Digital Assets (Tables)

6 Months Ended

Jun. 30, 2026

Digital Assets [Abstract]

Schedule of Significant Digital Asset Holdings

The following table presents the Company’s significant digital asset holdings (in thousands):

		June 30, 2026
		Quantity				Cost Basis¹				Fair Value¹
ETH			12,441			$	41,165			$	19,562
USDC (USDC is a stablecoin meant to track the value of the U.S. dollar, backed by U.S. dollars and dollar-denominated assets)			2,083,424				2,082				2,082
Liquid staking incentive tokens ²			-				-				-
Total digital asset holdings			2,095,865			$	43,247			$	21,644

(1)	Cost basis is equal to the cost of the digital assets net of any transaction fees, if any, at the time of purchase or upon receipt. Fair value represents the quoted digital asset prices within the Company’s principal market at the time of measurement.

(2)	Liquid staking incentive tokens include PUFFER and ETHFI incentive tokens. Incentive tokens are governance tokens earned for deposited certain amounts of ETH into protocols for a specified period of time.

Schedule of Rollforward of the Company’s Digital Asset Holdings

The following table presents a roll forward of the Company’s digital asset holdings, consisting of ETH and staking incentive tokens (in thousands):

		Six Months Ended June 30, 2026
Digital Assets as of December 31, 2025		$	61,587
Additions¹			757
Dispositions			(128,096	)
Receipt and accrual of ETH from native staking activities			(460	)
Receipt of ETH from derecognition of liquid staking activities			132,374
Payment of loan collateral in cryptocurrency			(226	)
Cryptocurrency denominated loan proceeds²			67,039
Cryptocurrency denominated loan repayments²			(98,552	)
Change in fair value of digital assets			(12,779	)
Digital assets fair value		$	21,644

(1)	Additions are the results of purchases and receipts of ETH.

(2)	Represents ETH-denominated proceeds received during the year from a collateralized loan that was fully repaid prior to June 30, 2026.