v3.26.1
Revenue from Contracts with Customers (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The Company disaggregates Crypto Services revenue by service type as follows (in thousands):
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
Transaction revenue$243,396 $1,065,741 
Service revenue197 15 
Crypto services revenue$243,593 $1,065,756 
Contract Liabilities The activity in deferred revenue for the three months ended March 31, 2026 and March 31, 2025, respectively, was as follows (in thousands):
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
Beginning of the period contract liability$789 

$— 
Revenue recognized from contract liabilities included in the beginning balance(789)

— 
Increases due to cash received, net of amounts recognized in revenue during the period— 

— 
End of the period contract liability$— 

$—