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Crypto Assets Held (Tables) | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Crypto Assets Held At Fair Value | The following table presents a summary of the crypto assets held at fair value by the Company (in thousands except for units):
| September 30, 2025
| Units | Cost Basis | Fair Value
Bitcoin | 5,302 |  | $ | 263,746 |  | $ | 604,746 |
Ether | 11,134 |  | 46,347 |  | 46,164 |
Other crypto assets | nm(1) | 11,750 |  | 24,053 |
Total |  | $ | 321,843 |  | $ | 674,963 |
__________________ |  |  |
(1) not meaningful |  |  |
| December 31, 2024
| Units | Cost Basis | Fair Value
Bitcoin | 4,414 |  | $ | 117,005 |  | $ | 412,115 |
Ether | 5,301 |  | 17,009 |  | 17,562 |
Other crypto assets | nm(1) | 8,200 |  | 40,424 |
Total |  | $ | 142,214 |  | $ | 470,101 |
__________________ |  |  |
(1) not meaningful |  |  |
Schedule of Fair Value Roll-forward of Crypto Assets Held at Fair Value | The following table is a fair value roll-forward of the Company's crypto assets held at fair value (in thousands):
| Bitcoin | Ether | Other | Total
Crypto assets held at December 31, 2023 | $ | 295,320 |  | $ | 25,718 |  | $ | 6,828 |  | $ | 327,866 |
Addition of crypto assets(1) | 431,487 |  | 299,660 |  | 11,887 |  | 743,034 |
Disposition of crypto assets(1) | (608,225) |  | (327,979) |  | (9,428) |  | (945,632) |
Realized gain on crypto assets(2) | 149,878 |  | 26,555 |  | 1,095 |  | 177,528 |
Realized loss on crypto assets | (610) |  | (545) |  | (609) |  | (1,764) |
Unrealized gain (loss) on crypto assets(3) | 144,265 |  | (5,847) |  | 30,651 |  | 169,069 |
Crypto assets held at December 31, 2024 | $ | 412,115 |  | $ | 17,562 |  | $ | 40,424 |  | $ | 470,101 |
Addition of crypto assets(4)(5) | 519,334 |  | 305,186 |  | 24,346 |  | 848,866 |
Disposition of crypto assets(4)(5) | (412,454) |  | (293,544) |  | (24,694) |  | (730,692) |
Realized gain on crypto assets(2) | 47,671 |  | 29,188 |  | 4,390 |  | 81,249 |
Realized loss on crypto assets | (7,562) |  | (11,482) |  | (1,050) |  | (20,094) |
Unrealized gain (loss) on crypto assets(3) | 45,642 |  | (746) |  | (19,363) |  | 25,533 |
Crypto assets held at September 30, 2025 | $ | 604,746 |  | $ | 46,164 |  | $ | 24,053 |  | $ | 674,963 |
__________________ |  |  |  |
(1) Includes acquisitions of 2,715 Bitcoin and 68,996 Ether totaling $384.3 million and dispositions of 1,879 Bitcoin and 56,766 Ether totaling $275.1 million to manage collateral obligation under its loan agreements as of December 31, 2024. Refer to Note 2. Summary of Significant Accounting Policies in the Company's audited annual consolidated financial statements for further details. (2) Excludes realized gain on Receivable, crypto assets pledged of $44.5 million and $135.8 million as of September 30, 2025 and December 31, 2024, respectively. (3) Excludes unrealized loss on Receivable, crypto assets pledged of $13.5 million and $17.8 million as of September 30, 2025 and December 31, 2024, respectively. (4) Includes acquisitions of 616 Bitcoin and 65,361 Ether totaling $238.5 million and dispositions of 505 Bitcoin and 61,696 Ether totaling $192.4 million to manage collateral obligation under its loan agreements as of September 30, 2025. Refer to Note 2. Summary of Significant Accounting Policies in the Company's audited annual consolidated financial statements for further details. (5) Beginning in the third quarter of 2025, the Company began using certain customer collateral received under its rehypothecation rights. As a result, these assets are now presented in Crypto assets held on the condensed consolidated balance sheets.. In prior periods, these assets were included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. Included in acquisitions is 132 Bitcoin totaling $15.1 million and in dispositions 5 Bitcoin and 1 Ether totaling $0.8 million related to customer collateral received under rehypothecation rights as of September 30, 2025.

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- Definition Tabular disclosure of information about activity for crypto asset. Excludes information about crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476162/350-60-50-3 + Details
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- Definition Tabular disclosure of information about crypto asset. Includes, but is not limited to, name, cost basis, fair value, and number of units held. Excludes information about crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1 + Details
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