v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 215,623 $ 252,215
Restricted cash and cash equivalents 103,747 115,279
Customer custodial funds 483,774 527,354
Crypto assets held 271,956 439,622
Accounts receivable, net [1] 32,474 30,887
Credit card receivables pledged, net 183,965 188,754
Prepaid expenses and other current assets 42,957 52,140
Total current assets 1,334,496 1,606,251
Software, property and equipment, net 14,947 15,083
Intangible assets, net 134,231 139,805
Other non-current assets, net 38,142 40,708
Total assets 1,521,816 1,801,847
Current liabilities:    
Custodial funds due to customers 483,656 527,307
Accounts payable 1,958 2,647
Accrued expenses 73,683 55,466
Third party loans 75,349 75,151
Related party loans 252,574 403,931
Funding debt 140,457 154,374
Other current liabilities 19,237 21,528
Total current liabilities 1,046,914 1,240,404
Non-current liabilities:    
Lease liabilities 18,764 20,570
Total non-current liabilities 18,764 20,570
Total liabilities 1,065,678 1,260,974
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001 per share; 20,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025 0 0
Treasury stock at cost; 1,132 and 284 shares as of March 31, 2026 and December 31, 2025, respectively (569) (568)
Additional paid-in capital 2,607,625 2,583,689
Accumulated other comprehensive income 1,193 887
Accumulated deficit (2,152,231) (2,043,253)
Total stockholders’ equity 456,138 540,873
Total liabilities and stockholders’ equity 1,521,816 1,801,847
Common Class A    
Stockholders' equity:    
Common stock 45 43
Common Class B    
Stockholders' equity:    
Common stock $ 75 $ 75
[1]
(1) Includes related party amounts of $0.2 million and $0.1 million in Accounts receivable, net as of March 31, 2026 and December 31, 2025, respectively, as outlined in Note 21. Related Party Transactions.