v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities      
Net loss $ (108,978) $ (149,264)  
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization 7,482 7,855  
Impairment 1,327 0  
Change in fair value on related party convertible notes 0 8,187  
Change in fair value on related party loans 0 55,547  
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)  
Provision for transaction losses 11,090 4,130  
Stock-based compensation 24,178 1,455  
Crypto assets received as revenue (3,532) (9,641)  
Crypto asset payments for expenses 11,761 6,734  
Warrants received as revenue (2,710) 0  
Non-cash lease expense 2,549 1,127  
Realized and unrealized gain on derivatives (3,323) (3,230)  
Other operating activities, net 2,650 762  
Changes in operating assets and liabilities:      
Purchase of crypto assets (65,588) (20,553)  
Disposal of crypto assets 54,200 47,043  
Accounts receivable (28,112) (3,032)  
Other assets 13,096 28,459  
Accounts payable and accrued expenses 18,363 (9,562)  
Payables due to related parties (638) 13,804  
Payables due to third parties 0 3,229  
Payables due for funding debt 173 0  
Lease liabilities (2,062) (1,392)  
Other liabilities 2,747 (30,000)  
Net cash used in operating activities (54,432) (18,414)  
Cash flows from investing activities      
Proceeds from disposal of crypto assets 2,853 34,405  
Purchases of credit card receivables (489,314) (119,485)  
Proceeds from repayments of credit card receivables 510,644 116,760  
Capitalization of internally developed software costs (1,991) (1,188)  
Purchase of software, property and equipment (127) (188)  
Other investing activities, net 130 (25)  
Net cash provided by investing activities 22,195 30,279  
Cash flows from financing activities      
Custodial funds due to customers, net of redemptions (45,136) (81,421)  
Proceeds from funding debt 435,200 0  
Repayment of funding debt (449,290) 0  
Net cash used in financing activities (59,467) (81,421)  
Net decrease in cash, cash equivalents, restricted cash and cash equivalents (91,704) (69,556)  
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period 894,848 646,858 $ 646,858
Cash, cash equivalents, restricted cash and cash equivalents, end of period 803,144 577,302 894,848
Cash, cash equivalents, restricted cash and cash equivalents consisted of the following:      
Cash and cash equivalents 215,623 39,199 252,215
Restricted cash and cash equivalents 103,747 44,152  
Customer custodial funds 483,774 493,951 527,354
Total cash, cash equivalents, restricted cash and cash equivalents 803,144 577,302 $ 894,848
Supplemental disclosure of cash flow information      
Cash paid during the period for interest 5,543 93  
Cash paid during the period for income taxes, net of refunds 123 183  
Supplemental schedule of non-cash investing and financing activities      
Related party loans received in crypto assets 58,571 114,575  
Conversion of related party loans into related party convertible notes 0 246,245  
Repayments of related party loans denominated in crypto assets 119,208 15,075  
Credit card receivables posted (returned) as collateral for funding debt, net (4,789) 0  
Crypto assets posted (returned) as collateral for third party loans, net 0 (58,726)  
Crypto asset collateral received (returned) for derivatives, net (424) (780)  
Repayment of third party loan interest denominated in crypto 0 3,229  
Change in fair value attributable to instrument-specific credit risk 0 4,327  
RSUs      
Cash flows from financing activities      
Payment of withholding taxes (240) 0  
Equity awards      
Cash flows from financing activities      
Payment of withholding taxes $ (1) $ 0