
	At December 31,
	2023		2024		2025
	(in thousands)
Cash at banks	$	5,697	$	9,085	$	6,533
Cash equivalents	8		8		6,853
Short-term deposits	—		53,000		—
Cash, cash equivalents and deposits	$	5,705	$	62,093	$	13,386

Cash at banks earns no interest. Cash equivalents in money market funds and short-term deposits are invested for short-term periods depending on the immediate cash requirements of the Company, and earn interest at market rates for short-term investments. At December 31, 2025, cash equivalents included $6.9 million held in the trading portfolio at the custodian for digital assets. The Company may hold cash in this account for brief periods after the sale of digital assets before being transferred to a commercial bank account.

The fair value of cash, cash equivalents and short-term deposits is equal to book value. Most of the cash, cash equivalents and short-term deposits is held in U.S. dollar and euros as follows:


	At December 31,
	2023		2024		2025
	(in thousands)
U.S. dollar denominated accounts	$	5,250	$	61,189	$	12,758
Euro denominated accounts	91		509		202
GBP denominated accounts	319		130		154
SGP denominated accounts	13		24		10
NIS denominated accounts	1		214		182
CHF denominated accounts	—		—		44
RMB denominated accounts	10		17		22
Other currencies denominated accounts	21		10		14
Cash, cash equivalents and short-term deposits	$	5,705	$	62,093	$	13,386