v3.26.1
Prepaid Expenses and Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Assets
Prepaid expenses and other assets consisted of the following (in thousands):
March 31, 2026December 31, 2025
Prepaid expenses and other current assets
Cash collateral pledged— 16,400 
Prepaid expenses12,529 14,164 
Stablecoin16,285 12,491 
Prefunded clearing advance4,500 4,500 
Equity securities239 357 
Derivative assets148 69 
Loan receivables4,328 — 
Other4,928 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 investments9,128 9,428 
Warrant derivative(1)
757 851 
Warrant receivable(2)
6,493 6,493 
Other5,362 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.
Schedule of Carrying Value of Strategic Investments Accounted for under the Measurement Alternative 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,
20262025
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.