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Fair Value Measurements (Tables)

9 Months Ended

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.

X

- Definition

Tabular disclosure of information about fair value of asset and liability not measured at fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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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

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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

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-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

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