v3.26.3
Digital Assets, at Fair Value (Tables)
9 Months Ended
Sep. 30, 2026
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]  
Schedule of Investments in Digital Assets
The Company's investments in digital assets, at fair value are summarized below. The Company did not hold any investments in digital assets prior to September 12, 2025.
September 30, 2026December 31, 2025
Approximate number of bitcoin held28,0007,627
Aggregate bitcoin cost basis (in thousands)$2,524,811 $862,994 
Aggregate bitcoin fair value (in thousands)$2,340,192 $668,486 
Weighted average acquisition cost$90,170 $113,153 
Fair value per bitcoin$83,577 $87,650 
Schedule of Changes in Digital Assets
The following table provides a summary of the changes in the Company's digital assets, at fair value for the three and nine months ended September 30, 2026 and the period from September 12, 2025 to September 30, 2025 (in thousands):
Three Months Ended
September 30, 2026
Nine Months Ended
September 30, 2026
Period From September 12, 2025 to September 30, 2025
Balance, beginning of period$1,164,639$668,486$—
Acquisitions641,8561,626,441683,046
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan—35,377—
Sales———
Change in fair value533,6979,888(10,133)
Balance, end of period$2,340,192 $2,340,192$672,913