v3.26.1
Digital Intangible Assets Collateral
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Digital Intangible Assets Collateral Digital Intangible Assets
The following table summarizes digital intangible assets (in thousands, except unit data):

As of
June 30, 2026
Bitcoin (“BTC”)Solana (“SOL”)USDT (“USDT”)OtherTotal
Units$Units$Units$$$
Balance as of June 30, 2026 - fair value5,207$304,873 400,797 $29,467 18,859,453 $18,858 $38,147 $391,345 
Balance as of June 30, 2026 - cost basis$345,691 $33,948 $18,546 $59,419 $457,604 

As of
December 31, 2025
Bitcoin (“BTC”)Solana (“SOL”)USDT (“USDT”)OtherTotal
Units$Units$Units$$$
Balance as of December 31, 2025 - fair value basis3,138$274,508 274,430 $34,161 21,433,477 $21,432 $14,359 $344,460 
Balance as of December 31, 2025 - cost basis$192,662 $34,833 $21,424 $20,256 $269,175 

Significant holdings are those digital assets that represent more than 10% of the Company’s digital assets at each balance sheet date. As of June 30, 2026, the Company’s Bitcoin holdings accounted for 77.9% of total digital asset value. As of December 31, 2025, the Company’s Bitcoin holdings accounted for 79.7% of total digital asset value.

The Company accounts for its digital asset inventory using the first-in, first-out (“FIFO”) costing method.

The fair value of digital assets as of June 30, 2026, and December 31, 2025, is classified as Level 1 under ASC 820—Fair Value Measurement (“ASC 820”).
Digital Intangible Assets Collateral
Digital intangible assets collateral activity based on fair value and corresponding cost basis for the periods presented is as follows (in thousands, except unit data):

As of
June 30, 2026
Bitcoin (“BTC”)Solana (“SOL”)XRPOtherTotal
Units$Units$Units$$$
Balance as of June 30, 2026 - fair value2,142$125,405 1,514,787$111,372 49,325,045$51,221 $42,267 $330,265 
Balance as of June 30, 2026 - cost basis$177,069 $175,553 $79,452 $47,243 $479,317 

As of
December 31, 2025
Bitcoin (“BTC”)Solana (“SOL”)XRPOtherTotal
Units$Units$Units$$$
Balance as of December 31, 2025 - fair value basis405$35,416 1,308,083$162,830 31,696,528$58,322 $3,790 $260,358 
Balance as of December 31, 2025 - cost basis$21,835 $185,751 $68,979 $4,879 $281,444 

Fair value for digital assets as of June 30, 2026, and December 31, 2025, is classified as Level 1 under ASC 820. As of June 30, 2026, the Company's digital intangible assets collateral included $118.5 million of Bitcoin holdings and $4.2 million of other digital assets that the Company held as trading collateral.