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Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company's financial assets are summarized below as of June 30, 2026 and December 31, 2025, with fair values shown according to the fair value hierarchy:
(in thousands)Carrying
Value		Quoted
Prices
Level 1		Significant Other
Observable Inputs
Level 2		Significant Unobservable Inputs
Level 3
As of June 30, 2026
Bitcoin$35,130 $35,130 $- $- 
Ether717 717 - - 
Solana1,305 1,305 - - 
Other investments (1)
200 - - - 
Equity securities350 - - 350 
Promissory note tokens 234 - 234 - 
Other digital assets163 163 - - 
Money market funds6 6 - - 
Total$38,105 
As of December 31, 2025
Bitcoin$149,164 $149,164 $- $- 
Ether5,633 5,633 - - 
Solana1,552 1,552 - - 
Other investments (1)
700 - - - 
Equity security244 244 - - 
Other digital assets98 98 - - 
Money market funds7 7 - - 
Total$157,398 
(1) These investments are recorded at cost
Assets and Liabilities Not Measured and Recorded at Fair Value
The Company's financial instruments are carried at amounts that approximate their fair values. Stablecoins and restricted stablecoins are measured at fair value on a recurring basis. The fair value of these assets generally approximates their carrying amounts, as they are designed to maintain a value substantially equivalent to one U.S. dollar or euro. The estimated fair values of the Company's financial instruments and the recurring fair value measurements of its stablecoins and restricted stablecoins are based on Level 1 inputs within the fair value hierarchy. Also, the Company holds note receivables that are recorded at amortized costs, which approximates their fair value. The fair value of these instruments is not readily determinable due to their non-marketable nature and is therefore not included in the fair value hierarchy.