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Crypto Assets Held
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Crypto Assets Held Crypto Assets Held
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
UnitsCost BasisFair Value
Bitcoin5,302 $263,746 $604,746 
Ether11,134 46,347 46,164 
Other crypto assets
nm(1)
11,750 24,053 
Total$321,843 $674,963 
__________________
(1) not meaningful
December 31, 2024
UnitsCost BasisFair Value
Bitcoin4,414 $117,005 $412,115 
Ether5,301 17,009 17,562 
Other crypto assets
nm(1)
8,200 40,424 
Total$142,214 $470,101 
__________________
(1) not meaningful

The following table is a fair value roll-forward of the Company's crypto assets held at fair value (in thousands):
BitcoinEtherOtherTotal
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.
The Company acquires crypto assets primarily through related party loans, revenue denominated in crypto assets, and purchases of crypto assets. The Company disposes of crypto assets through payments of principal and interest on crypto loans, sales of crypto assets and payments for operating expenses.

As part of normal course of business the Company uses crypto assets as investments to fund operating activities and in reserve to satisfy regulatory requirements for certain subsidiaries relating to liquidity coverage and capital needs in relation to customer balances. The cost basis used to calculate gains and losses of crypto assets is the original cost at the time of addition, utilizing the first-in-first-out ("FIFO") method.

Certain subsidiaries of the Company engage with insurance providers to obtain surety bonds necessary for money transmitter licenses. The Company designates 840 bitcoin to the insurance providers to satisfy a collateral requirement that is reassessed on an annual basis.

Included in the Company's Crypto assets held on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, are 2,811 bitcoin and 3,116 bitcoin, respectively, with a fair value of $320.6 million and $290.9 million, respectively. These assets are restricted in use under the terms of certain related party crypto asset loan agreements and are designated and maintained to meet regulatory capital requirements. The restrictions remain in effect while the related party crypto asset loan agreements are outstanding, and may lapse upon repayment or termination of the loans, or other contractual modifications. This bitcoin is included in the Company's crypto asset loan with a December 29, 2022, draw date as described in Note 13. Related Party Loans and Convertible Notes.
In addition, included in the Company's Crypto assets held on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, are 1,275 bitcoin and 0 bitcoin, respectively, with a fair value of $145.4 million and $0, respectively. These assets are restricted in use under the terms of certain third party crypto asset loan agreements and are designated and maintained to meet agreed upon collateral requirements. The Company retains control as the counterparty is not permitted to sell, pledge, rehypothecate, or otherwise use the assets. Accordingly, these crypto assets continue to be recognized in Crypto assets held.