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Funding Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule Third Party Loans The term loans entered into by the Company are summarized below (in thousands). The aggregate principal amount is to be used for general business purposes of the Company and its wholly owned subsidiaries.

    Term Loans as of September 30, 2025 (in thousands):
Loan(1)(2)
Draw Date
Maturity Date(3)
Aggregate Principal Amount
Fair value of Principal Outstanding as of 12.31.24(4)
2025 Amounts Drawn(4)
Unrealized lossChange in fair value attributable to instrument-specific credit riskConversion of convertible notes to common stock in connection with IPOInterest ExpenseInterest Payable
2024 Term Loan5/16/20246/1/2027$275,000 $230,704 $44,296 $76,424 $(2,594)$(369,146)$13,811 $— 
2025 Term Loan1/23/20256/1/2027200,000 — 168,462 42,885 198 (215,414)3,869 — 
Total$475,000 $230,704 $212,758 $119,309 $(2,396)$(584,560)$17,680 $— 
__________________
(1) The term loans are stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of September 30, 2025 the blended interest rates were 6.9% and 7.3% for the 2024 and 2025 Term Loans, respectively.
(2) On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event it will be automatically converted into Common Units in the Company.
(3) The maturity date was extended on May 15, 2025.
(4) The $443.5 million principal outstanding is denominated in USD but was received as 4,841 BTC, 9,000 ETH, and $26.9 million, of which, 3,241 BTC, 9,000 ETH, and $26.9 million were used during the nine months ended September 30, 2025 for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $182.5 million as of September 30, 2025.

Term Loans as of December 31, 2024 (in thousands):

Loan(1)
Draw DateMaturity DateAggregate Principal Amount
Amount Borrowed(2)
Amount RepaidPrincipal Outstanding as of 12.31.24Interest Expense
Interest Payable(3)
2024 Term Loan5/16/20243/1/2026$275,000 $230,704 $— $230,704 $6,505 $6,505 
_______________________
(1) The term loan is stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of December 31, 2024 the blended interest rate was 6.8%.
(2) The $230.7 million principal outstanding is denominated in USD but was received as 2,834 BTC, 9,000 ETH, and $11.8 million, of which, 1,234 BTC, 9,000 ETH, and $11.8 million were used during the year for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $149.4 million as of December 31, 2024.
(3) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.
Third party loans with Galaxy as of September 30, 2025 (in thousands):

LoanLoan DateMaturity DatePrincipal OutstandingInterest RateInterest Expense
Interest Payable(1)
Collateral Type(2)
Collateral Rate (Initial Collateral Level)(3)
Loan 135/29/2024Evergreen51,900 11.0%4,329 476 BTC145%
Loan 145/29/2024Evergreen54,600 11.0%4,555 500 ETH155%
Loan 1511/1/2024Evergreen10,000 12.0%910 100 BTC145%
Total$116,500 $9,794 $1,076 
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025.
(2) As of September 30, 2025, the Company has pledged 818 BTC and 20,960 ETH included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $93.3 million, or 151%, for BTC loans; and $86.9 million, or 159%, for ETH loans.
(3) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.
Third party loans with Galaxy as of December 31, 2024 (in thousands):

LoanLoan DateMaturity DatePrincipal OutstandingInterest RateInterest Expense
Interest Payable(9)
Collateral Type(10)
Collateral Rate (Initial Collateral Level)(11)
Loan 13/2/20233/5/2024$— 11.0%$577 $— ETH160%
Loan 23/2/20233/5/2024— 11.0%499 — BTC150%
Loan 34/27/20233/5/2024— 11.5%104 — ETH160%
Loan 44/27/20233/5/2024— 11.5%131 — BTC150%
Loan 55/24/20233/5/2024— 11.5%409 — ETH160%
Loan 65/24/20233/5/2024— 11.5%409 — BTC150%
Loan 7(1)
3/4/20243/31/2024— 11.5%209 — ETH160%
Loan 8(2)
3/4/2024Evergreen— 11.0%428 — BTC145%
Loan 9(3)
3/4/2024Evergreen— 11.0%243 — ETH155%
Loan 10(4)
3/28/20245/31/2024— 11.5%489 — ETH160%
Loan 11(5)
3/28/2024Evergreen— 11.0%967 — BTC145%
Loan 12(6)
3/28/2024Evergreen— 11.0%550 — ETH155%
Loan 13(7)
5/29/2024Evergreen51,900 11.0%3,410 492 BTC145%
Loan 14(8)
5/29/2024Evergreen54,600 11.0%3,570 517 ETH155%
Loan 1511/1/2024Evergreen10,000 12.0%203 103 BTC145%
Total$116,500 $12,198 $1,112 
__________________
(1) On March 4, 2024 an amended agreement was executed that restated loan 3 and loan 5 into loan 7. All of the terms and conditions are the same with the exception of the maturity date being extended to March 31, 2024.
(2) On March 4, 2024 an amended agreement was executed that restated loan 2, loan 4, and loan 6 into loan 8. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms.
(3) On March 4, 2024 an amended agreement was executed that restated loan 1 into loan 9. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms.
(4) On March 28, 2024 an amended agreement was executed that restated loan 7 into loan 10. All of the terms and conditions are the same with the exception of the maturity date being extended to May 31, 2024.
(5) On March 28, 2024 an amended agreement was executed that restated loan 8 into loan 11. All of the terms and conditions are the same.
(6) On March 28, 2024 an amended agreement was executed that restated loan 9 into loan 12. All of the terms and conditions are the same.
(7) On May 29, 2024 an amended agreement was executed that restated loan 11 into loan 13. All of the terms and conditions are the same.
(8) On May 29, 2024 an amended agreement was executed that aggregated the principal of loan 10 with loan 12 and restated them into loan 14. All of the terms and conditions are the same with the exception of loan 10's collateral rate, interest rate, and maturity date being updated to mirror the terms of loan 12.
(9) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2024.
(10) As of December 31, 2024, the Company has pledged 929 bitcoin and 24,625 ether included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of December 31, 2024 was approximately $86.7 million, or 140%, for BTC loans; and $81.6 million, or 149%, for ETH loans.
(11) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.
Funding Debt as of September 30, 2025 (in thousands):

Loan(1)
Loan DateMaturity DatePrincipal Outstanding
Interest Rate(2)
Interest Expense
Interest Payable(3)
Ripple7/11/202511/15/2027$48,890 6.5%$314 $314 
__________________
(1) As of September 30, 2025, the Company has pledged credit card receivables included in Credit card receivables pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $67.9 million.
(2) The loan has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025.
(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the condensed consolidated balance sheets as of September 30, 2025.