v3.26.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Derivative assets $ 409  
Liabilities    
Borrowings of digital intangible assets 305,810 $ 233,687
Obligations to return collateral 302,516 400,132
Derivative liabilities 1,240  
Crypto Asset    
Assets    
Digital intangible assets, at fair value 391,345 344,439
Crypto Asset, Collateral    
Assets    
Digital intangible assets, at fair value 330,265 260,358
Fair Value, Inputs, Level 1    
Assets    
Cash equivalents 40,972 49,114
Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted 3,455,974 2,814,802
Derivative assets 95 0
Total assets 4,218,650 3,468,713
Liabilities    
Borrowings of digital intangible assets 0 233,687
Obligations to return collateral 0 400,132
Derivative liabilities 744 0
Total liabilities 744 633,819
Fair Value, Inputs, Level 1 | Crypto Asset    
Assets    
Digital intangible assets, at fair value 391,345 344,439
Fair Value, Inputs, Level 1 | Crypto Asset, Collateral    
Assets    
Digital intangible assets, at fair value 330,265 260,358
Fair Value, Inputs, Level 2    
Assets    
Cash equivalents 0 0
Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted 0 0
Derivative assets 314 0
Total assets 314 0
Liabilities    
Borrowings of digital intangible assets (117,470) 0
Obligations to return collateral (165,803) 0
Derivative liabilities 496 0
Total liabilities (282,777) 0
Fair Value, Inputs, Level 2 | Crypto Asset    
Assets    
Digital intangible assets, at fair value 0 0
Fair Value, Inputs, Level 2 | Crypto Asset, Collateral    
Assets    
Digital intangible assets, at fair value $ 0 $ 0