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Digital Assets (Tables)
 3 Months Ended
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.