DIGITAL ASSETS (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Intangible Asset, Goodwill and Other [Abstract] |
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| Schedule of Digital Assets, at Fair Value With Units, Cost Basis Amounts and Fair Value Based on Level 1 Inputs |
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. |
| Schedule of Future Release of our Locked SOL, In Notional Amounts Collateral Related to Digital Assets Financing Term Loans |
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 | |
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| Schedule of Reconciliation of Activity of Our Digital Assets, at Fair Value |
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.
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| Schedule of Digital Assets, at Carrying Value With the Respective Gross and Net Carrying Amounts |
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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