In the general course of business, the Company offers fiat-denominated loans to counterparties against digital assets or other collateral. No loans receivable were on nonaccrual status as of June 30, 2026 or December 31, 2025.


(in thousands)	June 30, 2026		December 31, 2025
Loans receivable	$	947,657	$	554,622
Loans receivable, non-current	6,787		2,553
Less: allowance for credit loss	(249)		(173)
Loans receivable, current and non-current	$	954,195	$	557,002

Loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts

2026 (remaining)	$	927,180
2027	22,088
2028	3,688
2029	1,188
2030	300
2031	—
Loans receivable, current and non-current	$	954,444

Balances represent loan principal and exclude accrued interest receivable on loans.

Collateral Payable Associated with Loans Receivable, Current and Non-current


(in thousands)	June 30, 2026		December 31, 2025
Collateral payable — Digital assets	$	786,599	$	613,716
Collateral payable — Cash	171		1,192
Collateral payable associated with loans receivable, current and non-current	$	786,770	$	614,908

Interest income related to the Company’s Loans receivable was $12.0 million and $21.1 million for the three and six months ended June 30, 2026, respectively, and $14.1 million and $26.7 million for the three and six months ended June 30, 2025, respectively.