v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Breakdown of Revenues Between Fixed and Variable Revenues The breakdown of revenues between fixed and variable revenues for the three months ended March 31, 2026 and 2025 is as follows:
Three Months EndedThree Months Ended
March 31, 2026March 31, 2025
(dollars in thousands)(dollars in thousands)
Variable
Fixed
Variable
Fixed
Revenues
Transaction fees and commissions$473,098 $50,735 $378,757 $42,587 
Subscription fees500 59,773 460 55,317 
LSEG market data fees— 26,742 — 28,925 
Other (1)
4,094 2,822 792 2,839 
Total revenue$477,692 $140,072 $380,009 $129,668 
(1)Amounts include Validator Revenue totaling $3.7 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. The Company applies ASC 606 by analogy to its Validator Revenue.
Schedule of Recognized Revenue and Remaining Deferred Revenue Balance The revenue recognized and the remaining deferred revenue balances are shown below:
Amount
(dollars in thousands)
Deferred revenue balance - December 31, 2025$29,030 
New billings100,430 
Revenue recognized(75,112)
Effect of foreign currency exchange rate changes(106)
Deferred revenue balance - March 31, 2026$54,242