5. Digital assets and digital asset ETPs

Digital Assets

The following table summarizes digital assets held by the Group for operations:

(in thousands), except units	As of
	June 30, 2026					December 31, 2025
	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Bitcoin	23,353	$	1,700,003	$	1,363,071	24,357	$	2,438,104	$	2,132,819
Ethereum	380,093		916,250		594,499	359,966		1,190,456		1,069,940
Solana	3,324,735		280,087		243,658	2,951,168		588,725		367,985
XRP	148,664,422		203,106		154,125	129,750,947		318,238		238,776
Other digital assets(1)(2)	Not meaningful		206,154		160,130	Not meaningful		276,915		165,193
Total digital assets		$	3,305,600	$	2,515,483		$	4,812,438	$	3,974,713

____________

(1) Includes various other digital asset balances, none of which individually represented a material amount of the fair value of total digital assets.

(2) Excludes various stablecoins held with a total fair value of $26.2 million and $8.2 million as of June 30, 2026 and December 31, 2025, respectively, which are reflected within digital asset receivables in the consolidated balance sheets.

The following table summarizes digital assets held by the Group for treasury purposes:

(in thousands), except units	As of
	June 30, 2026					December 31, 2025
	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Bitcoin	235	$	17,929	$	13,729	235	$	22,790	$	20,546
Ethereum	6,077		16,661		9,517	2,596		8,421		7,717
Solana	46,933		4,455		3,441	40,910		8,025		5,091
Total digital assets		$	39,045	$	26,687		$	39,236	$	33,354

These holdings are used to provide exposure to digital assets and are held as part of the Group’s collateral management obligations. Of this balance, $nil and $136.0 million as of June 30, 2026 and December 31, 2025, respectively, is held as collateral with Reyl Bank in respect of a loan facility. The loan with Reyl Bank was repaid during the period, meaning that the collateral is no longer required.

Additionally, the Company held digital asset exchange traded products at June 30, 2026 and December 31, 2025 of $640.1 million and $1,145.4 million, respectively. All of the Group’s holdings of Digital asset exchange traded products reference Bitcoin as the underlying.

7. Digital assets and digital asset ETPs

Digital Assets

The following table summarizes digital assets held by the Group for operations:

	As of December 31,
	2025					2024
(in thousands), except units	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Bitcoin	24,357	$	2,438,104	$	2,132,819	25,332	$	1,264,453	$	2,370,555
Ethereum	359,966		1,190,456		1,069,940	411,634		1,062,584		1,373,680
Solana	2,951,168		588,725		367,985	1,894,767		224,674		359,936
XRP	129,750,947		318,238		238,776	70,009,634		62,004		145,858
Other digital assets(1)(2)	Not meaningful		276,915		165,193	Not meaningful		140,900		216,649
Total digital assets		$	4,812,438	$	3,974,713		$	2,754,615	$	4,466,678

(1) Includes various other digital asset balances, none of which individually represented a material amount of the fair value of total digital assets.

(2) Excludes various stablecoins held with a total fair value of $8.2 million and $5.1 million as of December 31, 2025 and 2024, respectively, which are reflected within digital asset receivables in the consolidated balance sheets.

The following table summarizes digital assets held by the Group for treasury purposes:

	As of December 31,
	2025					2024
(in thousands), except units	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Bitcoin	235	$	22,790	$	20,546	163	$	8,894	$	15,249
Ethereum	2,596		8,421		7,717	—		—		—
Solana	40,910		8,025		5,091	—		—		—
Total digital assets		$	39,236	$	33,354		$	8,894	$	15,249

The following table provides a reconciliation of digital assets, presented in the aggregate of both digital assets held by the Group for operations and digital assets held by the Group for treasury purposes:

	For the Years Ended December 31,
	2025			2024
Beginning balance (at fair value)	$	4,481,927		$	2,992,707
Additions(1)		5,922,415			5,543,986
Dispositions(2)		(5,689,089	)		(6,437,643	)
Gains(3)		68,611			2,434,909
Losses(3)		(961,455	)		(10,008	)
Translation of foreign currency denominated holdings		185,658			(42,024	)
Ending balance (at fair value)	$	4,008,067		$	4,481,927

(1) Additions represent purchases of, staking rewards earned on, loan redemptions in, and lending book interest received in, digital assets.

(2) Dispositions represent the sales of, and loans of, digital assets.

(3) For the years ended December 31, 2025 and 2024, the Group recognized cumulative realized gains from dispositions of digital assets of $127.7 million and $633.4 million, respectively, and cumulative realized losses from dispositions of digital assets of $196.4 million and $6.5 million, respectively.

Certain digital assets previously held by the Group were subject to sale restrictions through lock-up schedules. These digital assets were subject to sales restrictions for a period of four years, which ended in April 2025. The fair value of the digital assets held by the Group that were subject to sales restrictions was $4.1 million as of December 31, 2024. There were no digital assets subject to sales restrictions as of December 31, 2025.

Digital Asset ETPs

The table below shows a reconciliation between the opening and closing position of the Group’s digital asset ETPs and fund holdings.

	For the Years Ended December 31,
	2025			2024
Opening position	$	1,190,998		$	267,063

Net additions and transfers		886,324			1,061,833
Net disposals and transfers		(837,283	)		(649,593	)
Net movement		49,041			412,240
Realized (loss)/gain		(6,316	)		52,233
Unrealized (loss)/gain		(88,293	)		459,771
Net (loss)/gain		(94,609	)		512,004
Exchange differences		(2	)		(309	)
Closing position	$	1,145,428		$	1,190,998

These holdings are used to provide exposure to digital assets and are held as part of the Group’s collateral management obligations. Of this balance, $136.0 million and $145.8 million as of December 31, 2025 and 2024, respectively, is held as collateral with Reyl Bank (see Note 12) in respect of a loan facility. While the majority of the loan balance is non-current, repayment can be made at the discretion of the Group and the collateral recalled, hence its classification as a current asset.