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Marketable Securities
 9 Months Ended
Sep. 30, 2025
Marketable Securities [Abstract]  
Marketable Securities

Note 4. Marketable Securities

 

The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three and nine months ended September 30, 2025 and 2024, which are recorded as a component of gains and (losses) on marketable securities on the unaudited condensed consolidated statements of operations, are as follows ($ in thousands):

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2025   2024   2025   2024 
Realized gain (loss)  $517   $432   $(897)  $3,762 
Unrealized gain (loss)   158,500    (421)   163,685    (3,361)
Dividend income   113    78    306    366 
Total  $159,130   $89   $163,094   $767 

 

The unrealized gain for the three and nine months ended September 30, 2025, includes an unrealized gain of $156.4 million from the Company’s investment in American Bitcoin Corp. (“ABTC”). During prior quarters in 2025, the Company’s investment in ABTC was included within the long-term equity investments caption of the unaudited condensed consolidated balance sheet. In September 2025, ABTC became publicly listed on the Nasdaq (Ticker: ABTC) and accordingly, the Company’s investment in ABTC was reclassified to marketable securities. Refer to Note 5 “Long Term Equity Investments” for additional information regarding ABTC.