v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table presents the Company’s revenues disaggregated by geography, based on the addresses of the
Company’s customers for the years ended December 31, 2025 and 2024:
(in thousands, except percentages)
2025
2024
Amount
% of Revenues
Amount
% of Revenues
Republic of the Marshall Islands
$31,311
25.7%
$36,128
31.1%
Hong Kong
27,412
22.6
24,769
21.3
British Virgin Islands
20,449
16.8
19,282
16.6
Seychelles
14,820
12.2
20,837
17.9
Saint Vincent and Grenadines(1)
13,268
10.9
5,494
4.7
Other(2)
14,291
11.8
9,762
8.4
Revenues
$121,551
100.0%
$116,272
100.0%
(1)Saint Vincent and Grenadines did not have over 10% of revenue during the fiscal year 2024, prior year balances provided for comparability purposes.
(2)No other individual country accounted for more than 10% of total revenue.
The following table presents the Company’s revenues disaggregated by products and services for the years ended
December 31, 2025 and 2024:
(in thousands, except percentages)
2025
2024
Amount
% of Revenues
Amount
% of Revenues
Exchange aggregation
$110,705
91.1%
$107,101
92.1%
Fiat onboarding
5,046
4.2
3,941
3.4
Staking
4,350
3.6
2,284
2.0
Consulting
910
0.7
1,307
1.1
Other (1)
540
0.4
1,639
1.4
Revenues
$121,551
100.0%
$116,272
100.0%
(1)Other includes $0.4 million and $1.5 million related to non-fungible token revenue for the years ended December 31, 2025 and 2024, respectively.
The following table presents the Company's contract balances as of December 31, 2025 and 2024:
(in thousands)
Balance January 1, 2024
$727
Prior period performance obligation satisfied
(727)
Increase in contract liability
100
Current period performance obligation satisfied
(88)
Balance December 31, 2024
12
Prior period performance obligation satisfied
(12)
Increase in contract liability
71
Current period performance obligation satisfied
(71)
Balance December 31, 2025
$—