FAIR VALUE MEASUREMENT

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):

	June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Equity securities owned(1)	$	14,302	$	14,302	$	—	$	—
Derivative assets (current portion)	3,819		—		3,819		—
Digital assets(2)	4,753		4,753		—		—
Total assets	$	22,874	$	19,055	$	3,819	$	—

	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Equity securities owned(1)	$	16,942	$	16,942	$	—	$	—
Derivative assets (current and non-current portion)	11,131		—		11,131		—
Total assets	$	28,073	$	16,942	$	11,131	$	—

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1    These amounts are reflected within other current assets in the condensed consolidated balance sheets.

2    These amounts are included in other assets, net in the condensed consolidated balance sheet.

Equity securities and digital assets that trade in active markets and are valued using quoted market prices with reasonable levels of price transparency are classified within Level 1 of the fair value hierarchy.

As disclosed in Note 11, during 2023, BSX received 500 million Pyth tokens, of which 125 million and 250 million remained locked as of June 30, 2026 and December 31, 2025, respectively. Locked Pyth tokens are accounted for as embedded derivatives recognized at fair value. In estimating the fair value of the right to receive Pyth tokens which are classified under Level 2, the Company applied a discount for lack of marketability using option pricing models utilizing observable inputs which include comparable tokens and their volatility.

Certain financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature.

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

The Company invests in securities without readily determinable fair values in which the carrying value was $28.9 million and $19.2 million as of June 30, 2026 and December 31, 2025, respectively. There were no impairments or adjustments to the carrying value of the investments without readily determinable fair values during the three and six months ended June 30, 2026 and 2025.

The Company’s long-lived assets, including fixed assets, goodwill, indefinite-lived intangible and finite-lived intangible assets subject to amortization, are measured at fair value on a non-recurring basis. Fair value of these assets is estimated using primarily unobservable inputs. These assets are measured at cost but are written-down to fair value, if necessary, as a result of impairment.

The Company assesses fair value of goodwill at the reporting unit level annually as of October 1, or more frequently if there is a triggering event. The Company may use both qualitative and quantitative approaches when testing goodwill and indefinite-lived intangible assets for impairment.

As of October 1, 2025, the Company performed a qualitative impairment assessment of its goodwill and indefinite-lived intangible assets. In performing the assessment, the Company considered relevant events and circumstances, including macroeconomic conditions, industry and market trends, overall financial performance, changes in key

assumptions, and other entity-specific factors. Based on this qualitative assessment, the Company concluded that it was not more likely than not that the fair value of any reporting unit or indefinite-lived intangible asset was less than its carrying amount. Accordingly, no quantitative impairment testing was performed and no impairment charges were recorded in 2025. In addition, no impairment charges were recognized during the three and six months ended June 30, 2026.

When the quantitative approach is used, the fair value of a reporting unit is determined utilizing a combination of an income approach (i.e. discounted cash flow) and a market approach, and compared to its carrying value. Internal operational budgets and long-range strategic plans are used as a basis for the discounted cash flow analysis. The Company also utilizes assumptions for working capital, capital expenditures, and terminal growth rates. When the quantitative approach is used, the fair value of indefinite-lived intangibles, which consist of exchange licenses, is determined by estimating the future cash flows and discounting the net cash flows back to their present values or using a market approach, as appropriate.

Fair Value of Assets and Liabilities

The Company’s debt obligations are comprised of notes payable which is presented at carrying value on the Company’s condensed consolidated balance sheets. The carrying values and fair values of the Company’s debt obligations are as follows (in thousands):

	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable	1,514		1,471		1,508		1,426
	$	1,514	$	1,471	$	1,508	$	1,426