v3.26.1
Loan Receivables and Digital Intangible Assets Loan Receivables
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Loan Receivables and Digital Intangible Assets Loan Receivables Accounts Receivable and Allowance for Credit Losses
The following table presents accounts receivable, net for the periods presented (in thousands).

As of
June 30, 2026December 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,
2026202520262025
Balance at beginning of period$1,427 $2,894 $1,960 $2,467 
Credit loss expense for the period748 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, 2026December 31, 2025
Beginning balance$176,655 $87,488 
Origination of loan receivable100,241 305,576 
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”)
OtherTotal
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”)
OtherTotal
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.