Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | Intangible Assets Indefinite-Lived Intangible Assets Indefinite-lived assets were $2.1 million as of December 31, 2025 and 2024, respectively. Indefinite-lived assets primarily consist of purchased domain names. In the second quarter of 2024, the Company purchased a domain name for $0.2 million. The Company considers these assets to be indefinite-lived, resulting in no recognition of amortization. Definite-Lived Intangible Assets, Net During the fourth quarter of 2025, the Company recognized definite-lived assets in connection with the Gratitud Interna Ltd. asset purchase. The components of the intangible assets are as follows:
Technology in development, assembled workforce, and trade name each have a useful life of 3 years, respectively. As of December 31, 2025, the acquired technology is being developed and will not be placed in service until it is ready for its intended use. Further, the weighted average remaining amortization period for definite-lived intangibles in use is 2.83 years. During 2025, amortization expense for definite-lived intangible assets was $0.1 million and is included within general and administrative expenses on the consolidated statements of operations and comprehensive (loss) income. The Company had no definite-lived intangible assets as of December 31, 2024. Expected future amortization expense for definite-lived intangible assets in use are as follows:
Digital Assets The tables below outline the fair value of our digital assets based on publicly available rates as of the dates presented as well as the cost:
The following table summarizes the digital asset activities as of December 31, 2025 and 2024:
(1)Additions primarily relate to revenue generated from customers and staked assets. (2)Disposals primarily relate to payment of liabilities pertaining to vendor invoices and payroll payments. Disposals of digital assets to cash are primarily used for operational purposes. (3)The Company recognized cumulative realized gains from exchange of digital assets of $9.6 million and cumulative realized losses from exchange of digital assets of $1.9 million for the year ended December 31, 2024, which are included in loss (gain) on digital assets, net on the consolidated statements of operations and comprehensive (loss) income. (4)The Company recognized cumulative realized gains from exchange of digital assets of $11.7 million and cumulative realized losses from exchange of digital assets of $13.8 million for the year ended December 31, 2025, which are included in loss (gain) on digital assets, net on the consolidated statements of operations and comprehensive (loss) income. The following table summarizes other operating activities settled in digital assets and USDC:
Gain on sale of Future Token Interests During the second quarter of fiscal year 2025, the Company sold its right to receive 6,666,667 of its 13,333,334 Magic Eden tokens from Eden Protocol Limited. A gain on sale of future token interests of $2.0 million was recognized as a result of the sale and is presented in the consolidated statements of operations and comprehensive (loss) income. The right to receive future Magic Eden token interests represents an embedded derivative that had a fair value of zero as of December 31, 2025 and 2024.
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