v3.26.1
Digital Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Digital Assets Digital Assets
The table below outlines the fair value of the Company's digital assets based on publicly available rates as of the dates presented as well as the cost:
(in thousands, except units)
March 31, 2026
UnitsCost BasisFair Value
Bitcoin628$21,600 $42,760 
Ethereum1,8613,402 3,914 
Solana17,5412,895 1,455 
Other*102 100 
Digital assets$27,999 $48,229 
(in thousands, except units)
December 31, 2025
UnitsCost BasisFair Value
Bitcoin1,70453,449 149,164 
Ethereum1,8983,476 5,633 
Solana12,4732,385 1,552 
Other*102 98 
Digital assets$59,412 $156,447 

*Other digital assets unit balances are not considered meaningful.
The following table summarizes other operating activities settled in digital assets and stablecoins:
(in thousands)Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Revenues$(23,954)$(35,764)
Expenses12,991 6,376 
Conversion of digital assets and stablecoins to cash, net8,900 14,757 
Accounts receivable and other current assets1,514 439 
Payroll liabilities96 (624)
Currency translation related to digital assets101 (254)
Other operating activities settled in digital assets and stablecoins
$(352)$(15,070)

Token Arrangements

During the second quarter of fiscal year 2025, the Company sold its right to receive 6,666,667 of its 13,333,334 Magic Eden tokens from Eden Protocol Limited. The Company recognized a gain of $2.0 million on the sale of future token interests, which is presented in the consolidated statements of operations and comprehensive loss. As of March 31, 2026, the Company has received 2,222,060 Magic Eden tokens and has 4,444,607 tokens remaining to be received. The Company’s right to receive future Magic Eden token interests represents an embedded derivative, which had a fair value of zero as of March 31, 2026 and December 31, 2025.

During the three months ended March 31, 2026, in connection with the Company’s investment in the Promissory Note, the Company is entitled to receive 32,500 Promissory Note tokens which are subject to a 48-month vesting schedule, including a 12-month cliff followed by monthly vesting over the remaining term and other restrictions. As of March 31, 2026, the value of these tokens is $0.1 million.