DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities and Effect of Derivative Instruments

The table below presents our derivative assets and liabilities as shown on our Condensed Consolidated Balance Sheets:


(in thousands)		March 31, 2026
	Classification	Assets		Liabilities
Derivatives not designated as hedges:
Digital assets pledged as collateral	Digital assets pledged as collateral	$	111,829	$	—
Digital asset financing arrangements	Digital asset financing arrangements	—		82,986
Accrued crypto loan borrowing fees	Accounts payable and accrued expenses	—		184
Total		$	111,829	$	83,170


(in thousands)		December 31, 2025
	Classification	Assets		Liabilities
Derivatives not designated as hedges:
Digital assets pledged as collateral	Digital assets pledged as collateral	$	103,943	$	—
Digital asset financing arrangements	Digital asset financing arrangements	—		67,521
Accrued crypto loan borrowing fees	Accounts payable and accrued expenses	—		256
Total		$	103,943	$	67,777

The table below presents the effect of derivative instruments, included within (Loss) gain from derivative instruments as stated on our Condensed Consolidated Statements of Operations. We did not have derivative instruments as of March 31, 2025:


(in thousands)	Three Months Ended March 31, 2026
Digital assets pledged as collateral	$	(45,825)
Digital asset financing arrangements	22,869
Accounts payable	118
Total	$	(22,838)

Schedule of Securities Financing Transactions

The table below shows our outstanding collateralized financing arrangements in our Condensed Consolidated Balance Sheets:


(in thousands)	March 31, 2026		December 31, 2025
Solana (SOL)	$	41,885	$	29,315
PayPal USD (PYUSD)	12,358		12,062
Global Dollar (USDG)	8,256		—
Other(a)	2,782		5,598
Total	$	65,281	$	46,975
(a) No other digital asset or stablecoin accounted for 10% or more of total collateralized financing arrangements.