v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):

Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability
As of June 30, 2026As of December 31, 2025
Level 1Level 2Level 1Level 2
Assets
Cash equivalents (1)
$40,972 $— $49,114 $— 
Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted3,455,974 — 2,814,802 — 
Digital intangible assets
391,345 — 344,439 — 
Digital intangible assets as collateral330,265 — 260,358 — 
Derivative assets95 314 — — 
Total assets$4,218,650 $314 $3,468,713 $— 
Liabilities
Embedded derivatives - borrowings of digital intangible assets$— $(117,470)$233,687 $— 
Embedded derivatives - obligations to return collateral— (165,803)400,132 — 
Derivative liabilities744 496 — — 
Total liabilities$744 $(282,777)$633,819 $— 
__________
(1)     Represents money market funds.

The Company has valued all Level 2 assets and liabilities measured at fair value on a recurring basis using quoted market prices as an observable input. This includes prices for underlying crypto assets and, for non-crypto denominated assets and liabilities, prices for similar assets and liabilities in inactive markets.

There were no transfers into or out of Level 3 of the fair value hierarchy during the six months ended June 30, 2026 or the year ended December 31, 2025.

Assets Recognized at Fair Value on a Nonrecurring Basis

The Company’s loan receivables are carried at amortized cost, which approximates their fair value. The loan receivables are measured at fair value on a nonrecurring basis and are Level 1 in the fair value hierarchy.