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BITCOIN
 6 Months Ended
Jun. 30, 2026
Crypto Asset [Abstract]  
BITCOIN BITCOIN
The following table presents information about the Company’s bitcoin (in thousands):
For the Six Months Ended June 30,
20262025
Opening balance$125,400 $92,651 
Bitcoin received from equity investees2,772 13,857 
Bitcoin received from mining activities60,129 67,270 
Bitcoin received from loan- 16,551 
Bitcoin paid for interest on loan- (140)
Proceeds from sales of bitcoin(123,428)(121,352)
Realized (loss) gains on sales of bitcoin, net(47,732)8,557 
Unrealized gains (losses) on fair value of bitcoin20,661 (3,035)
Realized loss on bitcoin transferred to collateral, net(1)
- (3,195)
Bitcoin transferred from collateral, net
- 40,925 
Ending balance$37,802 $112,089 
The Company held approximately 646 and 1,433 bitcoin at June 30, 2026, and December 31, 2025, respectively. The associated fair values and cost bases of bitcoin held were $37.8 million, and $45.9 million, respectively, at June 30, 2026,
and $125.4 million, and $154.1 million, respectively at December 31, 2025. Fair value of bitcoin is estimated using the closing price at 23:59:59 UTC in the Company’s principal market, which is a Level 1 input (i.e., an observable input such as a quoted price in an active market for an identical asset). The Company accounts for bitcoin on a first-in-first-out (“FIFO”) basis.
Additionally, the Company may pledge bitcoin as collateral related to bitcoin trading strategies. As of June 30, 2026, the Company had 53 bitcoin with a fair value of $3.1 million pledged as part of trading strategies. As of December 31, 2025 the Company had no bitcoin pledged as part of trading strategies.