v3.26.1
Crypto Asset Holdings (Tables)
 6 Months Ended
Jun. 30, 2026
Ethereum [Member]  
Crypto Asset, Holding [Line Items]  
Schedule of Crypto Assets At Fair Value

The following table sets forth the units held, cost basis and fair value of crypto assets held at fair value, as shown on the condensed consolidated balance sheet as of June 30, 2026:

 

Balance, June 30, 2026
in thousands, except number of ETH  Units   Cost Basis   Fair Value 
ETH   632,784   $2,432,200   $988,838 

 

The following table sets forth the units held, cost basis and fair value of crypto assets held at fair value, as shown on the condensed consolidated balance sheet as of December 31, 2025:

 

Balance, December 31, 2025
in thousands, except number of ETH  Units   Cost Basis   Fair Value 
ETH   640,026   $2,515,856   $1,899,683 
Schedule of Reconciliation of Crypto Assets

The following table represents a reconciliation of crypto assets held at fair value:

 

  

For the Six Months

Ended June 30, 2026

 
Fair value as of December 31, 2025  $1,899,683 
Purchases of ETH   16,110 
ETH received from traded LsETH   43,866 
Deposits of ETH into liquid staking activities   (197,455)
Receipt of ETH from redemption in liquid staking activities   32,497 
Receipt and accrual of ETH from native staking activities   18,693 
Receipt and accrual of ETH from liquid staking activities   2,650 
Protocol incentive rewards received in ETH from liquid staking activities   361 
Unrealized loss   (827,567)
Fair value as of June 30, 2026  $988,838 

 

The following table represents a reconciliation of crypto assets held at fair value:

 

  

For the Six Months

Ended June 30, 2025

 
Balance, December 31, 2024  $- 
Additions   529,214 
Deposits of ETH into liquid staking activities   (465,343)
Receipt and accrual of ETH from native staking activities   29 
Unrealized loss   (2,437)
Balance, June 30, 2025  $61,463 
 
Liquid Staked Ethereum [Member]  
Crypto Asset, Holding [Line Items]  
Schedule of Reconciliation of Crypto Assets

The following table represents a reconciliation of crypto assets held at cost, for LsETH and weETH specific activities:

 

  

For the Six Months

Ended June 30, 2026

 
Balance, December 31, 2025  $500,912 
LsETH traded for ETH   (42,129)
Receipt of weETH upon deposits of ETH into liquid restaking activities   205,844 
Redemptions of LsETH from liquid staking activities at cost less impairment   (28,671)
Receipt of LsETH for rebate rewards   438 
Receipt of weETH for protocol incentive rewards   517 
Impairment loss   (267,763)
Balance, June 30, 2026  $369,148 

 

The following table represents a reconciliation of crypto assets held at cost, for LsETH specific activities:

 

  

For the Six Months

Ended June 30, 2025

 
Balance, December 31, 2024  $- 
Receipt of LsETH into liquid staking activities   470,236 
Impairment loss   (87,813)
Balance, June 30, 2025  $382,423 
Schedule of Crypto Assets Crypto Assets at Cost

The following table sets forth the units held, the cost basis less prior year impairment, impairment amount during the six months ended June 30, 2026, and carrying amount of crypto assets held at cost less impairment, for LsETH and weETH as shown on the condensed consolidated balance sheet as of June 30, 2026:

 

in thousands, except number of LsETH and weETH  Units   Cost   Impairment   Net 
LsETH   163,083   $430,549   $(169,551)  $260,998 
weETH   66,267    206,362    (98,212)   108,150 
Total   229,350   $636,911   $(267,763)  $369,148 

 

The following table sets forth the units held, cost basis, impairment amount during the year ended December 31, 2025, and carrying amount of crypto assets held at cost less impairment, as shown on the condensed consolidated balance sheet as of December 31, 2025:

 

in thousands, except number of LsETH  Units   Cost   Impairment   Net 
LsETH   204,409   $641,120   $(140,208)  $500,912