DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the notional amount of derivative contracts outstanding

The following table summarizes information on derivative instruments by their location in the Condensed Consolidated Balance Sheets, with amounts representing the portions of the respective line items denominated in crypto assets, as measured in U.S. dollar equivalents (in thousands):


			Embedded Derivative
	Host		Gross Derivative Assets		Gross Derivative Liabilities		Aggregate Carrying Value
June 30, 2026
Accounts receivable, net	$	4,998	$	24,517	$	180	$	29,335
Short-term borrowings	344,615		123,100		42,767		264,282
Obligation to return collateral	2,147,595		507,041		4,497		1,645,051
Accrued expenses and other current liabilities(1)	12,148		23		—		12,125
Total fair value of derivatives			$	654,681	$	47,444

December 31, 2025
Accounts receivable, net	$	9,943	$	22,025	$	4,399	$	27,569

Short-term borrowings	363,705		32,446		923		332,182
Obligation to return collateral	888,523		126,962		61,266		822,827
Accrued expenses and other current liabilities	6,897		—		2		6,899
Total fair value of derivatives			$	181,433	$	66,590

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(1) Includes immaterial gross assets and liabilities of equal amounts, representing the fair values of crypto asset option contracts. Notional amounts, which are not recorded, totaled $282.7 million for each of the asset and liability, at June 30, 2026. Derivative notional amounts are reference amounts from which the fair value of derivatives are derived and do not represent a complete measure of the risk profile of the Company’s exposure to these derivative instruments.

Schedule of gains (losses) recorded in income

The impacts of gains (losses) on derivative instruments recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
		2026		2025		2026		2025
Short-term borrowings(1)		$	41,297	$	(69,671)	$	48,810	$	(17,703)
Obligation to return collateral(1)		301,107		(183,665)		436,848		(31,559)
Other(2)		6,871		14,056		16,129		(1,193)
Total		$	349,275	$	(239,280)	$	501,787	$	(50,455)

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(1)Changes in fair value are recognized in Transaction expense in the Condensed Consolidated Statements of Operations. The impact of changes in fair value of Crypto asset borrowings and Obligation to return collateral derivatives is naturally offset, at least in part, by the impact of changes in fair value of the associated naturally offsetting positions, which are also recognized in Transaction expense.

(2)Changes in fair value, including immaterial changes resulting from holding crypto asset option contracts, which have an equal and offsetting impact, are recognized in Other operating (income) expense, net or Other expense (income), net in the Condensed Consolidated Statements of Operations depending on the nature of the derivative.