v3.26.1
COLLATERALIZED ARRANGEMENTS AND FINANCING
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
COLLATERALIZED ARRANGEMENTS AND FINANCING
6. COLLATERALIZED ARRANGEMENTS AND FINANCING
Lending and related collateral
The following table summarizes the Company’s institutional financing lending arrangements (in thousands):
June 30,December 31,
20262025
Fiat and payment stablecoin loan receivables$1,536,899 $1,340,213 
Crypto asset loan receivables35,455 14,479 
Total loan receivables(1)
$1,572,354 $1,354,692 
__________________
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of June 30, 2026 and December 31, 2025.
As of each of June 30, 2026 and December 31, 2025, the Company had three and four counterparties, respectively, each of whom accounted for more than 10% of the Company’s Loan receivables.
As of June 30, 2026 and December 31, 2025, the collateral requirements for all loans outstanding ranged from 100% to 300% of the fair value of the loan.
The following table summarizes assets the Company held and recognized as collateral relating to lending activity, with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
June 30, 2026
December 31, 2025
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Fiat and payment stablecoins(1)
N/AN/A$11,770 N/AN/A$4,056 
Bitcoin22,609 $1,656,622 $1,323,142 8,479 $810,055 $747,697 
Ethereum24,965 
58,234 
39,181 
16,041 
51,023 
47,731 
Crypto assets held as collateral
$1,714,856 
1,362,323 
$861,078 
795,428 
Total recognized lending collateral
$1,374,093 $799,484 
__________________
(1)Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
The following table summarizes collateral pledged by borrowers in lending arrangements with the Company, which the Company has not recognized as collateral nor as an obligation to return the collateral (in thousands):
June 30,
December 31,
20262025
Fiat and payment stablecoins$248,906 $303,983 
Crypto assets1,261,656 1,559,458 
Total customer collateral not recognized as collateral$1,510,562 $1,863,441 
Borrowings and related collateral
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed (in thousands, except units):
June 30, 2026
December 31, 2025
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Bitcoin
1,869 
$
153,766 
$
109,362 
1,920 
$
173,848 
$
167,989 
Ethereum
65,685 
129,732 
103,090 
43,536 
149,374 
129,162 
Other crypto assets(1)
nm
23,747 
16,624 
nm
27,145 
21,698 
Total borrowed
$
307,245 
$
229,076 
$
350,367 
$
318,849 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets borrowed.
The following table summarizes the units, cost basis, and fair value of Short-term borrowings (in thousands, except units):
June 30, 2026
December 31, 2025
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Payment stablecoins
N/A
N/A
$
274,913 
N/A
N/A
$
119,923 
Bitcoin
2,176 
$
172,425 
$
127,323 
2,035 
$
183,882 
$
178,022 
Ethereum
69,848 
136,551 
109,623 
43,941 
150,424 
130,363 
Other crypto assets(1)
nm
35,639 
27,336 
nm
29,399 
23,797 
Total crypto asset borrowings
344,615 
264,282 
$
363,705 
332,182 
Total short-term borrowings
$
539,195 
$
452,105 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total crypto asset borrowings.
As of June 30, 2026 and December 31, 2025, the weighted average annual fees on Short-term borrowings were 3.7% and 3.5%, respectively.
The fair value of the Company’s corporate assets pledged as collateral against Short-term borrowings, presented in Restricted cash and cash equivalents, consisted of the following (in thousands):
June 30, 2026
December 31, 2025
Payment stablecoins$193,846 $236,308 
Derivatives collateral
The Company also has collateralized derivative arrangements, whereby it enters into crypto asset derivative contracts with customers, primarily to provide liquidity for global derivatives trading. The following table summarizes customer-pledged derivatives collateral presented in the Condensed Consolidated Balance Sheets as Crypto assets held as collateral, with a corresponding obligation to return the collateral to the customer (in thousands, except units):
June 30, 2026
December 31, 2025
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Bitcoin
4,794 
$
430,014 
$
280,564 
100 
$
8,732 
$
8,750 
Ethereum
1,379 
2,725 
2,164 
6,286 
18,713 
18,649 
Total recognized derivatives collateral
$
432,739 
$
282,728 
$
27,445 
$
27,399 
As of June 30, 2026 and December 31, 2025, the collateral requirements for outstanding derivatives were at least 100% of the derivative notional value.