
	March 31, 2026		December 31, 2025

Prepaid expenses and other current assets

Cash collateral pledged	—		16,400
Prepaid expenses	12,529		14,164
Stablecoin	16,285		12,491
Prefunded clearing advance	4,500		4,500
Equity securities	239		357
Derivative assets	148		69
Loan receivables	4,328		—
Other	4,928		4,159
Total prepaid expenses and other current assets	$	42,957	$	52,140

Other non-current assets
Lease right-of-use assets, net	$	16,402	$	18,559
Strategic investments	9,128		9,428
Warrant derivative(1)	757		851
Warrant receivable(2)	6,493		6,493
Other	5,362		5,377
Total other non-current assets	$	38,142	$	40,708
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(1) Warrant derivative represents the vested warrants received in connection with an advisory agreement. The vested warrants meet the definition of a derivative under ASC 815, Derivatives and Hedging, and are subject to fair value adjustments. As of both March 31, 2026 and December 31, 2025, 40% of the warrants' vesting conditions had been met. Refer to Note 6. Fair Value Measurements.
(2) The warrant receivable represents a contract asset initially measured at fair value of $10.8 million. As of both March 31, 2026 and December 31, 2025, $4.3 million had vested, resulting in a remaining contract asset of $6.5 million.

The Company accounts for investments under the measurement alternative method whereby they are measured at cost, less impairment, subject to upward and downward adjustments resulting from observable price changes for identical or similar investments of the same issuer. The changes in the carrying value of strategic investments are accounted for under the measurement alternative are presented below (in thousands):


	Three Months Ended March 31,
	2026		2025
Carrying amount, beginning balance	$	9,428	$	10,638
Net reductions(1)	(300)		(587)


Carrying amount, ending balance	$	9,128	$	10,051
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(1) Includes additions from purchases, reductions due to exits of securities and reclassifications due to changes to capital structure.