v3.25.4
INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Marketable Securities
The following table summarizes the Company’s marketable securities at September 30, 2025 and December 31, 2024:
September 30, 2025
Outstanding Face Amount(A)
Net Fair Value Adjustment
Carrying Value(B)
Marketable securities, at fair value
Investment grade debt securities(C)
$175,139 $1,763 $176,902 
Below investment grade debt securities(D)
24,145 339 24,484 
Residual interest securities(E)
38,175 133 38,308 
Total$237,459 $2,235 $239,694 
December 31, 2024
Outstanding Face Amount(A)
Net Fair Value Adjustment
Carrying Value(B)
Marketable securities, at fair value
Investment grade debt securities(C)
$121,278 $(102)$121,176 
Below investment grade debt securities(D)
7,897 (90)7,807 
Residual interest securities(E)
24,138 10,368 34,506 
Total$153,313 $10,176 $163,489 
__________________
(A)The total outstanding face amount represents the aggregate face amount of the debt securities outstanding at each period end, excluding residual interest securities and interest-only securities.
(B)The Company elected the fair value option for marketable securities; therefore, carrying value represents fair value. See Note 12 for additional information regarding the valuation of the Company’s marketable securities.
(C)Represents debt securities rated A- or above by DBRS Morningstar or comparable rating by other rating agencies.
(D)Represents debt securities rated below A- by DBRS Morningstar or comparable rating by other rating agencies.
(E)Represents residual interests and non-rated securities in securitizations that are not considered debt securities, including 15 and 11 non-rated securities with aggregate outstanding face amounts of $20.4 million and $15.1 million at September 30, 2025 and December 31, 2024, respectively, and 12 and 6 interest-only securities based upon aggregate outstanding principal amounts of $17.8 million and $9.1 million at September 30, 2025 and December 31, 2024, respectively.
The following table summarizes the Company’s marketable securities and the underlying collateral at December 31, 2024:
December 31, 2024
Outstanding Face Amount(A)
Net Fair Value Adjustment
Carrying Value(B)
Marketable securities, at fair value
Investment grade debt securities(C)
$121,278 $(102)$121,176 
Below investment grade debt securities(D)
7,897 (90)7,807 
Residual interest securities(E)
24,138 10,368 34,506 
Total$153,313 $10,176 $163,489 
December 31, 2023
Outstanding Face Amount(A)
Net Fair Value Adjustment
Carrying Value(B)
Marketable securities, at fair value
Investment grade debt securities(C)
$24,714 $(110)$24,604 
Below investment grade debt securities(D)
504 6 510 
Residual interest securities(E)
9,886 2,066 11,952 
Total$35,104 $1,962 $37,066 
__________________
(A)The total outstanding face amount represents the aggregate face amount of the debt securities outstanding at each period end. Excludes residual interest securities and interest-only securities.
(B)The Company elected the fair value option for marketable securities. Therefore, carrying value represents fair value. See Note 11 for additional information regarding the valuation of the Company's marketable securities.
(C)Represents debt securities rated A- or above by DBRS Morningstar or comparable rating by other rating agencies.
(D)Represents debt securities rated below A- by DBRS Morningstar or comparable rating by other rating agencies.
(E)Represents residual interests and non-rated securities in securitization that are not considered debt securities, including 15 and 4 non-rated securities with aggregate outstanding face amounts of $15.1 million and $9.9 million at December 31, 2024 and 2023, respectively, and 8 and — interest-only securities based upon aggregate outstanding principal amounts of $9.1 million and $— million at December 31, 2024 and 2023, respectively.
Schedule of Digital Assets
The following table summarizes the significant digital assets held by third-party custodians on behalf of the Company’s customers at September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Units
Fair Value(A)
Units
Fair Value(A)
Digital Assets Held as Collateral(B)
Bitcoin (BTC)661 $75,367 531 $49,593 
Ethereum (ETH)2,327 9,649 4,457 14,846 
Total2,988 $85,016 4,988 $64,439 
__________________
(A)The Company records digital assets and the corresponding liability for digital assets held as collateral at fair value, and the Company does not consider the cost basis to be meaningful. See Note 12 for additional information regarding the valuation of these assets and liabilities.
(B)Digital assets held for collateral are included in “Digital assets” in the Condensed Consolidated Balance Sheets. The Company originates loans collateralized by digital assets and recorded a corresponding $85.0 million and $64.4 million liability at September 30, 2025 and December 31, 2024, respectively, representing the fair value digital assets owed to the borrower in the event of loan repayment that is included in “Other current liabilities” in the Condensed Consolidated Balance Sheets.
The following table summarizes the significant digital assets held by the Company, and by third-party custodians on behalf of the Company, at September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
UnitsCost Basis
Fair Value(A)
UnitsCost Basis
Fair Value(A)
Digital Assets Held for Sale(B)
Solana (SOL)(C)
84,726 $11,701 $17,687 95,139 $10,110 $18,020 
USDC4,143,156 4,143 4,143 2,414,254 2,414 2,414 
USDT958,297 958 958 — — — 
Other digital assets(D)(E)
Various1,844 2,381 Various2,693 2,693 
Total$18,646 $25,169 $15,217 $23,127 
__________________
(A)The Company records digital assets held for sale at fair value. See Note 12 for additional information regarding the valuation of these assets and liabilities.
(B)Digital assets held for sale are included in both “Digital assets” and “Digital assets, non-current” in the Condensed Consolidated Balance Sheets, depending on the nature of the underlying asset and related restrictions.
(C)Includes 58,204 SOL that are subject to a lock-up period through January 2028 and unlocked on a monthly basis based on a contractual schedule. The locked tokens are not accessible, are staked, and earn rewards during the lock up period.
(D)Includes native utility tokens used by the Company as a medium of exchange (HASH), maintained by an affiliated entity, which is carried at cost in the Condensed Consolidated Balance Sheets. See Note 11 for additional information regarding the related party relationship.
(E)Includes various other digital asset balances, none of which individually represented more than 5% of the carrying value of total digital assets held for sale other than HASH, which had a cost basis of $1.5 million and $1.5 million at September 30, 2025 and December 31, 2024, respectively.
The following table summarizes the significant digital assets held by third-party custodians on behalf of the Company’s customers at December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Units
Fair Value(A)
Fair Value(A)
Digital Assets Held as Collateral
Bitcoin (BTC)531 $49,593 $— 
Ethereum (ETH)4,457 14,846 — 
Total digital assets held as collateral(B)
4,988 $64,439 $— 
__________________
(A)The Company records digital assets and corresponding liability for digital assets held as collateral at fair value and the Company does not consider the cost basis to be meaningful. See Note 11 for additional information regarding the valuation of these assets and liabilities.
(B)The Company originates loans collateralized by digital assets and recorded a corresponding $64.4 million liability representing the fair value digital assets owed to the borrower in the event of loan repayment.
The following table summarizes the significant digital assets held by the Company and by third-party custodians on behalf of the Company at December 31, 2024 and 2023:
December 31, 2024December 31, 2023
UnitsCost Basis
Fair Value(A)
Fair Value(A)
Digital Assets Held for Sale(B)
Solana (SOL)(E)
95,139 $10,110 $18,020 $— 
USD Coin2,414,254 2,414 2,414 — 
Other digital assets(C)(D)
Various2,693 2,693 5,865 
Total digital assets held for sale2,509,392 $15,217 $23,127 $5,865 
__________________
(A)The Company records digital assets held for sale at fair value. See Note 11 for additional information regarding the valuation of these assets and liabilities.
(B)Digital assets held for sale are included in both Digital assets and Digital assets, non-current in the Consolidated Balance Sheets, dependent on the nature of the underlying asset and related restrictions.
(C)Includes various other digital asset balances, none of which individually represented more than 5% of the carrying value of total digital assets held for sale.
(D)Includes Hash Tokens (“Hash”), a native utility token used as a medium of exchange that is maintained by an affiliated entity, which is carried at cost on the Consolidated Balance Sheets. See Note 10 for additional information regarding the related party relationship.
(E)Includes 94,032 SOL that are subject to a lock-up period through January 2028. Tokens are unlocked on a monthly basis based on a contractual schedule. The locked tokens are not accessible and are staked and earn rewards during the lock up period.
Schedule of Activities Involving the Company’s Digital Assets Held as Collateral and Held For Sale
The following table summarizes activities involving the Company’s digital assets held as collateral and held for sale for the nine months ended September 30, 2025 and 2024:
Held as CollateralHeld for Sale
Balance at December 31, 2023$— $5,865 
Purchases(A)
— 25,777 
Sales(B)
— (10,842)
Collateral received(C)
35,941 — 
Collateral returned(C)
(3,057)— 
Gains(D)
— 1,176 
Distributions from Fund I(E)
— 240 
Change in fair value— 5,889 
Impairment of digital assets— (5,851)
Balance at September 30, 2024$32,884 $22,254 
Balance at December 31, 2024$64,439 $23,127 
Purchases(A)
— 9,938 
Sales(B)
— (12,634)
Collateral received(C)
55,946 — 
Collateral returned(C)
(44,597)— 
Gains(D)
— 6,052 
Distributions from Fund I(E)
— 1,759 
Change in fair value9,228 (3,073)
Balance at September 30, 2025$85,016 $25,169 
__________________
(A)Includes receipts of digital assets held for sale resulting from the disbursement of cash.
(B)Includes transactions related to the settlement and transfer of digital assets held for sale in exchange for the receipt of cash.
(C)Collateral received and returned includes movements impacting digital assets held as collateral associated with borrower personal loan activities which can include receipt of digital assets held as collateral related to loan originations, combined loan to value maintenance, and returns of collateral owed to the borrower once a loan has been repaid.
(D)Includes realized gains incurred on the sale of digital assets held for sale, and the recognition of income associated to blockchain staking rewards which are reflected in “Other income, net” in the Condensed Consolidated Statements of Operations. No realized gains were recorded for digital assets held as collateral, as the liquidation of collateral reduces the corresponding liability and cash proceeds are applied to the borrower’s personal loan balance.
(E)Represents distributions of digital assets received from SOL Opportunity Fund L.P. (“Domestic Solana Fund”), a domestic fund that invests primarily in SOL.
The following table summarizes activities involving the Company’s digital assets held as collateral and held for sale for the years ended December 31, 2024 and 2023:
Held as CollateralHeld for Sale
Balance at December 31, 2022
$2,025 $931 
Purchases— 817 
Gains(A)
— 4,474 
Collateral returned(2,025)— 
Impairment of digital assets— (572)
Change in fair value— 215 
Balance at December 31, 2023
— 5,865 
Purchases— 26,785 
Sales— (16,092)
Collateral received72,512 — 
Contribution from Related Party— 1,500 
Distributions from Fund I— 547 
Gains(A)
— 2,471 
Collateral returned(8,073)— 
Impairment of digital assets— (5,859)
Change in fair value— 7,910 
Balance at December 31, 2024
$64,439 $23,127 
__________________
(A)Realized gains and losses incurred on the sale of digital assets held for sale are reflected in Other income (expense), net on the Consolidated Statements of Operations. No realized gains or losses were recorded for digital assets held as collateral, as no sales occurred during the years ended December 31, 2024 and 2023.
Schedule of Investment The following table presents the carrying value of these investments at September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Equity Method Investees
Domestic Solana Fund(A)
$3,916 $5,748 
Reflow(B)
50 920 
Fig SIX(C)
2,477 — 
6,443 6,668 
Measurement Alternative Investments
JAM FINTOP(D)
1,337 1,542 
Total Equity Investments$7,780 $8,210 
__________________
(A)Represents a 4.8% equity interest in Domestic Solana Fund at September 30, 2025 and December 31, 2024.
(B)Represents a 17.3% interest in Reflow Services LLC (“Reflow”), an SEC-registered investment adviser, at September 30, 2025 and December 31, 2024.
(C)Represents a 5.0% equity interest in Fig SIX Mortgage, LLC (“Fig SIX”), a company domiciled in the United States of America, at September 30, 2025.
(D)Represents a 1.0% equity interest in JAM FINTOP Blockchain LP (“JAM FINTOP”), an investment company domiciled in the United States of America, at September 30, 2025 and December 31, 2024.
The following table presents the carrying value of these investments at December 31, 2024 and 2023:
December 31,
20242023
Equity Method Investees
Domestic Solana Fund(A)
$5,748 $— 
Reflow(B)
920 477 
6,668 477 
Measurement Alternative Investments
JAM FINTOP(C)
1,542 1,542 
Total Equity Investments
$8,210 $2,018 
__________________
(A)Represents a 4.8% equity interest in SOL Opportunity Fund L.P. (“Domestic Solana Fund”) as of December 31, 2024, a domestic fund that invests primarily in Solana tokens.
(B)Represents a 17.3% interest in Reflow Services LLC (“Reflow”) at December 31, 2024 and 2023.
(C)Represents a 1.0% equity interest in JAM FINTOP Blockchain LP (“JAM FINTOP”) as of December 31, 2024 and 2023, an investment company domiciled in US.