Revenue recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Disaggregation of Revenue


Table 11.1. Revenue by Product and Service
						Three months ended March 31,
						2026						2025
Reserve income						$	652,508					$	557,911
Other revenue:
Subscription and services						$	34,861					$	17,488
Transaction revenue						6,730						2,849
Other						34						325
Total other revenue						41,625						20,662
Total revenue and reserve income						$	694,133					$	578,573

Schedule of Changes in Deferred Revenue

The changes in our deferred revenue are reflected in the following table (in thousands):


Table 11.2. Changes in Deferred Revenue
Balance at December 31, 2025			$	11,512
Deferred revenue billed in the current period, net of recognition			2,087
Revenue recognized that was included in the beginning period			(7,609)
Balance at March 31, 2026			$	5,990


Balance at December 31, 2024			$	13,390
Deferred revenue billed in the current period, net of recognition			9,456
Revenue recognized that was included in the beginning period			(9,845)
Balance at March 31, 2025			$	13,001