v3.25.2
Segment Reporting - Segment Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]            
Total revenues $ 577,882   $ 509,898   $ 1,652,792 $ 1,364,480
Professional services 4,069   3,639   9,261 7,274
Crypto costs 561,074   491,701   1,615,709 1,323,673
Execution, clearing and brokerage fees 4,139   3,392   11,832 9,022
Total operating expenses 596,371   531,915   1,689,801 1,418,334
Operating loss (18,489)   (22,017)   (37,009) (53,854)
Net loss (30,152) $ 16,239 (35,512) $ (21,275) (13,915) (56,787)
Reportable Segment            
Segment Reporting Information [Line Items]            
Total revenues 577,882   509,898   1,652,792 1,364,480
Personnel 13,971   27,002   28,429 43,218
Non-cash compensation 6,338   2,407   9,681 10,420
Professional services 4,069   3,579   9,261 7,214
Technology 2,826   3,602   6,355 9,349
Occupancy 751   897   1,643 1,846
Marketing and promotions 108   72   204 1,143
Business insurance 1,173   2,956   2,826 6,903
Depreciation and amortization 154   118   374 175
Other operating costs 1,768   (3,811)   3,487 5,371
Crypto costs 561,074   491,701   1,615,709 1,323,673
Execution, clearing and brokerage fees 4,139   3,392   11,832 9,022
Total operating expenses 596,371   531,915   1,689,801 1,418,334
Operating loss (18,489)   (22,017)   (37,009) (53,854)
Other expense (income), net 11,663   13,495   (23,094) 2,933
Net loss $ (30,152)   $ (35,512)   $ (13,915) $ (56,787)