| Schedule of Digital Assets |
The following table presents the Company’s significant digital asset holdings as of March 31, 2026 and December 31, 2025, respectively:
| | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | (in thousands, except for quantity) | | Quantity | | Cost Basis | | Fair Value | | Bitcoin | | 25,308 | | $ | 1,859,170 | | | $ | 1,726,995 | | Bitcoin - receivable (1) | | 9,995 | | 210,834 | | | 681,946 | | | | | | | | | | Total bitcoin holdings | | 35,303 | | 2,070,004 | | | 2,408,941 | | | | | | | | | Other digital assets | | | | 8,678 | | | 1,903 | | Total digital assets held as of March 31, 2026 | | | | $ | 2,078,682 | | | $ | 2,410,844 | |
| | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | (in thousands, except for quantity) | | Quantity | | Cost Basis | | Fair Value | | Bitcoin | | 38,507 | | $ | 3,277,867 | | | $ | 3,369,245 | | Bitcoin - receivable (1) | | 15,315 | | 1,075,665 | | | 1,340,055 | | | Total bitcoin holdings | | 53,822 | | 4,353,532 | | | 4,709,300 | | | | | | | | | Other digital assets | | | | 8,585 | | | 2,391 | | Total digital assets held as of December 31, 2025 | | | | $ | 4,362,117 | | | $ | 4,711,691 | |
(1) The Company’s bitcoin - receivable holdings include bitcoin loaned or pledged as collateral, excluding the allowance for credit loss. Refer to Note 5 – Digital Assets, “Digital assets - receivable, net,” and Note 13 – Debt, for further information.
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| Schedule of Digital Assets Receivable, Net |
Digital assets - receivable, net consists of the following:
| | | | | | | | | | | | | | | (in thousands) | | March 31, 2026 | | December 31, 2025 | | Digital asset receivable - lending | | $ | 391,730 | | | $ | 820,468 | | Digital asset receivable - trading | | 1 | | | 1 | | Digital asset receivable - borrowing | | 290,215 | | | 519,586 | | Total digital asset receivable | | 681,946 | | | 1,340,055 | | Less: Allowance for credit loss | | (1,425) | | | (3,187) | | Digital assets - receivable, net | | $ | 680,521 | | | $ | 1,336,868 | |
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