Crypto Assets Held

The following table presents a summary of the crypto assets held at fair value by the Company (in thousands except for units):


	June 30, 2026
	Units	Cost Basis		Fair Value
Bitcoin	5,528	$	286,780	$	323,893
Ether	2,084	7,086		3,291
Other crypto assets	nm(1)	10,416		3,864
Total		$	304,282	$	331,048
__________________
(1) not meaningful


	December 31, 2025
	Units	Cost Basis		Fair Value
Bitcoin	4,827	$	235,186	$	420,635
Ether	2,741	9,590		8,072
Other crypto assets	nm(1)	11,862		10,915
Total		$	256,638	$	439,622
__________________
(1) not meaningful

The following table presents a roll-forward of the Company's crypto assets held measured at fair value (in thousands):


	Bitcoin		Ether		Other		Total








Crypto assets held at December 31, 2024	$	412,115	$	17,562	$	40,424	$	470,101

Addition of crypto assets(1)(2)	696,251		430,434		39,693		1,166,378
Disposition of crypto assets(1)(2)	(640,120)		(441,969)		(39,097)		(1,121,186)
Realized gain on crypto assets(3)	77,347		33,704		5,123		116,174
Realized loss on crypto assets	(15,066)		(29,589)		(2,045)		(46,700)
Unrealized gain (loss) on crypto assets(4)	(109,892)		(2,070)		(33,183)		(145,145)
Crypto assets held at December 31, 2025	$	420,635	$	8,072	$	10,915	$	439,622
Addition of crypto assets	350,287		6,840		24,259		381,387
Disposition of crypto assets	(293,068)		(7,896)		(27,299)		(328,264)
Realized gain on crypto assets(3)	634		326		2,825		3,785
Realized loss on crypto assets	(100,988)		(1,700)		(1,259)		(103,947)
Unrealized gain (loss) on crypto assets(4)	(53,607)		(2,351)		(5,577)		(61,535)
Crypto assets held at June 30, 2026	$	323,893	$	3,291	$	3,864	$	331,048
__________________
(1) Includes acquisitions of 1,434 Bitcoin and 86,321 Ether totaling $435.1 million and dispositions of 505 Bitcoin and 61,696 Ether totaling $192.4 million to manage collateral obligation under its loan agreements as of December 31, 2025. Refer to Note 2. Summary of Significant Accounting Policies of the Company’s Annual Report on Form 10-K for further details. (2) Beginning in the third quarter of 2025, the Company began using certain customer collateral received under its rehypothecation rights. As a result, these assets are now presented in Crypto assets held on the condensed consolidated balance sheets. In prior periods, these assets were included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. Included in acquisitions is 132 Bitcoin totaling $11.5 million and in dispositions 5 Bitcoin and 1 Ether and Other crypto assets totaling $0.6 million related to customer collateral received under rehypothecation rights as of December 31, 2025. (3) Excludes realized gain on Receivable, crypto assets pledged of $0 and $117.4 million as of June 30, 2026 and December 31, 2025, respectively. (4) Excludes unrealized loss on Receivable, crypto assets pledged of $0 and $43.0 million as of June 30, 2026 and December 31, 2025, respectively.

Crypto assets held by the Company are measured at fair value on a recurring basis using quoted prices in active markets and are classified as Level 1 within the fair value hierarchy. Restricted crypto assets are also included

within Crypto assets held on the consolidated balance sheets. Restrictions on use do not affect the Company’s ability to recognize these crypto assets when control is retained.

The Company holds crypto assets primarily for operational purposes, including to support transaction processing, satisfy liquidity coverage and regulatory capital requirements for certain regulated subsidiaries, and meet collateral requirements under financing and other contractual arrangements. The Company acquires crypto assets through a variety of transactions, including through related party loans, revenue denominated in crypto assets and direct purchases of crypto assets. The Company disposes of crypto assets through repayments of principal and interest on related party crypto loans, sales of crypto assets and the settlement of operating expenses.

Crypto assets are initially recorded at their fair value at the time of acquisition, which represents their cost basis. Gains and losses on disposal are determined using the first-in-first-out (“FIFO”) method.

Certain subsidiaries of the Company are required to maintain surety bonds in connection with money transmitter licenses. In connection with these requirements, the Company has designated 623 bitcoin, with a fair value of $36.5 million, as collateral to insurance providers, which is reassessed on an annual basis.

As of June 30, 2026 and December 31, 2025, the Company held 971 bitcoin and 2,721 bitcoin, respectively, with a fair value of $56.8 million and $237.1 million, respectively, that are restricted in use under the terms of certain related party crypto asset loan agreements. These crypto assets are designated and maintained to satisfy regulatory capital requirements and the restrictions remain in effect while the related party crypto asset loan agreements are outstanding. The restrictions may lapse upon repayment or termination of the loans, or other contractual modifications. This bitcoin is included in the Company's related party crypto asset loan with a December 29, 2022, draw date as described in Note 14. Related Party Loans and Convertible Notes.

In addition, as of June 30, 2026 and December 31, 2025, the Company held 2,825 bitcoin and 1,275 bitcoin, respectively, with a fair value of $165.4 million and $111.1 million, respectively, that are restricted in use under the terms of certain related party crypto asset loan agreements. These crypto assets are designated and maintained to satisfy agreed upon collateral requirements with third parties. Because the Company retains control over these assets and the counterparty is not permitted to sell, pledge, rehypothecate, or otherwise use the assets, the restricted crypto assets continue to be recognized within Crypto assets held on the consolidated balance sheets. This bitcoin is included in the Company's related party crypto asset loans with draw dates of June 30, 2026, and July 24, 2025, respectively, as described in Note 14. Related Party Loans and Convertible Notes.

During the three months ended June 30, 2026, the Company received approximately 1,258 bitcoin as consideration for the issuance of Class A common stock in a private placement (the “Private Placement”). The bitcoin received was initially recognized at its fair value on the transaction date, which established its cost basis. A portion of the bitcoin was subsequently sold during the three months ended June 30, 2026, to fund operating activities. As of June 30, 2026, the Company held 988 bitcoin with a fair value of $57.9 million. See Notes 17. Stockholders' Equity and 21. Related Party Transactions, for additional information regarding the private placement.