v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue and reserve income    
Reserve income $ 652,508 $ 557,911
Other revenue 41,625 20,662
Total revenue and reserve income 694,133 578,573
Distribution, transaction and other costs    
Distribution and transaction costs 405,402 347,312
Other costs 1,379 335
Total distribution, transaction and other costs 406,781 347,647
Operating expenses    
Compensation expenses 138,127 75,620
General and administrative expenses 57,261 30,684
Depreciation and amortization expenses 26,767 13,880
IT infrastructure costs 12,722 7,672
Marketing expenses 6,617 3,860
Digital assets losses (gains) 856 6,270
Total operating expenses 242,350 137,986
Operating income from continuing operations 45,002 92,940
Other income (expense), net 11,683 (3,103)
Net income from continuing operations before income taxes 56,685 89,837
Income tax expense (benefit) 1,439 25,046
Net income from continuing operations 55,246 64,791
Less: Net loss attributable to noncontrolling interests (7) 0
Net income attributable to common stockholders $ 55,253 $ 64,791
Earnings per share attributable to common stockholders:    
Basic (in dollars per share) $ 0.23 $ 0.00
Diluted (in dollars per share) $ 0.21 $ 0.00
Weighted-average common shares used to compute earnings per share attributable to common stockholders:    
Basic (in shares) 244,038 57,966
Diluted (in shares) 266,687 75,650