v3.26.1
Revenue from Contracts with Clients (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Revenue by service type and by platform is as follows (in thousands):
Service TypeYear Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Transaction revenue(a)
$2,335,193 $3,440,976 $726,796 
Subscription and service revenue50 80 192 
Total revenue$2,335,243 $3,441,056 $726,988 
(a)Amounts are net of rebates and incentive payments of $—, $0.1 million and $0.1 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 respectively. Included in these amounts are amounts earned from related parties of $— for the year ended December 31, 2025, and about $0.3 million in aggregate for both years ended December 31, 2024 and December 31, 2023, respectively.
PlatformYear Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Crypto services(b)
2,335,243 3,441,056 726,988 
Total revenue$2,335,243 $3,441,056 $726,988 
(b)Amounts are net of rebates and incentive payments of $— and $0.1 million and $0.1 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 respectively. Included in these amounts are amounts earned from related parties of less than $0.3 million for the years ended December 31, 2024 and December 31, 2023.