Schedule of Provides a Reconciliation of Digital Assets for Operations and Digital Assets Held

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

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(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

Digital Assets and Digital Asset ETPs (Tables) [Line Items]

Schedule of Provides a Reconciliation of Digital Assets for Operations and Digital Assets Held

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.