v3.25.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Marketable Securities
The following table summarizes the Company’s marketable securities at December 31, 2025 and 2024:
December 31, 2025
Outstanding Face Amount(A)
Net Fair Value Adjustment
Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)
$202,358 $1,500 $203,858 
Below investment grade debt securities(D)
29,648 (521)29,127 
Residual interest securities(E)
40,803 (637)40,166 
Total marketable securities, at fair value$272,809 $342 $273,151 
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 marketable securities, at fair value$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.
(B)    The Company elected the fair value option for marketable securities; therefore, carrying value represents fair value. The total carrying value includes $231.8 million and $129.0 million of debt securities collateralized under repurchase agreements at December 31, 2025 and 2024, respectively. See Notes 6 and 12 for additional information regarding the retained interest facility and valuation of the Company’s marketable securities, respectively.
(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 20 and 11 non-rated securities with aggregate outstanding face amounts of $20.9 million and $15.1 million at December 31, 2025 and 2024, respectively, and 15 and 6 interest-only securities based upon aggregate outstanding principal amounts of $19.9 million and $9.1 million at December 31, 2025 and 2024, respectively.
Schedule of Digital Assets
The following table summarizes the significant digital assets held as collateral at December 31, 2025 and 2024:
December 31, 2025December 31, 2024
UnitsFair ValueUnitsFair Value
Digital assets held as collateral:
Bitcoin (BTC)527 46,119 531 $49,593 
Ethereum (ETH)2,173 6,450 4,457 14,846 
Total digital assets held as collateral$52,569 $64,439 
The following table summarizes digital assets held at fair value by the Company, and by third-party custodians on behalf of the Company, at December 31, 2025 and 2024:
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Digital assets held at fair value(A):
Solana (SOL)(B)
87,707 $10,731 $10,918 95,139 $10,110 $18,020 
United States Dollar Tether (USDT)958,734 959 959 1,002,506 1,003 1,003 
Kamino Liquidity PoolsVarious23,485 23,510 n.a.— — 
Other digital assets(C)
Various475 555 Various184 184 
Total digital assets held at fair value$35,650 $35,942 $11,297 $19,207 
(A) The Company reclassified payment stablecoins from “Digital assets” to “Cash and cash equivalents”, which resulted in a $2.4 million decrease to the previously reported total digital assets held cost basis and fair value as of December 31, 2024. See Note 2, Change in Accounting Principle, for further details.
(B)    Includes 53,071 Solana (“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.
(C)    Includes various other digital asset balances, none of which individually represented more than 5% of the fair value of total digital assets held at fair value.
Digital Assets Held at Cost
The Company records digital assets held at cost, net of impairment, in “Digital assets” in the Consolidated Balance Sheets. The following table summarizes digital assets held at cost by the Company, and by third-party custodians on behalf of the Company, at December 31, 2025 and 2024:
December 31, 2025December 31, 2024
UnitsCost BasisCarrying ValueUnitsCost BasisCarrying Value
Digital assets held at cost:
HASH(A)
19,873,741,886 $11,691 $11,691 15,002,914,730 $1,506 $1,506 
Total digital assets held at cost$11,691 $11,691 $1,506 $1,506 
(A)    Represents native utility tokens used by the Company as a medium of exchange (“HASH”), maintained by an affiliated entity. See Note 11 for additional information regarding the related party relationship.
Schedule of Activities Involving the Company’s Digital Assets Held as Collateral and Held For Sale
The following table summarizes activities involving the Company’s digital assets for the years ended December 31, 2025 and 2024:
Held as Collateral
Held at Fair Value(A)
Held at Cost
Balance at December 31, 2023$— $— $5,865 
Purchases(B)
— 11,558 — 
Sales(C)
— (3,279)— 
Collateral received(D)(E)
57,503 — — 
Collateral returned(D)(E)
(6,121)— — 
Gains(F)
— 2,471 — 
Contribution from Related Party— — 1,500 
Distributions from Fund I(G)
— 547 — 
Impairment of digital assets— — (5,859)
Change in fair value(E)(H)
13,057 7,910 — 
Balance at December 31, 202464,439 19,207 1,506 
Purchases(B)
— 26,943 3,864 
Sales(C)
— (8,922)(3,979)
Collateral received(D)
63,724 — — 
Collateral returned(D)
(71,500)— — 
Gains(F)
— 5,872 113 
Distributions from Fund I(G)
— 2,042 — 
Provenance Blockchain Foundation term note settlement(I)
— — 10,187 
Change in fair value(H)
(4,094)(9,200)— 
Balance at December 31, 2025$52,569 $35,942 $11,691 
(A) Period activity for the year ended December 31, 2024 has been recast to reflect the reclassification of payment stablecoins from “Digital assets” to “Cash and cash equivalents”. This change resulted in a $(15.2) million change to Purchases activity and a $12.8 million change to Sales activity for the year ended December 31, 2024. See Note 2, Change in Accounting Principle, for further details. There was no impact to the balance at December 31, 2023.
(B) Includes receipts of digital assets held for sale resulting from the disbursement of cash.
(C) Includes transactions related to the settlement and transfer of digital assets held for sale in exchange for the receipt of cash.
(D) 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.
(E) Change in fair value for digital assets held as collateral has been corrected to disclose the change in fair value for the year ended December 31, 2024 of $13.1 million. The correction resulted in a net decrease to collateral received and collateral returned for the year ended December 31, 2024 by the same amount.
(F) 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 (expense) income, net” in the 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.
(G) Represents distributions of digital assets received from SOL Opportunity Fund L.P. (“Domestic Solana Fund”), a domestic fund that invests primarily in SOL.
(H) There is a corresponding liability to return digital assets held as collateral that is an embedded derivative. The embedded derivative and the host contract are reported within “Other current liabilities” on the Consolidated Balance Sheets. The change in the fair value of the embedded derivative and the change in the digital assets held as collateral have a naturally offsetting relationship and are recorded within “Other (expense) income, net” on the Consolidated Statements of Operations.
(I) See Note 11 for information on the Provenance Blockchain Foundation term note settlement.
Schedule of Investment The following table presents the carrying value of these investments at December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Equity method investees:
Domestic Solana Fund(A)
$2,104 $5,748 
Reflow(B)
800 920 
Fig SIX(C)
2,477 — 
5,381 6,668 
Measurement alternative investments:
JAM FINTOP(D)
1,419 1,542 
Total equity investments$6,800 $8,210 
(A)    Represents a 4.8% equity interest in Domestic Solana Fund at December 31, 2025 and 2024.
(B)    Represents a 17.3% interest in Reflow Services LLC (“Reflow”), an SEC-registered investment adviser, at December 31, 2025 and 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 December 31, 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 December 31, 2025 and 2024.
Schedule of Changes In the Company’s Equity Investments equity investments:
Equity Method InvesteesMeasurement Alternative InvestmentsTotal
Balance at December 31, 2023$477 $1,542 $2,019 
Share of investee earnings3,698 — 3,698 
Dividends received(854)— (854)
Additional contributions3,347 — 3,347 
Measurement alternative adjustmentsn.a.— — 
Balance at December 31, 2024$6,668 $1,542 $8,210 
Share of investee earnings(1,246)— (1,246)
Dividends received(2,643)— (2,643)
Additional contributions2,602 — 2,602 
Measurement alternative adjustmentsn.a.(123)(123)
Balance at December 31, 2025$5,381 $1,419 $6,800