v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Digital assets, at fair value $ 65,873 $ 136,000
Marketable securities   698
Total assets   242,004
Liabilities:    
Accrued crypto loan borrowing fees   256
Total liabilities   67,777
Carrying Value    
Assets:    
Digital assets, at fair value 65,873 136,000
Digital assets pledged as collateral 111,829 103,943
Stablecoins 5,877 522
Debt securities   841
Marketable securities 554 698
Total assets 184,133 242,004
Liabilities:    
Digital asset financing arrangements 82,986 67,521
Accrued crypto loan borrowing fees 184 256
Total liabilities 83,170 67,777
Fair Value    
Assets:    
Digital assets, at fair value 65,873 136,000
Digital assets pledged as collateral 111,829 103,943
Stablecoins 5,877 522
Debt securities   841
Marketable securities 554  
Total assets 184,133  
Liabilities:    
Digital asset financing arrangements 82,986 67,521
Accrued crypto loan borrowing fees 184  
Total liabilities 83,170  
Fair Value | Level 1    
Assets:    
Digital assets, at fair value 17,851 30,156
Digital assets pledged as collateral 46,548 56,968
Stablecoins 5,877 522
Debt securities   841
Marketable securities 554 698
Total assets 70,830 89,185
Liabilities:    
Digital asset financing arrangements 82,986 67,521
Accrued crypto loan borrowing fees 184 256
Total liabilities 83,170 67,777
Fair Value | Level 2    
Assets:    
Digital assets, at fair value 48,022 105,844
Digital assets pledged as collateral 65,281 46,975
Stablecoins 0 0
Debt securities   0
Marketable securities 0 0
Total assets 113,303 152,819
Liabilities:    
Digital asset financing arrangements 0 0
Accrued crypto loan borrowing fees 0 0
Total liabilities 0 0
Fair Value | Level 3    
Assets:    
Digital assets, at fair value 0 0
Digital assets pledged as collateral 0 0
Stablecoins 0 0
Debt securities   0
Marketable securities 0 0
Total assets 0 0
Liabilities:    
Digital asset financing arrangements 0 0
Accrued crypto loan borrowing fees 0 0
Total liabilities $ 0 $ 0