DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Company’s Derivatives Portfolio

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		—

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(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.

Schedule Of Collateral Payable Associated With 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

Schedule of Derivatives Designated as Hedging Instruments

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, 2026				December 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	—

Schedule of Derivatives Designated as Cash Flow Hedges And Derivative Hedges

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, 2026		June 30, 2026
Gain / (loss) recognized in OCI	3,492		8,043



Derivatives designated as cash flow hedges	$	3,492	$	8,043