v3.24.1.u1
CRYPTO ASSETS HELD FOR INVESTMENT
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
CRYPTO ASSETS HELD FOR INVESTMENT CRYPTO ASSETS HELD FOR INVESTMENT
The following table summarizes the units, cost basis, and fair value of Crypto assets held for investment (in thousands, except units):
March 31, 2024December 31, 2023
UnitsCost BasisFair Value
Carrying Value(1)
Bitcoin9,183 $270,438 $654,655 $126,614 
Ethereum96,086 190,447 350,267 129,131 
Other crypto assets(2)
nm213,922 517,406 74,865 
Total held for investment$674,807 $1,522,328 $330,610 
__________________
nm - not meaningful
(1)Recorded at impaired cost as of December 31, 2023.
(2)Includes various other crypto assets balances, none of which individually represented more than 5% of total Crypto assets held for investment.
The following table summarizes the reconciliation of Crypto assets held for investment for the three months ended March 31, 2024 (in thousands):
Transfers
January 1, 2024
Cumulative
Adjustment(1)
Additions(2)
Sales
From Operating
Crypto Loans OriginatedCrypto Loans Repaid
Gains(3)
Losses(3)
March 31, 2024
Crypto assets held for investment$330,610 $717,373 $3,530 $(59,726)$1,972 $(123,081)$1,221 $655,688 $(5,259)$1,522,328 
__________________
(1)Fair value adjustment on Crypto assets held for investment upon the Company’s adoption of ASU 2023-08.
(2)Additions represent purchases of and staking rewards earned on Crypto assets held for investment.
(3)Includes $17.0 million of cumulative realized gains from sales that occurred during the period and no cumulative realized losses.
The Company has $264.3 million of assets subject to selling restrictions recorded in Crypto assets held for investment. The selling restrictions are time-based and lift between 2024 and 2029. Restrictions do not consist of any other obligations.