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DIGITAL ASSETS - RECEIVABLE, NET | 12 Months Ended
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Dec. 31, 2024
Crypto Asset Receivable [Abstract] |
DIGITAL ASSETS - RECEIVABLE, NET | DIGITAL ASSETS - RECEIVABLE, NET Lending Arrangements During the year ended December 31, 2024, the Company entered into four separate master securities loan agreements with various counterparties that represent digital asset loan receivables to generate yield from our loaned bitcoin holdings for the Company’s stakeholders. A total of 7,377 bitcoin were loaned to the counterparties as of December 31, 2024. Collateralized Digital Assets During the year ended December 31, 2024, 2,997 bitcoin were collateralized in connection with the lines of credit of $200.0 million. Refer to Note 17 - Debt, for further information on the line of credit. Digital assets - receivable, net consists of the following:
(in thousands) |  | December 31, 2024 |  |
Digital asset receivable - lending |  | $ | 688,674 |  |  |
Digital asset receivable - collateralized |  | 279,762 |  |  |
Total digital asset receivable |  | 968,436 |  |  |
Less: Allowance for credit loss |  | (8,379) |  |  |
Digital assets - receivable, net |  | $ | 960,057 |  |  |
The digital asset receivables forementioned are initially recognized at fair value upon transfer and subsequently remeasured at fair value each reporting period. The changes in fair value are recognized as “Changes to digital assets - receivable, net” on the Consolidated Statements of Operations. The allowance for credit losses reflects the Company’s current estimate of the potential credit losses associated with the digital asset loan receivable and bitcoin provided as collateral to secure the $200.0 million line of credit. The credit loss is recorded as a valuation account, directly offsetting the Digital asset receivables on the Consolidated Balance Sheets. Changes to the allowance for credit losses on loans, based on quarterly analysis’, are recorded as provision for credit losses within “Other non-operating income (loss)” on the Consolidated Statements of Operations. The Company assesses the creditworthiness of our borrowers on a quarterly basis. For the purpose of determining the allowance for credit loss, financial assets with similar risk characteristics are pooled together. Our financial assets are aggregated by exposure term and assigned risk ratings. The Company considers credit ratings and several factors including the collateral and/or security of the Digital asset receivable, and are aligned with the ratings used by major credit ratings agencies. Given the limited historical data related to digital asset receivables and incurred losses related to digital asset receivables, the Company chose to rely on external data to perform the calculation of expected credit losses. The Company utilized the profitability of default (“PD”) and loss given default (“LGD”) approach to estimate the allowance for credit loss. In order to apply the PD LGD approach, management considered the lifetime of the digital asset receivables, the reasonable and supportable forecast, and the PD LGD. As of December 31, 2024, the Company recorded a corresponding allowance for credit loss of $8.4 million, based on the PD LGD approach. There were no digital asset receivables outstanding or allowance for credit losses recorded as of December 31, 2023,

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- Definition Crypto Asset Receivable + References No definition available. + Details
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- Definition Digital Asset Receivable, Net Of Allowance + References No definition available. + Details
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