Intangible assets, net (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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, 2026	Gross 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, 2025	Gross 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,
	2026		2025
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

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consists of the following (in thousands):


Table 5.2. Details of Intangible Assets, net
As of March 31, 2026	Gross 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, 2025	Gross 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

Schedule of Future Amortization Expense

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
2027	65,740
2028	7,919
2029	125
2030	125
Thereafter	1,301
Total amortization expense	$	154,187