Revenue recognition (Tables)

6 Months Ended

Jun. 30, 2026

The following table summarizes the disaggregation of revenue by major product and service (in thousands):


Table 11.1. Revenue by Product and Service
	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Reserve income	$	667,733	$	634,274	$	1,320,241	$	1,192,185
Other revenue
Subscription and services	28,156		17,784		63,017		36,495
Transaction revenue	5,330		5,825		12,060		7,451
Other	96		195		130		520

Total 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

The changes in our deferred revenue are reflected in the following table (in thousands):


Table 11.2. Changes in Deferred Revenue
Balance at December 31, 2025	$	11,512
Deferred revenue billed in the current period, net of recognition	243,281
Revenue recognized that was included in the beginning period	(8,590)
Balance at June 30, 2026	$	246,203


Balance at December 31, 2024	$	13,390
Deferred revenue billed in the current period, net of recognition	10,413
Revenue recognized that was included in the beginning period	(15,296)
Balance at June 30, 2025	$	8,507