Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of March 31, 2026 (in thousands):


	March 31, 2026
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	960	$	139	$	(139)
Crypto asset futures	2,269		9		(30)
Total			$	148	$	(169)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2025 (in thousands):


	December 31, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	3,268	$	69	$	(69)
Crypto asset futures	9,328		—		(13)
Total			$	69	$	(82)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

Schedule of Derivative Liabilities at Fair Value

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of March 31, 2026 (in thousands):


	March 31, 2026
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	960	$	139	$	(139)
Crypto asset futures	2,269		9		(30)
Total			$	148	$	(169)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2025 (in thousands):


	December 31, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	3,268	$	69	$	(69)
Crypto asset futures	9,328		—		(13)
Total			$	69	$	(82)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

Schedule of Gain (Loss) on Changes in the Fair Value

Gain (loss) on changes in the fair value of options and futures recorded in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss were as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Derivative assets
Crypto asset options		5,020		380
Crypto asset futures		4,398		5,639
Total		$	9,418	$	6,019

Derivative liabilities
Crypto asset options		$	(3,966)	$	(1,414)
Crypto asset futures		(2,129)		(1,375)
Total		$	(6,095)	$	(2,789)

Schedule of Breakdown of Crypto Asset Collateral Associated with Derivative Positions

The below table represents the breakdown of crypto asset collateral associated with derivative positions (in thousands):


	March 31, 2026		December 31, 2025
Crypto assets held as collateral meeting the recognition criteria	$	480	$	904
Crypto assets held as collateral not meeting the recognition criteria	$	—	$	—
Crypto assets pledged as collateral not meeting the derecognition criteria	$	6,437	$	2,791