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Digital Assets (Tables) | 3 Months Ended
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Mar. 31, 2026
Digital Assets [Abstract] |
Schedule of Significant Digital Asset Holdings | The following table presents the Company’s significant digital asset holdings (in thousands):
|  | March 31, 2026 |
|  | Quantity |  |  | Cost Basis1 |  |  | Fair Value1 |
ETH |  |  | 12,441 |  |  | $ | 41,165 |  |  | $ | 26,223 |
USDC (USDC is a stablecoin meant to track the value of the U.S. dollar, backed by U.S. dollars and dollar-denominated assets) |  |  | 2,083,424 |  |  |  | 2,082 |  |  |  | 2,084 |
Liquid staking incentive tokens 2 |  |  | - |  |  |  | - |  |  |  | - |
Total digital asset holdings |  |  | 2,095,865 |  |  | $ | 43,247 |  |  | $ | 28,307 |
(1) | Cost basis is equal to the cost of the digital assets net of any transaction fees, if any, at the time of purchase or upon receipt. Fair value represents the quoted digital asset prices within the Company’s principal market at the time of measurement.
(2) | Liquid staking incentive tokens include PUFFER and ETHFI incentive tokens. Incentive tokens are governance tokens earned for deposited certain amounts of ETH into protocols for a specified period of time.
Schedule of Rollforward of the Company’s Digital Asset Holdings | The following table presents a roll forward of the Company’s digital asset holdings, consisting of ETH and staking incentive tokens (in thousands):
|  | Three Months Ended March 31, 2026 |
Digital Assets as of December 31, 2025 |  | $ | 61,587 |
Additions1 |  |  | 757 |
Dispositions |  |  | (128,096 | )
Receipt and accrual of ETH from native staking activities |  |  | (460 | )
Receipt of ETH from derecognition of liquid staking activities |  |  | 132,374 |
Cryptocurrency denominated loan proceeds2 |  |  | 67,039 |
Cryptocurrency denominated loan repayments2 |  |  | (98,552 | )
Change in fair value of digital assets |  |  | (6,342 | )
Digital assets fair value |  | $ | 28,307 |
| (1) | Additions are the results of purchases and receipts of ETH.
| (2) | Represents ETH-denominated proceeds received during the year from a collateralized loan that was fully repaid prior to March 31, 2026.

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- Definition Tabular disclosure of information about crypto asset. Includes, but is not limited to, name, cost basis, fair value, and number of units held. Excludes information about crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476162/350-60-50-1 + Details
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