v3.25.2
COLLATERALIZED ARRANGEMENTS AND FINANCING
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
COLLATERALIZED ARRANGEMENTS AND FINANCING
4. COLLATERALIZED ARRANGEMENTS AND FINANCING
Loans and related collateral
The following table summarizes the Company’s Prime Financing lending arrangements (in thousands):
June 30,December 31,
20252024
Loan receivables
Fiat loan receivables$750,237 $382,751 
Crypto asset loan receivables53,129 92,619 
Total loan receivables(1)
$803,366 $475,370 
Customer loans not meeting recognition criteria
USDC$75,436 $168,795 
__________________
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of June 30, 2025 and December 31, 2024.
As of June 30, 2025 and December 31, 2024, the Company had three and two counterparties, respectively, each who accounted for more than 10% of the Company’s recognized Loan receivables. As of both of these dates, the Company also had three counterparties each, who accounted for more than 10% of the Company’s customer loans that did not meet the recognition criteria.
As of June 30, 2025 and December 31, 2024, the collateral requirements for all loans outstanding, including customer loans not meeting recognition criteria, ranged from 100% to 300% of the fair value of the loan. No allowance, write-offs, or recoveries were recognized against loan receivables or customer loans not meeting recognition criteria during the periods presented, and none of these loans were past due.
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$21,389 N/AN/A$24,641 
Bitcoin7,978 $577,798 859,940 6,918 $414,745 647,568 
Ethereum36,750 100,767 91,332 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$678,565 951,272 $521,597 767,484 
Total recognized held as collateral
$972,661 $792,125 
__________________
nm - not meaningful
(1)Fiat collateral held is recognized within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
(2)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held as collateral.
The following table summarizes assets the Company holds as collateral that it has not recognized as collateral nor as an obligation to return the collateral to the borrower (in thousands):
June 30,December 31,
20252024
Fiat$50,161 $64,760 
USDC32,357 45,222 
Crypto assets532,575 178,619 
Total customer collateral not recognized as collateral
$615,093 $288,601 
Borrowings and related collateral
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed and the associated Crypto asset borrowings (in thousands, except units):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin1,100 $105,212 $117,906 1,923 $191,986 $179,480 
Ethereum32,355 86,709 80,439 17,413 65,213 57,989 
Other crypto assets(1)
nm27,500 25,275 nm18,701 23,583 
Total borrowed$219,421 $223,620 $275,900 $261,052 
Crypto asset borrowings
Bitcoin1,342 $128,665 $143,790 2,178 $213,096 $203,370 
Ethereum35,172 92,562 87,443 19,133 68,803 63,720 
Other crypto assets(1)
nm39,550 37,317 nm28,141 33,020 
Total borrowings$260,777 $268,550 $310,040 $300,110 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets borrowed or total Crypto asset borrowings, as applicable.
As of June 30, 2025 and December 31, 2024, the weighted average annual fees on these borrowings were 2.9% and 2.4%, respectively.
The fair value of the Company’s corporate assets pledged as collateral against Crypto asset borrowings consisted of the following (in thousands):
June 30,December 31,
20252024
Assets pledged as collateral
USDC
$— $4,009 
Assets pledged as collateral not meeting derecognition criteria
USDC
$294,761 $329,832