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, 2026				As of December 31, 2025
	Level 1		Level 2		Level 1		Level 2
Assets
Cash equivalents (1)	$	40,972	$	—	$	49,114	$	—
Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted	3,455,974		—		2,814,802		—
Digital intangible assets	391,345		—		344,439		—
Digital intangible assets as collateral	330,265		—		260,358		—
Derivative assets	95		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 liabilities	744		496		—		—
Total liabilities	$	744	$	(282,777)	$	633,819	$	—