v3.26.1
DERIVATIVES
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES
Derivatives not designated as hedging instruments
The Company enters into derivative contracts primarily for the purpose of trading, risk management, and hedging of operating costs. The Company recognized net derivative gain related to free-standing derivatives of $11.6 million and $116.9 million for the three and six months ended June 30, 2026, respectively, and $64.8 million and $95.8 million for the three and six months ended June 30, 2025, respectively.
The breakdown of the Company’s derivatives portfolio, as of June 30, 2026 and December 31, 2025 was as follows:
June 30, 2026
(in thousands)
Notional Amounts (1)
Derivative Assets
Derivative Liabilities
Digital assets
$
2,956,316 
$
97,213 
$
(122,432)
Foreign currencies
140,339 
887 
(3,739)
Equity securities
2,581,728 
21,063 
(21,320)
Interest rates
1,773,466 
1,387 
(1,768)
Commodities
62,608 
1,573 
(2,089)
7,514,457 
122,123 
(151,348)
Digital assets receivable
6,909 
6,389 
— 
Embedded derivatives — Digital assets borrowed
1,940,420 
429,102 
(3,151)
Embedded derivatives — Collateral payable
2,206,275 
406,041 
(14,499)
Embedded derivatives — Payable to customer
4,143 
344 
— 
December 31, 2025
(in thousands)
Notional Amounts (1)
Derivative Assets
Derivative Liabilities
Digital assets
$1,967,358 $72,815 $(33,656)
Foreign currencies
391,680 1,484 (424)
Equity securities
4,758,135 1,307 (5,103)
Interest rates
1,372,860 465 (189)
Commodities
82,763 2,767 (1,110)
8,572,796 
78,838 
(40,482)
Digital assets receivable
8,527 
8,497 
— 
Embedded derivatives — Digital assets borrowed
2,728,919 
321,651 
(10,000)
Embedded derivatives — Collateral payable
2,283,590 
358,743 
(36,057)
Embedded derivatives — Payable to customer
84,235 
854 
— 
_______________
(1)Notional amounts represent the U.S. Dollar denominated size of the underlying assets for the derivative instruments. While the notional amounts disclosed above give an indication of the volume of the Company’s derivatives activity, they do not accurately reflect the Company’s economic exposure as they do not reflect the Company’s long and short derivative positions.

The table below represents the breakdown of collateral payable and assets posted as collateral associated with derivative positions as of June 30, 2026 and December 31, 2025:
(in thousands)
June 30, 2026
December 31, 2025
Collateral payable — Digital assets
$
55,631 
$
24,747 
Collateral payable — Cash
107,543 
7,457 
Collateral payable associated with derivatives
$
163,174 
$
32,204 
Assets posted as collateral — Digital assets
— 
248 
Assets posted as collateral — Cash
1,128 
700 
Assets posted as collateral associated with derivatives
$
1,128 
$
948 
Derivatives designated as hedging instruments
The Company enters into derivatives designated as cash flow hedges to manage exposure to variability in future cash flows associated with interest payments.
The breakdown of the Company's portfolio of derivatives designated as hedging instruments as of June 30, 2026 and December 31, 2025 was as follows:
June 30, 2026December 31, 2025
(in thousands)
Notional Amounts
Derivative Assets
Derivative Liabilities
Notional Amounts
Derivative Assets
Derivative Liabilities
Interest rates
1,400,000 13,011 1,400,000 4,969 — 
Derivatives designated as cash flow hedges
$
1,400,000 
13,011 
— 
$
1,400,000 
4,969 
— 
The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges for the following periods:
Three months ended
Six months ended
(in thousands)
June 30, 2026June 30, 2026
Gain / (loss) recognized in OCI
3,492 8,043 
Derivatives designated as cash flow hedges
$
3,492 
$
8,043