v3.25.2
LOANS RECEIVABLE
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
LOANS RECEIVABLE LOANS RECEIVABLE
In the general course of business, the Company offers fiat-denominated loans to counterparties against digital assets or other collateral. No loans receivable were on nonaccrual status as of June 30, 2025 or December 31, 2024.
Loans Receivable, Current and Non-current
(in thousands)
June 30, 2025
December 31, 2024
Loans receivable$529,396 $476,620 
Loans receivable, non-current6,675 — 
Less: allowance for credit loss(375)— 
Loans receivable, current and non-current
$535,696 $476,620 
Loans receivable are scheduled to be repaid during the following periods:
(in thousands)Amounts
2025479,271 
202650,911 
20271,088 
20282,938 
20291,188 
2030300 
Loans receivable, current and non-current
$535,696 
Balances represent loan principal and exclude accrued interest receivable on loans.
Collateral Payable Associated with Loans Receivable, Current and Non-current
(in thousands)
June 30, 2025
December 31, 2024
Collateral payable — Digital assets
$689,136 $620,633 
Collateral payable — Cash
294 — 
Collateral payable associated with loans receivable, current and non-current
$689,430 $620,633 
Interest income related to the Company’s Loans receivable was $14.1 million and $26.7 million for the three and six months ended June 30, 2025, respectively, and $12.8 million and $25.4 million for the three and six months ended June 30, 2024, respectively.