v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue and reserve income        
Reserve income $ 667,733 $ 634,274 $ 1,320,241 $ 1,192,185
Other revenue 33,582 23,804 75,207 44,466
Total revenue and reserve income 701,315 658,078 1,395,448 1,236,651
Distribution, transaction and other costs        
Distribution and transaction costs 410,414 406,472 815,816 753,784
Other costs 2,056 470 3,435 805
Total distribution, transaction and other costs 412,470 406,942 819,251 754,589
Operating expenses        
Compensation expenses 133,999 503,392 272,126 579,012
General and administrative expenses 66,273 43,140 123,534 73,824
Depreciation and amortization expenses 29,896 14,209 56,663 28,089
IT infrastructure costs 16,359 8,760 29,081 16,432
Marketing expenses 8,657 7,910 15,274 11,770
Digital assets losses (gains) (698) (693) 158 5,577
Total operating expenses 254,486 576,718 496,836 714,704
Operating income (loss) from continuing operations 34,359 (325,582) 79,361 (232,642)
Other income (expense), net 17,947 (160,421) 29,630 (163,524)
Net income (loss) from continuing operations before income taxes 52,306 (486,003) 108,991 (396,166)
Income tax expense (benefit) 4,092 (3,903) 5,531 21,143
Net income (loss) from continuing operations 48,214 (482,100) 103,460 (417,309)
Less: Net loss attributable to noncontrolling interests (7) 0 (14) 0
Net income (loss) attributable to common stockholders $ 48,221 $ (482,100) $ 103,474 $ (417,309)
Earnings (loss) per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.19 $ (4.48) $ 0.42 $ (5.04)
Diluted (in dollars per share) $ 0.18 $ (4.48) $ 0.39 $ (5.04)
Weighted-average common shares used in computing earnings (loss) per share attributable to common stockholders:        
Basic (in shares) 248,183 107,514 246,122 82,877
Diluted (in shares) 268,637 107,514 267,940 82,877