v3.26.1
Borrowings and Borrowings of Digital Intangible Assets
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings and Borrowings of Digital Intangible Assets Borrowings and Borrowings of Digital Intangible Assets
The Company enters into arrangements with counterparties to borrow financial assets and digital assets to support its lending business. The obligation is fulfilled by returning financial assets or digital assets in accordance with the contractual terms of the borrowing agreements. Borrowings for the periods presented are as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Balance at beginning of period$139,679 $50,000 $118,848 $30,000 
Origination of borrowings21,028 38,354 118,779 78,354 
Repayment of borrowings(27,538)(20,000)(104,458)(40,000)
Balance at end of period$133,169 $68,354 $133,169 $68,354 

The weighted average interest rate related to these borrowings of financial assets as of June 30, 2026 and 2025 was 7.2% and 7.6%, respectively. The loan durations range from demand terms to maturities of up to one year.
Borrowings of digital intangible assets for the periods presented are as follows (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, 20264,100$240,088 350,350$25,759 13,059,023$13,038 $26,925 $305,810 
Balance as of June 30, 2026 - cost basis$325,783 $46,280 $13,032 $38,186 $423,281 

As of
December 31, 2025
Bitcoin (“BTC”)
Solana (“SOL”)
USDT (“USDT”)
OtherTotal
Units$Units$Units$$$
Balance as of December 31, 20251,714$149,998 394,000$49,045 19,500,000$19,468 $15,176 $233,687 
Balance as of December 31, 2025 - cost basis$185,558 $70,741 $19,499 $19,292 $295,090 

Certain of the Company’s lending arrangements require the Company to provide collateral in the form of digital assets. As of June 30, 2026 and December 31, 2025, digital assets with a fair value of $107.1 million and $135.4 million, respectively, were held by lenders as collateral under these agreements. This amount is included in other current assets on the Company’s condensed consolidated balance sheet.

The weighted average interest rate related to these borrowings of digital assets as of June 30, 2026 and December 31, 2025 was 4.0% and 5.3%, respectively. The loan durations range from demand terms to maturities of up to one year.