v3.26.1
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Marketable Securities
The following table summarizes the Company’s marketable securities at June 30, 2026 and December 31, 2025:
June 30, 2026
Outstanding Face Amount(A)
Net Fair Value Adjustment
Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)
$276,249 $(613)$275,636 
Below investment grade debt securities(D)
44,216 (632)43,584 
Residual interest securities(E)
35,760 (973)34,787 
Total marketable securities, at fair value$356,225 $(2,218)$354,007 
December 31, 2025
Outstanding Face Amount(A)
Net Fair Value Adjustment
Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)
$202,358 $1,500 $203,858 
Below investment grade debt securities(D)
29,648 (521)29,127 
Residual interest securities(E)
40,803 (637)40,166 
Total marketable securities, at fair value$272,809 $342 $273,151 
(A)    The total outstanding face amount represents the unpaid principal balance of the debt securities outstanding at each period end.
(B)    The Company elected the fair value option for marketable securities; therefore, carrying value represents fair value. The total carrying value includes $318.1 million and $231.8 million of debt securities collateralized under repurchase agreements at June 30, 2026 and December 31, 2025, respectively. See “Note 6—Debt” and “Note 12—Fair Value Measurements” for additional information regarding the retained interest facility and valuation of the Company’s marketable securities, respectively.
(C)    Represents debt securities rated A- or above by Morningstar DBRS or comparable rating by other rating agencies.
(D)    Represents debt securities rated below A- by Morningstar DBRS or comparable rating by other rating agencies.
(E)    Represents residual interests and non-rated securities in securitizations that are not considered debt securities, including 28 and 20 non-rated securities with aggregate outstanding face amounts of $17.0 million and $20.9 million at June 30, 2026 and December 31, 2025, respectively, and 23 and 15 interest-only securities based upon aggregate outstanding principal amounts of $18.7 million and $19.9 million at June 30, 2026 and December 31, 2025, respectively.
Schedule of Digital Assets
The following table summarizes the significant digital assets held as collateral at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
UnitsFair ValueUnitsFair Value
Digital assets held as collateral:
Bitcoin (BTC)313 18,338 527 $46,119 
Ethereum (ETH)1,775 2,787 2,173 6,450 
Total digital assets held as collateral$21,125 $52,569 
The following table summarizes digital assets held at fair value by the Company, and by third-party custodians on behalf of the Company, at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Digital assets held at fair value:
Solana (SOL)(A)
94,860 $11,332 $6,989 87,707 $10,731 $10,918 
United States Dollar Tether (USDT)158,379 158 194 958,734 959 959 
Liquidity PoolsVarious22,507 22,507 Various23,485 23,510 
Other digital assets(B)
Various848 849 Various475 555 
Total digital assets held at fair value$34,845 $30,539 $35,650 $35,942 
(A)    Includes 42,253 Solana (“SOL”) at June 30, 2026 that are subject to a lock-up period through January 2028 and unlocked on a monthly basis based on a contractual schedule. The locked tokens are not accessible, are staked, and earn rewards during the lock up period.
(B) Includes various other digital asset balances, none of which individually represented more than 5% of the fair value of total digital assets held at fair value.
Digital Assets Held at Cost
The Company records digital assets held at cost, net of impairment, in “Digital assets” in the Condensed Consolidated Balance Sheets. The following table summarizes digital assets held at cost by the Company, and by third-party custodians on behalf of the Company, at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
UnitsCost BasisCarrying ValueUnitsCost BasisCarrying Value
Digital assets held at cost:
HASH(A)
19,768,595,783 $11,832 $11,832 19,873,741,886 $11,691 $11,691 
Total digital assets held at cost$11,832 $11,832 $11,691 $11,691 
(A)    Represents native utility tokens used by the Company as a medium of exchange (“HASH”), maintained by an affiliated entity. See “Note 11—Related Party Transactions” for additional information regarding the related party relationship.
Schedule of Activities Involving the Company’s Digital Assets Held as Collateral and Held For Sale
The following table summarizes activities involving the Company’s digital assets for the six months ended June 30, 2026 and 2025:
Held as Collateral
Held at Fair Value(A)
Held at Cost
Balance at December 31, 2024$64,439 $19,207 $1,506 
Purchases(B)
— 1,841 385 
Sales(C)
— (2,716)(386)
Collateral received(D)
33,575 — — 
Collateral returned(D)
(25,066)— — 
Gains(E)
— 3,928 — 
Distributions from Fund I(F)
— 1,436 — 
Change in fair value(G)
239 (5,718)— 
Balance at June 30, 2025$73,187 $17,978 $1,505 
Balance at December 31, 2025
$52,569 $35,942 $11,691 
Purchases(B)
— 362,009 1,765 
Sales(C)
— (363,458)(1,624)
Collateral received(D)
13,238 — — 
Collateral returned(D)
(29,613)— — 
Gains(E)
— 525 — 
Distributions from Fund I(F)
— 521 — 
Change in fair value(G)
(15,069)(5,000)— 
Balance at June 30, 2026$21,125 $30,539 $11,832 
(A) Period activity for the six months ended June 30, 2025 has been recast to reflect the reclassification of payment stablecoins from “Digital assets” to “Cash and cash equivalents”. This change resulted in a $(3.5) million change to Purchases activity and a $3.3 million change to Sales activity for the six months ended June 30, 2025. See “Note 2—Summary of Significant Accounting Policies—Change in Accounting Principle”, for further details.
(B) Includes receipts of digital assets held as well as receipts of digital assets issued in connection with the contributions to liquidity pools.
(C) Includes transactions related to the settlement and transfer of digital assets held as well as transactions related to the redemption of liquidity pool digital assets.
(D) Collateral received and returned includes movements impacting digital assets held as collateral associated with borrower personal loan activities which can include receipt of digital assets held as collateral related to loan originations, combined loan to value maintenance, and returns of collateral owed to the borrower once a loan has been repaid.
(E) Includes realized gains incurred on the sale of digital assets held for sale, and the recognition of income associated to blockchain staking rewards which are reflected in “Other income (expense), net” in the Condensed Consolidated Statements of Operations. No realized gains were recorded for digital assets held as collateral, as the liquidation of collateral reduces the corresponding liability and cash proceeds are applied to the borrower’s personal loan balance.
(F) Represents distributions of digital assets received from SOL Opportunity Fund L.P. (“Domestic Solana Fund”), a domestic fund that invests primarily in SOL.
(G) There is a corresponding liability to return digital assets held as collateral that is an embedded derivative. The embedded derivative and the host contract are reported within “Other current liabilities” on the Condensed Consolidated Balance Sheets. The change in the fair value of the embedded derivative and the change in the digital assets held as collateral have a naturally offsetting relationship and are recorded within “Other income (expense), net” on the Condensed Consolidated Statements of Operations.
Schedule of Investment The following table presents the carrying value of these investments at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Equity InterestInvestmentInvestment
Equity method investees:
Domestic Solana Fund4.8 %$976 $2,104 
Reflow Services, LLC— %— 800 
Fig SIX Mortgage, LLC5.0 %5,517 2,477 
Evergreen Funds(A)
(A)9,753 — 
Total equity method investments16,246 5,381 
Measurement alternative investments2,419 1,419 
Total equity investments$18,665 $6,800 
(A) The Evergreen Funds represent the Company’s 33.3% and 55% interest in VS Evergreen Fund GP LLC and VS Evergreen Financing Fund LP, respectively. The Company does not consolidate the Evergreen Funds as the Company is not the primary beneficiary.
Schedule of Changes In the Company’s Equity Investments
The following table summarizes activities involving the Company’s equity investments:
Equity Method InvestmentsMeasurement Alternative InvestmentsTotal
Balance at December 31, 2024$6,668 $1,542 $8,210 
Share of investee earnings(1,646)— (1,646)
Dividends received(1,925)— (1,925)
Contributions1,373 — 1,373 
Measurement alternative adjustmentsn.a.(182)(182)
Balance at June 30, 2025$4,470 $1,360 $5,830 
Balance at December 31, 2025$5,381 $1,419 $6,800 
Share of investee earnings(533)— (533)
Dividends received(1,344)— (1,344)
Contributions12,792 1,000 13,792 
Disposals(50)— (50)
Balance at June 30, 2026$16,246 $2,419 $18,665