v3.26.1
Third Party Loans (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Repurchase Agreements
Repurchase agreement as of December 31, 2025 (in thousands):

LoanLoan DateMaturity DatePrincipal OutstandingDiscountInterest RateInterest Expense
Interest Payable(1)
Collateral Type(2)
Collateral Rate(3)
NYDIG7/25/20256/30/2026$75,000 (398)8.5%$3,185 $549 BTC170%
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2025.
(2) As of December 31, 2025, the Company had pledged 1,275 bitcoin, which is included in Crypto assets held on the condensed consolidated balance sheets, and posted $16.4 million of cash and cash equivalents to satisfy margin requirements, which is included within Prepaid expenses and other current assets on the consolidated balance sheets. Total collateral associated with the repurchase agreement as of December 31, 2025 was approximately $127.5 million, representing collateralization of approximately 170% of the purchase price.
(3) Of the 1,275 bitcoin pledged, 13 bitcoin was subject to margin requirements as of December 31, 2025. If the value of the collateral held by NYDIG falls below the 143% buyer’s margin call requirement, the Company must transfer additional bitcoin or cash and cash equivalents to NYDIG to restore the required collateral level. If the value of the collateral (including bitcoin and cash posted as margin) held by NYDIG increases above the 200% seller’s margin call requirement, the Company may require NYDIG to return excess collateral, which may be satisfied through the transfer of bitcoin or the return of cash and cash equivalents previously deposited by the Company to satisfy margin requirements.
Schedule of Financing Facility Agreements
Financing facility as of June 30, 2026 (in thousands):

LoanLoan DateMaturity DatePrincipal OutstandingInterest RateInterest Expense
Interest Payable(1)
Collateral Type(2)
Collateral Rate(2)
Galaxy6/30/2026Evergreen$75,000 7.5%$16 $16 BTC154%
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of June 30, 2026.
(2) As of June 30, 2026, the Company had pledged 1,975 bitcoin to satisfy margin requirements, which is included in Crypto assets held on the condensed consolidated balance sheets. Total collateral associated with the financing agreement as of June 30, 2026 was approximately $115.6 million, representing collateralization of approximately 154% of the cash proceeds. If the value of the collateral falls below the 145% buyer’s margin call requirement, the Company must transfer additional bitcoin or cash and cash equivalents to Galaxy to restore the required collateral level. If the value of the collateral (including bitcoin and cash posted as margin) increases above the 165% seller’s margin call requirement, the Company may require Galaxy to return excess collateral, which may be satisfied through the transfer of bitcoin or the return of cash and cash equivalents previously deposited by the Company to satisfy margin requirements.