v3.26.1
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Option Contracts
The following table presents a roll-forward of OTC option contracts for the six months ended June 30, 2026:

Written put options — contractsWritten put options — SOLCall option spreads — contractsCall option spreads — SOL
Open as of December 31, 2025————
Entered during period12824,0896442,703
Settled or expired during period(8)(535,284)(6)(442,703)
Open as of June 30, 20264288,805——
Schedule of Derivative Liability Fair Values
The following table presents the derivative liability fair values by type as of June 30, 2026:

Derivatives not designated as hedging instrumentsBalance sheet locationJune 30, 2026December 31, 2025
Digital asset (SOL) price contracts — written put optionsAccrued and other current liabilities$299 $— 
Equity contracts — RDO put optionsDerivative liability4,207 — 
Total derivative liabilities$4,506 $— 
Schedule of Gross and Net Amounts
The following table presents the gross and net amounts of the Company's OTC SOL option contracts, which are subject to enforceable master netting arrangements under the ISDA Agreements, as of June 30, 2026 (in thousands):

OTC SOL Options
Gross amount of recognized derivative liabilities$299 
Gross amounts offset in the balance sheet— 
Net amount presented in the balance sheet299 
Collateral pledged not offset in the balance sheet(299)
Net amount$— 
Schedule of Gains and Losses for Derivatives
The following table presents the gains and losses for derivatives by type for the three and six months ended June 30, 2026 (in thousands):

Three Months Ended
June 30,		Six Months Ended
June 30,
Derivatives not designated as hedging instrumentsLocation2026202520262025
SOL price contracts — written put options(1)
Loss on digital asset derivatives$318 $— $318 $— 
SOL price contracts — call option spreadsLoss on digital asset derivatives(1,000)— (1,000)— 
Equity contracts — RDO put options(1)
Change in fair value of derivative liability(322)— (322)— 
Equity contracts — derivative warrant liabilitiesChange in fair value of derivative liability— (6,028)— (5,919)
Total$(1,004)$(6,028)$(1,004)$(5,919)
(1)Of the total gains and losses included in earnings, a gain of $56 thousand in "Loss on digital asset derivatives" and a loss of $322 thousand in "Change in fair value of derivative liability" are attributable to derivative instruments still held as of June 30, 2026.