v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table presents the Company’s revenues disaggregated by geography, based on the addresses of the Company's customers:
(in thousands, except percentages)
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Amount% of RevenueAmount% of Revenue
Republic of the Marshall Islands$4,979 21.9 %$9,787 27.2 %
Hong Kong5,732 25.2 7,656 21.3 
British Virgin Islands2,989 13.1 7,414 20.6 
Seychelles 3,397 14.9 4,382 12.2 
Saint Vincent and Grenadines1,969 8.7 3,788 10.5 
Other(1)
3,681 16.2 2,969 8.2 
Revenues$22,747 100.0 %$35,996 100.0 %
(1)No other individual country or territory accounted for more than 10% of total revenue.
The following table presents the Company's revenue disaggregated by products and services:
(in thousands, except percentages)
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Amount% of RevenueAmount% of Revenue
Exchange aggregation$20,003 87.9 %$33,807 94.0 %
Fiat onboarding1,947 8.6 1,140 3.2 
Staking659 2.9 588 1.6 
Consulting108 0.5 337 0.9 
Other (1)
30 0.1 124 0.3 
Revenues$22,747 100.0 %$35,996 100.0 %
(1)For the three months ended March 31, 2026 and 2025, other includes less than $0.1 million and $0.1 million related to non-fungible token revenue, respectively.