v3.26.3
COLLATERALIZED ARRANGEMENTS AND FINANCING
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
COLLATERALIZED ARRANGEMENTS AND FINANCING
6. COLLATERALIZED ARRANGEMENTS AND FINANCING
Lending and related collateral
The following table summarizes the Company’s institutional financing lending arrangements (in thousands):
September 30,December 31,
20262025
Fiat and payment stablecoin loan receivables$1,958,539 $1,340,213 
Crypto asset loan receivables17,598 14,479 
Total loan receivables(1)
$1,976,137 $1,354,692 
__________________
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of September 30, 2026 and December 31, 2025.
As of September 30, 2026 and December 31, 2025, the Company had three and four counterparties, respectively, each of whom accounted for more than 10% of the Company’s Loan receivables.
As of September 30, 2026 and December 31, 2025, the collateral requirements for all loans outstanding ranged from 100% to 250% of the fair value of the loan.
The following table summarizes assets the Company held and recognized as collateral relating to lending activity, with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
September 30, 2026
December 31, 2025
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Fiat and payment stablecoins(1)
N/AN/A$11,740 N/AN/A$4,056 
Bitcoin11,018 $803,951 $920,649 8,479 $810,055 $747,697 
Ethereum24,965 57,962 67,005 16,041 51,023 47,731 
Other crypto assets(2)
nm
8,614 
9,903 
—
— 
— 
Crypto assets held as collateral
$870,527 
997,557 
$861,078 
795,428 
Total recognized lending collateral
$1,009,297 $799,484 
__________________
nm - not meaningful
(1)Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
(2)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total crypto assets held as collateral.
The following table summarizes collateral pledged by borrowers in lending arrangements with the Company, which the Company has not recognized as collateral nor as an obligation to return the collateral (in thousands):
September 30,
December 31,
20262025
Fiat and payment stablecoins$480,450 $303,983 
Crypto assets2,804,112 1,559,458 
Total customer collateral not recognized as collateral$3,284,562 $1,863,441 
Borrowings and related collateral
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed (in thousands, except units):
September 30, 2026
December 31, 2025
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Bitcoin
767 
$
61,966 
$
64,111 
1,920 
$
173,848 
$
167,989 
Ethereum
70,560 
171,712 
189,379 
43,536 
149,374 
129,162 
Other crypto assets(1)
nm
100,440 
136,167 
nm
27,145 
21,698 
Total borrowed
$
334,118 
$
389,657 
$
350,367 
$
318,849 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets borrowed.
The following table summarizes the units, cost basis, and fair value of Short-term borrowings (in thousands, except units):
September 30, 2026
December 31, 2025
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Payment stablecoins
N/A
N/A
$
341,523 
N/A
N/A
$
119,923 
Bitcoin
835 
$
66,471 
$
69,734 
2,035 
$
183,882 
$
178,022 
Ethereum
71,542 
174,060 
192,014 
43,941 
150,424 
130,363 
Other crypto assets(1)
nm
108,532 
145,507 
nm
29,399 
23,797 
Total crypto asset borrowings
$
349,063 
407,255 
$
363,705 
332,182 
Total short-term borrowings
$
748,778 
$
452,105 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total crypto asset borrowings.
As of September 30, 2026 and December 31, 2025, the weighted average annual fees on Short-term borrowings were 3.9% and 3.5%, respectively.
The fair value of the Company’s assets pledged as collateral against Short-term borrowings, presented in Restricted cash and cash equivalents and Crypto assets held as collateral consisted of the following (in thousands):
September 30, 2026
December 31, 2025
Payment stablecoins$58,678 $236,308 
Crypto assets375,485 — 
Total pledged as collateral
$
434,163 
$
236,308 

Derivatives collateral
The Company has collateralized derivative arrangements, whereby it enters into crypto asset derivative contracts with customers, primarily to provide liquidity for global derivatives trading. The following table summarizes customer-pledged derivatives collateral presented in the Condensed Consolidated Balance Sheets as Crypto assets held as collateral, with a corresponding obligation to return the collateral to the customer (in thousands, except units):
September 30, 2026
December 31, 2025
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Bitcoin
3,569 
$
322,341 
$
298,212 
100 
$
8,732 
$
8,750 
Ethereum
1,390 
3,425 
3,731 
6,286 
18,713 
18,649 
Total recognized derivatives collateral
$
325,766 
$
301,943 
$
27,445 
$
27,399 
As of September 30, 2026 and December 31, 2025, the collateral requirements for outstanding derivatives were at least 100% of the derivative notional value.