| Significant Segment Expenses |
The following table represents significant segment expenses provided to the CODM for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Total revenues | $ | 2,335,243 | | | $ | 3,441,056 | | | $ | 726,988 | | | | | | | | | Segment expenses: | | | | | | Personnel1 | $ | 18,341 | | | $ | 29,194 | | | $ | 33,695 | | Non-cash compensation1 | 64,261 | | | 14,685 | | | 15,770 | | | Professional fees | 25,256 | | | 16,445 | | | 10,165 | | | Technology | 6,511 | | | 9,334 | | | 12,361 | | Occupancy2 | 2,073 | | | 2,986 | | | 4,492 | | Marketing and promotions3 | 585 | | | 2,474 | | | 4,531 | | Business insurance4 | 5,265 | | | 13,302 | | | 17,292 | | Depreciation and amortization5 | 607 | | | 343 | | | 24,384 | | Other operating costs6 | 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 per Consolidated Statements of Operations | $ | 2,483,078 | | | $ | 3,523,643 | | | $ | 883,232 | | | Operating loss | $ | (147,835) | | | $ | (82,587) | | | $ | (156,244) | | Other expense (income), net7 | (50,177) | | | 11,824 | | | (2,591) | | Net loss from continuing operations | $ | (97,658) | | | $ | (94,411) | | | $ | (153,653) | |
| | | | | | | 1 | Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations. | | 2 | Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations. | | 3 | Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations. | | 4 | Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations. | | 5 | Goodwill and intangible asset impairments is presented in combination with Depreciation and amortization to the CODM. | | 6 | Other operating costs consist primarily of TRA Settlements, Acquisition-related expenses, Related party expenses, and Impairment of long-lived assets as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, and Compensation and benefits on the consolidated statements of operations. | | 7 | Other expense (income), net consists primarily of Interest income, net, (Loss) gain from change in fair value of warrant liability, and Other expense, net, and Income tax (expense) benefit as presented in the consolidated statements of operations. |
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