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Derivatives | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of September 30, 2025 (in thousands):
| September 30, 2025
| Gross Notional(1) | Assets | Liabilities
Crypto asset options | $ | 88,418 |  | $ | 684 |  | $ | (685) |
Crypto asset futures | 29,825 |  | — |  | (189) |
Total |  | $ | 684 |  | $ | (874) |
__________________ |  |  |
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.
The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2024 (in thousands):
| December 31, 2024
| Gross Notional(1) | Assets | Liabilities
Crypto asset options | $ | 229,546 |  | $ | 6,354 |  | $ | (6,371) |
Crypto asset futures | 11,671 |  | — |  | (1,249) |
Total |  | $ | 6,354 |  | $ | (7,620) |
__________________ |  |  |
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.
Please refer to Note 5. Fair Value Measurements for fair value details on embedded derivatives. During the three and nine months ended September 30, 2025, the change in fair value of the embedded derivatives increased by $0.3 million and increased by $0.1 million, respectively. During the three and nine months ended September 30, 2024, the change in fair value of the embedded derivatives decreased by $0.2 million and increased by $0.8 million, respectively. Gain (loss) on changes in the fair value of options and futures recorded in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 | 2024 |  | 2025 | 2024
Derivative assets |  |  |  |  |
Crypto asset options | (53,152) |  | 89,230 |  |  | (69,998) |  | (53,262) |
Crypto asset futures | — |  | 25,071 |  |  | — |  | (16,691) |
Total | $ | (53,152) |  | $ | 114,301 |  |  | $ | (69,998) |  | $ | (69,953) |
Derivative liabilities |  |  |  |  |
Crypto asset options | $ | 53,711 |  | $ | (93,711) |  |  | $ | 70,886 |  | $ | 56,420 |
Crypto asset futures | (200) |  | (23,078) |  |  | (1,449) |  | 15,210 |
Total | $ | 53,511 |  | $ | (116,789) |  |  | $ | 69,437 |  | $ | 71,630 |
The below table represents the breakdown of crypto asset collateral associated with derivative positions (in thousands):
| September 30, 2025 | December 31, 2024
Crypto assets held as collateral meeting the recognition criteria | $ | 21,268 |  | $ | 15,275 |
Crypto assets held as collateral not meeting the recognition criteria | $ | — |  | $ | 4,875 |
Crypto assets pledged as collateral not meeting the derecognition criteria | $ | 7,978 |  | $ | 4,616 |

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