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v3.25.3

Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
| September 30, 2025
| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Cash and cash equivalents: |  |  |  |
Money market funds | $ | 362,357 |  | $ | — |  | $ | — |  | $ | 362,357 |
Restricted cash equivalents: |  |  |  |
Money market funds | 1,658 |  | — |  | — |  | 1,658 |
Crypto assets held: |  |  |  |
Bitcoin | 604,746 |  | — |  | — |  | 604,746 |
Ether | 46,164 |  | — |  | — |  | 46,164 |
Other crypto assets | — |  | 24,053 |  | — |  | 24,053 |
Receivable, crypto assets pledged: |  |  |  |
Bitcoin | — |  | 93,296 |  | — |  | 93,296 |
Ether | — |  | 86,883 |  | — |  | 86,883 |
Accounts receivable, net: |  |  |  |
Derivative assets(1) | — |  | 385 |  | — |  | 385 |
Prepaid expenses and other current assets: |  |  |  |
Equity securities | 1,382 |  | — |  | — |  | 1,382 |
Crypto asset options | — |  | 684 |  | — |  | 684 |
Other non-current assets: |  |  |  |
Warrants | — |  | — |  | 1,659 |  | 1,659 |
Total assets | $ | 1,016,307 |  | $ | 205,301 |  | $ | 1,659 |  | $ | 1,223,267 |
Liabilities |  |  |  |
Related party loans: |  |  |  |
Derivative liabilities (1) | $ | — |  | $ | 487,053 |  | $ | — |  | $ | 487,053 |
Other current liabilities: |  |  |  |
Crypto asset collateral payable | — |  | 21,282 |  | — |  | 21,282 |
Crypto asset options | — |  | 685 |  | — |  | 685 |
Crypto asset futures | — |  | 189 |  | — |  | 189 |
Total liabilities | $ | — |  | $ | 509,209 |  | $ | — |  | $ | 509,209 |
__________________ |  |  |  |
(1) Excludes the related host contracts which are not measured and recorded at fair value as of September 30, 2025 and are disclosed in the table below.
| December 31, 2024
| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Restricted cash equivalents: |  |  |  |
Money market funds | $ | 1,607 |  | $ | — |  | $ | — |  | $ | 1,607 |
Crypto assets held: |  |  |  |
Bitcoin | 412,115 |  | — |  | — |  | 412,115 |
Ether | 17,562 |  | — |  | — |  | 17,562 |
Other crypto assets | — |  | 40,424 |  | — |  | 40,424 |
Receivable, crypto assets pledged: |  |  |  |
Bitcoin | — |  | 86,708 |  | — |  | 86,708 |
Ether | — |  | 81,592 |  | — |  | 81,592 |
Accounts receivable, net: |  |  |  |
Derivative assets(1) | — |  | 307 |  | — |  | 307 |
Prepaid expenses and other current assets: |  |  |  |
Crypto asset collateral held | — |  | 15,275 |  | — |  | 15,275 |
Equity securities | 219 |  | — |  | — |  | 219 |
Corporate bonds | — |  | 774 |  | — |  | 774 |
Crypto asset options | — |  | 6,354 |  | — |  | 6,354 |
Total assets | $ | 431,503 |  | $ | 231,434 |  | $ | — |  | $ | 662,937 |
Liabilities |  |  |  |
Related party loans: |  |  |  |
Derivative liabilities (1) | $ | — |  | $ | 413,700 |  | $ | — |  | $ | 413,700 |
Related party convertible notes: |  |  |  |
Convertible notes | — |  | — |  | 248,783 |  | 248,783 |
Other current liabilities: |  |  |  |
Crypto asset collateral payable | — |  | 15,275 |  | — |  | 15,275 |
Crypto asset options | — |  | 6,371 |  | — |  | 6,371 |
Crypto asset futures | — |  | 1,249 |  | — |  | 1,249 |
Total liabilities | $ | — |  | $ | 436,595 |  | $ | 248,783 |  | $ | 685,378 |
__________________ |  |  |  |
(1) Excludes the related host contracts which are not measured and recorded at fair value as of December 31, 2024 and are disclosed in the table below.
Schedule of Roll-Forward of Level 3 Investments Measured on Recurring Basis | The following table is a roll-forward of Level 3 investments measured and recorded at fair value on a recurring basis (in thousands): Level 3 Investments - Warrants
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Additions | 4,345 |  |  | — |  |  | 4,345 |  |  | — |
Unrealized loss attributable to change in fair value | (2,686) |  |  | — |  |  | (2,686) |  |  | — |
Ending balance | $ | 1,659 |  |  | $ | — |  |  | $ | 1,659 |  |  | $ | — |
Level 3 Investments - Convertible Notes
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance related party convertible notes | $ | 273,454 |  |  | $ | 222,175 |  |  | $ | 248,783 |  |  | $ | 134,928 |
Additions | 3,375 |  |  | 4,022 |  |  | 11,309 |  |  | 81,076 |
OCI - Change in fair value attributable to instrument-specific credit risk | — |  |  | 1,067 |  |  | (874) |  |  | (2,261) |
Unrealized loss attributable to change in fair value | 8,178 |  |  | 9,775 |  |  | 25,789 |  |  | 23,296 |
Conversion of convertible notes to common stock in connection with IPO | (285,007) |  |  | — |  |  | (285,007) |  |  | — |
Ending balance related party convertible notes | $ | — |  |  | $ | 237,039 |  |  | $ | — |  |  | $ | 237,039 |
Level 3 Investments - Term Loans
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024(1) |  | 2025 |  | 2024(1)
Beginning balance related party term loans | $ | 514,868 |  |  | $ | — |  |  | $ | 237,209 |  |  | $ | — |
Additions | 44,703 |  |  | — |  |  | 230,439 |  |  | — |
OCI - Change in fair value attributable to instrument-specific credit risk | — |  |  | — |  |  | (2,397) |  |  | — |
Unrealized loss attributable to change in fair value | 24,989 |  |  | — |  |  | 119,309 |  |  | — |
Conversion of related party term loans to common stock in connection with IPO | (584,560) |  |  | — |  |  | (584,560) |  |  | — |
Ending balance related party term loans | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
__________________
(1) In 2024, the 2024 Term Loan was not yet amended to include a conversion option and was classified as a Level 2 investment.
Schedule of Estimated Fair Values of our Financial Assets and Financial Liabilities Measured at Amortized Cost | The following tables summarize the estimated fair values of our financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025
| Level 1 | Level 2 | Level 3 | Total(1)
Financial Assets: |  |  |  |
Financial assets for which carrying values equal or approximate fair value |  |  |  |
Cash and cash equivalents | $ | 487,462 |  | $ | — |  | $ | — |  | $ | 487,462 |
Restricted cash and cash equivalents | 86,073 |  | — |  | — |  | 86,073 |
Customer custodial funds | 532,804 |  | — |  | — |  | 532,804 |
Accounts receivable, net(2) | 9,793 |  | — |  | 74,037 |  | 83,830 |
Total assets | $ | 1,116,132 |  | $ | — |  | $ | 74,037 |  | $ | 1,190,169 |
Financial Liabilities: |  |  |  |
Financial liabilities for which carrying values equal or approximate fair value |  |  |  |
Custodial funds due to customer | $ | 532,676 |  | $ | — |  | $ | — |  | $ | 532,676 |
Third party loans | — |  | 192,507 |  | — |  | 192,507 |
Related party loans(2) | — |  | 290,226 |  | — |  | 290,226 |
Funding debt | — |  | 49,204 |  | — |  | 49,204 |
Total liabilities | $ | 532,676 |  | $ | 531,937 |  | $ | — |  | $ | 1,064,613 |
| December 31, 2024
| Level 1 | Level 2 | Level 3 | Total(1)
Financial Assets: |  |  |  |
Financial assets for which carrying values equal or approximate fair value |  |  |  |
Cash and cash equivalents | $ | 42,847 |  | $ | — |  | $ | — |  | $ | 42,847 |
Restricted cash and cash equivalents | 26,776 |  | — |  | — |  | 26,776 |
Customer custodial funds | 575,628 |  | — |  | — |  | 575,628 |
Accounts receivable, net(2) | 5,802 |  | — |  | 59,259 |  | 65,061 |
Total Assets | $ | 651,053 |  | $ | — |  | $ | 59,259 |  | $ | 710,312 |
Financial Liabilities: |  |  |  |
Financial liabilities for which carrying values equal or approximate fair value |  |  |  |
Custodial funds due to customer | $ | 574,080 |  | $ | — |  | $ | — |  | $ | 574,080 |
Third party loans | — |  | 117,612 |  | — |  | 117,612 |
Related party loans(2) | — |  | 385,671 |  | — |  | 385,671 |
Total liabilities | $ | 574,080 |  | $ | 503,283 |  | $ | — |  | $ | 1,077,363 |
__________________ |  |  |  |
(1) The total carrying value is equal to the total estimated fair value for all financial assets and liabilities.
(2) Excludes the embedded derivatives which are measured and recorded at fair value as of September 30, 2025 and December 31, 2024 and are disclosed in the table above.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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