v3.25.2
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the notional amount of derivative contracts outstanding
The following table summarizes information on derivative instruments by their location in the Condensed Consolidated Balance Sheets, as measured in U.S. dollar equivalents (in thousands):
Embedded Derivative
HostGross Derivative AssetsGross Derivative LiabilitiesAggregate Carrying Value
June 30, 2025
Accounts receivable, net(1)
$10,519 $23,354 $2,959 $30,914 
Crypto asset borrowings260,777 22,825 30,598 268,550 
Obligation to return collateral(1)
678,566 9,442 282,148 951,272 
Accrued expenses and other current liabilities(1)
26,663 4,573 2,132 24,222 
Total fair value of derivatives$60,194 $317,837 
December 31, 2024
Accounts receivable, net(1)
$16,264 $20,368 $1,811 $34,821 
Other current assets(1)
99,265 61,304 — 160,569 
Crypto asset borrowings310,040 18,030 8,100 300,110 
Obligation to return collateral(1)
526,337 2,149 243,296 767,484 
Accrued expenses and other current liabilities(1)
37,428 6,814 2,708 33,322 
Total fair value of derivatives$108,665 $255,915 
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(1)Represents the portion of the Condensed Consolidated Balance Sheets line item that is denominated in crypto assets.
Schedule of gains (losses) recorded in income
The impacts of (losses) gains on derivative instruments recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Crypto asset borrowings(1)
$(69,671)$46,099 $(17,703)$(49,815)
Obligation to return collateral(1)
(183,665)112,915 (31,559)(4,351)
Other(2)
14,056 (26,707)(1,193)(14,633)
Total$(239,280)$132,307 $(50,455)$(68,799)
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(1)Changes in fair value are recognized in Transaction expense in the Condensed Consolidated Statements of Operations. The impact of changes in fair value of Crypto asset borrowings and Obligation to return collateral derivatives is naturally offset, at least in part, by the impact of changes in fair value of the associated naturally offsetting positions, which are also recognized in Transaction expense.
(2)Changes in fair value are recognized in Other operating expense, net or Other (income) expense, net in the Condensed Consolidated Statements of Operations depending on the nature of the derivative.