v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets at Fair Value
The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of June 30, 2026 (in thousands):

June 30, 2026
Gross Notional(1)
AssetsLiabilities
Crypto asset options$3,510 $179 $(182)
Crypto asset futures1,826 33 — 
Total$212 $(182)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.
The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2025 (in thousands):

December 31, 2025
Gross Notional(1)
AssetsLiabilities
Crypto asset options$3,268 $69 $(69)
Crypto asset futures9,328 — (13)
Total$69 $(82)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.
Schedule of Derivative Liabilities at Fair Value
The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of June 30, 2026 (in thousands):

June 30, 2026
Gross Notional(1)
AssetsLiabilities
Crypto asset options$3,510 $179 $(182)
Crypto asset futures1,826 33 — 
Total$212 $(182)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.
The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2025 (in thousands):

December 31, 2025
Gross Notional(1)
AssetsLiabilities
Crypto asset options$3,268 $69 $(69)
Crypto asset futures9,328 — (13)
Total$69 $(82)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.
Schedule of Gain (Loss) on Changes in the Fair Value
Gain (loss) on changes in the fair value of options and futures recorded in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss were as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Derivative assets
Crypto asset options56 (13,257)5,076 (16,846)
Crypto asset futures744 — 5,142 — 
Total$800 $(13,257)$10,218 $(16,846)
Derivative liabilities
Crypto asset options$(31)$10,359 $(3,997)$17,175 
Crypto asset futures(306)(1,249)(2,435)(1,249)
Total$(337)$9,110 $(6,432)$15,926 
Schedule of Breakdown of Crypto Asset Collateral Associated with Derivative Positions
The below table represents the breakdown of crypto asset collateral associated with derivative positions (in thousands):
June 30, 2026December 31, 2025
Crypto assets held as collateral meeting the recognition criteria$475 $904 
Crypto assets held as collateral not meeting the recognition criteria$1,171 $— 
Crypto assets pledged as collateral not meeting the derecognition criteria$8,447 $2,791