v3.26.1
Crypto Assets Held (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Crypto Assets Held At Fair Value
The following table presents a summary of the crypto assets held at fair value by the Company (in thousands except for units):

March 31, 2026
UnitsCost BasisFair Value
Bitcoin3,839 $254,690 $262,110 
Ether2,517 8,321 5,283 
Other crypto assets
nm(1)
10,372 4,563 
Total$273,383 $271,956 
__________________
(1) not meaningful
December 31, 2025
UnitsCost BasisFair Value
Bitcoin4,827 $235,186 $420,635 
Ether2,741 9,590 8,072 
Other crypto assets
nm(1)
11,862 10,915 
Total$256,638 $439,622 
__________________
(1) not meaningful
Schedule of Roll-forward of Crypto Assets Measured at Fair Value
The following table presents a roll-forward of the Company's crypto assets held measured at fair value (in thousands):
BitcoinEtherOtherTotal
Crypto assets held at December 31, 2024$412,115 $17,562 $40,424 $470,101 
Addition of crypto assets(1)(2)
696,251 430,434 39,693 1,166,378 
Disposition of crypto assets(1)(2)
(640,120)(441,969)(39,097)(1,121,186)
Realized gain on crypto assets(3)
77,347 33,704 5,123 116,174 
Realized loss on crypto assets(15,066)(29,589)(2,045)(46,700)
Unrealized gain (loss) on crypto assets(4)
(109,892)(2,070)(33,183)(145,145)
Crypto assets held at December 31, 2025$420,635 $8,072 $10,915 $439,622 
Addition of crypto assets
78,386 4,895 6,819 90,100 
Disposition of crypto assets
(141,825)(5,369)(9,595)(156,789)
Realized gain on crypto assets(3)
77 237 2,467 2,781 
Realized loss on crypto assets(12,492)(965)(1,192)(14,649)
Unrealized gain (loss) on crypto assets(4)
(82,671)(1,587)(4,851)(89,109)
Crypto assets held at March 31, 2026
$262,110 $5,283 $4,563 $271,956 
__________________
(1) Includes acquisitions of 1,434 Bitcoin and 86,321 Ether totaling $435.1 million and dispositions of 505 Bitcoin and 61,696 Ether totaling $192.4 million to manage collateral obligation under its loan agreements as of December 31, 2025. Refer to Note 2. Summary of Significant Accounting Policies for further details.
(2) Beginning in the third quarter of 2025, the Company began using certain customer collateral received under its rehypothecation rights. As a result, these assets are now presented in Crypto assets held on the condensed consolidated balance sheets. In prior periods, these assets were included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. Included in acquisitions is 132 Bitcoin totaling $11.5 million and in dispositions 5 Bitcoin and 1 Ether and Other crypto assets totaling $0.6 million related to customer collateral received under rehypothecation rights as of December 31, 2025.
(3) Excludes realized gain on Receivable, crypto assets pledged of $0 and $117.4 million as of March 31, 2026 and December 31, 2025, respectively.
(4) Excludes unrealized loss on Receivable, crypto assets pledged of $0 and $43.0 million as of March 31, 2026 and December 31, 2025, respectively.