v3.26.1
DIGITAL ASSETS (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of the Company's Locked PIPE SOL Summarized by Year
The following table presents the quantity of tokens that will unlock for the Company’s Locked PIPE SOL summarized by year as of June 30, 2026:
Locked PIPE SOL
202672,509 
2027161,431 
202817,262 
Total251,202 
Schedule of the Company's Digital Assets Holdings
The following table presents the Company's digital assets holdings as of June 30, 2026:
QuantityQuantity StakedCost Basis
(in thousands)		Fair Value
(in thousands)
SOL1,812,8661,728,626$374,555 $133,329 
Locked PIPE SOL251,202251,20253,834 18,474 
Total digital assets2,064,0681,979,828$428,389 $151,803 
Schedule of Roll-Forward of Digital Assets Fair Value
The Company’s digital asset holdings represent 86.2% of the Company’s total assets as of June 30, 2026. The following table presents a roll-forward of digital assets fair value for the three and six months ended June 30, 2026 (in thousands):
SOLLocked PIPE SOLTotal
Fair Value as of December 31, 2025$217,724 $39,219 $256,943 
Sales(5,452)— (5,452)
Staking rewards2,631 455 3,086 
Restricted SOL unlocked7,702 (3,664)4,038 
Losses(1)
(74,018)(12,446)(86,464)
Fair value as of March 31, 2026148,587 23,564 172,151 
Purchases5,495 — 5,495 
Sales(7,869)— (7,869)
Transfer to margin collateral(10,994)— (10,994)
Return of margin collateral8,824 — 8,824 
Staking rewards2,014 287 2,301 
Restricted SOL unlocked6,111 (2,870)3,241 
Losses(2)
(18,839)(2,507)(21,346)
Fair value as of June 30, 2026$133,329 $18,474 $151,803 
(1)Includes realized losses of $7.0 million for the three months ended March 31, 2026. Does not include losses from digital assets receivable or digital asset fund investment.
(2)Includes realized losses of $25.4 million for the three months ended June 30, 2026. Does not include losses from digital assets receivable or digital asset fund investment.