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Digital Assets Held
 12 Months Ended
Dec. 31, 2025
Crypto Asset, Cost [Abstract]  
Digital Assets Held Digital Assets Held
The following table summarizes Digital assets held at December 31, 2025 and December 31, 2024:
(in thousands, except units)December 31, 2025December 31, 2024
UnitsCost BasisFair Value
Carrying Value
Bitcoin1,274 $112,392 $111,760 $59,925 
OtherNM41,802 42,850 22,871 
   Total Digital assets held$154,194 $154,610 $82,796 

As of December 31, 2025, 50.0 million PYTH tokens with a fair value of $2.8 million are subject to selling restrictions. The time-based selling restrictions will unlock annually between 2026 and 2027.

The following table presents a reconciliation of the Company’s Digital assets held:

(in thousands)Value of Digital Assets Held
At December 31, 2024$82,796 
Cumulative-effect adjustment due to the adoption of ASU 2023-0825,358 
Additions (1)118,691,937 
Dispositions (2)(118,594,821)
Gains (3)20,147 
Losses (3)(70,807)
At December 31, 2025$154,610 
(1) Additions primarily include purchases of digital assets.
(2) Dispositions primarily include sales of digital assets.
(3) Gains and losses are recorded primarily in Trading income, net within the Consolidated Statements of Comprehensive Income. These amounts include cumulative realized gains of $20.2 million and cumulative realized losses of $48.9 million during the year ended December 31, 2025.