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COLLATERAL | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
COLLATERAL | COLLATERAL The following is a summary of the Company’s collateral positions:
Type of Collateral |  | Description of Collateral |  | Location on Balance Sheets
Assets pledged as collateral |  | The Company enters into fiat and crypto asset borrowing arrangements with certain institutional customers that require the Company to post collateral in the form of fiat or crypto assets, including stablecoins, in which the lender may have the right to sell, repledge or rehypothecate such collateral without the Company’s consent. The Company also enters into certain derivative contracts which requires the Company to post collateral in the form of fiat. The Company is required to maintain a collateral to loan ratio per the borrowing arrangements, and in the event that crypto asset prices rise, the Company will have to post additional collateral to maintain required collateral ratios. If the lender has the right to use the collateral or if the collateral is fiat, the Company presents the collateral pledged as a right to receive the collateral. The lender is not obligated to return the collateral if the Company defaults on its borrowings. As of September 30, 2023, the Company has not defaulted on any of its borrowings. |  | Prepaid expenses and other current assets
Obligation to return collateral |  | For loans receivable and crypto asset loans receivable, the Company requires borrowers to post collateral for which it then has an obligation to return the collateral to the borrower. As of September 30, 2023, the collateral requirements ranged from 128% to 250% of the fair value of the loan, and the borrower is required to pledge additional assets to maintain their required collateral percentage. The collateral pledged by borrowers is held on the Company’s platform and the Company may have the right to use the collateral. For loans receivable, the Company does not record collateral received unless the Company has both a right to use the collateral and has sold the collateral. For crypto asset loans receivable, if the Company has the right to use collateral denominated in USDC or crypto assets, or if the collateral is fiat, the Company records the collateral as an asset with a corresponding obligation to return collateral. The Company is not obligated to return the collateral if the borrower defaults. |  | Accrued expenses and other current liabilities
Off-balance sheet collateral arrangements |  | The Company may post collateral with lenders which are not recognized as assets pledged as collateral as they do not meet the derecognition criteria. This collateral continues to be shown on the Company’s balance sheets in its original line item. The Company had $64.8 million and $0 of such collateral posted as of September 30, 2023 and December 31, 2022, respectively. The balance as of September 30, 2023 consisted of USDC. The Company may receive non-cash collateral from borrowers where the Company does not have a right to use the collateral and does not recognize it on its balance sheets since the collateral does not meet the recognition criteria. The Company had $253.5 million and $4.8 million of such collateral received as of September 30, 2023 and December 31, 2022, respectively. |  | Collateral posted: USDC Collateral received: Not recognized on balance sheet
As of September 30, 2023 and December 31, 2022, the Company’s assets pledged as collateral and obligation to return collateral consisted of the following (in thousands, except units):
| September 30, 2023 |  | December 31, 2022
| Units |  | Fair Value |  | Units |  | Fair Value
Assets pledged as collateral |  |  |  |  |  |  |
USDC(1) | 46,145,736 |  |  | $ | 46,146 |  |  | 47,633,897 |  |  | $ | 47,634 |
Bitcoin(2) | — |  |  | — |  |  | 650 |  |  | 10,743 |
Fiat | N/A |  | 3,935 |  |  | N/A |  | 41,630 |
Total |  |  | $ | 50,081 |  |  |  |  | $ | 100,007 |
Obligation to return collateral |  |  |  |  |  |  |
USDC | 32,075,359 |  |  | $ | 32,075 |  |  | 26,873,830 |  |  | $ | 26,874 |
Fiat | N/A |  | 740 |  |  | N/A |  | — |
Total |  |  | $ | 32,815 |  |  |  |  | $ | 26,874 |
_________________ (1) As of September 30, 2023 and December 31, 2022, the Company had pledged USDC that served exclusively as collateral for certain crypto asset borrowings with a fair value of at least 100% of the loan amount outstanding. (2) As of December 31, 2022, the Company had pledged Bitcoin that served exclusively as collateral for fiat loans with a fair value of at least 110% of the loan amount outstanding.

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