
	March 31, 2026		December 31, 2025

Credit card receivables(1)	$	33,128	$	31,047
Retail receivables	16,715		9,682
Custodial fees receivable	2,537		2,014
Staking fees receivable	971		1,270
Other fees receivable	3,876		3,181
Allowance for transaction losses	(24,753)		(16,307)
Total accounts receivable, net of allowance	$	32,474	$	30,887
__________________
(1) Includes $0.9 million and $0.7 million of accrued interest receivable, net as of March 31, 2026 and December 31, 2025, respectively.

The Company holds both pledged and unpledged credit card receivables. Unpledged credit card receivables are included in Accounts receivable, net on the condensed consolidated balance sheets. Credit card receivables that have been pledged as collateral under the Company’s warehouse credit agreement are presented separately as Credit card receivables pledged, net on the condensed consolidated balance sheets. See Note 16. Funding Debt for additional information regarding pledged credit card receivables.


Three Months Ended March 31, 2026	Retail receivables		Custody fees receivable		Staking fees receivable		Credit card receivables		Other fees receivable		Total(1)
Beginning balance	$	9,238	$	—	$	—	$	7,069	$	—	$	16,307
Provision for (reversal of) credit losses(1)	2,304		—		(155)		7,735		297		10,181
Write-offs(2)	(7,890)		—		(147)		(4,077)		(297)		(12,411)
Recoveries and reversals of write-offs	10,374		—		302		—		—		10,676
Ending balance	$	14,026	$	—	$	—	$	10,727	$	—	$	24,753





__________________
(1) Credit card receivable provision for losses include $4.1 million related to a discrete fraud reserve for the three months ended March 31, 2026.
(2) Credit card receivable write-offs include $0.9 million related to accrued interest receivable for the three months ended March 31, 2026.


Three Months Ended March 31, 2025	Retail receivables		Custody fees receivable		Staking fees receivable		Credit card receivables		Other fees receivable		Total(1)
Beginning balance	$	3,780	$	—	$	—	$	6,563	$	(75)	$	10,268
Provision for credit losses	1,316		—		121		2,526		167		4,130
Write-offs(1)	(887)		—		(121)		(2,008)		(82)		(3,098)
Ending balance	$	4,209	$	—	$	—	$	7,081	$	10	$	11,300





__________________
(1) Credit card receivable write-offs include $0.3 million related to accrued interest receivable for the three months ended March 31, 2025.

For all accounts receivable, the Company evaluates collectability at each reporting date and writes off unsecured balances when they are outstanding for more than 180 days or when the balances are otherwise deemed to be uncollectible. The provision for transaction losses is recorded in Transaction losses on the condensed consolidated statements of operations and comprehensive loss.

In assessing credit quality of the credit card receivable portfolio, the Company considers delinquency status as a key indicator. As of March 31, 2026 and December 31, 2025, 96.2% and 96.9%, respectively, of the Company's receivables were current or less than 30 days past due.