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BITCOIN
 9 Months Ended
Sep. 30, 2026
Crypto Asset [Abstract]  
BITCOIN BITCOIN
The following table presents information about the Company’s bitcoin (in thousands):
For the Nine Months Ended September 30,
20262025
Opening balance$125,400 $92,651 
Bitcoin received from equity investees2,772 20,714 
Bitcoin received from mining activities80,908 139,858 
Bitcoin received from loan- 16,551 
Bitcoin paid for interest on loan- (140)
Proceeds from sales of bitcoin(168,941)(150,226)
Realized (losses) gains on sales of bitcoin, net
(47,251)16,092 
Unrealized gains (losses) on fair value of bitcoin33,055 (2,927)
Realized loss on bitcoin transferred to collateral, net
- (3,195)
Bitcoin transferred from collateral, net
- 40,925 
Ending balance$25,943 $170,303 
The Company held approximately 310 and 1,433 bitcoin at September 30, 2026, and December 31, 2025, respectively. The associated fair values and cost bases of bitcoin held were $25.9 million, and $21.6 million, respectively, at September 30, 2026, and $125.4 million, and $154.1 million, respectively at December 31, 2025. Fair value of bitcoin is estimated using the closing price at 23:59:59 UTC in the Company’s principal market, which is a Level 1 input (i.e., an observable input such as a quoted price in an active market for an identical asset). The Company accounts for bitcoin on a first-in-first-out (“FIFO”) basis.
Additionally, the Company may pledge bitcoin as collateral related to bitcoin trading strategies. As of September 30, 2026, the Company had 10 bitcoin with a fair value of $0.8 million pledged as part of trading strategies. As of December 31, 2025 the Company had no bitcoin pledged as part of trading strategies.