| DIGITAL ASSETS |
DIGITAL ASSETS, AT FAIR VALUE The table below details the components of our digital assets, at fair value with units, cost basis amounts and fair value based on Level 1 inputs that use unadjusted quoted prices from active markets and Level 2 inputs for locked Solana ("SOL") balances which incorporates unadjusted quoted prices from active markets and observable market transactions. See Note 15—Fair Value Measurements for further discussion. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | (in thousands) | Units | | Cost Basis | | Fair Value | | Units | | Cost Basis | | Fair Value | | Solana (SOL) | 999 | | $ | 148,035 | | | $ | 117,724 | | | 1,093 | | $ | 155,366 | | | $ | 136,000 | | Other(a) | NM | | 2 | | | 3 | | | — | | — | | | — | | | Total digital assets, at fair value | NM | | $ | 148,037 | | | $ | 117,727 | | | 1,093 | | $ | 155,366 | | | $ | 136,000 | | | NM-Amounts are not meaningful. | | | | | | | | | | | |
(a) No other digital asset accounted for 10% or more of the total balance.Locked SOL A portion of our digital assets at fair value includes locked SOL, which we purchase below the spot rate, and cannot be withdrawn from the custodial accounts in which it is held for a predetermined period. Locked SOL may be staked to earn rewards while subject to vesting restrictions. The table below details the future release of our locked SOL, in notional amounts: | | | | | | | (in thousands) | September 30, 2026 | | Remaining 2026 | 169 | | | 2027 | 600 | | | 2028 | 32 | |
The table below shows a reconciliation of activity of our digital assets, at fair value: | | | | | | | | | | | | | (in thousands) | September 30, 2026 | | December 31, 2025 | | Beginning balance | $ | 136,000 | | | $ | — | | | Purchases of Solana | 34,525 | | | 222,034 | | | Additions from validator, staking rewards and other | 6,193 | | | 8,967 | | | Additions from convertible notes | — | | | 31,962 | | | Additions from digital asset term loans | — | | | 60,695 | | | Additions from collateralized financing arrangements | 169,296 | | | 84,680 | | | Additions from the settlement of debt securities | 1,005 | | | 11,040 | | | Additions from interest income on collateralized financing arrangements | 252 | | | — | | | Return of collateral on digital asset financing arrangements | 63,032 | | | 28,673 | | | Additions to collateral on digital asset financing arrangements | (8,000) | | | — | | | | | | | | | | | Dispositions from purchase of debt securities | — | | | (18,458) | | | Dispositions from the sale of Solana | (22,053) | | | (14,997) | | | Repayments of digital asset term loans | (16,354) | | | (25,000) | | | | | | | Repayments of collateralized financing arrangements | (39,698) | | | (47,754) | | | Dispositions of collateral for digital asset financing arrangements | (52,209) | | | (169,044) | | | Net conversion activity and payments for expenses | (142,977) | | | (46,152) | | Unrealized losses from changes in fair value of digital assets(a) | (26,787) | | | (79,223) | | Unrealized gains from changes in fair value of digital assets(a) | 59,422 | | | 72,173 | | Realized loss from disposition activities(a) | (46,936) | | | (8,700) | | Realized gain from disposition activities(a) | 3,016 | | | 25,104 | | | Ending balance | $ | 117,727 | | | $ | 136,000 | |
(a) These amounts are included within Net (gain) loss on digital assets as stated on our Condensed Consolidated Statements of Operations. DIGITAL ASSETS, AT CARRYING VALUE The tables below summarize our digital assets, at carrying value with the respective gross and net carrying amounts, as well as fair value based on Level 2 inputs that use unadjusted quoted prices from active markets. | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | (in thousands) | Gross Carrying Amount | | Accumulated Impairments | | Net Carrying Amount | | Fair Value | | DFDV Staked SOL (dfdvSOL) | $ | 81,123 | | | $ | (4,139) | | | $ | 76,984 | | | $ | 91,979 | | | | | | | | | | | | | | | | | | Other(a) | 17,358 | | | (8,024) | | | 9,334 | | | 14,108 | | | Total digital assets, at carrying value | $ | 98,481 | | | $ | (12,163) | | | $ | 86,318 | | | $ | 106,087 | |
(a) No other digital asset accounted for 10% or more of the total balance. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | Gross Carrying Amount | | Accumulated Impairments | | Net Carrying Amount | | Fair Value | | DFDV Staked SOL (dfdvSOL) | $ | 67,396 | | | $ | (32,032) | | | $ | 35,364 | | | $ | 37,517 | | Other(a) | 15,196 | | | (4,796) | | | 10,400 | | | 10,552 | | | Total digital assets, at carrying value | $ | 82,592 | | | $ | (36,828) | | | $ | 45,764 | | | $ | 48,069 | |
(a) No other digital asset accounted for 10% or more of the total balance.
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