v3.26.1
DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED
In the ordinary course of business, the Company enters into agreements to borrow digital assets to finance the Company’s trading operations. The Company may lend digital assets borrowed from counterparties or acquired through other operations. As of June 30, 2026 and December 31, 2025, no digital asset loans receivable were past due.
Digital Asset Loans Receivable, Net of Allowance
(in thousands)
June 30, 2026
December 31, 2025
Digital asset loans receivable
$782,577 
$
1,070,125 
Digital asset loans receivable - non-current
4,319 8,900 
Less: Allowance for credit losses
(216)(96)
Digital asset loans receivable, net
$
786,680 
$
1,078,929 
Collateral Payable Associated with Digital Asset Loans Receivable
(in thousands)
June 30, 2026
December 31, 2025
Collateral payable — Digital assets
$
972,503 
$
1,322,442 
Collateral payable — Cash
10,619 
10,617 
Collateral payable associated with digital asset loans receivable
$
983,122 
$
1,333,059 
Digital Assets Borrowed
(in thousands)
June 30, 2026
December 31, 2025
Digital assets borrowed — current
$
1,486,909 
$
2,361,161 
Digital assets borrowed — non-current
27,560 
56,107 
Digital assets borrowed
$
1,514,469 
$
2,417,268 
The Company borrows digital assets from both over-the-counter and decentralized finance sources. The most significant digital assets borrowings as of June 30, 2026 were USDC, bitcoin, ether, PYUSD and tether, including associated wrapped tokens, which represented approximately 89% of total Digital assets borrowed. The most significant digital assets borrowings as of December 31, 2025 were bitcoin, USDC, ether, tether and SOL, including associated wrapped tokens, which represented approximately 95% of total Digital assets borrowed.
Assets Posted as Collateral Associated with Digital Assets Borrowed, Current and Non-current
(in thousands)
June 30, 2026
December 31, 2025
Assets posted as collateral — Digital assets
$151,100 
$
186,514 
Less: Allowance for credit loss
(538)
(734)
Assets posted as collateral associated with digital assets borrowed
$
150,562 
$
185,780 
Collateral deposited in decentralized finance protocols associated with digital asset loans payable to the decentralized protocols are recognized in Digital intangible assets. Collateral posted with counterparties for which the Company retains control are also recognized in Digital intangible assets. Refer to Note 4 for additional information regarding Digital intangible assets.