FAIR VALUE MEASUREMENTS - SECURITIZE, INC. AND SUBSIDIARIES (Tables) - Securitize, Inc. and Subsidiaries

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value Hierarchy

The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis:

March 31, 2026	Level 1		Level 2		Level 3		Total
Assets
U.S. Treasury bills	$	935,631	$	—	$	—	$	935,631
Digital assets from operations	165,100		—		—		165,100
Digital assets held for investment	1,177,803		—		—		1,177,803
Digital assets receivable	2,059,917		—		—		2,059,917
BUIDL, unrestricted	4,253,684		—		—		4,253,684
Total assets	$	8,592,135	$	—	$	—	$	8,592,135
Liabilities
Option liability	$	—	$	—	$	11,300,000	$	11,300,000
SAFEs	—		—		11,817,000		11,817,000
Derivative liability	—		—		28,171,000		28,171,000
Total liabilities	$	—	$	—	$	51,288,000	$	51,288,000

December 31, 2025	Level 1		Level 2		Level 3		Total
Assets
U.S. Treasury bills	$	928,037	$	—	$	—	$	928,037
Stablecoins	86,472		—		—		86,472
Digital assets	1,936,626		—		—		1,936,626
Digital assets receivable	2,500,102		—		—		2,500,102
BUIDL, unrestricted	4,467,926		—		—		4,467,926
Total assets	$	9,919,163	$	—	$	—	$	9,919,163
Liabilities
Option liability	$	—	$	—	$	11,390,000	$	11,390,000
SAFEs	—		—		10,449,000		10,449,000
Derivative liability	—		—		26,170,000		26,170,000
Total liabilities	$	—	$	—	$	48,009,000	$	48,009,000

The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis:

	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets
U.S. Treasury bills	$	928,037	$	—	$	—	$	928,037
Stablecoins	86,472		—		—		86,472
Digital assets	1,936,626		—		—		1,936,626
Digital assets receivable	2,500,102		—		—		2,500,102
BUIDL, unrestricted	4,467,926		—		—		4,467,926
Total assets	$	9,919,163	$	—	$	—	$	9,919,163
Liabilities
Option liability	$	—	$	—	$	11,390,000	$	11,390,000
SAFEs	—		—		10,449,000		10,449,000
Derivative liability	—		—		26,170,000		26,170,000
Total liabilities	$	—	$	—	$	48,009,000	$	48,009,000

	Level 1		Level 2		Level 3		Total
December 31, 2024
Assets
U.S. Treasury bills	$	1,269,373	$	—	$	—	$	1,269,373
Stablecoins	20,744,633		—		—		20,744,633
Digital assets	31,246		—		—		31,246
BUIDL, unrestricted	16,892,142		—		—		16,892,142
Total assets	$	38,937,394	$	—	$	—	$	38,937,394
Liabilities
Option liability	$	—	$	—	$	4,959,000	$	4,959,000
SAFEs	—		—		5,714,000		5,714,000
Derivative liability	—		—		11,293,000		11,293,000
Total liabilities	$	—	$	—	$	21,966,000	$	21,966,000

Schedule of Activity of Level 3 Financial Instruments

The following table shows the activity of Level 3 financial instruments:

Balance as of December 31, 2024	$	21,966,000
Fair value adjustment – SAFE	66,000
Fair value adjustment – Derivative liability	290,000
Fair value adjustment – Option liability	(490,000)
Balance as of March 31, 2025	$	21,832,000
Balance as of December 31, 2025	$	48,009,000
Fair value adjustment – SAFE	1,368,000
Fair value adjustment – Derivative liability	2,001,000
Fair value adjustment – Option liability	(90,000)
Balance as of March 31, 2026	$	51,288,000

The following table shows the activity of Level 3 financial instruments:

Balance as of January 1, 2024	$	10,839,000
Recognition of Level 3 Derivative liability	9,923,000
Fair value adjustment – SAFE	95,000
Fair value adjustment – Derivative liability	1,370,000
Fair value adjustment – Option liability	(261,000)
Balance as of December 31, 2024	$	21,966,000
Recognition of Level 3 Derivative liability	3,158,000
Fair value adjustment – SAFE	4,735,000
Fair value adjustment – Derivative liability	11,719,000
Fair value adjustment – Option liability	6,431,000
Balance as of December 31, 2025	$	48,009,000

Schedule of Cost and Fair Value of Investments

The following table presents the cost and fair value of the Company’s investments:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2026
U.S. Treasury bills	$	928,037	$	7,594	$	—	$	935,631
	$	928,037	$	7,594	$	—	$	935,631
December 31, 2025
U.S. Treasury bills	$	911,609	$	16,428	$	—	$	928,037
	$	911,609	$	16,428	$	—	$	928,037

The following table presents the cost and fair value of the Company’s investments:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2025
U.S. Treasury bills	$	911,609	$	16,428	$	—	$	928,037
	$	911,609	$	16,428	$	—	$	928,037
December 31, 2024
U.S. Treasury bills	$	1,290,517	$	—	$	(21,144)	$	1,269,373
	$	1,290,517	$	—	$	(21,144)	$	1,269,373

Schedule of Investments in an Unrealized Loss Position

The following table reflects information about the Company’s investments held in an unrealized gains position:

	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Gains (Losses)		Fair Value		Unrealized Gains (Losses)		Fair Value		Unrealized Gains (Losses)
March 31, 2026
U.S. Treasury bills	$	935,631	$	7,594	$	—	$	—	$	935,631	$	7,594
December 31, 2025
U.S. Treasury bills	$	928,037	$	16,428	$	—	$	—	$	928,037	$	16,428

The following table reflects information about the Company’s investments held at an unrealized loss position:

	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Gains (Losses)		Fair Value		Unrealized Gains (Losses)		Fair Value		Unrealized Gains (Losses)
December 31, 2025
U.S. Treasury bills	$	928,037	$	16,428	$	—	$	—	$	928,037	$	16,428
December 31, 2024
U.S. Treasury bills	$	1,269,373	$	(21,144)	$	—	$	—	$	1,269,373	$	(21,144)