v3.25.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule Components of Intangible Assets The components of the intangible assets are as follows:
(in thousands)
December 31, 2025
Technology in development
$1,317
Assembled workforce
1,316
Trade name
235
Less: accumulated amortization
(86)
Definite-lived intangible assets in use, net
$1,465
Definite-lived intangible assets, net
$2,782
Software assets, net, consisted of the following:
(in thousands)
December 31, 2025
December 31, 2024
Software in development
$1,069
$1,400
Software assets in use
13,198
11,240
Less: accumulated amortization
(9,702)
(6,511)
Software assets in use, net
3,496
4,729
Software assets, net
4,565
6,129
Schedule of Expected Future Amortization Expense For Definite-Lived Assets Expected future amortization expense for definite-lived intangible assets in use are as follows:
(in thousands)
Years ended
December 31,
2026
$517
2027
517
2028
431
$1,465
The following summarizes the future amortization expense as of December 31, 2025.
(in thousands)
2026
2,095
2027
1,181
2028
220
$3,496
Crypto Asset, Holding 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:
(in thousands, except units)
December 31, 2025
Units
Cost basis
Fair Value
Bitcoin
1,704
$53,449
$149,164
Ether
1,898
3,476
5,633
Solana
12,473
2,385
1,552
Other
172,189,617
102
98
Digital assets
$59,412
$156,447
(in thousands, except units)
December 31, 2024
Units
Cost Basis
Fair Value
Bitcoin
1,941
$69,707
$181,238
Ether
2,655
4,967
8,847
Solana
24,472
2,241
4,628
Other
10,011,770
5,641
1,646
Digital assets
$82,556
$196,359
Crypto Asset, Activity The following table summarizes the digital asset activities as of December 31, 2025 and 2024:
(in thousands)
Value
Balance, December 31, 2023
$35,010
Adoption of ASU 2023-08
48,676
Balance, January 1, 2024
83,686
Additions (1)
81,790
Disposals (2)
(65,228)
Gains (3)
96,111
Balance, December 31, 2024
196,359
Additions (1)
91,833
Disposals (2)
(112,853)
Losses (4)
(18,892)
Balance, December 31, 2025
$156,447
(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.
Schedule of Digital Asset Activities The following table summarizes other operating activities settled in digital assets and USDC:
(in thousands)
December 31, 2025
December 31, 2024
Revenue
$(121,849)
$(110,514)
Expenses
42,958
22,256
Conversion of digital assets and USDC to cash
39,492
40,607
Accounts receivable and other current assets
2,117
(4,695)
Payroll liabilities
(244)
(551)
Currency translation related to digital assets
(1,372)
725
Other operating activities settled in digital assets and USDC
$(38,898)
$(52,172)