v3.25.2
FAIR VALUE MEASUREMENTS - Recurring Basis at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value $ 5,297,574 $ 4,674,336
Liabilities, fair value 644,821 722,470
Without readily determinable fair values 75,689 63,227
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 3,481,964 3,224,772
Liabilities, fair value 153,688 64,679
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 1,301,513 844,042
Liabilities, fair value 491,133 521,599
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 514,097 605,522
Liabilities, fair value 0 136,192
Investments sold short    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 86,210 6,524
Investments sold short | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 86,210 6,524
Investments sold short | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0 0
Investments sold short | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0 0
Derivative liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 86,364 165,858
Derivative liabilities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 67,478 58,155
Derivative liabilities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 18,886 107,703
Derivative liabilities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Digital assets borrowed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 240,379 252,635
Embedded derivative — Digital assets borrowed | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Digital assets borrowed | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 240,379 252,635
Embedded derivative — Digital assets borrowed | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Collateral payable — Digital assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 231,868 161,261
Embedded derivative — Collateral payable — Digital assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Collateral payable — Digital assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 231,868 161,261
Embedded derivative — Collateral payable — Digital assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Notes payable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   136,192
Embedded derivative — Notes payable | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   0
Embedded derivative — Notes payable | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   0
Embedded derivative — Notes payable | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   136,192
Digital Financial Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 369,649 359,665
Digital Financial Assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 285,908 354,851
Digital Financial Assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 83,741 4,814
Digital Financial Assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Digital Intangible Assets At Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 2,532,760 2,018,357
Digital Intangible Assets At Fair Value | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 2,377,215 1,929,661
Digital Intangible Assets At Fair Value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 152,693 68,239
Digital Intangible Assets At Fair Value | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 2,852 20,457
Digital assets loan receivable, net of allowance — Financial assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 193,406 393,734
Digital assets loan receivable, net of allowance — Financial assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Digital assets loan receivable, net of allowance — Financial assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 193,406 393,734
Digital assets loan receivable, net of allowance — Financial assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Digital assets receivable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 6,065 60,720
Digital assets receivable | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 7 204
Digital assets receivable | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 24
Digital assets receivable | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 6,058 60,492
Assets posted as collateral — Digital assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 720,539 278,527
Assets posted as collateral — Digital assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Assets posted as collateral — Digital assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 720,539 278,527
Assets posted as collateral — Digital assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Derivative assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 134,907 207,653
Derivative assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 123,584 188,836
Derivative assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 11,323 18,817
Derivative assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0
Embedded derivative — Collateral payable — Digital assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 64,223 55,848
Embedded derivative — Collateral payable — Digital assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Embedded derivative — Collateral payable — Digital assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 64,223 55,848
Embedded derivative — Collateral payable — Digital assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Embedded derivative — Digital assets borrowed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 70,057 24,039
Embedded derivative — Digital assets borrowed | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Embedded derivative — Digital assets borrowed | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 70,057 24,039
Embedded derivative — Digital assets borrowed | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 1,205,968 1,275,793
Net asset value 330,300 304,500
Without readily determinable fair values 75,700 63,200
Investments | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 695,250 751,220
Investments | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 5,531 0
Investments | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value $ 505,187 $ 524,573