Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|||||||
| Revenue: | ||||||||
| Total revenue | $ 50,272 | $ 35,322 | ||||||
| Operating expenses: | ||||||||
| Salaries and compensation | 65,428 | 34,272 | ||||||
| Technology | [1] | 22,090 | 16,674 | |||||
| General and administrative | [2] | 21,680 | 13,999 | |||||
| Transaction losses | 11,090 | 4,130 | ||||||
| Sales and marketing | 19,071 | 9,036 | ||||||
| Transaction processing | 5,101 | 5,238 | ||||||
| Total operating expenses | 144,460 | 83,349 | ||||||
| Operating loss | (94,188) | (48,027) | ||||||
| Other income (expense): | ||||||||
| Realized and unrealized loss on crypto assets and receivable, crypto assets pledged | (100,977) | (128,929) | ||||||
| Realized and unrealized gain on related party crypto loans | 90,082 | 99,001 | ||||||
| Change in fair value on related party convertible notes | 0 | (8,187) | ||||||
| Change in fair value on related party loans | 0 | (55,547) | ||||||
| Interest expense on related party loans | (3,311) | (13,897) | ||||||
| Interest expense on third party loans | (1,792) | (3,228) | ||||||
| Interest expense on funding debt | (2,495) | 0 | ||||||
| Other income (expense), net | 3,724 | 4,538 | ||||||
| Total other income (expense), net | (14,769) | (106,249) | ||||||
| Net loss before income taxes | (108,957) | (154,276) | ||||||
| Income tax benefit (provision) | (21) | 5,012 | ||||||
| Net loss | $ (108,978) | $ (149,264) | ||||||
| Net loss per share attributable to common stockholders: | ||||||||
| Basic (in dollars per share) | $ (0.93) | $ (30.34) | ||||||
| Diluted (in dollars per share) | $ (0.93) | $ (30.34) | ||||||
| Weighted average shares outstanding - basic (in shares) | 116,582 | 4,920 | ||||||
| Weighted average shares outstanding - diluted (in shares) | 116,582 | 4,920 | ||||||
| Net loss | $ (108,978) | $ (149,264) | ||||||
| Other comprehensive income: | ||||||||
| Foreign currency translation, net of tax | 306 | 475 | ||||||
| Change in fair value attributable to instrument-specific credit risk | 0 | 4,327 | ||||||
| Total other comprehensive income | 306 | 4,802 | ||||||
| Comprehensive loss | (108,672) | (144,462) | ||||||
| Net revenue | ||||||||
| Revenue: | ||||||||
| Total revenue | [3] | 48,578 | 35,117 | |||||
| Other revenue | ||||||||
| Revenue: | ||||||||
| Total revenue | $ 1,694 | $ 205 | ||||||
| ||||||||
| X | ||||||||||
- Definition Accounts Receivable, Credit Loss Expense (Reversal), Including Pledged Amounts No definition available.
|
| X | ||||||||||
- Definition Crypto Loans Payable, Realized And Unrealized Gain (Loss), Nonoperating No definition available.
|
| X | ||||||||||
- Definition Gain (Loss) On Change In Fair Value Of Related Party Convertible Debt No definition available.
|
| X | ||||||||||
- Definition Gain (Loss) On Change In Fair Value Of Related Party Debt No definition available.
|
| X | ||||||||||
- Definition Interest Expense, Debt, Related Party Loans No definition available.
|
| X | ||||||||||
- Definition Interest Expense, Debt, Third Party Loans No definition available.
|
| X | ||||||||||
- Definition Technology Expense No definition available.
|
| X | ||||||||||
- Definition Transaction Processing Expense No definition available.
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of realized and unrealized gain (loss) from remeasurement of crypto asset, classified as nonoperating. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of interest expense classified as other. No definition available.
|
| X | ||||||||||
- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount, after tax and adjustments, of unrealized gain (loss) from (increase) decrease in instrument-specific credit risk on contract or contract feature in long-duration contract issued by insurance entity that both protects contract holder from other-than-nominal capital market risk and exposes insurance entity to other-than-nominal capital market risk, attributable to parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|