v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
March 31, 2026
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$— $— $— $— 
Restricted cash equivalents:
Money market funds1,689 — — 1,689 
Crypto assets held:
Bitcoin262,110 — — 262,110 
Ether5,283 — — 5,283 
Other crypto assets4,563 — — 4,563 
Accounts receivable, net:
Derivative assets(1)
— (629)— (629)
Prepaid expenses and other current assets:
Equity securities239 — — 239 
Crypto asset options— 139 — 139 
Crypto asset futures— 9 — 9 
Other non-current assets:
Warrants— — 757 757 
  Total assets$273,884 $(481)$757 $274,160 
Liabilities
Related party loans:
Derivative liabilities(1)
$— $8,233 $— $8,233 
Other current liabilities:
Crypto asset collateral payable— 480 — 480 
Crypto asset options— 139 — 139 
Crypto asset futures— 30 — 30 
  Total liabilities$— $8,882 $— $8,882 
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of March 31, 2026 and are disclosed in the table below.
December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$21,242 $— $— $21,242 
Restricted cash equivalents:
Money market funds$1,674 $— $— $1,674 
Crypto assets held:
Bitcoin420,635 — — 420,635 
Ether8,072 — — 8,072 
Other crypto assets10,915 — — 10,915 
Accounts receivable, net:
Derivative assets(1)
— (371)— (371)
Prepaid expenses and other current assets:
Equity securities357 — — 357 
Crypto asset options— 69 — 69 
Other non-current assets:
Warrants— — 851 851 
Total assets$462,895 $(302)$851 $463,444 
Liabilities
Related party loans:
Derivative liabilities(1)
$— $188,576 $— $188,576 
Other current liabilities:
Crypto asset collateral payable— 904 — 904 
Crypto asset options— 69 — 69 
Crypto asset futures— 13 — 13 
Total liabilities$— $189,562 $— $189,562 
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of December 31, 2025 and are disclosed in the table below.
Schedule of Roll-Forward of Level 3 Investments Measured on Recurring Basis
The following table is a roll-forward of Level 3 investments measured and recorded at fair value on a recurring basis (in thousands):

Level 3 Investments - Warrants
Three Months Ended March 31,
20262025
Beginning balance$851 $— 
Unrealized loss attributable to change in fair value(94)— 
Ending balance$757 $— 

Level 3 Investments - Convertible Notes
Three Months Ended March 31,
20262025
Beginning balance related party convertible notes$— $248,783 
Additions— 3,945 
OCI - Change in fair value attributable to instrument-specific credit risk— (1,222)
Unrealized loss attributable to change in fair value— 8,187 
Ending balance related party convertible notes$— $259,693 

Level 3 Investments - Term Loans
Three Months Ended March 31,
20262025
Beginning balance related party term loans$— $237,209 
Additions— 64,653 
OCI - Change in fair value attributable to instrument-specific credit risk— (3,105)
Unrealized loss attributable to change in fair value
— 55,547 
Ending balance related party term loans$— $354,304 
Schedule of Estimated Fair Values of our Financial Assets and Financial Liabilities Measured at Amortized Cost
The following tables summarize the estimated fair values of our financial assets and financial liabilities that are measured at amortized cost, and are not required to be carried at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026
Level 1Level 2Level 3
Total(1)
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents$215,623 $— $— $215,623 
Restricted cash and cash equivalents102,058 — — 102,058 
Customer custodial funds483,774 — — 483,774 
Accounts receivable, net(2)
7,549 — 25,555 33,104 
Total assets$809,004 $— $25,555 $834,559 
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customers$483,656 $— $— $483,656 
Third party loans— 75,349 — 75,349 
Related party loans(2)
— 244,341 — 244,341 
Funding debt— 140,457 — 140,457 
Total liabilities$483,656 $460,147 $— $943,803 
__________________
(1) The total carrying value is equal to the total estimated fair value for all financial assets and liabilities.
(2) Excludes the embedded derivatives which are measured and recorded at fair value as of March 31, 2026 and are disclosed in the table above.
December 31, 2025
Level 1Level 2Level 3
Total(1)
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents$252,215 $— $— $252,215 
Restricted cash and cash equivalents113,605 — — 113,605 
Customer custodial funds527,354 — — 527,354 
Accounts receivable, net(2)
7,280 — 23,978 31,258 
Total assets$900,454 $— $23,978 $924,432 
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customers$527,307 $— $— $527,307 
Third party loans— 75,151 — 75,151 
Related party loans(2)
— 215,355 — 215,355 
Funding debt— 154,374 — 154,374 
Total liabilities$527,307 $444,880 $— $972,187 
__________________
(1) The total carrying value is equal to the total estimated fair value for all financial assets and liabilities.
(2) Excludes the embedded derivatives which are measured and recorded at fair value as of December 31, 2025 and are disclosed in the table above.