v3.24.1.u1
COLLATERALIZED ARRANGEMENTS AND FINANCING (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of loans and financing receivables
The following table summarizes the Company’s Prime Financing lending arrangements (in thousands):
March 31,December 31,
20242023
Loan receivables
Trade finance receivables$122,817 $— 
Fiat loan receivables210,185 171,196 
Crypto asset loan receivables196,141 22,229 
Total loan receivables$529,143 $193,425 
Customer loans not meeting recognition criteria
USDC$268,345 $205,645 
Crypto asset, holding
The Company’s Crypto assets held as collateral and Obligation to return collateral consisted of the following (in thousands, except units):
March 31, 2024December 31, 2023
UnitsFair ValueUnitsFair Value
Crypto assets held as collateral
Bitcoin(1)
1,495 $106,610 — $— 
Total held as collateral$106,610 $— 
Obligation to return collateral
FiatN/A$208,480 N/A$1,063 
Bitcoin1,495 106,610 — — 
Total obligation to return collateral
$315,090 $1,063 
Customer collateral pledged, not recognized
nm$1,578,643 nm$712,644 
__________________
nm - not meaningful
(1) The cost basis of bitcoin held as collateral as of March 31, 2024 was $75.4 million.
The following table summarizes the units, cost basis, and fair value of crypto assets borrowed (in thousands, except units) and the associated crypto asset borrowings:
March 31, 2024December 31, 2023
UnitsCost BasisFair ValueCarrying Value
Crypto assets borrowed
Bitcoin2,688 $112,099 $191,573 $36,368 
Ethereum1,122 2,214 4,093 3,720 
Solana55,575 5,198 11,247 3,516 
Other crypto assets(1)
nm14,247 24,435 1,608 
Total borrowed
$133,758 $231,348 $45,212 
Crypto asset borrowings
Bitcoin3,040 $128,417 $216,703 $50,679 
Ethereum5,601 10,655 20,420 7,059 
Solana55,575 5,198 11,247 3,513 
Other crypto assets(1)
nm14,248 24,435 1,729 
Total borrowings
$158,518 $272,805 $62,980 
__________________
nm - not meaningful
(1)Includes various other crypto assets balances, none of which individually represented more than 5% of total crypto assets borrowed and crypto asset borrowings.
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 $330,610 
__________________
nm - not meaningful
(1)Recorded at impaired cost as of December 31, 2023.
(2)Includes various other crypto assets balances, none of which individually represented more than 5% of total Crypto assets held for investment.
Crypto asset activity
The following table summarizes the reconciliation of Crypto assets held as collateral for the three months ended March 31, 2024 (in thousands):
January 1, 2024
Cumulative Adjustment
Collateral Received
Collateral Returned
Gains(1)
Losses(1)
March 31, 2024
Crypto assets held as collateral$— $— $90,798 $(15,374)$31,186 $— $106,610 
__________________
(1)No cumulative realized gains or losses occurred during the period.
The following table summarizes the reconciliation of Crypto assets borrowed for the three months ended March 31, 2024 (in thousands):
Additions
Dispositions
January 1, 2024
Crypto Borrowings Originated
Crypto Loans Repaid
Crypto Borrowings Repaid
Crypto Loans Originated
Gains(1)
Losses(1)
March 31, 2024
Crypto assets borrowed$45,212 $191,436 $285,254 $(77,451)$(301,168)$88,352 $(287)$231,348 
__________________
(1)No cumulative realized gains or losses occurred during the period.
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 following table summarizes the units, cost basis, and fair value of crypto assets held for operations (in thousands, except units):
March 31, 2024December 31, 2023
UnitsCost BasisFair Value
Carrying Value(1)
Bitcoin101 $5,548 $7,174 $7,243 
Ethereum15,006 44,799 54,565 15,775 
Solana144,193 25,967 29,128 10,275 
Other(2)
nm48,077 59,763 40,810 
Total held for operations$124,391 $150,630 $74,103 
__________________
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 operations.
Schedule of collateral posted
The Company’s corporate assets pledged as collateral against crypto borrowings consisted of the following (in thousands, except units):
March 31, 2024December 31, 2023
UnitsFair ValueUnitsFair Value
Assets pledged as collateral
USDC
73,096,425 $73,096 51,879,705 $51,880 
FiatN/A— N/A1,191 
Total pledged as collateral
$73,096 $53,071 
Assets pledged as collateral not meeting derecognition criteria
USDC
221,827,262 $221,827 29,577,339 $29,577