| Schedule of Accounts Receivable, Net of Allowance |
Accounts receivable, net of allowance consisted of the following (in thousands):
| | | | | | | | | | | | | 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. |
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| Schedule of Allowance for Transaction Losses |
Allowance for transaction losses consisted of the following for the three months ended March 31, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | | 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. |
Allowance for transaction losses consisted of the following for the three months ended March 31, 2025 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | 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. |
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