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Digital Assets | 3 Months Ended
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Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract] |
Digital Assets | Digital Assets The table below outlines the fair value of the Company's digital assets based on publicly available rates as of the dates presented as well as the cost:
(in thousands, except units) | March 31, 2026
| Units |  | Cost Basis |  | Fair Value
Bitcoin | 628 |  | $ | 21,600 |  |  | $ | 42,760 |
Ethereum | 1,861 |  | 3,402 |  |  | 3,914 |
Solana | 17,541 |  | 2,895 |  |  | 1,455 |
Other | * |  | 102 |  |  | 100 |
Digital assets |  |  | $ | 27,999 |  |  | $ | 48,229 |
(in thousands, except units) | December 31, 2025
| Units |  | Cost Basis |  | Fair Value
Bitcoin | 1,704 |  | 53,449 |  |  | 149,164 |
Ethereum | 1,898 |  | 3,476 |  |  | 5,633 |
Solana | 12,473 |  | 2,385 |  |  | 1,552 |
Other | * |  | 102 |  |  | 98 |
Digital assets |  |  | $ | 59,412 |  |  | $ | 156,447 |
*Other digital assets unit balances are not considered meaningful. The following table summarizes other operating activities settled in digital assets and stablecoins:
(in thousands) | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Revenues | $ | (23,954) |  |  | $ | (35,764) |
Expenses | 12,991 |  |  | 6,376 |
Conversion of digital assets and stablecoins to cash, net | 8,900 |  |  | 14,757 |
Accounts receivable and other current assets | 1,514 |  |  | 439 |
Payroll liabilities | 96 |  |  | (624) |
Currency translation related to digital assets | 101 |  |  | (254) |
Other operating activities settled in digital assets and stablecoins | $ | (352) |  |  | $ | (15,070) |
Token Arrangements During the second quarter of fiscal year 2025, the Company sold its right to receive 6,666,667 of its 13,333,334 Magic Eden tokens from Eden Protocol Limited. The Company recognized a gain of $2.0 million on the sale of future token interests, which is presented in the consolidated statements of operations and comprehensive loss. As of March 31, 2026, the Company has received 2,222,060 Magic Eden tokens and has 4,444,607 tokens remaining to be received. The Company’s right to receive future Magic Eden token interests represents an embedded derivative, which had a fair value of zero as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026, in connection with the Company’s investment in the Promissory Note, the Company is entitled to receive 32,500 Promissory Note tokens which are subject to a 48-month vesting schedule, including a 12-month cliff followed by monthly vesting over the remaining term and other restrictions. As of March 31, 2026, the value of these tokens is $0.1 million.

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