v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table represents significant segment expenses provided to the CODM for the three and six months ended June 30, 2025, and June 30, 2024 (in thousands):
Three Months Ended June 30, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Total revenues$577,882 $509,898 $1,652,792 $1,364,480 
Segment expenses:
Personnel1
$13,971 $27,002 $28,429 $43,218 
Non-cash compensation1
6,338 2,407 9,681 10,420 
Professional fees4,069 3,579 9,261 7,214 
Technology2,826 3,602 6,355 9,349 
Occupancy2
751 897 1,643 1,846 
Marketing and promotions3
108 72 204 1,143 
Business insurance4
1,173 2,956 2,826 6,903 
Depreciation and amortization154 118 374 175 
Other operating costs5
1,768 (3,811)3,487 5,371 
Crypto costs561,074 491,701 1,615,709 1,323,673 
Execution, clearing and brokerage fees4,139 3,392 11,832 9,022 
Total operating expenses per Consolidated Statements of Operations$596,371 $531,915 $1,689,801 $1,418,334 
Operating loss$(18,489)$(22,017)$(37,009)$(53,854)
Other income, net6
11,663 13,495 (23,094)2,933 
Net income (loss)$(30,152)$(35,512)$(13,915)$(56,787)
1
Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5Other operating costs consist primarily of Restructuring costs and Impairment of long-lived assets as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, Other operating expenses, and Compensation and benefits on the consolidated statements of operations.
6Other expense (income), net consists primarily of Interest income, net, (Loss) gain from change in fair value of warrant liability, and Other expense, net, and Income tax (expense) benefit as presented in the consolidated statements of operations.