FAIR VALUE MEASUREMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Recurring Basis at Fair Value |
Items measured on a recurring basis at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets | | | | | | | | | Digital financial assets | | $ | 851,783 | | | $ | 203,872 | | | $ | — | | | $ | 1,055,655 | | Digital intangible assets at fair value | | 1,559,442 | | | 135,880 | | | — | | | 1,695,322 | | | | | | | | | | | Digital asset loans receivable, net of allowance — Financial assets | | — | | | 572,639 | | | — | | | 572,639 | | Digital assets receivable | | — | | | 159 | | | 6,230 | | | 6,389 | | | | | | | | | | | Derivative assets | | 88,297 | | | 46,837 | | | — | | | 135,134 | | Embedded derivative — Collateral payable — Digital assets | | — | | | 406,041 | | | — | | | 406,041 | | Embedded derivative — Digital assets borrowed | | — | | | 429,102 | | | — | | | 429,102 | | Embedded derivative - Payable to customer | | — | | | 344 | | | — | | | 344 | | Investments(1) | | 676,848 | | | 37,353 | | | 386,313 | | | 1,100,514 | | | | $ | 3,176,370 | | | $ | 1,832,227 | | | $ | 392,543 | | | $ | 5,401,140 | | Liabilities | | | | | | | | | Investments sold short(2) | | $ | 59,926 | | | $ | 1,854 | | | $ | — | | | $ | 61,780 | | | | | | | | | | | Derivative liabilities | | 122,979 | | | 28,369 | | | — | | | 151,348 | | | | | | | | | | | Embedded derivative — Digital assets borrowed | | — | | | 3,151 | | | — | | | 3,151 | | Embedded derivative — Collateral payable | | — | | | 14,499 | | | — | | | 14,499 | | | | | | | | | | | | | $ | 182,905 | | | $ | 47,873 | | | $ | — | | | $ | 230,778 | |
__________________ (1)Excludes equity securities measured utilizing net asset value as a practical expedient of $298.3 million and investments utilizing the measurement alternative of $143.3 million as they are without readily determinable fair values. (2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets | | | | | | | | | Digital financial assets | | $ | 694,991 | | | $ | 293,630 | | | $ | — | | | $ | 988,621 | | | | | | | | | | | | | | | | | | | | Digital intangible assets at fair value | | 2,636,173 | | | 108,021 | | | — | | | 2,744,194 | | Digital asset loans receivable, net of allowance — Financial assets | | — | | | 374,308 | | | — | | | 374,308 | | Digital assets receivable | | — | | | 43 | | | 8,454 | | | 8,497 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative assets | | 69,548 | | | 14,259 | | | — | | | 83,807 | | | | | | | | | | | Embedded derivative — Collateral payable | | — | | | 358,743 | | | — | | | 358,743 | | Embedded derivative — Digital assets borrowed | | — | | | 321,651 | | | — | | | 321,651 | | Embedded derivative — Payable to customer | | — | | | 854 | | | — | | | 854 | | Investments (1) | | 761,408 | | | 29,313 | | | 495,372 | | | 1,286,093 | | | | $ | 4,162,120 | | | $ | 1,500,822 | | | $ | 503,826 | | | $ | 6,166,768 | | Liabilities | | | | | | | | | Investments sold short (2) | | $ | 59,893 | | | $ | — | | | $ | — | | | $ | 59,893 | | | | | | | | | | | Derivative liabilities | | 32,486 | | | 7,996 | | | — | | | 40,482 | | | | | | | | | | | Embedded derivative — Digital assets borrowed | | — | | | 10,000 | | | — | | | 10,000 | | Embedded derivative — Collateral payable | | — | | | 36,057 | | | — | | | 36,057 | | | | | | | | | | | | | | | | | | | | | | $ | 92,379 | | | $ | 54,053 | | | $ | — | | | $ | 146,432 | |
__________________ (1)Excludes equity securities measured utilizing net asset value as a practical expedient of $287.0 million and equity securities utilizing the measurement alternative of $159.2 million as they are without readily determinable fair values. (2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.
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| Schedule of Assets and Liabilities Measured and Reported at Fair Value |
The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the periods ended June 30, 2026 and December 31, 2025, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) Assets | | Fair value, Beginning Balance | | Purchases | | Sales /Distributions | | Net Realized Gain / (Loss) | | Net Unrealized Gain / (Loss) | | Transfers in /(out) of Level 3 | | Fair value, Ending Balance | Digital intangible assets | | | | | | | | | | | | | | | June 30, 2026 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | December 31, 2025 | | $ | 20,457 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (20,457) | | | $ | — | | Digital assets receivable | | | | | | | | | | | | | | | June 30, 2026 | | $ | 8,454 | | | $ | — | | | $ | — | | | $ | — | | | $ | (949) | | | $ | (1,275) | | | $ | 6,230 | | December 31, 2025 | | $ | 60,492 | | | $ | 2,250 | | | $ | — | | | $ | — | | | $ | (3,724) | | | $ | (50,564) | | | $ | 8,454 | | Investments | | | | | | | | | | | | | | | June 30, 2026 | | $ | 495,372 | | | $ | 15,666 | | | $ | (17,950) | | | $ | 2,602 | | | $ | (62,133) | | | $ | (47,244) | | | $ | 386,313 | | December 31, 2025 | | $ | 524,573 | | | $ | 500,456 | | | $ | (354,924) | | | $ | 169,999 | | | $ | (91,976) | | | $ | (252,756) | | | $ | 495,372 | | Embedded derivative — Notes payable | | | | | | | | | | | | | | | June 30, 2026 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | December 31, 2025 | | $ | 136,192 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (136,192) | | | $ | — | |
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| Schedule of Assets and Liabilities Measured and Reported at Fair Value |
The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the periods ended June 30, 2026 and December 31, 2025, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) Assets | | Fair value, Beginning Balance | | Purchases | | Sales /Distributions | | Net Realized Gain / (Loss) | | Net Unrealized Gain / (Loss) | | Transfers in /(out) of Level 3 | | Fair value, Ending Balance | Digital intangible assets | | | | | | | | | | | | | | | June 30, 2026 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | December 31, 2025 | | $ | 20,457 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (20,457) | | | $ | — | | Digital assets receivable | | | | | | | | | | | | | | | June 30, 2026 | | $ | 8,454 | | | $ | — | | | $ | — | | | $ | — | | | $ | (949) | | | $ | (1,275) | | | $ | 6,230 | | December 31, 2025 | | $ | 60,492 | | | $ | 2,250 | | | $ | — | | | $ | — | | | $ | (3,724) | | | $ | (50,564) | | | $ | 8,454 | | Investments | | | | | | | | | | | | | | | June 30, 2026 | | $ | 495,372 | | | $ | 15,666 | | | $ | (17,950) | | | $ | 2,602 | | | $ | (62,133) | | | $ | (47,244) | | | $ | 386,313 | | December 31, 2025 | | $ | 524,573 | | | $ | 500,456 | | | $ | (354,924) | | | $ | 169,999 | | | $ | (91,976) | | | $ | (252,756) | | | $ | 495,372 | | Embedded derivative — Notes payable | | | | | | | | | | | | | | | June 30, 2026 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | December 31, 2025 | | $ | 136,192 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (136,192) | | | $ | — | |
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| Schedule of Significant Unobservable Inputs Used for Assets and Liabilities |
The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured and reported at fair value and categorized within Level 3 as of June 30, 2026 and December 31, 2025, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Instrument | | Fair Value at June 30, 2026 (in thousands) | | Significant Unobservable Inputs | | Range | | Weighted Average | | | | | | | | | | Digital assets receivable | | $ | 6,230 | | | Marketability discount | | 2.9% - 66.7% | | 47.2% | Investments | | $ | 386,313 | | | Time to liquidity event (years) | | 2.2 - 5.0 | | 4.7 | | | | | Annualized equity volatility | | 70.0% - 90.0% | | 87.5% | | | | | Risk free rate | | 3.8% - 4.2% | | 4.1% | | | | | Market adjustment discount | | 25.0% - 90.0% | | 36.8% | | | | | Market adjustment premium | | 20.0% - 50.0% | | 26.1% | | | | | Marketability discount | | 0.6% - 20.0% | | 19.8% | | | | | Expected dividend payout ratio | | —% | | —% | | | | | Enterprise value to LTM revenue multiple | | 6.0x | | 6.0x | | | | | Enterprise value to projected revenue | | 2x - 26.3x | | 4x | | | | | Enterprise value to annualized revenue | | 2.0x - 2.5x | | 2.1x | | | | | Enterprise value to ARR | | 8.0x - 26.9x | | 17.4x | | | | | Enterprise value to gross profit | | 6.0x | | 6.0x | | | | | Recovery percentage | | 3.6% - 44.0% | | 37.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Instrument | | Fair Value at December 31, 2025 (in thousands) | | Significant Unobservable Inputs | | Range | | Weighted Average | Digital assets receivable | | $ | 8,454 | | | Marketability discount | | 3.3% - 72.3% | | 49.3% | Investments | | $ | 495,372 | | | Time to liquidity event (years) | | 0.0 - 10.0 | | 4.8 | | | | | Annualized equity volatility | | 60.0% - 90.0% | | 81.7% | | | | | Risk free rate | | 3.5% - 4.2% | | 3.8% | | | | | Market adjustment discount | | 25.0% - 90.0% | | 46.9% | | | | | Market adjustment premium | | 50.0% - 180.0% | | 102.9% | | | | | Marketability discount | | 13.8% - 35.0% | | 23.8% | | | | | Expected dividend payout ratio | | —% | | —% | | | | | Enterprise value to LTM revenue multiple | | 2.5x - 3.3x | | 3.1x | | | | | Enterprise value to projected revenue | | 3.0x - 5.0x | | 4.4x | | | | | Enterprise value to annualized revenue | | 5.0x - 9.0x | | 7.0x | | | | | Enterprise value to ARR | | 3.0x - 13.0x | | 12.0x | | | | | Enterprise value to gross profit | | 6.0x | | 6.0x | | | | | Recovery percentage | | 36.0% | | 36.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Financial Instruments not Measured at Fair Value |
The following table presents the fair value of financial instruments not measured at fair value in the Company’s condensed consolidated interim statements of financial position. This table excludes non-financial assets and liabilities. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | (in thousands) | | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | | $ | 895,744 | | | $ | 895,744 | | | $ | 895,744 | | | $ | — | | | $ | — | | Assets posted as collateral – Cash | | 1,128 | | | 1,128 | | | — | | | 1,128 | | | — | | Accounts receivable | | 86,453 | | | 86,453 | | | — | | | 86,453 | | | — | | Loans receivable | | 954,195 | | | 954,195 | | | — | | | 954,195 | | | — | | Total Assets | | $ | 1,937,520 | | | $ | 1,937,520 | | | $ | 895,744 | | | $ | 1,041,776 | | | $ | — | | Accounts payable and accrued liabilities | | $ | 306,839 | | | $ | 306,839 | | | $ | — | | | $ | 306,839 | | | $ | — | | Notes payable | | 3,262,758 | | | 3,482,734 | | | — | | | 2,214,478 | | | 1,268,257 | | Collateral payable — Cash | | 118,331 | | | 118,333 | | | — | | | 118,333 | | | — | | Payable to customers — Cash | | 76,920 | | | 76,924 | | | — | | | 76,924 | | | — | | Loans payable | | 286,715 | | | 286,715 | | | — | | | 286,715 | | | — | | Settlement liability | | 113,841 | | | 113,101 | | | — | | | 113,101 | | | — | | Total Liabilities | | $ | 4,165,404 | | | $ | 4,384,646 | | | $ | — | | | $ | 3,116,390 | | | $ | 1,268,257 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | (in thousands) | | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | Cash and cash equivalents | | $ | 1,246,240 | | | $ | 1,246,240 | | | $ | 1,246,240 | | | $ | — | | | $ | — | | Assets posted as collateral – Cash | | 700 | | 700 | | — | | | 700 | | | — | | Accounts receivable | | 34,012 | | 34,012 | | — | | | 34,012 | | — | | Loans receivable | | 557,002 | | | 557,002 | | | — | | | 557,002 | | | — | | Total Assets | | $ | 1,837,954 | | | $ | 1,837,954 | | | $ | 1,246,240 | | | $ | 591,714 | | | $ | — | | Accounts payable and accrued liabilities | | $ | 277,663 | | | $ | 277,663 | | | $ | — | | | $ | 277,663 | | | $ | — | | Notes payable | | 2,861,055 | | | 2,864,110 | | | — | | | 1,986,123 | | | 877,987 | | Collateral payable — Cash | | 19,266 | | | 19,266 | | | — | | | 19,266 | | | — | | Payable to customers — Cash | | 2,359 | | | 2,359 | | | — | | | 2,359 | | | — | | Loans payable | | 52,626 | | | 52,626 | | | — | | | 52,626 | | | — | | Settlement liability | | 151,034 | | | 148,775 | | | — | | | 148,775 | | | — | | Total Liabilities | | $ | 3,364,003 | | | $ | 3,364,799 | | | $ | — | | | $ | 2,486,812 | | | $ | 877,987 | |
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