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OTHER CURRENT AND NON-CURRENT ASSETS (Tables) | 3 Months Ended
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Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Schedule of prepaid expenses and other current and non-current assets | Other current assets and other non-current assets consisted of the following (in thousands):
| March 31, |  | December 31,
| 2024 |  | 2023
Other current assets |  |  |
Crypto assets held for operations | $ | 150,630 |  |  | $ | 74,103 |
Prepaid expenses | 98,004 |  |  | 79,552 |
Assets pledged as collateral(1) | 73,096 |  |  | 53,071 |
Income tax receivable | 39,945 |  |  | 63,726 |
Other | 17,862 |  |  | 16,191 |
Total other current assets | $ | 379,537 |  |  | $ | 286,643 |
Other non-current assets |  |  |
Strategic investments | $ | 346,902 |  |  | $ | 343,045 |
Property and equipment, net | 193,056 |  |  | 192,550 |
Intangible assets, net | 79,755 |  |  | 86,422 |
Lease right of use assets | 10,164 |  |  | 12,737 |
Deposits and other | 23,985 |  |  | 19,840 |
Total other non-current assets | $ | 653,862 |  |  | $ | 654,594 |
_______________ (1) See Note 6. Collateralized Arrangements and Financing for additional details.
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.
Schedule of other investments accounted for under the measurement alternative | The changes in the carrying value of strategic investments accounted for under the measurement alternative are presented below (in thousands):
| March 31, |  | December 31,
| 2024 |  | 2023
Carrying amount, beginning of period | $ | 330,346 |  |  | $ | 315,285 |
Net additions(1) | 4,527 |  |  | 60,979 |
Upward adjustments | 43 |  |  | 62 |
Previously held interest in ORDAM (see Note 4) | — |  |  | (20,000) |
Impairments and downward adjustments | (937) |  |  | (25,980) |
Carrying amount, end of period | $ | 333,979 |  |  | $ | 330,346 |
__________________ (1)Net additions include additions from purchases and reductions due to exits of strategic investments.

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