| DIGITAL ASSETS |
DIGITAL ASSETS, AT FAIR VALUE The table below details the components of our digital assets, at fair value with units, cost basis amounts and fair value based on Level 1 inputs that use unadjusted quoted prices from active markets and Level 2 inputs for locked Solana ("SOL") balances which incorporates unadjusted quoted prices from active markets and observable market transactions. See Note 14—Fair Value Measurements for further discussion. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | (in thousands) | Units | | Cost Basis | | Fair Value | | Units | | Cost Basis | | Fair Value | | Solana (SOL) | 794 | | $ | 112,026 | | | $ | 65,871 | | | 1,093 | | $ | 155,366 | | | $ | 136,000 | | Other(a) | NM | | 2 | | | 2 | | | — | | — | | | — | | | Total digital assets, at fair value | NM | | $ | 112,028 | | | $ | 65,873 | | | 1,093 | | $ | 155,366 | | | $ | 136,000 | | | NM-Amounts are not meaningful. | | | | | | | | | | | |
(a) No other digital asset accounted for 10% or more of the total balance.Locked SOL A portion of our digital assets at fair value includes locked SOL, which we purchase below the spot rate, and cannot be withdrawn from the custodial accounts in which it is held for a predetermined period. Locked SOL may be staked to earn rewards while subject to vesting restrictions. The table below details the future release of our locked SOL, in notional amounts, which also includes collateral related to digital asset financing arrangement term loans of 560.4 thousand tokens: | | | | | | | (in thousands) | March 31, 2026 | | Remaining 2026 | 506 | | | 2027 | 600 | | | 2028 | 32 | |
The table below shows a reconciliation of activity of our digital assets, at fair value: | | | | | | | | | | | | | (in thousands) | March 31, 2026 | | December 31, 2025 | | Beginning balance | $ | 136,000 | | | $ | — | | | Purchases of Solana | — | | | 222,034 | | | Additions from validator, staking rewards and other | 2,301 | | | 8,967 | | | Additions from convertible notes | — | | | 31,962 | | | Additions from digital asset term loans | — | | | 60,695 | | | Additions from collateralized financing arrangements | 56,247 | | | 84,680 | | | Additions from the settlement of debt securities | 1,005 | | | 11,040 | | | Return of collateral on digital asset financing arrangements | 9,487 | | | 28,673 | | | | | | | | | | | | | | | Dispositions from purchase of debt securities | — | | | (18,458) | | | Dispositions from the sale of Solana | (16,337) | | | (14,997) | | | Repayments of digital asset term loans | — | | | (25,000) | | | Repayments of collateralized financing arrangements | (27,649) | | | (47,754) | | | Dispositions of collateral for digital asset financing arrangements | (33,067) | | | (169,044) | | | Net conversion activity and payments for expenses | (23,250) | | | (46,152) | | Unrealized losses from changes in fair value of digital assets(a) | (26,787) | | | (79,223) | | Unrealized gains from changes in fair value of digital assets(a) | — | | | 72,173 | | Realized loss from disposition activities(a) | (14,212) | | | (8,700) | | Realized gain from disposition activities(a) | 2,135 | | | 25,104 | | | Ending balance | $ | 65,873 | | | $ | 136,000 | |
(a) These amounts are included within Net loss (gain) on digital assets as stated on our Condensed Consolidated Statements of Operations. DIGITAL ASSETS, AT CARRYING VALUE The tables below summarize our digital assets, at carrying value with the respective gross and net carrying amounts, as well as fair value based on Level 2 inputs that use unadjusted quoted prices from active markets. | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | (in thousands) | Gross Carrying Amount | | Accumulated Impairments | | Net Carrying Amount | | Fair Value | | DFDV Staked SOL (dfdvSOL) | $ | 30,634 | | | $ | (10,959) | | | $ | 19,675 | | | $ | 21,342 | | | apyUSD | 5,151 | | | — | | | 5,151 | | | 5,177 | | | apxUSD | 3,809 | | | — | | | 3,809 | | | 3,809 | | Other(a) | 9,440 | | | (5,369) | | | 4,071 | | | 6,438 | | | Total digital assets, at carrying value | $ | 49,034 | | | $ | (16,328) | | | $ | 32,706 | | | $ | 36,766 | |
(a) No other digital asset accounted for 10% or more of the total balance. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | Gross Carrying Amount | | Accumulated Impairments | | Net Carrying Amount | | Fair Value | | DFDV Staked SOL (dfdvSOL) | $ | 67,396 | | | $ | (32,032) | | | $ | 35,364 | | | $ | 37,517 | | Other(a) | 15,196 | | | (4,796) | | | 10,400 | | | 10,552 | | | Total digital assets, at carrying value | $ | 82,592 | | | $ | (36,828) | | | $ | 45,764 | | | $ | 48,069 | |
(a) No other digital asset accounted for 10% or more of the total balance.
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