v3.26.3
DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities and Effect of Derivative Instruments
The table below presents our significant derivative assets and liabilities as shown on our Condensed Consolidated Balance Sheets:
(in thousands)September 30, 2026
ClassificationAssetsLiabilities
Derivatives not designated as hedges:
Digital assets pledged as collateralDigital assets pledged as collateral$225,933 $— 
Digital asset financing arrangementsDigital asset financing arrangements— 225,933 
Total$225,933 $225,933 
(in thousands)December 31, 2025
ClassificationAssetsLiabilities
Derivatives not designated as hedges:
Digital assets pledged as collateralDigital assets pledged as collateral$103,943 $— 
Digital asset financing arrangementsDigital asset financing arrangements— 67,521 
Accrued crypto loan borrowing feesAccounts payable and accrued expenses— 256 
Total$103,943 $67,777 
The table below presents the effect of derivative instruments, included within Gain (loss) from derivative instruments as stated on our Condensed Consolidated Statements of Operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2026202520262025
Digital assets pledged as collateral$88,343 $8,452 $35,059 $8,452 
Digital asset financing arrangements(54,901)(3,814)(24,533)(3,814)
Other(42)1 61 1 
Total$33,400 $4,639 $10,587 $4,639 
Schedule of Securities Financing Transactions
The table below shows our outstanding collateralized financing arrangements in our Condensed Consolidated Balance Sheets:
(in thousands)September 30, 2026December 31, 2025
Solana (SOL)$189,856 $29,315 
PayPal USD (PYUSD)11,865 12,062 
Other(a)
24,212 5,598 
Total$225,933 $46,975 
(a) No other digital asset or stablecoin accounted for 10% or more of total collateralized financing arrangements.