0001493152-26-037756 | 10-Q | XBRL Viewer

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Schedule of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026
Earnings Per Share [Abstract]
Net profit (loss)	$ 24,618	$ (65,047)	$ (172,806)
Weighted average number of shares of common stock outstanding-basic	3,809,524	89,394,753	86,164,488
Weighted average number of shares of common stock outstanding-diluted	28,404,762	89,394,753	86,164,488
Net income per common stock, basic	$ 6.46	$ (0.73)	$ (2.01)
Net income per common stock, diluted	$ 0.50	$ (0.73)	$ (2.01)
Basic EPS
Weighted average number of shares of common stock outstanding-basic	3,809,524
Diluted EPS
Less: change in fair value of conversion feature	$ (10,330)
Net Income, diluted	$ 14,288
Add: Preferred Units	$ 24,595,238

Cover - $ / shares	6 Months Ended
Cover - $ / shares	Jun. 30, 2026	Aug. 11, 2026
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity File Number	001-42995
Entity Registrant Name	PROCAP FINANCIAL, INC.
Entity Central Index Key	0002076163
Entity Tax Identification Number	39-2767031
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	600 Lexington Avenue
Entity Address, Address Line Two	Floor 2
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(305)
Local Phone Number	938-0912
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,369,575
Entity Listing, Par Value Per Share	$ 0.001
Common Stock, par value $0.001 per share
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BRR
Security Exchange Name	NASDAQ
Redeemable warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	BRRWW
Security Exchange Name	NASDAQ

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Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases

Schedule of Lease Cost

The components of lease cost for the three months and six months ended June 30, 2026 and 2025 were as follows (In thousands):

Schedule of Lease Cost

	Three Months Ended June 2026		Six Months Ended June 2026
Lease Cost	Amount		Amount
Operating lease cost	$	78		128
Short-term lease cost		60		119
Total lease cost	$	138		247

Schedule of Supplemental Cash Flows Information Related to Operating Lease

Supplemental balance sheet information related to the Company’s operating lease as of June 30, 2026, is as follows (In thousands):

	As of June 30, 2026
Operating lease right-of-use asset	$	961
Operating lease liability, current portion		298
Operating lease liability, non-current portion		736
Total operating lease liability	$	1,034

Schedule of Future Minimum Lease Payments Under the Operating Lease

Future minimum lease payments under the operating lease as of June 30, 2026, are as follows (In thousands):

	Operating Leases
2026 (remaining six months)	$	163
2027		328
2028		328
2029		274
Total future minimum lease payments		1,093
Less: present value discount		(59	)
Present value of lease liability	$	1,034

Schedule of Cash Flow Information Related to Operating Lease

Supplemental cash flow and other information related to the Company’s operating lease for the six months ended June 30, 2026, are as follows (In thousands):

	Amount
Amortization of right-of-use asset	$	128
Cash paid for amounts included in the measurement of lease liability		55
Right-of-use asset obtained in exchange for new operating lease liability		1,074
Remaining lease term (in years)		3.5
Discount rate (as a percentage)		3.45	%

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	550,000,000	550,000,000
Common stock, shares issued	94,651,912	85,166,604
Common stock, shares outstanding	88,574,486	84,327,208
Treasury stock, shares	6,077,426	839,396

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

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+ Details

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Insider Trading Arrangements [Line Items]
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

Fixed Assets, net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets consist of the following (In thousands):

Schedule of Fixed Assets

	June 30, 2026			December 31, 2025
Furniture and equipment	$	34		$	9
Leasehold improvements		367			75
Total		401			84
Less: accumulated depreciation		(97	)		(32	)
Total fixed assets, net	$	304		$	52

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 15,338	$ 44,976
Restricted cash		149,885
Prepaid expenses and other current assets	1,698	2,166
Total current assets	17,036	197,027
Digital assets	313,378	441,791
Right-of-use asset	961
Fixed assets, net	304	52
Intangible assets, net	14,095
Goodwill	12,671
Other non-current assets	7	16
Total Assets	358,452	638,886
Current Liabilities
Accounts payable and accrued expenses	1,655	1,831
Conversion feature liability - convertible notes	23
Convertible notes, net	92,256
Lease liability, current	298
Other current liabilities	112	1
Derivative securities liabilities		428
Total current liabilities	94,344	2,260
Conversion feature liability - convertible notes		2,278
Convertible notes, net		214,172
Deferred tax liabilities	578
Lease liability, non-current	736
Total long term liabilities	1,314	216,450
Total liabilities	95,658	218,710
Preferred stock; 50,000,000 authorized shares; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock; $0.001 par value; 550,000,000 authorized shares; 94,651,912 shares issued and 88,574,486 shares outstanding as of June 30, 2026, 85,166,604 shares issued and 84,327,208 shares outstanding as of December 31, 2025	94	85
Treasury stock, at cost; 6,077,426 shares and 839,396 shares as of June 30, 2026 and December 31, 2025, respectively	(15,600)	(2,847)
Additional paid-in capital	480,082	451,914
Accumulated deficit	(201,782)	(28,976)
Total stockholders’ equity	262,794	420,176
Total liabilities and stockholders’ equity	$ 358,452	$ 638,886

Share-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Note 11. Share-Based Compensation

The Company’s 2025 Equity Incentive Plan (the “2025 Equity Plan”) is described in Note 13 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company has elected to account for forfeitures as they occur.

Time-based restricted stock units

During the six months ended June 30, 2026, the Company granted 3,353,832 time-based restricted stock units (“RSUs”) under the 2025 Equity Plan to certain employees and service providers with aggregate grant-date fair value of $7.7 million. The awards generally vest over a service period ranging from 1 to 4 years.

For RSUs subject solely to time-based vesting conditions, grant-date fair value is determined based on the closing market price of the Company’s common stock on the grant date. During the six months ended June 30, 2026, grant-date stock prices used to value such awards had a weighted average grant date fair value of $2.27 per share.

The following schedule summarizes activity related to time-based RSUs for the six months ended June 30, 2026:

Schedule Of Time Based RSU

	Number of time-based Restricted Stock Units			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		18,414		$	2.13
Granted		3,353,832			2.27
Forfeited		-			-
Vested		(1,454,365	)		2.51
Unvested as of June 30, 2026		1,917,980		$	2.09

For the three and six months ended June 30, 2026, the Company recognized approximately $2.0 million and $4.2 million, respectively, in share-based compensation expense from time-based RSUs. As of June 30, 2026, unrecognized compensation cost related to unvested time-based RSUs was $3.5 million, which is expected to be recognized over a weighted average remaining period of 1.2 years.

Market-based restricted stock units

In connection with the CFO Silvia Acquisition, the Company granted Shain Noor the right to receive up to 4,356,450 shares of the Company’s common stock. The award is subject to both continued service and market condition requiring the Company’s common stock to achieve a trading price of $9.00 per share. Because the award is contingent upon future employment and achievement of the market condition, it is accounted for as a share-based payment award under ASC 718 and is excluded from the purchase consideration transferred in the transaction.

The award had a grant-date fair value of $5.1 million, which was determined using a Monte Carlo valuation model. The valuation incorporated assumptions regarding the Company’s stock price, expected volatility, risk-free interest rate, expected term, and expected dividend yield. Expected volatility was based on the historical volatility of the Company’s common stock, and the risk-free interest rate was based on the U.S. Treasury yield curve in effect on the grant date for a term corresponding to the expected term of the award.

The following table summarizes the key assumptions used in the Monte Carlo valuation of market-based awards granted during the six months ended June 30, 2026:

Assumption	Input
Stock price	$	1.90
Expected volatility		70.0	%
Risk-free interest rate		3.94	%
Expected term		5.00
Expected dividend yield		0.00	%

The following table summarizes activity related to market-based RSUs for the six months ended June 30, 2026:

Schedule Of Market-based RSU

	Number of market-based Stock Units		Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		8,000,000	$	2.13
Granted		4,356,450		1.17
Forfeited		-		-
Vested		-		-
Unvested as of June 30, 2026		12,356,450	$	1.75

As of June 30, 2026, the market condition associated with the award had not been satisfied and, accordingly, no shares subject to the award had vested.

For the three and six months ended June 30, 2026, the Company recognized approximately $1.7 million and $3.1 million, respectively, in share-based compensation expense from market-based RSUs. As of June 30, 2026, unrecognized compensation cost related to unvested market-based RSUs was $18.1 million. The remaining compensation cost is expected to be recognized over the weighted average remaining period of 3.0 years.

Schedule of Key Assumptions Used in the Valuation of Such Awards Granted (Details) - Market-based Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2026 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price	$ 1.90
Expected volatility	70.00%
Risk-free interest rate	3.94%
Expected term	5 years
Expected dividend yield	0.00%

- 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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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Schedule of Carrying Value of Intangible Assets (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Accounting Policies [Abstract]
2026 (excluding the six months ended June 30, 2026)	$ 2,369
2027	4,739
2028	4,739
2029	1,299
2030	152
2031	152
Thereafter	645
Intangible assets, net	$ 14,095

Digital Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Digital Assets

Note 4. Digital Assets

The following table sets forth the units held, cost basis and fair value of crypto assets held, as shown on the balance sheet as of June 30, 2026 and December 31, 2025, respectively (In thousands, except for crypto asset quantities):

	As of June 30, 2026
	Quantity		Cost Basis		Fair Value
Bitcoin		5,355	$	493,260	$	313,378
Total			$	493,260	$	313,378

	As of December 31, 2025
	Quantity		Cost Basis		Fair Value
Bitcoin		5,000	$	466,797	$	441,791
Total			$	466,797	$	441,791

The following table presents a reconciliation of the fair values of the Company’s digital assets for the six months ended June 30, 2026 (In thousands):

	Fair value
Digital assets fair value as of December 31, 2025	$	441,791
Purchase of digital assets		35,953
Sales of digital assets		(6,861	)
Net unrealized loss on digital assets		(154,829	)
Realized loss on digital assets		(2,676	)
Digital assets fair value as of June 30, 2026	$	313,378

Schedule Of Time Based RSU (Details) - Time-based Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units, Outstanding Beginning Balance \| shares	18,414
Weighted Average Grant Date Fair Value, Beginning balance Outstanding \| $ / shares	$ 2.13
Granted \| shares	3,353,832
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 2.27
Forfeited \| shares
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Forfeited \| shares	(1,454,365)
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	$ 2.51
Units, Outstanding Ending Balance \| shares	1,917,980
Weighted Average Grant Date Fair Value, Ending balance Outstanding \| $ / shares	$ 2.09

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses

The following table sets forth the Company’s significant segment expenses (in thousands):

	Three Months Ended			Six Months Ended			Period from June 10, 2025 (Inception) through
	June 30, 2026			June 30, 2026			June 30, 2025

Revenue	$	37		$	38		$	-

Operating Expenses
Payroll expenses		1,674			2,683			-
One-time bonus		5,000			5,000			-
Depreciation and amortization		1,210			1,249
Other operating expenses(1)		3,420			6,624			8
Stock-based compensation		3,723			7,263			-

Total Operating Expenses		15,027			22,819			8
Operating Loss		(14,990	)		(22,781	)		(8	)
Other Income (expense)
Unrealized (loss) gain on digital assets		(49,362	)		(154,829	)		14,296
Realized loss on digital assets		(2,676	)		(2,676	)		-
Change in fair value of convertible notes conversion feature		109			946			-
Realized loss on put option liability		-			(914	)		-
Gain on extinguishment of debt		-			5,933			-
Interest and dividend income		128			871			-
Interest expense		(760	)		(1,860	)		-
Change in fair value of derivative liability		-			-			10,330
Other (expenses) income, net		(52,561	)		(152,529	)		24,626

Net (Loss) Income Before Taxes		(67,551	)		(175,310	)		24,618

Income tax benefit		(2,504	)		(2,504	)		-

Net (Loss) Income		(65,047	)		(172,806	)		24,618

(1)

Includes other operating expenses such as professional fees, insurance, rent, and utility expenses.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income Taxes

The Company’s effective tax rate for the six months ended June 30, 2026 and for the period from June 10, 2025 through June 30, 2025 was approximately 1.43% and (0)%, respectively. During the second quarter ended June 30, 2026, the Company recognized a discrete income tax benefit of approximately $2.5 million related to the partial release of its valuation allowance on deferred tax assets. The valuation allowance release was supported by additional objectively verifiable positive evidence resulting from the scheduled reversal of acquisition-related taxable temporary differences generated by the CFO Silvia Acquisition completed during the second quarter of 2026. The discrete income tax benefit was the primary driver of the Company’s effective tax rates for the three and six months ended June 30, 2026.

The Company evaluates the realizability of deferred tax assets on a quarterly basis and records a valuation allowance when it is more-likely-than-not that some portion or all of its deferred tax assets will not be realized. As of June 30, 2026, the Company continued to maintain a valuation allowance against deferred tax assets that management has concluded are not more-likely-than-not to be realized.

As of June 30, 2026 and December 31, 2025, the Company had no unrecognized tax benefits and had not accrued any interest or penalties related to uncertain tax positions.

- 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
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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
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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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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026
Income Statement [Abstract]
Revenue		$ 37	$ 38
Operating Expenses
General and administrative	8	11,304	15,556
Stock-based compensation		3,723	7,263
Total Operating Expenses	8	15,027	22,819
Operating Loss	(8)	(14,990)	(22,781)
Other Income (expense)
Unrealized (loss) gain on digital assets	14,296	(49,362)	(154,829)
Realized loss on digital assets		(2,676)	(2,676)
Change in fair value of convertible notes conversion feature		109	946
Realized loss on put option liability			(914)
Gain on extinguishment of debt			5,933
Interest and dividend income		128	871
Interest expense		(760)	(1,860)
Change in fair value of derivative liability	10,330
Other (expenses) income, net	24,626	(52,561)	(152,529)
Net (Loss) Income Before Taxes	24,618	(67,551)	(175,310)
Income tax benefit		(2,504)	(2,504)
Net (Loss) Income	$ 24,618	$ (65,047)	$ (172,806)
Weighted average number of shares of common stock outstanding, basic	3,809,524	89,394,753	86,164,488
Net (loss) income per common stock, basic	$ 6.46	$ (0.73)	$ (2.01)
Weighted average number of shares of common stock outstanding diluted	28,404,762	89,394,753	86,164,488
Net (loss) income per common stock, diluted	$ 0.50	$ (0.73)	$ (2.01)

CFO Silvia Acquisition (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 06, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2026
Business Combination [Line Items]
Revenue			$ 37		$ 38
Net profit (loss)		24,618	(65,047)		(172,806)
Trademarks [Member]
Business Combination [Line Items]
Business combination identifiable trademark			$ 1,500	$ 1,500	$ 1,500
Estimated useful life			10 years	10 years	10 years
Noncompete Agreements [Member]
Business Combination [Line Items]
Business combination identifiable trademark			$ 2,300	$ 2,300	$ 2,300
Estimated useful life			3 years	3 years	3 years
Use Rights [Member]
Business Combination [Line Items]
Business combination identifiable trademark			$ 11,400	$ 11,400	$ 11,400
Estimated useful life			3 years	3 years	3 years
Common Stock [Member]
Business Combination [Line Items]
Net profit (loss)
CFO Silvia [Member]
Business Combination [Line Items]
Voting rights percentage	100.00%
Fair value of consideration	$ 23,309
Contingent consideration	$ 5,900
Consideration shares issuable	4,643,250
Consideration per share	$ 1.90
Escrow deposit of shares	900,000
Shares issuable description	The undiscounted range of outcomes associated with the arrangement is either (i) no shares issued or (ii) issuance of 4,643,250 shares upon achievement of the specified market condition.
Repayment of cash consideration	$ 1,400
Business combination identifiable trademark	15,280
Goodwill	12,671
Other expenses					$ 1,400
Revenue				$ 12
Net profit (loss)				$ 8,400
CFO Silvia [Member] \| Shain Noor [Member]
Business Combination [Line Items]
Repayment of cash consideration	5,000
CFO Silvia [Member] \| Common Stock [Member]
Business Combination [Line Items]
Contingent consideration	$ 16,000
Consideration shares issuable	8,416,951
Consideration per share	$ 9.00

Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Schedule of Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2026
Leases
Operating lease cost	$ 78	$ 128
Short-term lease cost	60	119
Total lease cost	$ 138	$ 247

Schedule of Significant Segment Expenses (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2026

Segment Reporting [Line Items]

Revenue

$ 37

$ 38

Operating Expenses

Depreciation and amortization

1,249

Stock-based compensation

3,723

7,263

Total Operating Expenses

15,027

22,819

Operating Loss

(8)

(14,990)

(22,781)

Other Income (expense)

Unrealized (loss) gain on digital assets

14,296

(49,362)

(154,829)

Realized loss on digital assets

(2,676)

Change in fair value of convertible notes conversion feature

109

946

Realized loss on put option liability

(914)

Gain on extinguishment of debt

5,933

Interest and dividend income

128

871

Interest expense

760

1,860

Change in fair value of derivative liability

10,330

Other (expenses) income, net

24,626

(52,561)

(152,529)

Net (Loss) Income Before Taxes

24,618

(67,551)

(175,310)

Income tax benefit

(2,504)

Net profit (loss)

24,618

(65,047)

(172,806)

Reportable Segment [Member]

Segment Reporting [Line Items]

Revenue

Operating Expenses

Payroll expenses

1,674

2,683

One-time bonus

5,000

Depreciation and amortization

1,210

1,249

Other operating expenses

^[1]

3,420

6,624

Stock-based compensation

3,723

7,263

Total Operating Expenses

15,027

22,819

Operating Loss

(8)

(14,990)

(22,781)

Other Income (expense)

Unrealized (loss) gain on digital assets

14,296

(49,362)

(154,829)

Realized loss on digital assets

(2,676)

Change in fair value of convertible notes conversion feature

109

946

Realized loss on put option liability

(914)

Gain on extinguishment of debt

5,933

Interest and dividend income

128

871

Interest expense

(760)

(1,860)

Change in fair value of derivative liability

10,330

Other (expenses) income, net

24,626

(52,561)

(152,529)

Net (Loss) Income Before Taxes

24,618

(67,551)

(175,310)

Income tax benefit

(2,504)

Net profit (loss)

$ 24,618

$ (65,047)

$ (172,806)

[1]	Includes other operating expenses such as professional fees, insurance, rent, and utility expenses.

Schedule of Roll Forward Convertible Notes (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Debt Instrument [Line Items]
Balance at December 31, 2025	$ 2,278
Balance at June 30, 2026	23
Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Balance at December 31, 2025	2,278
Gain on debt extinguishment	(1,309)
Change in fair value	(946)
Balance at June 30, 2026	$ 23

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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-Section S99
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Details Narrative) - USD ($)	6 Months Ended
Fair Value Measurements (Details Narrative) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair value of derivative liability	$ 4,600,000	$ 400,000
Realized loss	900,000
Derivative securities liabilities	$ 0

CFO Silvia Acquisition (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Assets Acquired And Liabilities Assumed

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the Acquisition Date (In thousands).

	Reported
Cash and cash equivalents	$	58
Prepaid expenses and other current assets		16
Other non-current assets		20
Intangibles		15,280
Goodwill		12,671
Accounts payable and other current liabilities		(1,654	)
Deferred tax liabilities		(3,082	)
Total net assets acquired	$	23,309

Schedule of Proforma Information of Operations

	Proforma
	For the three months ended June 30, 2026
Revenue	$	37
Net loss		(67,549	)

	Proforma
	For the six months ended June 30, 2026
Revenue	$	38
Net loss		(178,713	)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Income Taxes (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Federal statutory tax rate	0.00%		1.43%
Income tax benefit		$ 2,504	$ 2,504

- Definition

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

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+ Details

Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 1,352	$ 1,813
Prepaid other	279	50
Other current assets	47	303
Total prepaid expenses and other current assets	$ 1,698	$ 2,166

Fixed Assets, net (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026
Property, Plant, and Equipment [Abstract]
Depreciation	$ 0	$ 26	$ 65

Organization

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

ProCap Financial, Inc. (the “Company” or “ProCap”) was founded in June 2025 and, together with its subsidiaries, is a U.S.-based modern finance company focused on developing technology-enabled products and services that leverage artificial intelligence (“AI”), data analytics, and automation to support financial analysis, investment research, and investor decision support. The Company’s mission is to help independent investors make money. Historically, the Company’s operations included investor-focused media, educational content, and strategic investments designed to support independent investors through digital platforms and other content offerings.

On December 5, 2025, the Company completed a business combination with Columbus Circle Capital Corp I (“CCCM”) (the “Transaction”), which was accounted for as a reverse recapitalization in accordance with U.S. generally accepted accounting principles (“GAAP”). ProCap BTC, LLC (“ProCap BTC”) was determined to be the accounting acquirer and CCCM was treated as the acquired company for financial reporting purposes. The Company was deemed to be the accounting acquirer based on Accounting Standard Update No. 2025-03. Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which we early adopted. Following the Transaction, ProCap became the publicly traded parent company, and ProCap BTC became its operating subsidiary. As a result, the historical financial statements of ProCap BTC became the historical financial statements of the Company. Accordingly, the comparative financial information presented for periods prior to the Transaction, including the period from June 10, 2025 (inception) through June 30, 2025, reflects the historical results of ProCap BTC.

In April 2026, the Company expanded its strategic focus through investments in AI-enabled financial technology solutions designed to enhance portfolio analysis, financial planning, and investor decision support. As part of this initiative, the Company launched ProCap Insights, an agentic financial research offering, and acquired CFO Silvia, Inc. (“CFO Silvia”), an AI agent lab focused on finance. The acquisition was completed on April 6, 2026, (the “Acquisition Date”), and CFO Silvia became a wholly owned subsidiary of the Company, see Footnote 3 – CFO Silvia Acquisition for additional information.

The Company’s results of operations for the three and six months ended June 30, 2026 reflect continued investment in the development of its AI-enabled financial technology platform, strategic investments, Bitcoin holdings and the acquisition and integration of CFO Silvia.

Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Digital assets	$ 313,378	$ 441,791
Convertible notes payable	23	2,278
Convertible notes payable	313,401	444,497
Derivative liabilities		428
Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Digital assets	313,378	441,791
Convertible notes payable
Convertible notes payable	313,378	441,791
Derivative liabilities
Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Digital assets
Convertible notes payable
Convertible notes payable
Derivative liabilities
Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Digital assets
Convertible notes payable	23	2,278
Convertible notes payable	$ 23	2,706
Derivative liabilities		$ 428

- 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.

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13. Commitments and Contingencies

Services Agreement

In June 2025, the Company and Inflection Points, an entity under common control, entered into an Investment Consulting and Marketing Services Agreement (the “Services Agreement”). Pursuant to the Services Agreement, Inflection Points agreed to provide certain services to the Company. The services shall be provided pursuant to statements of work. The Services Agreement has a term of four (4) years and will automatically renew for a subsequent one (1) year term, unless either party gives the other party at least sixty (60) days’ prior written notice of non-renewal or otherwise terminates the Services Agreement or any statement of work as set forth therein. In consideration, Inflection Points received an aggregate of 10,000,000 shares of the Company’s stock on December 5, 2025. As of June 30, 2026, these shares have been issued and are outstanding.

Sponsor and Seller Earnout Agreements

Pursuant to the Sponsor Earnout Agreement and Seller Earnout Agreement (the “Agreements”) entered into on December 3, 2025, 8,333,333 shares and 9,500,000 shares of the Company’s Common Stock, respectively, remain subject to vesting and transfer restrictions. The terms of the Agreements are described in Note 14 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. As of June 30, 2026, no vesting events had occurred under either arrangement and the related shares remained subject to the applicable transfer restrictions.

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Cash Equivalents, at Carrying Value	$ 15,338	$ 44,976
Working capital deficiency	77,300
Intangible asset amortization expense	$ 1,200

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Time-based Restricted Stock Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule Of Market-based RSU

The following schedule summarizes activity related to time-based RSUs for the six months ended June 30, 2026:

Schedule Of Time Based RSU

	Number of time-based Restricted Stock Units			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		18,414		$	2.13
Granted		3,353,832			2.27
Forfeited		-			-
Vested		(1,454,365	)		2.51
Unvested as of June 30, 2026		1,917,980		$	2.09

Market-based Restricted Stock Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule Of Market-based RSU

The following table summarizes activity related to market-based RSUs for the six months ended June 30, 2026:

Schedule Of Market-based RSU

	Number of market-based Stock Units		Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		8,000,000	$	2.13
Granted		4,356,450		1.17
Forfeited		-		-
Vested		-		-
Unvested as of June 30, 2026		12,356,450	$	1.75

Schedule of Key Assumptions Used in the Valuation of Such Awards Granted

The following table summarizes the key assumptions used in the Monte Carlo valuation of market-based awards granted during the six months ended June 30, 2026:

Assumption	Input
Stock price	$	1.90
Expected volatility		70.0	%
Risk-free interest rate		3.94	%
Expected term		5.00
Expected dividend yield		0.00	%

- 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

Schedule of Outstanding Debt (Details) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Convertible debt original issue discount	$ 7.1
Fair value of derivative	4.6	$ 0.4
Accumulated amortization	1.3
Gain on debt modification	6.4
Payment of debt issuance costs	9.7
Accumulated amortization	1.1
Gain on debt modification	$ 5.3

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying condensed unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, they do not include all information and disclosures required by GAAP for complete annual financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the interim periods presented have been included.

The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Principles of Consolidation

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of ProCap Financial, Inc. and the Company’s wholly-owned subsidiaries. All intercompany transactions have been eliminated upon consolidation of these entities.

Use of Estimates

Use of Estimates

The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate is the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which could change in the near term due to one or more future confirming events. Significant accounting estimates include the fair values of the assets acquired and liabilities assumed in the CFO Silvia acquisition, including acquired identifiable intangible assets and their estimated useful lives, the fair value of the contingent consideration issuable under the share-settled earnout arrangement, valuations of the conversion feature liability associated with the Convertible Note, and the valuations of share-based awards. Accordingly, the actual results could differ significantly from those estimates.

Liquidity and Capital Resources

As of June 30, 2026, we had cash and cash equivalents of approximately $15.3 million and working capital of approximately ($77.3 million). The negative working capital resulted primarily from the Convertible Notes that can, at the option of the holders, be repurchased for cash in June 2027 (see further in Note 7). The Company believes it has sufficient resources to meet this potential obligation, primarily through its holding of Bitcoin.

Business Combinations

Business Combinations

The Company applies the provisions of the Accounting Standards Codification (“ASC”) 805, Business Combinations, in accounting for its acquisitions. The assets acquired and liabilities assumed are recognized at their acquisition date fair values, and goodwill is measured as the excess of consideration transferred over the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which shall not exceed one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with a corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company’s unaudited condensed consolidated statements of operations.

The Company uses all available information to estimate fair values, including quoted market prices, the carrying value of acquired assets and assumed liabilities and valuation techniques. The judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as the useful lives of the assets acquired, can materially impact the Company’s financial condition or results of operations. Other estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed.

Intangible Assets, net

Intangible Assets, net

Intangible assets are initially recorded at their estimated fair values as of the acquisition date and are amortized on a straight-line basis over their estimated useful lives. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible asset amortization expense of $1.2 million for the six months ended June 30, 2026 is recorded within general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations.

Based on the carrying value of intangible assets at June 30, 2026, estimated amortization expense for the subsequent five years is as follows (in thousands):

	Amount
2026 (excluding the six months ended June 30, 2026)	$	2,369
2027		4,739
2028		4,739
2029		1,299
2030		152
2031		152
Thereafter		645
Intangible assets, net	$	14,095

Goodwill

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment at least annually and more frequently if events or changes in circumstances indicate that impairment may exist. The Company may perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If necessary, the Company performs a quantitative impairment test and recognizes an impairment loss for the amount by which the carrying amount of the reporting unit exceeds its fair value, limited to the amount of goodwill allocated to the reporting unit.

Leases

Leases

The Company accounts for leases in accordance with ASC 842, Leases. At contract inception, the Company determines whether an arrangement contains a lease based on whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has elected the practical expedient under ASC 842 to account for lease and non-lease components as a single lease component for its studio lease. Variable payments associated with cleaning services, utilities, building amenities, and other operating costs are recognized as lease expense in the period incurred and are not included in the measurement of the lease liability.

Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset over the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.

Lease liabilities are measured using the present value of fixed lease payments. The Company uses its incremental borrowing rate at the commencement date to discount the lease payments, as the rate implicit in the lease is generally not readily determinable.

ROU assets are measured as the initial amount of the lease liability, adjusted for lease prepayments, initial direct costs, and lease incentives received. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

The Company has elected the short-term lease exemption for leases with an initial term of 12 months or less; such leases are not recognized on the balance sheet and lease payments are recognized as expense on a straight-line basis over the lease term.

Leases are presented on the Company’s unaudited condensed consolidated balance sheet as ROU assets, lease liability, current, and lease liability, non-current. Cash payments for operating leases are included in operating activities.

Recent Accounting Pronouncements, recently adopted

Recent Accounting Pronouncements, recently adopted:

In December 2024, the FASB issued ASU No. 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU provides guidance on the accounting for induced conversions of convertible debt instruments and eliminates the current requirement to recognize an expense equal to the fair value of all securities and other consideration transferred in an induced conversion that is in excess of the fair value of securities issuable pursuant to the original conversion terms. The amendments are effective for fiscal years beginning after December 15, 2025, with early adoption permitted. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Simplifications to the Current Expected Credit Losses Model for Certain Financial Assets. This ASU introduces a practical expedient that permits entities to estimate expected credit losses for certain short-term financial assets, including trade receivables and contract assets, based on current conditions without requiring reasonable and supportable forecasts. The new guidance is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

Recent Accounting Pronouncements, not yet adopted

Recent Accounting Pronouncements, not yet adopted:

In December 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The update improves financial reporting by requiring that public business entities disclose additional information about certain costs and expenses categories: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization in the notes to financial statements at interim and annual reporting periods. This update is effective for fiscal years beginning after December 15, 2026, and early adoption is permitted. Additionally, in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2025-01 amends the effective date of ASU No. 2024-03 to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31, referred to as non-calendar year end entities. All public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The amendments should be applied prospectively with retrospective applications also permitted. The Company is currently evaluating the impact the standard will have on its consolidated financial statements and related disclosures, however, the Company does not expect the adoption of this guidance to have a material impact on the Company’s unaudited condensed consolidated financial statements.

Convertible Note

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Convertible Note

Note 7. Convertible Note

The net carrying value of the Company’s outstanding debt consisted of the following, as of (In thousands):

Schedule of Outstanding Debt

	June 30, 2026			December 31, 2025
Convertible Notes due 2028	$	99,600		$	235,000
Discount, net (1)		(4,015	)		(11,387	)
Debt issuance costs, net (2)		(3,329	)		(9,441	)
Convertible Notes, net	$	92,256		$	214,172

(1)	Discount as of June 30,2026 consisted of $7.1 million of original issue discount and $4.6 million for the initial fair value of the embedded derivative, less accumulated amortization of $1.3 million, gain on debt extinguishment of $6.4 million.

(2)	Debt issuance costs as of June 30, 2026 consisted of $9.7 million in debt issuance costs, less accumulated amortization of $1.1 million and gain on debt extinguishment of $5.3 million.

Management determined the fair value of the Convertible Notes due 2028 as of June 30, 2026 and December 31, 2025 were $92.1 million and $225.7 million, respectively, based on an implied yield of 8.72% (Level 3 inputs). A change in those inputs to a different amount might result in a significantly higher or lower fair value measurement.

The table below presents the disaggregation of interest expense for the period June 30, 2026 (In thousands):

	For the six-months ended June 30,2026
Debt discount amortization	$	1,017
Debt issuance cost amortization		843
Interest expense, net	$	1,860

The Convertible Notes have a conversion rate of 76.9 shares per $1,000 equal to an approximately $13.00 conversion price, zero interest rate, maturity of up to 36 months, and are collateralized by certain Bitcoin assets. Under the indenture associated with the Convertible Notes, the Company must maintain at all times a 1.0:2.0 (loan-to-collateral ratio compliance level) times collateralization of the Convertible Notes using a mix of Bitcoin (with Bitcoin being valued at 50% for collateral calculation purposes), and cash and cash equivalents (with cash and cash equivalents being valued at 100% for collateral calculation purposes). As of June 30, 2026, the Company had 3,515 Bitcoin on deposit, of which only 3,404 Bitcoin were required to be used as collateral, at Anchorage Digital Bank, N.A as collateral for the Convertible Notes. The Company retains sole discretion and control over Bitcoin held as collateral. Lenders have no rights to sell, pledge and re-hypothecate this asset.

On February 9, 2026, the Company entered into privately negotiated note repurchase agreements with certain holders of its outstanding Convertible Notes and repurchased $135.4 million in aggregate principal amount for an aggregate cash purchase price of $119.2 million. Following the transaction, $99.6 million aggregate principal amount of Convertible Notes remained outstanding. The Company accounted for the transaction as a debt extinguishment and recognized a gain on extinguishment of debt of $5.9 million during the six months ended June 30, 2026.

The following table summarizes the net gain on the extinguishment of debt (In thousands):

	Gain on extinguishment of debt
Excess of the net carrying amount of the repurchased Convertible Notes	$	16,248
Derecognition of debt discount		(6,355	)
Derecognition of debt issuance costs		(5,269	)
Derecognition of conversion feature derivative liability		1,309
Total	$	5,933

The Company accounted for the cash payment as a financing activity in its unaudited condensed consolidated statement of cash flows.

The table below reflects the principal amount of loan maturities due over the next five years as of June 30, 2026 (In thousands):

	5-Year Loan Maturities Fiscal Year
	2026		2027		2028		2029		2030		Total
2028 Convertible Notes	$	-	$	99,600	$	-	$	-	$	-	$	99,600

Although the Convertible Notes mature in December 2028, the holders have the right to require the Company to repurchase all or a portion of Convertible Notes for cash at a price equal to 100% of outstanding principal amount anytime on June 5, 2027 (“Repurchase Date”). Because the Repurchase Date occurs within twelve months of June 30, 2026, the carrying amount of the Convertible Notes is presented as current in the unaudited condensed consolidated balance sheet. As of June 30, 2026, the Company held cash and cash equivalents of approximately $15.3 million and 5,355 Bitcoin with an aggregate fair value of approximately $313.4 million. The principal payments reflected in the contractual maturities table above assume that holders exercise their repurchase right on the Repurchase Date.

Share-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Apr. 06, 2026
CFO Silvia [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Consideration shares issuable			$ 1.90
Time-based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted		3,353,832
Grant date fair value		$ 7.7
Weighted average grant date fair value		$ 2.27
Time-based Restricted Stock Units [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vest over period		1 year
Time-based Restricted Stock Units [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vest over period		4 years
Time Based Restricted Stock Units R S U [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 2.0	$ 4.2
Unrecognized compensation cost	3.5	$ 3.5
Weighted average remaining period		1 year 2 months 12 days
Market-based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted		4,356,450
Grant date fair value		$ 5.1
Weighted average grant date fair value		$ 1.17
Market-based Restricted Stock Units [Member] \| CFO Silvia [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted		4,356,450
Consideration shares issuable			$ 9.00
Market Based Restricted Stock Units R S U [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1.7	$ 3.1
Unrecognized compensation cost	$ 18.1	$ 18.1
Weighted average remaining period		3 years

Stockholders’ Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders’ Equity

Note 9. Stockholders’ Equity

On December 9, 2025, the board of directors of the Company (the “Board of Directors”) authorized a share repurchase program providing for the repurchase of up to $100.0 million of the Company’s Common Stock. During the three months and six months ended June 30, 2026, the Company repurchased 2,570,974 and 5,238,030 shares of Common Stock for $4.8 million and $12.8 million respectively, including commissions. During the three months ended June 30, 2026, the Company repurchased shares at an average price of $1.85 per share. As of June 30, 2026, approximately $84.4 million remained available under the repurchase program.

In connection with the CFO Silvia Acquisition, the Company recognized an equity-classified contingent consideration with a fair value of $5.9 million, which was recorded within additional paid-in capital as part of the purchase consideration. The arrangement provides for the issuance of a fixed number of the Company’s common shares upon the achievement of specified market-based conditions. See Note 3, CFO Silvia Acquisition, for additional information.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (SAB Topic 4.C)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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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
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 16
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Segment Information (Details Narrative)	6 Months Ended
Segment Information (Details Narrative)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Segment reporting CODM description	The Company’s Chief Executive Officer has been identified as the chief operating decision maker (“CODM”). The CODM reviews financial information on a consolidated basis for purposes of assessing performance, allocating resources, and making operating decisions. Accordingly, management has determined that the Company operates as one reportable segment.
Number of reportable segments	1

Fixed Assets, net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Fixed Assets, net

Note 6. Fixed Assets, net

Fixed assets consist of the following (In thousands):

Schedule of Fixed Assets

	June 30, 2026			December 31, 2025
Furniture and equipment	$	34		$	9
Leasehold improvements		367			75
Total		401			84
Less: accumulated depreciation		(97	)		(32	)
Total fixed assets, net	$	304		$	52

Depreciation expense, calculated using the straight-line method, was approximately $26 thousand and $65 thousand for the three and six months ended June 30, 2026, respectively. Depreciation expense for the period from June 10, 2025 (Inception) through June 30, 2025 was $0.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Leases

6 Months Ended

Jun. 30, 2026

Leases

Leases

Note 15. Leases

Office Lease

The Company leases its office facility under a month-to-month operating lease arrangement. The Company has elected the short-term lease practical expedient under ASC 842 for this lease and therefore does not recognize a right-of-use asset or lease liability on the unaudited condensed consolidated balance sheet for this arrangement.

Lease expense for this month-to-month lease is recognized on a straight-line basis and was $20 per month for the period from January 2026 through June 2026. Because the lease is cancellable at any time with no significant penalty, the Company is not committed to future minimum lease payments beyond the monthly term.

Studio Lease

In February 2026, the Company entered into a new operating lease agreement for studio space. The lease has an initial term of 45 months, commencing February 1, 2026 and expiring October 31, 2029. The lease requires monthly base rent payments of $27 with a three-month rent abatement of $82. The Company does not have an option to extend the lease term or to purchase the leased property. The lease contains fees for cleaning services, utilities, building amenities, and other operating items that are non-lease components. These variable lease payments are recognized in the period incurred rather than included in the lease liability, with the Company recording an operating expense when such amounts arise. The Company has recognized a right-of-use asset and lease liability on the unaudited condensed consolidated balance sheet for this arrangement.

Lease Costs

The components of lease cost for the three months and six months ended June 30, 2026 and 2025 were as follows (In thousands):

Schedule of Lease Cost

	Three Months Ended June 2026		Six Months Ended June 2026
Lease Cost	Amount		Amount
Operating lease cost	$	78		128
Short-term lease cost		60		119
Total lease cost	$	138		247

Operating lease cost and short-term lease cost are recognized on a straight-line basis over the lease term and are included in general and administrative expenses in the unaudited condensed consolidated statement of operations.

Supplemental Balance Sheet Information

Supplemental balance sheet information related to the Company’s operating lease as of June 30, 2026, is as follows (In thousands):

	As of June 30, 2026
Operating lease right-of-use asset	$	961
Operating lease liability, current portion		298
Operating lease liability, non-current portion		736
Total operating lease liability	$	1,034

Maturities of Lease Liability

Future minimum lease payments under the operating lease as of June 30, 2026, are as follows (In thousands):

	Operating Leases
2026 (remaining six months)	$	163
2027		328
2028		328
2029		274
Total future minimum lease payments		1,093
Less: present value discount		(59	)
Present value of lease liability	$	1,034

Supplemental Cash Flow and Other Information

Supplemental cash flow and other information related to the Company’s operating lease for the six months ended June 30, 2026, are as follows (In thousands):

	Amount
Amortization of right-of-use asset	$	128
Cash paid for amounts included in the measurement of lease liability		55
Right-of-use asset obtained in exchange for new operating lease liability		1,074
Remaining lease term (in years)		3.5
Discount rate (as a percentage)		3.45	%

Schedule of Outstanding Debt (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Debt Disclosure [Abstract]

Convertible Notes due 2028

$ 99,600

$ 235,000

Discount, net

^[1]

(4,015)

(11,387)

Debt issuance costs, net

^[2]

(3,329)

(9,441)

Convertible Notes, net

$ 92,256

$ 214,172

[1]	Discount as of June 30,2026 consisted of $
[2]	Debt issuance costs as of June 30, 2026 consisted of $9.7 million in debt issuance costs, less accumulated amortization of $1.1 million and gain on debt extinguishment of $5.3 million.

Leases (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
Leases (Details Narrative) - USD ($) $ in Thousands	Feb. 28, 2026	Jun. 30, 2026
Leases
Lease cost		$ 20
Rent payments	$ 27
Rent abatement	$ 82

Related Party (Details Narrative) - CFO Silvia [Member] $ / shares in Units, $ in Millions	Apr. 06, 2026 USD ($) $ / shares
Restructuring Cost and Reserve [Line Items]
Acquisition consideration	$ 14.0
Closing equity consideration	8.1
Contingent consideration	$ 5.9
Consideration shares issuable \| $ / shares	$ 1.90
Principal balance	$ 2.4
Cash consideration	1.4
Repaid principal	1.0
Common Stock [Member]
Restructuring Cost and Reserve [Line Items]
Contingent consideration	$ 16.0
Consideration shares issuable \| $ / shares	$ 9.00

Schedule of Future Minimum Lease Payments Under the Operating Lease (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases
2026 (remaining six months)	$ 163
2027	328
2028	328
2029	274
Total future minimum lease payments	1,093
Less: present value discount	(59)
Present value of lease liability	$ 1,034

Schedule of Supplemental Cash Flows Information Related to Operating Lease (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases
Operating lease right-of-use asset	$ 961
Operating lease liability, current portion	298
Operating lease liability, non-current portion	736
Total operating lease liability	$ 1,034

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8. Fair Value Measurements

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2026 and December 31, 2025 (In thousands):

	Fair value measured at June 30, 2026
	Total fair value at June 30, 2026		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Assets:
Digital assets	$	313,378	$	313,378	$	-	$	-
Liabilities:
Conversion feature liability - Convertible Notes		23		-		-		23
Total	$	313,401	$	313,378	$	-	$	23

	Fair value measured at December 31, 2025
	Total fair value at December 31, 2025		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Assets:
Digital assets	$	441,791	$	441,791	$	-	$	-
Liabilities:
Derivative securities liabilities		428		-		-		428
Conversion feature liability - Convertible Notes		2,278		-		-		2,278
Total	$	444,497	$	441,791	$	-	$	2,706

Conversion Feature Liability - Convertible Notes

The conversion feature liability associated with the Company’s Convertible Notes is measured at fair value using a Black-Scholes option pricing model and is classified within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs.

The key inputs used in determining the fair value of the conversion feature liability are presented in the table below:

	As of June 30, 2026		As of December 31, 2025
Strike price	$	13.00	$	13.00
Stock price		1.54		3.53
Volatility (as a percentage)		43.0		45.0
Remaining term (in years)		0.92		3.00
Risk-free rate (as a percentage)		3.89		3.49

The following table presents a roll-forward of the Convertible Note Conversion Feature Liability as of June 30, 2026 (In thousands):

	Conversion feature derivative liability
Balance at December 31, 2025	$	2,278
Gain on debt extinguishment		(1,309	)
Change in fair value		(946	)
Balance at June 30, 2026	$	23

Derivative Securities Liabilities

As of December 31, 2025, the Company had outstanding Bitcoin put option contracts with a fair value liability of $0.4 million. During the six months ended June 30, 2026, all outstanding Bitcoin put option contracts were exercised, expired, or otherwise settled, and the Company recognized a realized loss of $0.9 million related to these contracts. As of June 30, 2026, the Company had no outstanding derivative securities liabilities.

- 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
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Schedule of Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026
Leases
Amortization of right-of-use asset		$ 128
Cash paid for amounts included in the measurement of lease liability		55
Right-of-use asset obtained in exchange for new operating lease liability		$ 1,074
Remaining lease term (in years)		3 years 6 months
Discount rate		3.45%

Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total	$ 401	$ 84
Less: accumulated depreciation	(97)	(32)
Total fixed assets, net	304	52
Equipment [Member]
Property, Plant, and Equipment [Line Items]
Total	34	9
Leasehold Improvements [Member]
Property, Plant, and Equipment [Line Items]
Total	$ 367	$ 75

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Dec. 09, 2025	Jun. 30, 2026	Jun. 30, 2026	Apr. 06, 2026
Accumulated Other Comprehensive Income (Loss) [Line Items]
Repurchase of outstanding shares of common stock		$ 4,755	$ 12,753
Repurchase of value		4,800	12,800
CFO Silvia [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Contingent consideration				$ 5,900
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Repurchase of outstanding shares of common stock
Repurchase of shares		2,570,974	5,238,030
Shares issued price per share		$ 1.85	$ 1.85
Shares repurchased value			$ 84,400
Common Stock [Member] \| CFO Silvia [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Contingent consideration				$ 16,000
2025 Repurchase Program [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Repurchase of outstanding shares of common stock	$ 100,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026
Cash flows from operating activities:
Net (loss) income	$ 24,618	$ (172,806)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Unrealized loss (gain) on digital assets	(14,296)	154,829
Gain on extinguishment of debt		(5,933)
Stock based compensation		7,263
Depreciation and amortization expenses		1,249
Amortization of discount and debt issuance costs on Convertible Notes		1,860
Realized loss on digital assets		2,676
Change in fair value of derivative liability	(10,330)
Realized loss on put option liability		914
Change in fair value of convertible notes conversion feature		(946)
Amortization of right-of-use asset		128
Changes in operating assets and liabilities:
Accounts payable and other current liabilities	6	(1,717)
Deferred tax liabilities		(2,504)
Escrow account	(1,000)
Due to investors	1,000
Prepaid expenses and other current assets	(10)	483
Other non-current assets		18
Due to related party	12
Lease liability		(55)
Net cash used in operating activities		(14,541)
Cash flows from investing activities:
Purchases of digital assets	(476,000)	(35,953)
Sales of digital assets		6,861
Acquisition of CFO Silvia, net of cash acquired		(1,326)
Purchases of fixed assets		(306)
Net cash used in investing activities	(476,000)	(30,724)
Cash flows from financing activities:
Payments of Convertible Notes		(119,152)
Purchase of treasury stock		(12,753)
Purchase of derivative securities		(1,653)
Taxes paid on RSU vesting		(1,011)
Settlement of derivative securities		(578)
Proceeds from derivative securities		889
Proceeds from issuance of preferred units	476,000
Net cash (used in) provided by financing activities	476,000	(134,258)
Net decrease in cash and cash equivalents		(179,523)
Cash, cash equivalents, and restricted cash, beginning of period		194,861
Cash and cash equivalents, end of period		15,338
Non-cash investing and financing activities:
Common stock issued as consideration for CFO Silvia Acquisition		(15,992)
Share-settled earnout consideration for CFO Silvia Acquisition		(5,933)
Contribution of digital assets for preferred units	32,000
Contribution of digital assets for preferred units, related party	8,500
Initial recognition of conversion feature liability	56,299
Conversion of due to related party to a promissory note, related party	$ 12

Schedule of Computation of Net Loss Per Common Stock (Details) shares in Thousands	3 Months Ended
	Jun. 30, 2026 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	34,853,996
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,852,500
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	14,342,256
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,659,240

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (In thousands):

	June 30, 2026		December 31, 2025
Prepaid insurance	$	1,352	$	1,813
Prepaid other		279		50
Other current assets		47		303
Total prepaid expenses and other current assets	$	1,698	$	2,166

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Jun. 09, 2025
Balance, shares at Jun. 09, 2025
Treasury Stock, Balance shares at Jun. 09, 2025
Net profit (loss)					24,618	24,618
Issuance of common units pursuant to the Investment Consulting and Marketing Services Agreement
Issuance of common units pursuant to the Investment Consulting and Marketing Services Agreement, shares		10,000,000
Issuance of preferred units	$ 451,702					451,702
Issuance of preferred units, shares	50,800,000
Issuance of preferred units, related party	$ 8,500					8,500
Issuance of preferred units, related party, shares	850,000
Balance at Jun. 30, 2025	$ 460,202				24,618	484,820
Balance, shares at Jun. 30, 2025	51,650,000	10,000,000
Treasury Stock, Balance shares at Jun. 30, 2025
Balance at Dec. 31, 2025		$ 85	$ (2,847)	$ 451,914	(28,976)	$ 420,176
Balance, shares at Dec. 31, 2025		85,166,604
Treasury Stock, Balance shares at Dec. 31, 2025			(839,396)			839,396
Stock-based compensation				7,263		$ 7,263
Issuance of common stock upon settlement of RSU, net of tax		$ 1		(1,012)		(1,011)
Issuance of common stock upon settlement of RSU, net of tax, shares		1,068,357
Purchase of treasury stock			$ (12,753)			(12,753)
Purchase of treasury stock, shares			(5,238,030)
Shares issued on acquisition of Silvia		$ 8		21,917		21,925
Shares issued on acquisition of Silvia, shares		8,416,951
Net profit (loss)					(172,806)	(172,806)
Balance at Jun. 30, 2026		$ 94	$ (15,600)	480,082	(201,782)	$ 262,794
Balance, shares at Jun. 30, 2026		94,651,912
Treasury Stock, Balance shares at Jun. 30, 2026			(6,077,426)			6,077,426
Balance at Mar. 31, 2026		$ 85	$ (10,845)	454,443	(136,735)	$ 306,948
Balance, shares at Mar. 31, 2026		85,563,025
Treasury Stock, Balance shares at Mar. 31, 2026			(3,506,452)
Stock-based compensation				3,723		3,723
Stock-based compensation, shares
Issuance of common stock upon settlement of RSU, net of tax		$ 1		(1)
Issuance of common stock upon settlement of RSU, net of tax, shares		671,936
Purchase of treasury stock			$ (4,755)			(4,755)
Purchase of treasury stock, shares			(2,570,974)
Shares issued on acquisition of Silvia		$ 8		21,917		21,925
Shares issued on acquisition of Silvia, shares		8,416,951
Net profit (loss)					(65,047)	(65,047)
Balance at Jun. 30, 2026		$ 94	$ (15,600)	$ 480,082	$ (201,782)	$ 262,794
Balance, shares at Jun. 30, 2026		94,651,912
Treasury Stock, Balance shares at Jun. 30, 2026			(6,077,426)			6,077,426

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Short-Term Debt [Line Items]

Schedule of Assets and Liabilities Measured at Fair Value

	Fair value measured at June 30, 2026
	Total fair value at June 30, 2026		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Assets:
Digital assets	$	313,378	$	313,378	$	-	$	-
Liabilities:
Conversion feature liability - Convertible Notes		23		-		-		23
Total	$	313,401	$	313,378	$	-	$	23

	Fair value measured at December 31, 2025
	Total fair value at December 31, 2025		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Assets:
Digital assets	$	441,791	$	441,791	$	-	$	-
Liabilities:
Derivative securities liabilities		428		-		-		428
Conversion feature liability - Convertible Notes		2,278		-		-		2,278
Total	$	444,497	$	441,791	$	-	$	2,706

Schedule of Roll Forward Convertible Notes

The following table presents a roll-forward of the Convertible Note Conversion Feature Liability as of June 30, 2026 (In thousands):

	Conversion feature derivative liability
Balance at December 31, 2025	$	2,278
Gain on debt extinguishment		(1,309	)
Change in fair value		(946	)
Balance at June 30, 2026	$	23

Convertible Notes Payable [Member]

Short-Term Debt [Line Items]

Schedule of Key Input Measurement For Fair Value

The key inputs used in determining the fair value of the conversion feature liability are presented in the table below:

	As of June 30, 2026		As of December 31, 2025
Strike price	$	13.00	$	13.00
Stock price		1.54		3.53
Volatility (as a percentage)		43.0		45.0
Remaining term (in years)		0.92		3.00
Risk-free rate (as a percentage)		3.89		3.49

- 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

Schedule of Gain on Extinguishment of Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026
Debt Disclosure [Abstract]
Excess of the net carrying amount of the repurchased Convertible Notes			$ 16,248
Derecognition of debt discount			(6,355)
Derecognition of debt issuance costs			(5,269)
Derecognition of conversion feature derivative liability			1,309
Total			$ 5,933

Schedule of Significant Digital Assets Holdings (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Crypto Asset, Holding [Line Items]
Crypto asset cost	$ 493,260	$ 466,797
Crypto asset fair value	$ 313,378	$ 441,791
Bitcoin [Member]
Crypto Asset, Holding [Line Items]
Quantity	5,355	5,000
Crypto asset cost	$ 493,260	$ 466,797
Crypto asset fair value	$ 313,378	$ 441,791

Schedule of Proforma Information of Operations (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Revenue	$ 37	$ 38
Net loss	$ (67,549)	$ (178,713)

Schedule of Loan Maturities (Details) - 2028 Convertible Notes [Member] $ in Thousands	Jun. 30, 2026 USD ($)
Short-Term Debt [Line Items]
Convertible notes 2026
Convertible notes 2027	99,600
Convertible notes 2028
Convertible notes 2029
Convertible notes 2030
Convertible notes	$ 99,600

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

EPS (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Share

The computation of basic and diluted net loss per share for the three and six months ended June 30, 2026 is as follows (In thousands, except for share and per share data):

	For the three months ended June 30, 2026
Numerator:
Net loss	$	(65,047	)
Denominator:
Weighted average number of shares of common stock outstanding, basic and diluted		89,394,753
Net loss per common stock, basic and diluted	$	(0.73	)

	For the six months ended June 30, 2026
Numerator:
Net loss	$	(172,806	)
Denominator:
Weighted average number of shares of common stock outstanding, basic and diluted		86,164,488
Net loss per common stock, basic and diluted	$	(2.01	)

Schedule of Computation of Net Loss Per Common Stock

As of June 30, 2026, the following potentially dilutive securities were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive:

	For the three months ended
	June 30, 2026
Warrants		12,852,500
RSUs (See Note 11)		14,342,256
Convertible Notes		7,659,240
Total		34,853,996

Schedule Of Market-based RSU (Details) - Market-based Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units, Outstanding Beginning Balance \| shares	8,000,000
Weighted Average Grant Date Fair Value, Beginning balance Outstanding \| $ / shares	$ 2.13
Granted \| shares	4,356,450
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 1.17
Forfeited \| shares
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Forfeited \| shares
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Units, Outstanding Ending Balance \| shares	12,356,450
Weighted Average Grant Date Fair Value, Ending balance Outstanding \| $ / shares	$ 1.75

Convertible Note (Details Narrative) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 09, 2026 USD ($)	Dec. 05, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) BTC $ / shares	Jun. 30, 2026 USD ($) BTC $ / shares shares	Dec. 31, 2025 USD ($)
Short-Term Debt [Line Items]
Conversion of shares \| shares					76.9
Conversion of shares, value		$ 1,000
Conversion price \| $ / shares				$ 13.00	$ 13.00
Interest rate				0.00%	0.00%
Maturity term					36 months
Gain on extinguishment of debt					$ 5,933
Cash and cash equivalents				15,338	15,338	$ 44,976
Crypto asset fair value				$ 313,378	$ 313,378	$ 441,791
Convertible Notes [Member]
Short-Term Debt [Line Items]
Principal amount	$ 135,400
Cash purchase price	119,200
Principal of convertible notes	$ 99,600
Bitcoin [Member]
Short-Term Debt [Line Items]
[custom:CryptoAssetNumberOfUnrestrictedUnit-0]				5,355	5,355	5,000
Crypto asset fair value				$ 313,378	$ 313,378	$ 441,791
Bitcoin [Member] \| Anchorage Digital Bank [Member]
Short-Term Debt [Line Items]
Crypto asset number of units \| BTC				3,515	3,515
Crypto asset number of units in collateral \| BTC				3,404	3,404
Convertible Notes due 2028 [Member]
Short-Term Debt [Line Items]
Convertible notes due				$ 92,100	$ 92,100	$ 225,700
Implied cost of debt				8.72%	8.72%	8.72%

Convertible Note (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The net carrying value of the Company’s outstanding debt consisted of the following, as of (In thousands):

Schedule of Outstanding Debt

	June 30, 2026			December 31, 2025
Convertible Notes due 2028	$	99,600		$	235,000
Discount, net (1)		(4,015	)		(11,387	)
Debt issuance costs, net (2)		(3,329	)		(9,441	)
Convertible Notes, net	$	92,256		$	214,172

(1)	Discount as of June 30,2026 consisted of $7.1 million of original issue discount and $4.6 million for the initial fair value of the embedded derivative, less accumulated amortization of $1.3 million, gain on debt extinguishment of $6.4 million.

(2)	Debt issuance costs as of June 30, 2026 consisted of $9.7 million in debt issuance costs, less accumulated amortization of $1.1 million and gain on debt extinguishment of $5.3 million.

Schedule of Disaggregation of Interest Expense

The table below presents the disaggregation of interest expense for the period June 30, 2026 (In thousands):

	For the six-months ended June 30,2026
Debt discount amortization	$	1,017
Debt issuance cost amortization		843
Interest expense, net	$	1,860

Schedule of Gain on Extinguishment of Debt

The following table summarizes the net gain on the extinguishment of debt (In thousands):

	Gain on extinguishment of debt
Excess of the net carrying amount of the repurchased Convertible Notes	$	16,248
Derecognition of debt discount		(6,355	)
Derecognition of debt issuance costs		(5,269	)
Derecognition of conversion feature derivative liability		1,309
Total	$	5,933

Schedule of Loan Maturities

The table below reflects the principal amount of loan maturities due over the next five years as of June 30, 2026 (In thousands):

	5-Year Loan Maturities Fiscal Year
	2026		2027		2028		2029		2030		Total
2028 Convertible Notes	$	-	$	99,600	$	-	$	-	$	-	$	99,600

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Note 5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (In thousands):

	June 30, 2026		December 31, 2025
Prepaid insurance	$	1,352	$	1,813
Prepaid other		279		50
Other current assets		47		303
Total prepaid expenses and other current assets	$	1,698	$	2,166

Schedule of Reconciliation of Digital Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Crypto Asset, Holding [Line Items]
Digital assets fair value, Beginning balance	$ 441,791
Digital assets fair value, Ending balance	313,378
Digital Assets [Member]
Crypto Asset, Holding [Line Items]
Purchase of digital assets	35,953
Sale of digital assets	(6,861)
Net unrealized loss on digital assets	(154,829)
Net realized loss on sale of digital assets	$ (2,676)

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

The Company evaluated subsequent events through the date the unaudited condensed consolidated financial statements were issued.

Appointment of Independent Director and Nasdaq Compliance

On July 15, 2026, the Company appointed Benjamin Buchanan as an independent director and member of the audit committee of the Board of Directors. As a result of this appointment, the Company regained compliance with Nasdaq corporate governance requirements relating to board and audit committee independence. On July 21, 2026, the Company received notice from Nasdaq confirming that the compliance matter had been resolved and closed.

Proposed Exchange-Traded Funds

On August 13, 2026, Tidal Trust IV, a Delaware statutory trust that is not affiliated with the Company, filed a registration statement on Form N-1A with the SEC with respect to five proposed actively managed exchange-traded funds. ProCap Investment Advisers, LLC, a wholly-owned subsidiary of the Company, is proposed to serve as investment sub-adviser to each fund. The registration statement is subject to SEC review and may be amended, delayed or withdrawn, and no fund may commence operations until its registration statement has become effective, its shares have been approved for listing on a national securities exchange and applicable distribution and operational arrangements are in place. As of the date these unaudited condensed consolidated financial statements were issued, no sub-advisory fees had been earned and no seed capital had been committed or funded by the Company or its subsidiaries. Costs incurred in connection with the proposed funds through the date of issuance were not material.

Schedule of Assets Acquired And Liabilities Assumed (Details) - CFO Silvia [Member] $ in Thousands	Apr. 06, 2026 USD ($)
Business Combination [Line Items]
Cash and cash equivalents	$ 58
Prepaid expenses and other current assets	16
Other non-current assets	20
Intangibles	15,280
Goodwill	12,671
Accounts payable and other current liabilities	(1,654)
Deferred tax liabilities	(3,082)
Total net assets acquired	$ 23,309

Commitments and Contingencies (Details Narrative) - shares	Dec. 05, 2025	Dec. 03, 2025
Services Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued for services	10,000,000
Sponsor Earnout Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued		8,333,333
Seller Earnout Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued		9,500,000

Schedule of Disaggregation of Interest Expense (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Debt Disclosure [Abstract]
Debt discount amortization	$ 1,017
Debt issuance cost amortization	843
Interest expense, net	$ 1,860

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Use of Estimates

Liquidity and Capital Resources

Business Combinations

Intangible Assets, net

Based on the carrying value of intangible assets at June 30, 2026, estimated amortization expense for the subsequent five years is as follows (in thousands):

	Amount
2026 (excluding the six months ended June 30, 2026)	$	2,369
2027		4,739
2028		4,739
2029		1,299
2030		152
2031		152
Thereafter		645
Intangible assets, net	$	14,095

Goodwill

Leases

Recent Accounting Pronouncements, recently adopted:

Recent Accounting Pronouncements, not yet adopted:

Schedule of Key Input Measurement For Fair Value (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Remaining term	36 months
Fair Value, Inputs, Level 3 [Member] \| Measurement Input Strike Price [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Debt instrument measurement input	13.00	13.00
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Share Price [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Debt instrument measurement input	1.54	3.53
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Price Volatility [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Debt instrument measurement input	43.0	45.0
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Expected Term [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Remaining term	11 months 1 day	3 years
Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Risk Free Interest Rate [Member] \| Convertible Notes Payable [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Debt instrument measurement input	3.89	3.49

EPS

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

EPS

Note 10. EPS

The computation of basic and diluted net loss per share for the three and six months ended June 30, 2026 is as follows (In thousands, except for share and per share data):

	For the three months ended June 30, 2026
Numerator:
Net loss	$	(65,047	)
Denominator:
Weighted average number of shares of common stock outstanding, basic and diluted		89,394,753
Net loss per common stock, basic and diluted	$	(0.73	)

	For the six months ended June 30, 2026
Numerator:
Net loss	$	(172,806	)
Denominator:
Weighted average number of shares of common stock outstanding, basic and diluted		86,164,488
Net loss per common stock, basic and diluted	$	(2.01	)

As of June 30, 2026, the following potentially dilutive securities were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive:

	For the three months ended
	June 30, 2026
Warrants		12,852,500
RSUs (See Note 11)		14,342,256
Convertible Notes		7,659,240
Total		34,853,996

The computation of basic and dilutive net income per common unit for the period from June 10, 2025 (inception) through June 30, 2025 is as follows (In thousands, except for share):

	For the Period
	from June 10,2025 through
	June 30, 2025
Basic EPS
Numerator:
Net Income	$	24,618

Denominator:
Weighted average number of shares of common stock outstanding-basic		3,809,524
Net income per common stock, basic	$	6.46

*Diluted EPS*
Numerator:
Net Income	$	24,618
Less: change in fair value of conversion feature	$	(10,330	)
Net Income, diluted	$	14,288
Denominator:
Weighted average number of shares of common stock outstanding-basic		3,809,524
Add: Preferred Units		24,595,238
Weighted average number of shares of common stock outstanding-diluted		28,404,762
Net income per common stock, diluted	$	0.50

CFO Silvia Acquisition

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

CFO Silvia Acquisition

Note 3. CFO Silvia Acquisition

On the Acquisition Date, the Company acquired 100% of the outstanding equity interests of CFO Silvia (the “CFO Silvia Acquisition”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Silvia Merger Sub, Inc., CFO Silvia, Inflection Points Inc., Shain Noor, and Shain Noor as Stockholder Representative.

CFO Silvia is a financial technology company that has developed a consumer-facing platform that organizes data and delivers financial summaries to users through an interactive interface. The Company acquired CFO Silvia largely to obtain access to the user platform, which management expects to leverage to broaden the Company’s product offerings.

Immediately prior to the closing of the CFO Silvia Acquisition, all outstanding options and other equity-linked interests of CFO Silvia were accelerated and converted into equity interests in accordance with the terms of the Merger Agreement.

The fair value of consideration transferred in connection with the CFO Silvia Acquisition was $23.3 million, consisting of the following:

a) Common stock consideration of $16.0 million, consisting of 8,416,951 shares of the Company’s common stock based on the Company’s closing stock price on the Acquisition Date of $1.90, including 900,000 shares deposited into an escrow account to secure certain indemnification obligations for a period of twelve months following the Acquisition date. The former equity holders of CFO Silvia remain the beneficial owners of the escrowed shares and retain voting and dividend rights during the escrow period.

b) Contingent consideration of $5.9 million related to fair value of 4,643,250 potential earnout shares issuable upon the achievement of specified market-based conditions. Pursuant to the Merger Agreement, the earnout shares will be issued if the Company’s common stock price equals or exceeds $9.00 per share during the contractual measurement period. The fair value of the contingent consideration was estimated using a Monte Carlo simulation model that incorporated assumptions regarding expected stock price volatility, risk-free interest rates and the probability of achieving the market condition. The undiscounted range of outcomes associated with the arrangement is either (i) no shares issued or (ii) issuance of 4,643,250 shares upon achievement of the specified market condition.

c) Cash consideration of $1.4 million related to the repayment of CFO Silvia’s indebtedness at closing.

In connection with the CFO Silvia Acquisition, the Company also agreed to pay a $5.0 million signing bonus to Shain Noor. This arrangement was determined to be separate from the transaction and is accounted for as compensation expense. In addition, certain earnout share arrangements granted to Shain Noor were determined to be compensation arrangements and were accounted for as share-based compensation. See Note 11, Share-Based Compensation, for additional information.

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the Acquisition Date (In thousands).

	Reported
Cash and cash equivalents	$	58
Prepaid expenses and other current assets		16
Other non-current assets		20
Intangibles		15,280
Goodwill		12,671
Accounts payable and other current liabilities		(1,654	)
Deferred tax liabilities		(3,082	)
Total net assets acquired	$	23,309

The preliminary purchase price allocation resulted in the recognition of identifiable intangible assets consisting of a trademark, non-compete agreement and user platform with estimated fair values of approximately $1.5 million, $2.3 million and $11.4 million, respectively. The trademark was assigned an estimated useful life of 10 years, while the non-compete agreement and user platform were each assigned estimated useful lives of 3 years.

The purchase price allocation is preliminary and remains subject to measurement period adjustments related to the finalization of certain income tax matters and the valuation of acquired assets and liabilities assumed. Accordingly, the provisional amounts recognized at the Acquisition Date may be adjusted during the measurement period, which will not exceed one year from the Acquisition Date.

The preliminary CFO Silvia Acquisition accounting resulted in the recognition of goodwill of $12.7 million. Goodwill is attributable primarily to expected synergies from integrating CFO Silvia’s proprietary technology platform and related capabilities into the Company’s existing operations, as well as future growth opportunities and the value of the assembled workforce that does not meet the criteria for separate recognition as an identifiable intangible asset. The goodwill recognized is not expected to be deductible for income tax purposes.

The Company incurred approximately $1.4 million of expenses directly related to the CFO Silvia Acquisition, which were included in “general and administrative expenses” in the unaudited condensed consolidated statements of operations during the six months ended June 30, 2026.

Revenue and net loss attributable to CFO Silvia included in the Company’s unaudited condensed consolidated statements of operations from April 6, 2026 through June 30, 2026 were $12 thousand and $8.4 million, respectively.

Unaudited Pro Forma Operating Results

The following unaudited pro forma consolidated financial information presents the results of operations of the Company for the three and six months ended June 30, 2026, as if the CFO Silvia Acquisition had occurred on January 1, 2026. Because CFO Silvia was incorporated on September 19, 2025, supplemental pro forma revenue and earnings information for the three and six months ended June 30, 2025 has not been presented.

This information gives effect to certain purchase accounting adjustments related to the CFO Silvia Acquisition and is based on the historical financial statements of ProCap. It is presented for illustrative purposes only and is not necessarily indicative of the Company’s actual operating results had the CFO Silvia Acquisition occurred on January 1, 2026, nor is it indicative of future results (In thousands).

	Proforma
	For the three months ended June 30, 2026
Revenue	$	37
Net loss		(67,549	)

	Proforma
	For the six months ended June 30, 2026
Revenue	$	38
Net loss		(178,713	)

Pro forma adjustments to net loss for the three months and six months ended June 30, 2026 include adjustments for amortization of acquired identifiable intangible assets related to the CFO Silvia Acquisition.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Note 14. Segment Information

The Company’s Chief Executive Officer has been identified as the chief operating decision maker (“CODM”). The CODM reviews financial information on a consolidated basis for purposes of assessing performance, allocating resources, and making operating decisions. Accordingly, management has determined that the Company operates as one reportable segment.

The CODM primarily evaluates performance using consolidated net loss, cash flows, and liquidity measures. The CODM also reviews significant segment expenses that are regularly provided to the CODM, as presented in the table below to manage liquidity and assess progress against the Company’s operating plan. Total segment assets are consistent with total assets reported in the unaudited condensed consolidated balance sheets. The CODM also monitors the fair market value of the Company’s Bitcoin holdings in evaluating capital allocation and treasury management strategy.

Because the Company is focused on executing its growth strategy and is not currently generating significant revenue, resource allocation decisions are primarily based on liquidity management, operating expenditure, and capital allocation priorities.

The following table sets forth the Company’s significant segment expenses (in thousands):

	Three Months Ended			Six Months Ended			Period from June 10, 2025 (Inception) through
	June 30, 2026			June 30, 2026			June 30, 2025

Revenue	$	37		$	38		$	-

Operating Expenses
Payroll expenses		1,674			2,683			-
One-time bonus		5,000			5,000			-
Depreciation and amortization		1,210			1,249
Other operating expenses(1)		3,420			6,624			8
Stock-based compensation		3,723			7,263			-

Total Operating Expenses		15,027			22,819			8
Operating Loss		(14,990	)		(22,781	)		(8	)
Other Income (expense)
Unrealized (loss) gain on digital assets		(49,362	)		(154,829	)		14,296
Realized loss on digital assets		(2,676	)		(2,676	)		-
Change in fair value of convertible notes conversion feature		109			946			-
Realized loss on put option liability		-			(914	)		-
Gain on extinguishment of debt		-			5,933			-
Interest and dividend income		128			871			-
Interest expense		(760	)		(1,860	)		-
Change in fair value of derivative liability		-			-			10,330
Other (expenses) income, net		(52,561	)		(152,529	)		24,626

Net (Loss) Income Before Taxes		(67,551	)		(175,310	)		24,618

Income tax benefit		(2,504	)		(2,504	)		-

Net (Loss) Income		(65,047	)		(172,806	)		24,618

(1)

Includes other operating expenses such as professional fees, insurance, rent, and utility expenses.

- Definition

The entire disclosure for segment reporting.

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Carrying Value of Intangible Assets

Based on the carrying value of intangible assets at June 30, 2026, estimated amortization expense for the subsequent five years is as follows (in thousands):

	Amount
2026 (excluding the six months ended June 30, 2026)	$	2,369
2027		4,739
2028		4,739
2029		1,299
2030		152
2031		152
Thereafter		645
Intangible assets, net	$	14,095

Related Party

6 Months Ended

Jun. 30, 2026

Related Party

Note 16. Related Party

Prior to the CFO Silvia Acquisition, Inflection Points Inc., an entity controlled by Anthony Pompliano, the Company’s CEO, was the majority owner of CFO Silvia. Accordingly, Inflection Points Inc. was also a selling shareholder in the CFO Silvia Acquisition and received $14.0 million of the total acquisition consideration, consisting of $8.1 million of closing equity consideration and $5.9 million of contingent earnout consideration. The contingent earnout shares underlying the contingent consideration are issuable upon the achievement of specified market-based conditions, including the Company’s common stock reaching trading price at or above $9.00 per share.

In addition, CFO Silvia was party to two promissory notes payable to Inflection Points Inc., an entity controlled by the Company’s Chief Executive Officer. The outstanding principal balance of the notes were $2.4 million as of the Acquisition Date. In connection with the CFO Silvia Acquisition, cash consideration of $1.4 million was used to repay one of the notes, and the remaining $1.0 million note was assumed by the Company and repaid following the acquisition. No amounts remained outstanding as of June 30, 2026.

- 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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 24,618	$ (65,047)	$ (172,806)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Digital Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Significant Digital Assets Holdings

	As of June 30, 2026
	Quantity		Cost Basis		Fair Value
Bitcoin		5,355	$	493,260	$	313,378
Total			$	493,260	$	313,378

	As of December 31, 2025
	Quantity		Cost Basis		Fair Value
Bitcoin		5,000	$	466,797	$	441,791
Total			$	466,797	$	441,791

Schedule of Reconciliation of Digital Assets

The following table presents a reconciliation of the fair values of the Company’s digital assets for the six months ended June 30, 2026 (In thousands):

	Fair value
Digital assets fair value as of December 31, 2025	$	441,791
Purchase of digital assets		35,953
Sales of digital assets		(6,861	)
Net unrealized loss on digital assets		(154,829	)
Realized loss on digital assets		(2,676	)
Digital assets fair value as of June 30, 2026	$	313,378