v3.25.2
CRYPTO ASSETS HELD FOR OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of crypto asset holdings
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 
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.
The following table summarizes Crypto assets held for operations (in thousands, except units):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin514 $57,113 $55,136 57 $7,814 $5,473 
Ethereum11,195 19,552 27,813 8,142 21,843 27,122 
Solana64,991 11,085 9,656 69,280 14,526 13,245 
Other crypto assets(1)
nm40,793 33,369 nm51,871 36,941 
Total held for operations$128,543 $125,974 $96,054 $82,781 
__________________
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 held for operations.
The following table summarizes Crypto assets held for investment (in thousands, except units):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin11,776 $740,339 $1,261,220 6,885 $272,164 $642,738 
Ethereum136,782 268,673 339,502 115,700 260,674 385,314 
Other crypto assets(1)
nm264,163 238,165 nm347,827 524,943 
Total held for investment$1,273,175 $1,838,887 $880,665 $1,552,995 
__________________
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 held for investment.