Accounts Receivable and Allowance for Credit Losses

6 Months Ended

Jun. 30, 2026

Accounts Receivable and Allowance for Credit Losses

The following table presents accounts receivable, net for the periods presented (in thousands).


	As of
	June 30, 2026		December 31, 2025
Accounts receivable	$	19,303	$	17,734
Allowance for credit losses	(1,946)		(1,960)
Accounts receivable, net	$	17,357	$	15,774

The following table presents a roll forward of allowance for credit losses for the periods presented (in thousands).


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Balance at beginning of period	$	1,427	$	2,894	$	1,960	$	2,467
Credit loss expense for the period	748		94		530		802
Bad debt write-offs	(229)		(468)		(544)		(749)
Balance at end of period	$	1,946	$	2,520	$	1,946	$	2,520

Loan Receivables and Digital Intangible Assets Loan Receivables

Loan receivables for the periods presented are as follows (in thousands):


	As of
	June 30, 2026		December 31, 2025
Beginning balance	$	176,655	$	87,488
Origination of loan receivable	100,241		305,576
Repayment of loan receivable	(119,485)		(216,409)
Ending balance	$	157,411	$	176,655

All loan receivables are substantially overcollateralized. In the event that the value of the collateral falls below a specific threshold, the Company has the ability to make collateral calls to request that the borrower deposit additional capital. After a prespecified period of time, the Company may call the loan to the borrower and in the event of nonpayment liquidate the collateral as satisfaction of the loan. The Company’s policy is to regularly evaluate its credit exposure to each borrower to determine whether to provide an allowance for loan loss. As of June 30, 2026 and December 31, 2025, no loan receivable are past due, and Company did not record an allowance for credit losses.

Digital intangible assets loan receivables for the periods presented are as follows (in thousands, except unit data):


	As of
	June 30, 2026
	Bitcoin (“BTC”)			Solana (“SOL”)			Other	Total
	Units	$		Units	$			$		$
Balance as of June 30, 2026	—	$	—	75,000	$	5,514		$	4,800	$	10,314
Balance as of June 30, 2026 - cost basis		$	—		$	12,550		$	3,196	$	15,746


	As of
	December 31, 2025
	Bitcoin (“BTC”)			Solana (“SOL”)			Other	Total
	Units	$		Units	$			$		$
Balance as of December 31, 2025	—	$	—	165,000	$	20,539		$	10,235	$	30,774
Balance as of December 31, 2025 - cost basis		$	—		$	36,098		$	10,628	$	46,726

As of June 30, 2026 and December 31, 2025, all loans outstanding were classified as current.

The Company may require cash or digital asset collateral from its borrowers as security in the event of borrower default. The Company recognizes an obligation to return the cash collateral or digital asset collateral in an amount equal to either the cash or the digital assets received. Total collateral as of June 30, 2026 and December 31, 2025, was $302.5 million and $400.1 million, respectively.