v3.25.2
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Company’s Derivatives Portfolio
The breakdown of the Company’s derivatives portfolio, as of June 30, 2025 and December 31, 2024 was as follows:
June 30, 2025
(in thousands)
Notional Amounts (1)
Derivative Assets
Derivative Liabilities
Digital assets
$3,877,580 $116,830 $(70,805)
Foreign currencies
199,068 14,651 (10,303)
Equity securities
374,332 3,051 (4,359)
Interest rates
603,854 69 (798)
Commodities
1,592,443 306 (99)
6,647,277 134,907 (86,364)
Digital assets receivable7,311 6,065 — 
Embedded derivatives — Digital assets borrowed
2,674,612 70,057 (240,379)
Embedded derivatives — Collateral payable
1,675,907 64,223 (231,868)
December 31, 2024
(in thousands)
Notional Amounts (1)
Derivative Assets
Derivative Liabilities
Digital assets
$4,685,112 $185,208 $(145,493)
Foreign currencies
19,259 12,064 (10,483)
Equity securities
1,049,846 10,343 (9,683)
Interest rates
5,002 19 (13)
Commodities
10,583 19 (186)
5,769,802 207,653 (165,858)
Digital assets receivable3,911 60,720 — 
Embedded derivatives — Digital assets borrowed
1,269,013 24,039 (252,635)
Embedded derivatives — Collateral payable
1,219,247 55,848 (161,261)
Embedded derivatives — Notes payable
847,500 — (136,192)
(1) Notional amounts represent the U.S. Dollar denominated size of the underlying assets for the derivative instruments. While the notional amounts disclosed above give an indication of the volume of the Company’s derivatives activity, they do not accurately reflect the Company’s economic exposure as they do not reflect the Company’s long and short derivative positions.
Schedule Of Collateral Payable Associated With Derivative Positions
The table below represents the breakdown of collateral payable and assets posted as collateral associated with derivative positions as of June 30, 2025 and December 31, 2024:
(in thousands)June 30, 2025
December 31, 2024
Collateral payable — Digital assets
$37,716 $30,600 
Collateral payable — Cash
10,788 30,460 
Collateral payable associated with derivatives
$48,504 $61,060 
Assets posted as collateral — Digital assets
$— $— 
Assets posted as collateral — Cash
1,220— 
Assets posted as collateral associated with derivatives
$1,220 $—