Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table represents significant segment expenses provided to the CODM for the three months ended March 31, 2026, and March 31, 2025 (in thousands):


															Three Months Ended March 31, 2026						Three Months Ended March 31, 2025

Total revenues															$	243,593					$	1,065,756

Segment expenses:
Personnel1															3,371						4,944
Non-cash compensation1															2,805						3,066
Professional fees															7,745						5,171
Technology															1,575						1,918
Occupancy2															130						718
Marketing and promotions3															63						96
Business insurance4															1,091						1,653
Depreciation and amortization															66						220
Other operating costs5															1,721						1,079
Crypto costs															239,970						1,054,635
Execution, clearing and brokerage fees															1,980						7,693
Total operating expenses per Consolidated Statements of Operations															260,517						1,081,193
Operating loss from continuing operations															(16,924)						(15,437)
Other income, net6															(5,495)						(34,825)
Net (loss) income from continuing operations before equity in net earnings of affiliates															$	(11,429)					$	19,388


1			Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2			Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3			Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4			Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5			Other operating costs consist primarily of Restructuring costs as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, Other operating expenses, and Compensation and benefits on the consolidated statements of operations.
6			Other income, net consists primarily of Interest income, net, Gain from change in fair value of warrant liability, Change in the fair value of derivatives, Other income, net, and Income tax expense as presented in the consolidated statements of operations.