA Agreements, amounts owed between the parties may be set off, and posted collateral may be applied against outstanding obligations, only upon an event of default or termination event with respect to the other party. Because these rights are conditional, the Company presents derivative assets and liabilities on a gross basis. The Put Options are not subject to a master netting arrangement.


	OTC SOL Options
Gross amount of recognized derivative liabilities	$	299
Gross amounts offset in the balance sheet	—
Net amount presented in the balance sheet	299
Collateral pledged not offset in the balance sheet	(299)
Net amount	$	—

The following table presents the gains and losses for derivatives by type for the three and six months ended June 30, 2026 (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments	Location	2026		2025		2026		2025
SOL price contracts — written put options(1)	Loss on digital asset derivatives	$	318	$	—	$	318	$	—
SOL price contracts — call option spreads	Loss on digital asset derivatives	(1,000)		—		(1,000)		—
Equity contracts — RDO put options(1)	Change in fair value of derivative liability	(322)		—		(322)		—
Equity contracts — derivative warrant liabilities	Change in fair value of derivative liability	—		(6,028)		—		(5,919)
Total		$	(1,004)	$	(6,028)	$	(1,004)	$	(5,919)

Credit-Risk-Related Contingent Features

Certain of the Company's derivative instruments contain provisions that could accelerate settlement or increase collateral requirements upon a deterioration in financial condition. The Put Options may be exercised upon a failure of the Company's net debt to total capitalization ratio to remain at or below 30%. Under the ISDA Agreements governing the OTC SOL options, a single-day decline of 25% or more in the net equity of the Company's subsidiary that is party to those agreements, or a default on indebtedness of $100,000 or more, constitutes an additional termination event, upon which the minimum transfer amount for collateral demands is reduced to zero, the counterparty's obligation to return posted collateral is suspended, and the counterparty may liquidate posted collateral and terminate outstanding transactions.

As of June 30, 2026, the aggregate fair value of derivative liabilities containing such features was $4.5 million, consisting of $4.2 million of Put Options, against which no collateral was posted, and $0.3 million of OTC SOL options, against which the Company has posted collateral with a fair value of $2.6 million. Had these features been triggered as of June 30, 2026, the amount required to settle the Put Options would have been $8.1 million; posted collateral exceeded the net liability under the OTC SOL options, and no additional collateral would have been required.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DIGITAL ASSETS RECEIVABLE - Schedule of Roll-Forward of Digital Assets Receivable Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026
Digital Assets Receivable
Beginning balance	$ 18,347	$ 31,139
Transfer to margin collateral	0
Return of margin collateral	0
Staking rewards	211	331
Unrestricted SOL distributed	(2,745)	(3,421)
Net change in fair value	(1,822)	(9,702)
Ending balance	$ 13,991	$ 18,347

DIGITAL ASSETS COLLATERAL RECEIVABLE - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($) token	Jun. 30, 2026 USD ($) token
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Repurchases of common stock	$ 2,331	$ 5,855
Treasury Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Repurchases of common stock	$ 2,331	$ 5,855
Collateralized Token \| SOL Put Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of collateralized unit \| token	31,436	31,436

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

DIGITAL ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of the Company's Locked PIPE SOL Summarized by Year

The following table presents the quantity of tokens that will unlock for the Company’s Locked PIPE SOL summarized by year as of June 30, 2026:


			Locked PIPE SOL
2026			72,509
2027			161,431
2028			17,262
Total			251,202

Schedule of the Company's Digital Assets Holdings

The following table presents the Company's digital assets holdings as of June 30, 2026:


	Quantity	Quantity Staked	Cost Basis (in thousands)		Fair Value (in thousands)
SOL	1,812,866	1,728,626	$	374,555	$	133,329
Locked PIPE SOL	251,202	251,202	53,834		18,474
Total digital assets	2,064,068	1,979,828	$	428,389	$	151,803

Schedule of Roll-Forward of Digital Assets Fair Value

The Company’s digital asset holdings represent 86.2% of the Company’s total assets as of June 30, 2026. The following table presents a roll-forward of digital assets fair value for the three and six months ended June 30, 2026 (in thousands):


	SOL		Locked PIPE SOL		Total
Fair Value as of December 31, 2025	$	217,724	$	39,219	$	256,943
Sales	(5,452)		—		(5,452)
Staking rewards	2,631		455		3,086
Restricted SOL unlocked	7,702		(3,664)		4,038
Losses(1)	(74,018)		(12,446)		(86,464)
Fair value as of March 31, 2026	148,587		23,564		172,151
Purchases	5,495		—		5,495
Sales	(7,869)		—		(7,869)
Transfer to margin collateral	(10,994)		—		(10,994)
Return of margin collateral	8,824		—		8,824
Staking rewards	2,014		287		2,301
Restricted SOL unlocked	6,111		(2,870)		3,241
Losses(2)	(18,839)		(2,507)		(21,346)
Fair value as of June 30, 2026	$	133,329	$	18,474	$	151,803

(1)Includes realized losses of $7.0 million for the three months ended March 31, 2026. Does not include losses from digital assets receivable or digital asset fund investment.

(2)Includes realized losses of $25.4 million for the three months ended June 30, 2026. Does not include losses from digital assets receivable or digital asset fund investment.

OVERVIEW	6 Months Ended
OVERVIEW	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OVERVIEW	OVERVIEW Background and Nature of Business Solana Company (the “Company” or “we”) is a listed digital asset treasury (“DAT”) dedicated to acquiring and holding Solana tokens (“SOL”). Solana Company’s DAT objective is to maximize SOL per share through strategic use of capital markets and on-chain opportunities, offering public market investors direct exposure to Solana. Liquidity and Management’s Plans The accompanying unaudited condensed consolidated financial statements of this Quarterly Report on Form 10-Q (“10-Q”) have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the ordinary course of business. The Company had an accumulated deficit of $342.6 million and working capital of $26.6 million, including $21.0 million of digital assets classified as current assets that can be readily liquidated as needed, as of June 30, 2026, incurred a net loss of $130.1 million and used $16.7 million of cash in operating activities during the six months ended June 30, 2026. The Company had a cash balance of approximately $3.6 million at June 30, 2026. Based on our forecasted cash flows, the Company believes its existing cash balance and working capital will be sufficient to meet its liquidity needs for at least the next twelve months. The Company’s financial condition is substantially dependent on the market price and liquidity of SOL, which are subject to extreme volatility and limited trading venues. Substantially all of the Company’s treasury assets are concentrated in SOL, the native cryptocurrency of the Solana protocol, or exposed to SOL indirectly. SOL has experienced significant price volatility, and the Company’s financial results and carrying value of its digital assets, digital assets, restricted, digital assets receivable and digital asset fund investment will fluctuate materially based on SOL price movements. The Company depends on the continued success and adoption of the Solana protocol for the value of its treasury holdings. While the Company plans to hold its digital assets as part of a long-term treasury strategy and to deploy its assets for productive purposes including staking, the Company’s management has the discretion and ability to sell its digital assets as needed to cover liquidity obligations. The Company’s ability to liquidate SOL to meet its obligations is subject to the liquidity of SOL and the SOL market price, and there is no guarantee that the Company will be able to liquidate SOL at all or at terms that are preferable to the Company. Sale of PoNS Assets On April 8, 2026, the Company entered into and closed a purchase and sale agreement with Bioness Medical, Inc. (the “Buyer”), pursuant to which the Company sold the assets related to its Portable Neuromodulation Stimulator ("PoNS") business to the Buyer (the “PoNS Asset Sale”), and the Buyer assumed certain liabilities related to the PoNS business. The purchase price of the PoNS Asset Sale consisted of an upfront payment of $5.0 million, and the right to receive post-closing cash earnout payments of up to $20.0 million in the aggregate based on a specified formula that takes into account the revenues of the PoNS business through the 2028 fiscal year. Transaction costs for the PoNS Asset Sale were $0.8 million resulting in net cash proceeds of $4.2 million. After deducting the net assets of the PoNS business held immediately prior to the closing of $1.1 million, the resulting gain on the PoNS Asset Sale was $3.1 million. In connection with the PoNS Asset Sale, in April 2026, the Company terminated the employment of certain employees supporting the PoNS business, for which severance was offered and paid to such employees totaling $1.4 million. On May 12, 2026, the Company entered into separation agreements with the Company's former Chief Executive Officer and former Chief Financial Officer and it paid lump-sum severance of $3.0 million and $2.4 million, respectively. Together with the $1.4 million of PoNS-related severance described above, severance expense was $6.8 million and presented in "General and administrative expenses" in the unaudited condensed consolidated statement of operations and comprehensive loss for each of the three and six months ended June 30, 2026. The agreements did not accelerate or otherwise modify the former officers' equity awards; vested options remain exercisable under their original terms and unvested awards were forfeited as of the separation date. See Note 10.

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis


	Fair Value
	Level 1		Level 2		Level 3		Total
Assets:
SOL digital assets	$	133,329	$	—	$	—	$	133,329
SOL digital assets, restricted*	18,474		—		—		18,474
SOL digital assets collateral receivable	—		2,312		—		2,312
SOL digital assets receivable**	—		13,991		—		13,991
SOL digital assets fund investment**	—		2,513		—		2,513
Total assets	$	151,803	$	18,816	$	—	$	170,619

Liabilities:
Written put options derivative liability***	$	—	$	—	$	299	$	299
RDO put options derivative liability****	—		—		4,207		4,207
Total liabilities	$	—	$	—	$	4,506	$	4,506

*Subject to contractual sales restriction. See Note 3.

**Underlying assets subject to contractual sales restriction. See Notes 4 and 5.

Schedule of Unobservable Inputs Used in the Fair Value Measurement

The following table presents the significant unobservable inputs used in the fair value measurement of the Company's Level 3 derivative liabilities as of June 30, 2026:

Written Put Option Derivative Liability

RDO Put Option Derivative Liability

Implied volatility - range

71.5% - 80.9%

72.8%

Implied volatility - weighted average(1)

73.2%

n/a

(1)The weighted average implied volatility is calculated by weighting each contract's implied volatility by the relative fair value of that contract.

Schedule of Derivative Liabilities Measured at Fair Value on a Recurring Basis


	Purchased Call Options
Fair Value as of December 31, 2025	$	—
Purchases	1,147
Settlements	—
Total loss included in earnings	(1,147)
Fair Value as of June 30, 2026	$	—


	Written Put Options		Written Call Options		RDO Put Options		Total
Fair Value as of December 31, 2025	$	—	$	—	$	—	$	—
Issuances	993		147		3,885		5,025
Settlements	(376)		—		—		(376)
Total (gain) loss included in earnings(1)	(318)		(147)		322		(143)
Fair Value as of June 30, 2026	$	299	$	—	$	4,207	$	4,506

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

DIGITAL ASSETS COLLATERAL RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2026

Digital Assets Collateral Receivable Disclosure [Abstract]

Schedule Of Digital Assets Collateral Receivable Fair Value

The following table presents a roll-forward of Digital Assets Collateral Receivable fair value for the three and six months ended June 30, 2026 (in thousands):


	Digital Assets Collateral Receivable
Fair Value as of December 31, 2025	$	—
Transfer to margin collateral	10,994
Return of margin collateral	(8,824)
Net change in fair value(1)	142
Fair value as of June 30, 2026	$	2,312

(1)Recognized within "Unrealized (gain) loss on digital assets and digital assets receivable" on the unaudited condensed consolidated statements of operations and comprehensive loss

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Aug. 14, 2026	Jul. 31, 2026	Jun. 30, 2026	Jul. 15, 2026
Subsequent Event \| Class A common stock \| Stock Repurchase Program
Subsequent Event [Line Items]
Repurchases of common stock (in shares)	488,575
Shares acquired, average cost per share	$ 1.77
Subsequent Event \| Class A common stock \| Private Stock Repurchase Transaction
Subsequent Event [Line Items]
Repurchases of common stock (in shares)	226,172
Shares acquired, average cost per share	$ 1.64
Hong Kong Trust Company
Subsequent Event [Line Items]
Payments to acquiree business			$ 0.5
Hong Kong Trust Company \| Subsequent Event
Subsequent Event [Line Items]
Total purchase price				$ 2.0
Consideration transferred, Cash percentage				50.00%
Payments to acquiree business		$ 0.5
Equity percentage		50.00%
Equity interest, shares issued (in shares)		597,086

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Share Purchase Agreement On March 17, 2026, Solana Company (Hong Kong) Limited entered into a share purchase agreement to acquire, directly or indirectly, all of the issued share capital of a Hong Kong trust company. The acquisition closed on July 15, 2026. The total purchase price for the acquisition was $2 million, consisting of 50% payable in cash, $0.5 million of which was paid as a deposit during the second quarter of 2026 and the remaining $0.5 million was paid in July 2026, and 50% equity consideration, pursuant to which 597,086 shares of our Class A common stock were issued to the Sellers. Stock Repurchases Subsequent to June 30, 2026, pursuant to the Company’s Stock Repurchase Program, see Note 9, the Company repurchased 488,575 shares of its Class A common stock at a weighted-average purchase price of $1.77 per share. The Company also repurchased, in a private transaction, 226,172 of its Class A common stock at a price of $1.64 per share.

FAIR VALUE MEASUREMENTS - Schedule of Unobservable Inputs Used in the Fair Value Measurement (Details)	Jun. 30, 2026 token
Written Put Option Derivative Liability \| Measurement Input, Discount Rate \| Minimum \| Put Options
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
SOL implied volatility	0.715
Written Put Option Derivative Liability \| Measurement Input, Discount Rate \| Maximum \| Put Options
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
SOL implied volatility	0.809
Written Put Option Derivative Liability \| Measurement Input, Option Volatility \| Put Options
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
SOL implied volatility	0.732
RDO Put Option Derivative Liability \| Measurement Input, Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
SOL implied volatility	0.728

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2025 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026 (the “2025 Form 10-K”).
Accounting Estimates	Accounting Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Within this report, certain dollar amounts and percentages have been rounded to their approximate values.
Reclassifications	Reclassifications Certain amounts recorded in the prior period unaudited condensed consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results.
Reverse Stock Splits and Mezzanine Equity	Reverse Stock Splits On April 21, 2025, at the annual meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-30. The Board subsequently approved a reverse stock split of 1-for-15, which became effective on May 2, 2025 (the “May 2025 Reverse Stock Split”). On May 23, 2025, at a special meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-250. The Board subsequently approved a reverse stock split of 1-for-50, which became effective on July 1, 2025 (the “July 2025 Reverse Stock Split” and together with the May 2025 Reverse Stock Split, the “Reverse Stock Splits”). All issued and outstanding Class A common stock and per share amounts contained in the unaudited condensed consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Splits for all periods presented. In addition, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of Class A common stock. A proportionate adjustment was also made to the number of shares reserved for issuance pursuant to the Company’s equity incentive compensation plans to reflect the Reverse Stock Splits. Any fraction of a share of Class A common stock that was created as a result of the Reverse Stock Splits was rounded down to the next whole share and stockholders received cash settlement equal to the market value of the fractional share, determined by multiplying such fraction by the closing sales price of the Company’s Class A common stock as reported on Nasdaq on the last trading day before the Reverse Stock Splits effective dates. The authorized shares and par value of the Class A common stock and preferred stock were not adjusted as a result of the Reverse Stock Splits. Mezzanine Equity The Company applies the guidance in Accounting Standards Codification (“ASC") 480-10-S99, Classification and Measurement of Redeemable Securities, to determine the appropriate classification of redeemable equity instruments. Shares of Class A common stock that are redeemable upon the occurrence of events that are not solely within the control of the Company are classified as mezzanine equity, presented on the unaudited condensed consolidated balance sheets between total liabilities and permanent stockholders' equity. Mezzanine equity is initially measured at the gross proceeds allocated to the redeemable shares, reduced by (i) the fair value of the associated put option derivative liability recognized at inception and (ii) direct share issuance costs allocated to the redeemable shares. The carrying value of the mezzanine equity is accreted toward the contractual redemption value to the extent that the combined carrying value of the mezzanine equity and the associated put option derivative liability is less than the accreted contractual redemption value at the reporting date.
Treasury Stock	Treasury Stock The Company accounts for treasury stock using the cost method.
Written Option Contracts	Option Contracts The Company's option contracts are freestanding derivative instruments and have not been designated under hedge accounting. Premiums received at options contract inception are initially recorded on the unaudited condensed consolidated balance sheets, and subsequently reflected in earnings consistent with the subsequent fair value changes of the related options. The fair value of these written options is measured using standard option-pricing models incorporating SOL spot prices, time to expiration, and volatility. Because no observable market implied-volatility surface for SOL is available, volatility is estimated using trailing realized volatility of SOL and is not corroborated by observable market data. Accordingly, the options are classified as Level 3 within the fair value hierarchy. Changes in the fair value of the options are recognized on the unaudited condensed consolidated statements of operations and comprehensive loss within “Loss on digital asset derivatives”. Outstanding derivative liabilities as of June 30, 2026 are presented on the condensed balance sheets within "Accrued and other current liabilities". Premiums received and paid on option contracts, cash settlements of option contracts, and cash posted and returned as margin collateral are presented within investing activities on the unaudited condensed consolidated statements of cash flows. Changes in the fair value of the options are non-cash and are reversed in the reconciliation of net loss to net cash used in operating activities.
Segment Information	Segment Information Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assessing performance. The Company’s CODM is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business based solely on consolidated financial results and does not evaluate these operating segments separately, therefore, the Company has a single reporting segment and the determination of the single segment is consistent with the information provided to the CODM. The CODM reviews assets as presented on the consolidated balance sheets and reviews significant segment expenses in the same manner that they are reviewed on the consolidated statement of operations and comprehensive loss.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires interim and annual tabular disclosure of disaggregated information for certain income statement expense captions. Specific expense categories required to be disclosed quantitatively include inventory purchases, employee compensation, depreciation, and intangible asset amortization, as well as other specified expense categories currently disclosed under existing disclosure requirements. Additionally, any remaining amounts that are not separately disaggregated are required to be described qualitatively. ASU 2024-03 also requires separate disclosure of total selling expenses incurred each reporting period, with annual disclosure of the entity's definition of selling expenses. The annual disclosures required by ASU 2024-03 are effective for the Company beginning in its fiscal year ending December 31, 2027, with interim disclosures effective beginning in its fiscal year ending December 31, 2028. The provisions of ASU 2024-03 are to be applied prospectively, although retrospective application is permitted. Early adoption is also permitted. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value of an asset or liability considers assumptions that market participants would use in pricing the asset or liability, including consideration of non-performance risk. The inputs used to determine fair values are categorized in one of the following three levels of the fair value hierarchy: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Inputs, other than quoted prices in active markets, that are observable, either directly or indirectly. Level 3 – Unobservable inputs that are not corroborated by market data.

COMMON STOCK AND WARRANTS - September 2025 Private Placement (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Sep. 15, 2025	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2025
Schedule Of Stockholders Equity [Line Items]
Share issuance costs		$ 0	$ 1,212
September 2025 private placement on cash offering
Schedule Of Stockholders Equity [Line Items]
Shares issued (in shares)	38,049,663
Offering price (in dollars per share)	$ 6.881
September 2025 private placement cryptocurrency offering
Schedule Of Stockholders Equity [Line Items]
Offering price (in dollars per share)	$ 6.881
Aggregate gross proceeds from issuance of equity	$ 508,800
Proceeds of digital assets from issuance	119,000
Contributed digital assets	75,600
Contributed digital assets, USDC	34,300
Contributed digital assets, UDST	9,100
Net proceeds after commissions from sale of stock	374,900
Share issuance costs	$ 14,900
2025 Pre-funded Warrants
Schedule Of Stockholders Equity [Line Items]
Exercise price (in dollars per share)		$ 0.001
2025 Pre-funded Warrants \| 2025 PIPE Offerings
Schedule Of Stockholders Equity [Line Items]
Shares of class A common stock purchasable with warrants (in shares)				36,261,239
2025 Pre-funded Warrants \| September 2025 private placement on cash offering
Schedule Of Stockholders Equity [Line Items]
Shares of class A common stock purchasable with warrants (in shares)	36,261,239
Cash purchase per share (in dollars per share)	$ 0.001
2025 Pre-funded Warrants \| September 2025 private placement cryptocurrency offering
Schedule Of Stockholders Equity [Line Items]
Cash purchase per share (in dollars per share)	$ 0.001
2025 Stapled Warrants
Schedule Of Stockholders Equity [Line Items]
Exercise price (in dollars per share)		$ 10.134
2025 Stapled Warrants \| September 2025 private placement on cash offering
Schedule Of Stockholders Equity [Line Items]
Shares of class A common stock purchasable with warrants (in shares)	73,941,196
Exercise price (in dollars per share)	$ 10.134
2025 Stapled Warrants \| September 2025 private placement cryptocurrency offering
Schedule Of Stockholders Equity [Line Items]
Exercise price (in dollars per share)	$ 10.134
Clear Street LLC \| 2025 PIPE Offerings
Schedule Of Stockholders Equity [Line Items]
Shares issued (in shares)	369,706
Offering price (in dollars per share)	$ 23.17
Amount of placement agent compensation	$ 11,100
Non-cash cost	$ 8,600

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 3,647	$ 7,282
Digital assets	21,000	21,000
Digital assets collateral receivable	2,312	0
Prepaid expenses and other current assets	1,787	2,873
Total current assets	28,746	31,155
Digital assets	112,329	196,724
Digital assets, restricted	18,474	39,219
Digital assets receivable	13,991	31,139
Digital assets fund investment	2,513	5,617
Other long-term assets	1	75
Total assets	176,054	303,929
Current liabilities
Accounts payable	1,291	1,890
Accrued and other current liabilities	868	1,126
Total current liabilities	2,159	3,016
Derivative liability	4,207	0
Total liabilities	6,366	3,016
Mezzanine equity
Class A ordinary common stock subject to possible redemption, $0.001 par value; 3,076,922 and 0 shares at $1.31 and $0.00 per share as of June 30, 2026 and December 31, 2025, respectively	4,043	0
Stockholders' equity
Class A ordinary common stock, $0.001 par value; 800,000,000 shares authorized; 60,354,067 shares issued and 57,416,984 outstanding and 43,744,207 shares issued and outstanding as of June 30, 2026 and December 31, 2025 (excluding 3,076,922 and zero ordinary shares subject to possible redemption as of June 30, 2026 and December 31, 2025), respectively	60	44
Additional paid-in capital	513,857	513,719
Treasury stock, at cost	(5,855)	0
Accumulated deficit	(342,644)	(212,589)
Accumulated other comprehensive loss	227	(261)
Total stockholders' equity	165,645	300,913
Total liabilities, mezzanine and stockholders' equity	$ 176,054	$ 303,929

DIGITAL ASSETS COLLATERAL RECEIVABLE

6 Months Ended

Jun. 30, 2026

Digital Assets Collateral Receivable Disclosure [Abstract]

DIGITAL ASSETS COLLATERAL RECEIVABLE

In connection with the Company’s OTC SOL put options strategy, the Company pledges or transfers SOL to institutional counterparties to collateralize the underlying transactions. During the three and six months ended June 30, 2026, these transactions were governed by long-form confirmations and International Swaps and Derivatives Association agreements (together, “ISDA Agreements”). Under the ISDA Agreements, the Company’s SOL are pledged as collateral and can be rehypothecated, re-pledged, or otherwise deployed by the derivative counterparties. The Company’s transfer of digital assets into digital assets collateral receivable is a derecognition event and the Company recognizes a realized loss on digital assets upon derecognition of the pledged SOL (see Note 3).

The Company's outstanding SOL put option contracts as of June 30, 2026 are collateralized by 31,436 of the Company’s SOL, which have been transferred to an institutional counterparty. These 31,436 tokens are presented in aggregate as approximately $2.3 million in “Digital assets collateral receivable” on the unaudited condensed consolidated balance sheets as of June 30, 2026. Due to (i) the Company's limited historical loss experience for digital assets collateral receivable, (ii) the counterparty being an institutional counterparty and (iii) the short tenor of the outstanding options contracts there is no expected credit loss recorded as of June 30, 2026.

The following table presents a roll-forward of Digital Assets Collateral Receivable fair value for the three and six months ended June 30, 2026 (in thousands):


	Digital Assets Collateral Receivable
Fair Value as of December 31, 2025	$	—
Transfer to margin collateral	10,994
Return of margin collateral	(8,824)
Net change in fair value(1)	142
Fair value as of June 30, 2026	$	2,312

(1)Recognized within "Unrealized (gain) loss on digital assets and digital assets receivable" on the unaudited condensed consolidated statements of operations and comprehensive loss.

DIGITAL ASSETS

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

DIGITAL ASSETS

As of June 30, 2026, the Company’s holdings of digital assets were concentrated with two custodians used by the Company to hold digital assets, including unrestricted SOL (“Unlocked SOL”), which unless qualified otherwise, shall only refer to unrestricted SOL tokens that are readily transferable on-chain on the Solana network or staked SOL subject to the normal unbonding period and restricted SOL subject to contractual lock-up (“Locked SOL”). The Company primarily holds SOL at custodians but may also hold cash and cash equivalents. As of June 30, 2026, the Company held $2.7 million in fiat currency at custodians which is presented on the unaudited condensed consolidated balance sheets within "Cash and cash equivalents". The Company does not hold a significant portion of digital assets at an exchange. As of June 30, 2026, the Company held less than 1% of the total supply of SOL.

Digital Assets Subject to Lock-up Schedules

Certain digital assets, digital assets receivable and digital assets underlying equity investments are subject to sale restrictions through lock-up schedules typically associated with lock-up agreements with digital asset foundations such as the Solana Foundation.

Locked SOL that are held directly in the Company’s custodial digital asset wallets are recorded as digital assets, restricted on the consolidated balance sheets, and include the Locked SOL contributed to the Company as part of the September 2025 private placement (“Locked PIPE SOL”), see Note 9 for additional details. The underlying restricted SOL for the Locked PIPE SOL unlock on a monthly basis in relatively even intervals and amounts through January 2028.

The following table presents the quantity of tokens that will unlock for the Company’s Locked PIPE SOL summarized by year as of June 30, 2026:


			Locked PIPE SOL
2026			72,509
2027			161,431
2028			17,262
Total			251,202

Staked Digital Assets

The Company has staked the majority of its digital assets as of June 30, 2026 as shown in the table below. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to the unbonding period on the blockchain. As of June 30, 2026, all the Company’s staked digital assets were SOL and were staked on the Solana network and the unbonding period is between 2 and 3 days.

Digital Asset Holdings

The following table presents the Company's digital assets holdings as of June 30, 2026:


	Quantity	Quantity Staked	Cost Basis (in thousands)		Fair Value (in thousands)
SOL	1,812,866	1,728,626	$	374,555	$	133,329
Locked PIPE SOL	251,202	251,202	53,834		18,474
Total digital assets	2,064,068	1,979,828	$	428,389	$	151,803


	SOL		Locked PIPE SOL		Total
Fair Value as of December 31, 2025	$	217,724	$	39,219	$	256,943
Sales	(5,452)		—		(5,452)
Staking rewards	2,631		455		3,086
Restricted SOL unlocked	7,702		(3,664)		4,038
Losses(1)	(74,018)		(12,446)		(86,464)
Fair value as of March 31, 2026	148,587		23,564		172,151
Purchases	5,495		—		5,495
Sales	(7,869)		—		(7,869)
Transfer to margin collateral	(10,994)		—		(10,994)
Return of margin collateral	8,824		—		8,824
Staking rewards	2,014		287		2,301
Restricted SOL unlocked	6,111		(2,870)		3,241
Losses(2)	(18,839)		(2,507)		(21,346)
Fair value as of June 30, 2026	$	133,329	$	18,474	$	151,803

(1)Includes realized losses of $7.0 million for the three months ended March 31, 2026. Does not include losses from digital assets receivable or digital asset fund investment.

(2)Includes realized losses of $25.4 million for the three months ended June 30, 2026. Does not include losses from digital assets receivable or digital asset fund investment.

BASIC AND DILUTED LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Loss Per Share

The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic and diluted:
Net loss available to common stockholders	$	(30,256)	$	(9,833)	$	(130,055)	$	(13,671)
Weighted average common shares outstanding — (1)(2)	79,756,908		123,335		78,254,877		67,828
Loss per share	$	(0.38)	$	(79.73)	$	(1.66)	$	(201.55)

Schedule of Anti-Dilutive Securities


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock options	295,176	3,635	295,176	3,635
Restricted stock units	21,200	—	21,200	—
Warrants	79,695,950	18,554	79,695,950	18,554

COMMON STOCK AND WARRANTS

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

COMMON STOCK AND WARRANTS

Registered Direct Offering

On April 27, 2026, the Company entered into securities purchase agreements (collectively, the “RDO Purchase Agreements”) with the purchasers named therein (the “Purchasers”), pursuant to which the Company issued and sold to the Purchasers, in a registered direct offering (the “Registered Direct Offering”), 3,076,922 shares of the Company’s Class A common stock. The offering price of each Share was $2.60 per share (the “Offering Price”). The Registered Direct Offering closed on April 29, 2026. The net proceeds to the Company from the Registered Direct Offering were $7.9 million after $0.1 million of transaction related costs.

The 3,076,922 shares of Class A common stock issued in the April 2026 Registered Direct Offering are classified as mezzanine equity because the holders have the right, under certain conditions, to require the Company to repurchase such shares at the offering price plus a contractual 7.0% per annum internal rate of return. Certain triggering events that would allow holders to exercise such repurchase rights are not solely within the control of the Company.

In connection with the Registered Direct Offering, the Company entered into put option agreements (collectively, the “Put Option Agreements”) with the Purchasers pursuant to which the Company granted each Purchaser the right to require the Company to repurchase all or a portion of the shares of Class A common stock it purchased in the Registered Direct Offering at a price per share equal to the Offering Price plus an amount that would result in an internal rate of return of 7.0% per annum (collectively, the “Put Options”). The Put Options may be exercised in connection with the occurrence of certain qualifying events, including the 12-month and 18-month anniversaries of the closing of the Registered Direct Offering, a failure of the Company’s net debt to total capitalization ratio to remain at or below 30%, or a suspension or halt of trading in the Class A common stock on the applicable trading market exceeding a specified number of consecutive trading days or the issuance of a delisting notice. See Note 7. As of June 30, 2026, there have been no qualifying events under the Put Option Agreements.

The redemption value of the Registered Direct Offering shares was $8.1 million as of June 30, 2026 which is less than the combined fair value of the associated put option derivative liability of $4.2 million and the carrying value of the mezzanine equity of $4.0 million as of June 30, 2026. Accordingly, no accretion of the mezzanine equity carrying value was required during the period.

Stock Repurchase Program

On November 3, 2025, the Company’s Board of Directors (the “Board”) approved a stock repurchase program for the purchase of up to $100 million of the Company’s outstanding Class A common stock (the “Stock Repurchase Program”). Repurchases of Class A common stock may be made in the open market (including through Rule 10b-18 compliant transactions), in privately negotiated transactions, in block trades, through one or more accelerated share repurchase transactions, through one or more trading plans intended to comply with Rule 10b5-1, through tender offers, or by any combination of the foregoing. The Company may determine the timing, amount and method of repurchases based on market conditions, share price, legal and regulatory requirements, and other considerations in its sole discretion. The Stock Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time.

As of June 30, 2026 and December 31, 2025, the Company held 2,937,083 and 0 shares, respectively, of its Class A common stock in treasury. During the three and six months ended June 30, 2026, the Company purchased 1,333,112 and 2,937,083 shares at a total cost of $2.3 million and $5.9 million, respectively.

September 2025 Private Placements

On September 15, 2025, the Company entered into a securities purchase agreement (the “Cash Purchase Agreement”) with certain investors (the “Cash Purchasers”) pursuant to which the Company sold, in a private placement (the “Cash Offering”), an aggregate offering of (i) 38,049,663 shares (the “Cash Shares”) of Class A common stock at an offering price of $6.881 per Cash Share (the “Per Share Cash Purchase Price”); and 36,261,239 pre-funded warrants (the “Cash Pre-Funded Warrants”) to purchase shares of Class A common stock (the “Cash Pre-Funded Warrant Shares”) at the Per Share Cash Purchase Price less $0.001 per Cash Pre-Funded Warrant, and (ii) 73,941,196 stapled warrants (the “Cash Stapled Warrants”) to purchase shares of Class A common stock (the “Cash Stapled Warrant Shares”) at an exercise price of $10.134 per Cash Stapled Warrant. In the Cash Offering, the Cash Purchasers tendered any of U.S. dollars, USD Coin (“USDC”) or Tether (“USDT”) (or a combination thereof) to the Company as consideration for the Cash Shares, Cash Stapled Warrants and Cash Pre-Funded Warrants.

On September 15, 2025, the Company also entered into securities purchase agreements (the “Cryptocurrency Purchase Agreements,” and together with the Cash Purchase Agreements, the “Purchase Agreements”) with certain investors (the “Cryptocurrency Purchasers,” and together with the Cash Purchasers, the “Purchasers”) pursuant to which the Company agreed to sell to the Cryptocurrency Purchasers in a private placement (the “Cryptocurrency Offering,” and together with the Cash Offering, the “2025 PIPE Offerings”) (i) pre-funded warrants to purchase shares of Class A common stock at an offering price of $6.881 less $0.001 (the “Cryptocurrency Pre-Funded Warrants” and together with the Cash Pre-Funded Warrants, the “2025 Pre-Funded Warrants”) and (ii) stapled warrants (the “Cryptocurrency Stapled Warrants,” and together with the Cash Stapled Warrants, the “2025 Stapled Warrants”) at an exercise price of $10.134. In the Cryptocurrency Offering, the Cryptocurrency Purchasers tendered Locked SOL to the Company as consideration for the Cryptocurrency Pre-Funded Warrants and the Cryptocurrency Stapled Warrants.

Clear Street LLC (“Clear Street”) served as lead placement agent and Maxim Group LLC (“Maxim”) served as co-placement agents in the 2025 PIPE Offerings, pursuant to the terms of a placement agency agreement and received aggregate compensation of $11.1 million. Clear Street was also issued 369,706 shares of the Company’s Class A common stock. The Company recorded non-cash financing offering costs of $8.6 million on the statement of operations based on the Company’s closing stock price of $23.17 on the 2025 PIPE Offerings closing date.

The aggregate gross proceeds to the Company were $508.8 million including $119 million in contributed digital assets comprised of $75.6 million of Locked PIPE SOL, $34.3 million of USDC and $9.1 million of USDT, resulting in net cash proceeds of $374.9 million after deducting placement agent fees and other cash offering expenses of $14.9 million.

September 2025 Advisory Warrants

On September 15, 2025, the Company entered into a Strategic Advisory Agreement (the “Strategic Advisory Agreement”) with Pantera Capital Management LP, a Delaware limited partnership (“Pantera”) and Summer Wisdom Holdings Limited (“Summer” and with Pantera, the “Advisors”). In connection with the closing of the 2025 PIPE Offerings, on September 18, 2025, the Company issued (i) warrants to purchase 5,175,883 shares of Class A common stock to Pantera (the “Pantera Base Advisor Warrants”) and (ii) warrants to purchase 2,218,236 shares of Class A common stock to Summer (the “Summer Base Advisor Warrants” and together with the Pantera Base Advisor Warrants, the “Base Advisor Warrants”). Upon the exercise of each Stapled Warrant, each of Pantera and Summer shall receive an additional grant of warrants to purchase an amount of shares of Class A common stock equal to their respective portion of 5% of the shares of Class A common stock issued upon such exercise (the "Performance Advisor Warrants", and together with the Base Advisor Warrants, the “Advisor Warrants”). The exercise price per share of the Advisor Warrants shall be equal to $0.001 per underlying share of Class A common stock. The Company recorded $171.3 million in non-cash financing costs, determined using a Black-Scholes model, on the statement of operations for the period ended December 31, 2025. Based on the exercise price of $0.001, the Black-Scholes value was effectively the same as the Company’s stock price of $23.17 as of the date of closing of the 2025 PIPE Offerings.

Pursuant to the Strategic Advisory Agreement, Pantera and Summer agreed not to sell, transfer, pledge, hedge, or otherwise dispose of any shares underlying the Strategic Advisory Warrants for 180 days after the closing of the 2025 PIPE Offerings (the “Advisor Lock-Up Period”), except (i) transfers to affiliates that agree in writing to be bound by the remainder of the Advisor Lock-Up Period, or (ii) with the Company’s prior written consent.

June 2025 Offering

In June 2025, the Company completed a registered offering of common stock, pre-funded warrants and accompanying common warrants, together with warrants issued to the placement agent (collectively, the "2025 Warrants"). The common warrants contained a provision permitting holders to receive twice the number of shares issuable on a cash exercise without additional payment, and provided for exercise price resets on the fifth trading day and tenth calendar day after issuance, with a corresponding increase in the number of shares issuable such that the aggregate exercise price remained unchanged.

Because of that provision, the common warrants did not qualify for equity classification and were recorded as a derivative liability of $3.4 million at issuance, measured using a Monte Carlo simulation model. Offering costs of $0.5 million allocated to the derivative liability were expensed. The exercise price and share resets resulted in a loss of $6.2 million recognized in "Change in fair value of derivative liability." Expected volatility of 99.95% was the significant unobservable input used at issuance and at each remeasurement date; the remaining inputs were observable. The derivative liability was reclassified to equity upon exercise of the warrants during 2025 and had no fair value as of June 30, 2026.

The aggregate gross proceeds to the Company were $9.1 million, before deducting placement agent fees and other expenses of $1.2 million and repayment of promissory notes of $1.56 million. Maxim Group LLC served as placement agent and received a cash fee of 7% of gross proceeds plus reimbursement of legal fees of up to $100 thousand.

April 2025 Private Placement

On April 24, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”) pursuant to which the Company sold, in a private placement (the “2025 Private Placement”), unsecured 20% original issue discount promissory notes with an aggregate principal amount of $1.56 million (the “Notes”) with a maturity date of the earlier of a) July 24, 2025, b) the closing date of the Company’s next registered offering of securities on Form S-1. The Purchase Agreement also provides for the issuance of an aggregate of 1,760 shares of common stock of the Company, par value $0.001 per share (the “Private Placement Shares”) to the Purchasers. The transaction closed on April 25, 2025.

Maxim Group LLC served as the placement agent in the 2025 Private Placement, pursuant to the terms of a placement agency agreement and received 7% of the gross proceeds of the Offering and reimbursement of the legal fees of its counsel of up to $15 thousand.

The aggregate gross proceeds to the Company were $1.3 million, before deducting placement agent fees and expenses of $0.1 million.

Warrant inducement

On January 21, 2025, the Company entered into warrant exercise inducement offer letters (the “Inducement Letters”) with certain holders (the “Holders”) of its existing 2024 Public Warrants to purchase shares of the Company’s Class A common stock (the “Existing Warrants”), pursuant to which the Holders agreed to exercise for cash their Existing Warrants to purchase an aggregate of 6,628 shares of the Company’s Class A common stock, in the aggregate, at a reduced exercise price of $563.25 per share, in exchange for the Company’s agreement to issue new Series C Warrants and Series D Warrants (the “Inducement Warrants”) on substantially the same terms as the Existing Warrants described below, to purchase up to 8,281 shares of the Company’s Class A common stock (the “Inducement Warrant Shares”). The Company received aggregate gross proceeds of approximately $3.7 million from the exercise of the Existing Warrants by the Holders. The Company engaged Roth Capital Partners, LLC (“Roth”) to act as its financial advisor with the transactions summarized above and has paid Roth $0.2 million for its services, in addition to reimbursement for certain expenses along with other legal and regulatory expenses of $0.1 million resulting in net proceeds of $3.4 million and non-cash share issuance costs of $1.0 million and $3.1 million related to the modification of the Existing Warrants and issuance of the Inducement Warrants, respectively. As of June 30, 2025, 3,572 shares (the “Abeyance Shares”) from the exercised Existing Warrants that were held in abeyance due to the ownership limitations from the warrant agreements have been issued at the direction of the Holders.

On April 21, 2025, stockholder approval was obtained for the issuance of the Inducement Warrants at the Company’s annual meeting of stockholders.

2025 At-The-Market Offering

On September 15, 2025, the Company entered into a Sales Agreement (as amended and restated, the “2025 Sales Agreement”) with Clear Street and Maxim, as co-sales agents, to create an at-the-market offering program (the “2025 ATM”) under which the Company may offer and sell shares with an aggregate offering price of up to $92.8 million. On May 29, 2026, the Company amended and restated the 2025 Sales Agreement to, among other things, increase the aggregate gross sales price of shares that may be offered and sold from time to time from $92.8 million to $250.0 million. Clear Street and Maxim are entitled to a fixed commission rate equal to up to 3% of the gross proceeds pursuant to the 2025 Sales Agreement. During the six months ended June 30, 2026 and 2025, no shares were sold under the 2025 ATM.

2023 At-The-Market Offering

On June 23, 2023, the Company entered into a Sales Agreement (the “2023 Sales Agreement”) with Roth to create an at-the-market offering program (the “2023 ATM”) under which the Company may offer and sell shares with an aggregate offering price of up to $2.0 million. Roth is entitled to a fixed commission rate equal to up to 3% of the gross proceeds pursuant to the 2023 Sales Agreement. On July 7, 2025, the Company filed a prospectus supplement that amended and supplemented the prior prospectus supplements related to the 2023 ATM to increase the maximum offering size to $25.0 million. During the six months ended June 30, 2026 and 2025, the Company sold zero and 124 shares, respectively, generating net proceeds after commissions of zero and $74.5 thousand after deducting $2.5 thousand in commissions and fees, respectively.


	2025 Pre-funded Warrants	2025 Stapled Warrants	Base Advisor Warrants	2022 Public Warrants	2025 Common Warrants	Other Equity Warrants	Total
Classification	Equity(1)	Equity(1)	Equity(1)	Liability	Liability	Equity(1)
Exercise Price ($)	0.001	10.134	0.001	6.756	47.55	Various(2)
Expiration Date	N/A	Various(6)	Oct-30	Aug-2027	Dec-2027	Various(3)
Balance at December 31, 2024	—	—	—	804	—	7,807	8,611
Issuances	—	—	—	—	293,235	32,831	326,066
Exercises	—	—	—	(187)	(293,233)	(22,323)	(315,743)
Expirations	—	—	—	—	—	(487)	(487)
Balance at June 30, 2025	—	—	—	617	2	17,828	18,447
Issuances	36,261,239	73,941,196	7,394,119	—	—	—	117,596,554
Exercises	(3,269,896)	—	—		—	(8,871)	(3,278,767)
Exercised but not issued(4)	(2,298,075)	—	—	—	—	—	(2,298,075)
Balance at December 31, 2025	30,693,268	73,941,196	7,394,119	617	2	8,957	112,038,159
Exercises	(11,627,247)	—	(1,567,862)	—	—	—	(13,195,109)
Exercised but not issued(5)	—	—	(80,403)	—	—	—	(80,403)
Expirations	—	—	—	—	—	(676)	(676)
Balance at June 30, 2026	19,066,021	73,941,196	5,745,854	617	2	8,281	98,761,971

(1)The Company’s outstanding equity-classified warrants as of June 30, 2026 have a weighted average exercise price of $7.63.

(2)Exercise prices for outstanding other equity warrants as of June 30, 2026 range from $563.25 to $1,856.25 per share of Class A common stock exercised.

(3)Expiration dates for outstanding other equity warrants as of June 30, 2026 range from April 2027 to April 2030.

(4)As of December 31, 2025, the Company received formal notice of exercise from the holder and shares were issued in January 2026.

(5)As of June 30, 2026, the Company received formal notice of exercise from the holder and shares were issued in July 2026.

(6)The Cash Stapled Warrants have an expiration of June 2028 and the Cryptocurrency Stapled Warrants have an expiration of July 2028.

- Definition

The entire disclosure for equity.

+ References

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+ Details

STOCK-BASED COMPENSATION - Schedule of Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model (Details) - Stock options - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.07%	4.44%
Expected volatility	108.41%	125.37%
Expected term (years)	5 years 1 month 13 days	5 years 4 months 17 days
Expected dividend yield	0.00%	0.00%
Fair value, per share (in dollras per share)	$ 1.45	$ 476.10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

COMMON STOCK AND WARRANTS - September 2025 Advisor Warrants (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Sep. 15, 2025	Dec. 31, 2025	Jun. 30, 2026	Sep. 18, 2025
September 2025 advisor warrants
Schedule Of Stockholders Equity [Line Items]
Common stock exercise price	5.00%
Exercise price (in dollars per share)	$ 0.001		$ 0.001
Non-cash cost		$ 171.3
Offering price (in dollars per share)			$ 23.17
Pantera Base Advisor Warrants
Schedule Of Stockholders Equity [Line Items]
Shares of class A common stock purchasable with warrants (in shares)				5,175,883
Advisor lock-up period	180 days
Summer Base Advisor Warrants
Schedule Of Stockholders Equity [Line Items]
Shares of class A common stock purchasable with warrants (in shares)				2,218,236

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2025 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026 (the “2025 Form 10-K”). Accounting Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Within this report, certain dollar amounts and percentages have been rounded to their approximate values. Reclassifications Certain amounts recorded in the prior period unaudited condensed consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results. Reverse Stock Splits On April 21, 2025, at the annual meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-30. The Board subsequently approved a reverse stock split of 1-for-15, which became effective on May 2, 2025 (the “May 2025 Reverse Stock Split”). On May 23, 2025, at a special meeting of stockholders the stockholders of the Company approved a potential reverse stock split at a ratio of 1-to-2 to 1-to-250. The Board subsequently approved a reverse stock split of 1-for-50, which became effective on July 1, 2025 (the “July 2025 Reverse Stock Split” and together with the May 2025 Reverse Stock Split, the “Reverse Stock Splits”). All issued and outstanding Class A common stock and per share amounts contained in the unaudited condensed consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Splits for all periods presented. In addition, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of Class A common stock. A proportionate adjustment was also made to the number of shares reserved for issuance pursuant to the Company’s equity incentive compensation plans to reflect the Reverse Stock Splits. Any fraction of a share of Class A common stock that was created as a result of the Reverse Stock Splits was rounded down to the next whole share and stockholders received cash settlement equal to the market value of the fractional share, determined by multiplying such fraction by the closing sales price of the Company’s Class A common stock as reported on Nasdaq on the last trading day before the Reverse Stock Splits effective dates. The authorized shares and par value of the Class A common stock and preferred stock were not adjusted as a result of the Reverse Stock Splits. Treasury Stock The Company accounts for treasury stock using the cost method. Mezzanine Equity The Company applies the guidance in Accounting Standards Codification (“ASC") 480-10-S99, Classification and Measurement of Redeemable Securities, to determine the appropriate classification of redeemable equity instruments. Shares of Class A common stock that are redeemable upon the occurrence of events that are not solely within the control of the Company are classified as mezzanine equity, presented on the unaudited condensed consolidated balance sheets between total liabilities and permanent stockholders' equity. Mezzanine equity is initially measured at the gross proceeds allocated to the redeemable shares, reduced by (i) the fair value of the associated put option derivative liability recognized at inception and (ii) direct share issuance costs allocated to the redeemable shares. The carrying value of the mezzanine equity is accreted toward the contractual redemption value to the extent that the combined carrying value of the mezzanine equity and the associated put option derivative liability is less than the accreted contractual redemption value at the reporting date. Option Contracts The Company's option contracts are freestanding derivative instruments and have not been designated under hedge accounting. Premiums received at options contract inception are initially recorded on the unaudited condensed consolidated balance sheets, and subsequently reflected in earnings consistent with the subsequent fair value changes of the related options. The fair value of these written options is measured using standard option-pricing models incorporating SOL spot prices, time to expiration, and volatility. Because no observable market implied-volatility surface for SOL is available, volatility is estimated using trailing realized volatility of SOL and is not corroborated by observable market data. Accordingly, the options are classified as Level 3 within the fair value hierarchy. Changes in the fair value of the options are recognized on the unaudited condensed consolidated statements of operations and comprehensive loss within “Loss on digital asset derivatives”. Outstanding derivative liabilities as of June 30, 2026 are presented on the condensed balance sheets within "Accrued and other current liabilities". Premiums received and paid on option contracts, cash settlements of option contracts, and cash posted and returned as margin collateral are presented within investing activities on the unaudited condensed consolidated statements of cash flows. Changes in the fair value of the options are non-cash and are reversed in the reconciliation of net loss to net cash used in operating activities. Segment Information Operating segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assessing performance. The Company’s CODM is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business based solely on consolidated financial results and does not evaluate these operating segments separately, therefore, the Company has a single reporting segment and the determination of the single segment is consistent with the information provided to the CODM. The CODM reviews assets as presented on the consolidated balance sheets and reviews significant segment expenses in the same manner that they are reviewed on the consolidated statement of operations and comprehensive loss. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires interim and annual tabular disclosure of disaggregated information for certain income statement expense captions. Specific expense categories required to be disclosed quantitatively include inventory purchases, employee compensation, depreciation, and intangible asset amortization, as well as other specified expense categories currently disclosed under existing disclosure requirements. Additionally, any remaining amounts that are not separately disaggregated are required to be described qualitatively. ASU 2024-03 also requires separate disclosure of total selling expenses incurred each reporting period, with annual disclosure of the entity's definition of selling expenses. The annual disclosures required by ASU 2024-03 are effective for the Company beginning in its fiscal year ending December 31, 2027, with interim disclosures effective beginning in its fiscal year ending December 31, 2028. The provisions of ASU 2024-03 are to be applied prospectively, although retrospective application is permitted. Early adoption is also permitted. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

DIGITAL ASSETS RECEIVABLE

6 Months Ended

Jun. 30, 2026

DIGITAL ASSETS RECEIVABLE [Abstract]

DIGITAL ASSETS RECEIVABLE

The Company holds an ownership interest in Digital Assets Receivable, which entitles it to receive distributions of SOL as the underlying assets unlock in accordance with predetermined lock-up schedules applicable to the relevant pools. Digital Assets Receivable represents the Company’s pro rata entitlement to receive underlying SOL upon the expiration of contractual lock-up restrictions and does not constitute a debt instrument or financial receivable. The underlying restricted SOL tokens for Digital Assets Receivable is staked through protocol-based mechanisms, and the Company is entitled to receive the associated protocol-generated staking rewards attributable to each tranche of underlying SOL as such tranche unlocks.

The underlying restricted SOL for the Digital Assets Receivable unlock on a monthly basis in relatively even intervals and amounts through January 2028. The following table presents the quantity of tokens that the Company has a right to receive upon unlock of the Digital Assets Receivable summarized by year as of June 30, 2026:


			Digital Assets Receivable
2026			66,720
2027			117,634
2028			5,894
Total			190,248

The Company’s digital asset receivables represent 9.3% of the Company’s total assets as of June 30, 2026. The following table presents a roll-forward of Digital Assets Receivable fair value for the three and six months ended June 30, 2026 (in thousands):


	Digital Assets Receivable
Fair Value as of December 31, 2025	$	31,139
Staking rewards	331
Unrestricted SOL distributed	(3,421)
Net change in fair value	(9,702)
Fair value as of March 31, 2026	$	18,347
Transfer to margin collateral	—
Return of margin collateral	—
Staking rewards	211
Unrestricted SOL distributed	(2,745)
Net change in fair value	(1,822)
Fair value as of June 30, 2026	$	13,991

COMMON STOCK AND WARRANTS - Stock Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Nov. 03, 2025
Schedule Of Stockholders Equity [Line Items]
Treasury stock (in shares)	2,937,083	2,937,083		0
Repurchases of common stock	$ 2,331	$ 5,855
Class A Common Stock \| Maximum
Schedule Of Stockholders Equity [Line Items]
Stock repurchase program, authorized amount					$ 100,000
Treasury Stock
Schedule Of Stockholders Equity [Line Items]
Treasury stock (in shares)	2,937,083	2,937,083	1,603,971	0
Repurchases of common stock (in shares)	1,333,112	2,937,083
Repurchases of common stock	$ 2,331	$ 5,855

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

BASIC AND DILUTED LOSS PER SHARE - Public Offering (Details)	Sep. 30, 2025 shares
2025 PIPE Offerings \| 2025 Pre-funded Warrants
Subsidiary or Equity Method Investee [Line Items]
Shares of class A common stock purchasable with warrants (in shares)	36,261,239

COMMON STOCK AND WARRANTS - April 2025 Private Placement (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
	Apr. 24, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Schedule Of Stockholders Equity [Line Items]
Common stock, par value (in dollars per share)			$ 0.001		$ 0.001
Aggregate gross proceeds			$ 0	$ 77
Private Placement
Schedule Of Stockholders Equity [Line Items]
Issuance of an aggregate shares (in shares)			1,760
Common stock, par value (in dollars per share)			$ 0.001
Cash fee received (as a percent)	7.00%
Aggregate gross proceeds	$ 1,300
Other expenses	100
June 2025 Offering
Schedule Of Stockholders Equity [Line Items]
Cash fee received (as a percent)		7.00%
Legal fees	$ 15			100
Aggregate gross proceeds				9,100
Other expenses				$ 1,200
Purchase Agreement \| Private Placement
Schedule Of Stockholders Equity [Line Items]
Original issue discount (as a percent)	20.00%
Aggregate principal amount	$ 1,560

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands					6 Months Ended
	Jan. 01, 2026	Sep. 25, 2025	Apr. 22, 2025	Jun. 27, 2024	Jun. 30, 2026	Oct. 30, 2025	Oct. 29, 2025	Jun. 30, 2025	Jun. 16, 2025	Jan. 01, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)					168,372
Remaining unrecognized compensation expense related to nonvested awards					$ 200
Weighted-average remaining requisite service period					6 months
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period					10 years
Stock options \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					1 year
Stock options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					3 years
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized for issuance (in shares)				2,785		4,142,286	142,286		142,286	3,605
Automatic increase to number of shares authorized for issuance, as a percentage of fully diluted shares of common stock outstanding			20.00%	5.00%
Aggregate increased number of share issued under amended 2022 Plan (in shares)	7,965,869	4,000,000
Common stock available for issuance (in shares)	12,108,155				10,669,709			847
2022 Plan \| Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)					168,372
Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for issuance (in shares)					192
Inducement Plan \| Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)					0

DIGITAL ASSETS - Schedule of Roll-Forward of Digital Assets Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026
Crypto Asset [Roll Forward]
Fair value as of end of the period	$ 170,619
Realized losses	25,400	$ 7,000
Level 1
Crypto Asset [Roll Forward]
Fair value as of beginning of the period	172,151	256,943
Purchases	5,495
Sales	(7,869)	(5,452)
Transfer to/from margin collateral	(10,994)
Return of margin collateral	8,824
Staking rewards	2,301	3,086
Restricted SOL unlocked	3,241	4,038
Losses	(21,346)	(86,464)
Fair value as of end of the period	151,803	172,151
SOL \| Level 1
Crypto Asset [Roll Forward]
Fair value as of beginning of the period	148,587	217,724
Purchases	5,495
Sales	(7,869)	(5,452)
Transfer to/from margin collateral	(10,994)
Return of margin collateral	8,824
Staking rewards	2,014	2,631
Restricted SOL unlocked	6,111	7,702
Losses	(18,839)	(74,018)
Fair value as of end of the period	133,329	148,587
Locked PIPE SOL \| Level 1
Crypto Asset [Roll Forward]
Fair value as of beginning of the period	23,564	39,219
Purchases	0
Sales	0	0
Transfer to/from margin collateral	0
Return of margin collateral	0
Staking rewards	287	455
Restricted SOL unlocked	(2,870)	(3,664)
Losses	(2,507)	(12,446)
Fair value as of end of the period	$ 18,474	$ 23,564

FAIR VALUE MEASUREMENTS - Schedule of Derivative Assets Measured at Fair Value on a Recurring Basis (Details) - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Settlements	$ (376)
Purchased Call Options
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Beginning balance	0
Purchases	1,147
Settlements	0
Total loss included in earnings	(1,147)
Ending balance	$ 0