v3.25.2
Digital assets (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Digital assets [Abstract]    
Summary of Details of Digital Assets
The composition of digital assets included the following (in thousands, except quantity):
 
Table 7.1. Details of Digital Assets
 
 
  
June 30, 2025
 
  
December 31, 2024
 
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
Sui
  
 
3,564,079
 
  
$
7,792
 
  
$
9,898
 
  
 
2,304,672
 
  
$
2,385
 
  
$
9,483
 
Bitcoin
  
 
73
 
  
 
2,193
 
  
 
7,829
 
  
 
73
 
  
 
2,113
 
  
 
6,781
 
Ether
  
 
1,726
 
  
 
4,412
 
  
 
4,300
 
  
 
1,746
 
  
 
4,455
 
  
 
5,815
 
Syrup
  
 
4,951,165
 
  
 
2,500
 
  
 
2,686
 
  
 
49,512
 
  
 
2,500
 
  
 
772
 
Worldcoin
  
 
2,779,348
 
  
 
3,300
 
  
 
2,498
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Sei
  
 
6,250,000
 
  
 
2,385
 
  
 
1,763
 
  
 
6,250,000
 
  
 
2,385
 
  
 
2,472
 
Starknet
  
 
13,601,010
 
  
 
1,616
 
  
 
1,587
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Zebec Network
  
 
366,555,944
 
  
 
524
 
  
 
1,252
 
  
 
310,290,738
 
  
 
420
 
  
 
276
 
Aptos
  
 
217,378
 
  
 
1,487
 
  
 
1,062
 
  
 
217,378
 
  
 
1,487
 
  
 
1,891
 
Optimism
 
 
867,303
 
 
 
1,330
 
 
 
491
 
 
 
867,303
 
 
 
1,330
 
 
 
1,518
 
Other digital assets
  
 
n.m.
 
  
 
3,191
 
  
 
1,747
 
  
 
n.m.
 
  
 
2,683
 
  
 
2,322
 
  
  
 
 
 
  
 
 
 
  
  
 
 
 
  
 
 
 
Total digital assets
  
  
$
30,730
 
  
$
35,113
 
  
  
$
19,758
 
  
$
31,330
 
  
  
 
 
 
  
 
 
 
  
  
 
 
 
  
 
 
 
n.m.= not meaningful
 
The composition of digital assets included the following (in thousands, except quantity):
Table 8.1. Details of Digital Assets
 
 
  
December 31, 2024
 
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
Sui
  
 
2,304,672
 
  
$
2,385
 
  
$
9,483
 
Bitcoin
  
 
73
 
  
 
2,113
 
  
 
6,781
 
Ether
  
 
1,746
 
  
 
4,455
 
  
 
5,815
 
Sei
  
 
6,250,000
 
  
 
2,385
 
  
 
2,472
 
Aptos
  
 
217,378
 
  
 
1,487
 
  
 
1,891
 
Optimism
  
 
867,303
 
  
 
1,330
 
  
 
1,518
 
Other digital assets
  
 
n.m
 
  
 
5,603
 
  
 
3,370
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
  
$
19,758
 
  
$
31,330
 
  
 
 
 
  
 
 
 
  
 
 
 
n.m.= not meaningful
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
 
 
  
December 31, 2023
 
Bitcoin
  
$
4,680
 
Ether
  
 
3,123
 
Other digital assets
  
 
3,536
 
  
 
 
 
Total
  
$
11,339
 
  
 
 
 
Schedule of Digital Assets Gain (Losses) And Impairment
Digital assets (gains)/losses consists of the following (in thousands):
 
Table 7.2. Digital Assets (gains)/losses
  
 
  
Three months ended
June 30,
 
  
Six months ended June
30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
(Gains)/losses on disposals of digital assets
  
$
(7
) 
  
$
(885
) 
  
$
(30
) 
  
$
(2,888
) 
(Gains)/losses on changes in fair value of embedded derivatives
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
1,629
 
Unrealized (gains)/losses on changes in fair value of digital assets
  
 
(686
) 
  
 
3,814
 
  
$
5,607
 
  
 
(185
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(693
) 
  
$
2,929
 
  
$
5,577
 
  
$
(1,444
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Digital assets (gains) losses and impairment consists of the following (in thousands):
Table 8.4. Digital Assets Gains (losses) and Impairment
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
(Gains)/losses on disposals of digital assets
  
$
(3,375
) 
  
$
(13,964
) 
  
$
(158,015
) 
(Gains)/losses on changes in fair value of hedged items
  
 
— 
 
  
 
(9,031
) 
  
 
— 
 
(Gains)/losses on changes in fair value of embedded derivatives
  
 
1,629
 
  
 
8,553
 
  
 
(211,997
) 
Unrealized (gains)/losses on changes in fair value of digital assets
  
 
(2,505
) 
  
 
— 
 
  
 
— 
 
Impairments on digital assets
  
 
— 
 
  
 
954
 
  
 
427,448
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(4,251
) 
  
$
(13,488
) 
  
$
57,436
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of Changes in the Fair Value of Digital Assets  
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
 
Balance as of December 31, 2023
  
$
11,339
 
Cumulative effect of the adoption of ASU 2023-08
  
 
6,921
 
Addition of digital assets
(1)
  
 
12,339
 
Disposition of digital assets
(2)
  
 
(10,148
) 
Gains
(3)
  
 
13,468
 
Losses
(3)
  
 
(2,589
) 
  
 
 
 
Balance as of December 31, 2024
  
$
31,330
 
  
 
 
 
 
(1)
 
Additions primarily represent purchases of digital assets and receipts from customers for services.
(2)
 
Dispositions primarily represent payment for blockchain gas fees and services.
(3)
 
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.