v3.26.1
Segment Reporting - Significant Segment Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenues $ 2,335,243 $ 3,441,056 $ 726,988
Professional fees 25,256 16,445 10,164
Crypto costs 2,308,390 3,403,207 718,511
Execution, clearing and brokerage fees 18,436 24,024 3,772
Total operating expenses 2,483,078 3,523,642 883,232
Operating loss from continuing operations (147,835) (82,586) (156,244)
Net loss (132,232) (103,447) (225,812)
Reportable Segment      
Segment Reporting Information [Line Items]      
Total revenues 2,335,243 3,441,056 726,988
Personnel 18,341 29,194 33,695
Non-cash compensation 64,261 14,685 15,770
Professional fees 25,256 16,445 10,165
Technology 6,511 9,334 12,361
Occupancy 2,073 2,986 4,492
Marketing and promotions 585 2,474 4,531
Business insurance 5,265 13,302 17,292
Depreciation and amortization 607 343 24,384
Other operating costs 33,353 7,649 38,259
Crypto costs 2,308,390 3,403,207 718,511
Execution, clearing and brokerage fees 18,436 24,024 3,772
Total operating expenses 2,483,078 3,523,643 883,232
Operating loss from continuing operations (147,835) (82,587) (156,244)
Other expense (income), net (50,177) 11,824 (2,591)
Net loss $ (97,658) $ (94,411) $ (153,653)