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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Assets at Fair Value | 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.
Schedule of Derivative Liabilities at Fair Value | 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.
Schedule of Gain (Loss) on Changes in the Fair Value | 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 |
Schedule of Breakdown of Crypto Asset Collateral Associated with Derivative Positions | 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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- Definition Tabular disclosure of derivative assets at fair value. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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