v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue recognition

The Company determines revenue recognition from contracts with customers in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”).
The following table presents revenue of the Company disaggregated by revenue source and ASC 606 applicability (in thousands):

Three Months Ended March 31,
20262025
Net revenue
Transaction revenue
Exchange$17,172 $23,538 
OTC6,325 129 
Prediction markets revenue444 — 
Other transaction revenue187 461 
Total transaction revenue24,128 24,128 
Services revenue
Credit card revenue14,700 3,748 
Staking revenue2,137 3,106 
Advisory fee revenue2,710 — 
Custodial fee revenue1,868 1,862 
Other services revenue400 — 
Total services revenue21,815 8,716 
Total net revenue from contracts with customers45,943 32,844 
Other revenue
Other82 85 
Total other revenue82 85 
Revenue not from contracts with customers(1)
Interest income2,635 2,273 
Corporate interest1,612 120 
Total revenue not from contracts with customers4,247 2,393 
Total revenue$50,272 $35,322 
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(1) Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606. Interest income is included within Net revenue and corporate interest is included within Other revenue, respectively, on the condensed consolidated statements of operations and comprehensive loss.

Prediction markets revenue

In December 2025, the Company launched Gemini Predictions™, a CFTC-regulated prediction markets platform offered through its affiliate Gemini Titan, LLC (“Gemini Titan”), which holds a Designated Contract Market (“DCM”) license. Gemini Predictions allows eligible customers to trade binary event contracts on the outcomes of specified future events. The Company generates revenue from its prediction markets through transaction fees charged to customers for executing trades. Revenue is recognized at a point in time when the transaction is executed, as the Company satisfies its performance obligation by facilitating the trade.

Revenue by geographic location

    The following table presents revenue of the Company disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
Three Months Ended March 31,
20262025
U.S.$45,177 $31,423 
International(1)
5,095 3,899 
Total revenue(2)
$50,272 $35,322 
__________________
(1) No country, outside the U.S., accounted for more than 10% of Total revenue.
(2) Total revenue includes $4.2 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively, that is not recognized within the scope of ASC 606 as outlined above.