v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt [Abstract]  
DEBT

NOTE 9 – DEBT

 

The following tables summarize the activity of loans payable (in thousands):

 

   Six Months Ended June 30, 2026 
   Principal
balance at
December 31,
2025		   Principal
additions		   Principal
repayments
in cash		   Repayments in cryptocurrency   Principal
balance at
June 30,
2026		 
                     
First Insurance – 20251  $251   $
-
   $(251)  $
-
   $
-
 
Equities First Loan   25,950    
-
    
-
    
-
    25,950 
Aave Loan   31,513    67,039    
-
    (98,552)   
-
 
Total loans payable and collateralized loans  $57,714   $67,039   $(251)  $(98,552)  $25,950 
Less: loans payable and collateralized loans – current portion   31,764                   - 
Loans and collateralized loans payable – noncurrent portion  $25,950                  $25,950 

 

(1) Represents insurance financing note payable funded in June 2025 which matured in April 2026 and bears interest at 8.99%.

Loans Denominated in Digital Assets 

 

Equities First Loan

 

The Company has an outstanding collateralized loan arrangement with Equities First Holdings, LLC. As of June 30, 2026, the outstanding principal balance of the loan was approximately $26.0 million.

 

The loan is secured by digital assets. As of June 30, 2026, the Company had transferred 12,441 ETH as collateral, with a fair value of approximately $19.6 million. Under the terms of the arrangement, the lender has rights to the transferred collateral during the term of the loan, and the Company is entitled to receive an equivalent quantity of the same type of digital assets upon repayment of the loan and satisfaction of related obligations. The Company has also been required to deposit $2.3 million in cash collateral related to the loan, included in “Prepaid expenses and other current assets” on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026. See Note 3 – Prepaid Expenses and Other Current Assets.

 

There were no material changes to the terms of the loan during the six months ended June 30, 2026.

 

Aave Loan

 

During the six months ended June 30, 2026, the Company repaid the Aave Loan (the “Aave Loan”) in full. There were no material changes to the terms of the Aave Loan prior to repayment, and the Company did not experience any liquidation events or loss of collateral.