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CRYPTO ASSETS HELD FOR INVESTMENT (Tables) | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Crypto asset, holding | The Company’s Crypto assets held as collateral and Obligation to return collateral consisted of the following (in thousands, except units):
| March 31, 2024 |  | December 31, 2023
| Units |  | Fair Value |  | Units |  | Fair Value
Crypto assets held as collateral |  |  |  |  |  |  |
Bitcoin(1) | 1,495 |  |  | $ | 106,610 |  |  | — |  |  | $ | — |
Total held as collateral |  |  | $ | 106,610 |  |  |  |  | $ | — |
Obligation to return collateral |  |  |  |  |  |  |
Fiat | N/A |  | $ | 208,480 |  |  | N/A |  | $ | 1,063 |
Bitcoin | 1,495 |  |  | 106,610 |  |  | — |  |  | — |
Total obligation to return collateral |  |  | $ | 315,090 |  |  |  |  | $ | 1,063 |
Customer collateral pledged, not recognized | nm |  | $ | 1,578,643 |  |  | nm |  | $ | 712,644 |
__________________ nm - not meaningful (1) The cost basis of bitcoin held as collateral as of March 31, 2024 was $75.4 million. The following table summarizes the units, cost basis, and fair value of crypto assets borrowed (in thousands, except units) and the associated crypto asset borrowings:
|  | March 31, 2024 |  | December 31, 2023
|  | Units |  | Cost Basis |  | Fair Value |  | Carrying Value
Crypto assets borrowed |  |  |  |  |  |  |  |
Bitcoin |  | 2,688 |  |  | $ | 112,099 |  |  | $ | 191,573 |  |  | $ | 36,368 |
Ethereum |  | 1,122 |  |  | 2,214 |  |  | 4,093 |  |  | 3,720 |
Solana |  | 55,575 |  |  | 5,198 |  |  | 11,247 |  |  | 3,516 |
Other crypto assets(1) |  | nm |  | 14,247 |  |  | 24,435 |  |  | 1,608 |
Total borrowed |  |  |  | $ | 133,758 |  |  | $ | 231,348 |  |  | $ | 45,212 |
Crypto asset borrowings |  |  |  |  |  |  |  |
Bitcoin |  | 3,040 |  |  | $ | 128,417 |  |  | $ | 216,703 |  |  | $ | 50,679 |
Ethereum |  | 5,601 |  |  | 10,655 |  |  | 20,420 |  |  | 7,059 |
Solana |  | 55,575 |  |  | 5,198 |  |  | 11,247 |  |  | 3,513 |
Other crypto assets(1) |  | nm |  | 14,248 |  |  | 24,435 |  |  | 1,729 |
Total borrowings |  |  |  | $ | 158,518 |  |  | $ | 272,805 |  |  | $ | 62,980 |
__________________ nm - not meaningful (1)Includes various other crypto assets balances, none of which individually represented more than 5% of total crypto assets borrowed and crypto asset borrowings. The following table summarizes the units, cost basis, and fair value of Crypto assets held for investment (in thousands, except units):
| March 31, 2024 |  | December 31, 2023
| Units |  | Cost Basis |  | Fair Value |  | Carrying Value(1)
Bitcoin | 9,183 |  |  | $ | 270,438 |  |  | $ | 654,655 |  |  | $ | 126,614 |
Ethereum | 96,086 |  |  | 190,447 |  |  | 350,267 |  |  | 129,131 |
Other crypto assets(2) | nm |  | 213,922 |  |  | 517,406 |  |  | 74,865 |
Total held for investment |  |  | $ | 674,807 |  |  | $ | 1,522,328 |  |  | $ | 330,610 |
__________________ nm - not meaningful (1)Recorded at impaired cost as of December 31, 2023. (2)Includes various other crypto assets balances, none of which individually represented more than 5% of total Crypto assets held for investment.
Crypto asset activity | The following table summarizes the reconciliation of Crypto assets held as collateral for the three months ended March 31, 2024 (in thousands):
| January 1, 2024 |  | Cumulative Adjustment |  | Collateral Received |  | Collateral Returned |  | Gains(1) |  | Losses(1) |  | March 31, 2024
Crypto assets held as collateral | $ | — |  |  | $ | — |  |  | $ | 90,798 |  |  | $ | (15,374) |  |  | $ | 31,186 |  |  | $ | — |  |  | $ | 106,610 |
__________________ (1)No cumulative realized gains or losses occurred during the period. The following table summarizes the reconciliation of Crypto assets borrowed for the three months ended March 31, 2024 (in thousands):
|  |  | Additions |  | Dispositions |  |  |  |  |  |
| January 1, 2024 |  | Crypto Borrowings Originated |  | Crypto Loans Repaid |  | Crypto Borrowings Repaid |  | Crypto Loans Originated |  | Gains(1) |  | Losses(1) |  | March 31, 2024
Crypto assets borrowed | $ | 45,212 |  |  | $ | 191,436 |  |  | $ | 285,254 |  |  | $ | (77,451) |  |  | $ | (301,168) |  |  | $ | 88,352 |  |  | $ | (287) |  |  | $ | 231,348 |
__________________ (1)No cumulative realized gains or losses occurred during the period. The following table summarizes the reconciliation of Crypto assets held for investment for the three months ended March 31, 2024 (in thousands):
|  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |
| January 1, 2024 |  | Cumulative Adjustment(1) |  | Additions(2) |  | Sales |  | From Operating |  | Crypto Loans Originated |  | Crypto Loans Repaid |  | Gains(3) |  | Losses(3) |  | March 31, 2024
Crypto assets held for investment | $ | 330,610 |  |  | $ | 717,373 |  |  | $ | 3,530 |  |  | $ | (59,726) |  |  | $ | 1,972 |  |  | $ | (123,081) |  |  | $ | 1,221 |  |  | $ | 655,688 |  |  | $ | (5,259) |  |  | $ | 1,522,328 |
__________________ (1)Fair value adjustment on Crypto assets held for investment upon the Company’s adoption of ASU 2023-08. (2)Additions represent purchases of and staking rewards earned on Crypto assets held for investment. (3)Includes $17.0 million of cumulative realized gains from sales that occurred during the period and no cumulative realized losses. The following table summarizes the units, cost basis, and fair value of crypto assets held for operations (in thousands, except units):
|  | March 31, 2024 |  | December 31, 2023
|  | Units |  | Cost Basis |  | Fair Value |  | Carrying Value(1)
Bitcoin |  | 101 |  |  | $ | 5,548 |  |  | $ | 7,174 |  |  | $ | 7,243 |
Ethereum |  | 15,006 |  |  | 44,799 |  |  | 54,565 |  |  | 15,775 |
Solana |  | 144,193 |  |  | 25,967 |  |  | 29,128 |  |  | 10,275 |
Other(2) |  | nm |  | 48,077 |  |  | 59,763 |  |  | 40,810 |
Total held for operations |  |  |  | $ | 124,391 |  |  | $ | 150,630 |  |  | $ | 74,103 |
__________________ nm - not meaningful (1)Recorded at impaired cost as of December 31, 2023. (2)Includes various other crypto assets balances, none of which individually represented more than 5% of total Crypto assets held for operations.

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