| Digital assets |
The composition of digital assets included the following (in thousands, except quantity):
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Table 7.1. Details of Digital Assets |
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3,564,079 |
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$ |
7,792 |
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$ |
9,898 |
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2,304,672 |
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$ |
2,385 |
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$ |
9,483 |
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73 |
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2,193 |
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7,829 |
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73 |
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2,113 |
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6,781 |
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1,726 |
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4,412 |
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4,300 |
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1,746 |
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4,455 |
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5,815 |
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4,951,165 |
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2,500 |
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2,686 |
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49,512 |
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2,500 |
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772 |
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2,779,348 |
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3,300 |
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2,498 |
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— |
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— |
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— |
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6,250,000 |
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2,385 |
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1,763 |
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6,250,000 |
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2,385 |
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2,472 |
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13,601,010 |
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1,616 |
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1,587 |
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— |
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— |
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— |
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366,555,944 |
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524 |
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1,252 |
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310,290,738 |
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420 |
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276 |
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217,378 |
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1,487 |
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1,062 |
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217,378 |
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1,487 |
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1,891 |
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867,303 |
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1,330 |
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491 |
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867,303 |
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1,330 |
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1,518 |
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n.m. |
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3,191 |
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1,747 |
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n.m. |
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2,683 |
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2,322 |
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$ |
30,730 |
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$ |
35,113 |
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$ |
19,758 |
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$ |
31,330 |
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| As of June 30, 2025, there are certain digital assets with a total fair value of $ 2.4 million subject to various time-based contractual sale restrictions ranging from July 2025 until March 2029. Digital assets (gains)/losses consists of the following (in thousands):
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Table 7.2. Digital Assets (gains)/losses |
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Three months ended
June 30, |
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(Gains)/losses on disposals of digital assets |
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$ |
(7 |
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$ |
(885 |
) |
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$ |
(30 |
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$ |
(2,888 |
) |
(Gains)/losses on changes in fair value of embedded derivatives |
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— |
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— |
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— |
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1,629 |
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Unrealized (gains)/losses on changes in fair value of digital assets |
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(686 |
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3,814 |
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$ |
5,607 |
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(185 |
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$ |
(693 |
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$ |
2,929 |
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$ |
5,577 |
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$ |
(1,444 |
) |
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| Refer to Note 12 for gains and losses on digital assets held for investments. |
The composition of digital assets included the following (in thousands, except quantity): Table 8.1. Details of Digital Assets
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2,304,672 |
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$ |
2,385 |
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$ |
9,483 |
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73 |
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2,113 |
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6,781 |
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1,746 |
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4,455 |
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5,815 |
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6,250,000 |
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2,385 |
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2,472 |
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217,378 |
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1,487 |
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1,891 |
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867,303 |
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1,330 |
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1,518 |
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n.m |
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5,603 |
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3,370 |
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$ |
19,758 |
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$ |
31,330 |
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| As of December 31, 2024, there are certain digital assets with a total fair value of $ 3.9 million subject to various time-based contractual sale restrictions ranging from January 2025 until August 2027. Prior to the adoption of ASU 2023-08 at January 1, 2024 , the Company accounted for its digital assets at cost less impairment. The composition and carrying value of its digital assets included the following (in thousands): Table 8.2. Details of Digital Assets
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$ |
4,680 |
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3,123 |
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3,536 |
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$ |
11,339 |
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| The following table summarizes the changes in the fair value of digital assets (in thousands): Table 8.3. Changes in the Fair Value of Digital Assets
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Balance as of December 31, 2023 |
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$ |
11,339 |
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Cumulative effect of the adoption of ASU 2023-08 |
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6,921 |
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Addition of digital assets (1) |
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12,339 |
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Disposition of digital assets (2) |
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(10,148 |
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13,468 |
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(2,589 |
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Balance as of December 31, 2024 |
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$ |
31,330 |
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Additions primarily represent purchases of digital assets and receipts from customers for services. |
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Dispositions primarily represent payment for blockchain gas fees and services. |
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The Company measures gains and losses by each asset held. These amounts include cumulative realized gains of $ 4.2 million and realized losses of $ 0.9 million during the year ended December 31, 2024, respectively. | Digital assets (gains) losses and impairment consists of the following (in thousands): Table 8.4. Digital Assets Gains (losses) and Impairment
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(Gains)/losses on disposals of digital assets |
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$ |
(3,375 |
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$ |
(13,964 |
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$ |
(158,015 |
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(Gains)/losses on changes in fair value of hedged items |
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— |
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(9,031 |
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— |
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(Gains)/losses on changes in fair value of embedded derivatives |
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1,629 |
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8,553 |
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(211,997 |
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Unrealized (gains)/losses on changes in fair value of digital assets |
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(2,505 |
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— |
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— |
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Impairments on digital assets |
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— |
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954 |
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427,448 |
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$ |
(4,251 |
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$ |
(13,488 |
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$ |
57,436 |
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| Refer to Note 13 for gains and losses on digital assets held for investments. |