| Fair Value Measurement |
The valuation techniques used by us when measuring fair value maximize the use of observable inputs and minimize the use of unobservable inputs.
| |
|
As of March 31, 2026
|
|
| |
|
Quoted
prices
in active
markets for
identical
assets
(Level 1)
|
|
|
Significant
other
observable
inputs
(Level 2)
|
|
|
Significant
unobservable
inputs
(Level 3)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Money market funds(1)
|
|
$
|
172,595.7 |
|
|
$
|
- |
|
|
$
|
- |
|
|
Repurchase agreements
|
|
|
- |
|
|
|
207,370.7 |
|
|
|
- |
|
|
Exchange traded funds(2)
|
|
|
553,168.3 |
|
|
|
- |
|
|
|
- |
|
|
Common stock(2)
|
|
|
973.9 |
|
|
|
- |
|
|
|
- |
|
|
Convertible note receivable
|
|
|
- |
|
|
|
- |
|
|
|
185,590.0 |
|
|
Digital assets
|
|
|
700,075.3 |
|
|
|
- |
|
|
|
- |
|
|
Digital assets pledged
|
|
|
- |
|
|
|
135,634.3 |
|
|
|
- |
|
|
Total assets measured at fair value
|
|
$
|
1,426,813.2 |
|
|
$
|
343,005.0 |
|
|
$
|
185,590.0 |
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Options premium liabilities(3)
|
|
$
|
723.3 |
|
|
$
|
- |
|
|
$
|
- |
|
|
Convertible notes
|
|
|
- |
|
|
|
- |
|
|
|
942,186.5 |
|
|
Total liabilities measured at fair value
|
|
$
|
723.3 |
|
|
$
|
- |
|
|
$
|
942,186.5 |
|
| |
|
As of December 31, 2025
|
|
| |
|
Quoted
prices
in active
markets for
identical
assets
(Level 1)
|
|
|
Significant
other
observable
inputs
(Level 2)
|
|
|
Significant
unobservable
inputs
(Level 3)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Money market funds(1)
|
|
$
|
101,800.4 |
|
|
$
|
- |
|
|
$
|
- |
|
|
Repurchase agreements
|
|
|
- |
|
|
|
305,053.3 |
|
|
|
- |
|
|
Exchange traded funds(2)
|
|
|
714,082.4 |
|
|
|
- |
|
|
|
- |
|
|
Purchased option assets(2)
|
|
|
7,986.7 |
|
|
|
- |
|
|
|
- |
|
|
Convertible note receivable
|
|
|
- |
|
|
|
- |
|
|
|
149,420.4 |
|
|
Digital assets
|
|
|
904,370.6 |
|
|
|
- |
|
|
|
- |
|
|
Digital assets pledged
|
|
|
- |
|
|
|
175,300.4 |
|
|
|
- |
|
|
Total assets measured at fair value
|
|
$
|
1,728,240.1 |
|
|
$
|
480,353.7 |
|
|
$
|
149,420.4 |
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Options premium liabilities(3)
|
|
$
|
21,433.9 |
|
|
$
|
- |
|
|
$
|
- |
|
|
Convertible notes
|
|
|
- |
|
|
|
- |
|
|
|
945,197.0 |
|
|
Total liabilities measured at fair value
|
|
$
|
21,433.9 |
|
|
$
|
- |
|
|
$
|
945,197.0 |
|
| (1) | Money market funds are reflected in cash, cash equivalents, and restricted cash in the consolidated balance sheets. |
| (2) | Reflected in equity securities in the consolidated balance sheets. |
| (3) | Reflected in accounts payable and accrued expenses in the consolidated balance sheets. |
|