v3.26.1
Intangible assets, net
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net
5. Intangible assets, net
Intangible assets, net
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets
Useful life (years) at acquisition
Developed technology 2
~
6
Customer relationships 2
Regulatory licenses 5
Patents and trade name
2
~
17
Intangible assets consists of the following (in thousands):
Table 5.2. Details of Intangible Assets, net
As of March 31, 2026Gross
carrying
amount 		Accumulated
amortization		Intangible
assets, net 		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $304,725 $(185,138)$119,587 1.4
Acquired intangible assets
48,309 (13,709)34,600 2.7
Total amortizing intangible assets
$353,034 $(198,847)$154,187 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$619,864 $(198,847)$421,017 
As of December 31, 2025Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $279,472 $(161,666)$117,806 1.5
Acquired intangible assets
38,109 (11,599)26,510 3.0
Total amortizing intangible assets
$317,581 $(173,265)$144,316 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$584,411 $(173,265)$411,146 
Acquired intangible assets include certain technology that enhances cross-chain interoperability which was acquired from Interop Labs Inc. and Rapidx Labs, Inc. in January 2026 for total consideration of $10.0 million. The acquisition was accounted for as an asset acquisition, resulting in the recognition of intangible assets which are amortized over a period of two years.
Amortization expense of intangible assets consists of the following (in thousands):
5.3. Details of Amortization Expense of Intangible Assets
Three months ended March 31,
20262025
Amortization expense on internally developed software
$23,662 $12,116 
Amortization expense on acquired intangible assets
2,110 1,350 
Total amortization expense of intangible assets
$25,772 $13,466 
The expected future amortization expense for intangible assets is as follows (in thousands):
Table 5.4. Future Amortization Expense of Intangible Assets

Years ending December 31,
2026 (remaining 9 months)$78,977 
202765,740 
20287,919 
2029125 
2030125 
Thereafter 1,301 
Total amortization expense $154,187