
Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets	Useful life (years) at acquisition
Developed technology	2	~	6
Customer relationships	2
Regulatory licenses	5
Patents and trade name	2	~	17


Table 5.2. Details of Intangible Assets, net
As of June 30, 2026	Gross carrying amount		Accumulated amortization		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Internally developed software	$	339,210	$	(210,867)	$	128,343	1.3
Acquired intangible assets	68,309		(16,905)		51,404		6.6
Total amortizing intangible assets	$	407,519	$	(227,772)	$	179,747
Indefinite-lived intangible assets
Acquired intangible assets	266,830		—		266,830
Total intangible assets, net	$	674,349	$	(227,772)	$	446,577


As of December 31, 2025	Gross carrying amount		Accumulated amortization		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Internally developed software	$	279,472	$	(161,666)	$	117,806	1.5
Acquired intangible assets	38,109		(11,599)		26,510		3.0
Total amortizing intangible assets	$	317,581	$	(173,265)	$	144,316
Indefinite-lived intangible assets
Acquired intangible assets	266,830		—		266,830
Total intangible assets, net	$	584,411	$	(173,265)	$	411,146

During the three months ended June 30, 2026, the Company acquired blockchain technology in the form of patents for total consideration of $20.0 million. This resulted in the recognition of acquired intangible assets which are to be amortized over a period of 13 years.

Acquired intangible assets include certain technology that enhances cross-chain interoperability which was acquired from Interop Labs Inc. and Rapidx Labs, Inc. in January 2026 for total consideration of $10.0 million. The acquisition was accounted for as an asset acquisition, resulting in the recognition of intangible assets which are amortized over a period of two years.

Amortization expense of intangible assets, which is included within Depreciation and amortization expense on the unaudited Condensed Consolidated Statements of Operations, consists of the following (in thousands):


5.3. Details of Amortization Expense of Intangible Assets
	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Internally developed software	$	25,683	$	12,288	$	49,345	$	24,404
Acquired intangible assets	3,196		1,334		5,306		2,684
Total amortization expense of intangible assets	$	28,879	$	13,622	$	54,651	$	27,088


Table 5.4. Future Amortization Expense of Intangible Assets
	Years ending December 31,
2026 (remaining 6 months)	$	61,462
2027	84,382
2028	16,197
2029	1,663
2030	1,663
Thereafter	14,380
Total amortization expense	$	179,747