v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Breakdown of Revenues Between Fixed and Variable Revenues The breakdown of revenues between fixed and variable revenues for the three and six months ended June 30, 2026 and 2025 is as follows:
Three Months EndedThree Months Ended
June 30, 2026June 30, 2025
(dollars in thousands)
Variable
Fixed
Variable
Fixed
Revenues
Transaction fees and commissions$414,226 $51,109 $380,148 $49,620 
Subscription fees500 61,224 440 56,952 
LSEG market data fees— 26,496 — 20,569 
Other (1)
2,434 2,957 2,275 2,967 
Total revenue$417,160 $141,786 $382,863 $130,108 
(1)Amounts include Validator Revenue totaling $1.7 million and $1.8 million for the three months ended June 30, 2026 and 2025, respectively. The Company applies ASC 606 by analogy to its Validator Revenue.
Six Months EndedSix Months Ended
June 30, 2026June 30, 2025
(dollars in thousands)
VariableFixedVariableFixed
Revenues
Transaction fees and commissions$887,324 $101,844 $758,905 $92,207 
Subscription fees1,000 120,997 900 112,269 
LSEG market data fees— 53,238 — 49,494 
Other (1)
6,528 5,779 3,067 5,806 
Total revenue$894,852 $281,858 $762,872 $259,776 
(1)Amounts include Validator Revenue totaling $5.4 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively. The Company applies ASC 606 by analogy to its Validator Revenue.
Schedule of Recognized Revenue and Remaining Deferred Revenue Balance The revenue recognized and the remaining deferred revenue balances are shown below:
Amount
(dollars in thousands)
Deferred revenue balance - December 31, 2025$29,030 
New billings133,936 
Revenue recognized(124,496)
Effect of foreign currency exchange rate changes(102)
Deferred revenue balance - June 30, 2026$38,368