v3.26.1
Revenue Recognition (Tables)
6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Recognition

The following table provides additional breakdown of the Company’s revenue from staking activities:

 

  

Three Months Ended

June 30, 2026

  

Six Months Ended

June 30, 2026

 
Revenue from contracts with customers          
Native staking rewards  $8,575   $18,693 
Native staking fees   (279)   (682)
Protocol incentives earned in ETH and weETH   860    1,611 
Rewards from native staking and liquid restaking, net  $9,156   $19,622 
           
Revenue from contracts with non-customers          
Liquid staking rewards  $1,844   $2,650 
Rebates earned in LsETH   161    390 
Rewards and rebates from liquid staking   2,005    3,040 
Total revenue from staking, net  $11,161   $22,662 
Schedule of Crypto Assets

The following is a summary of crypto assets staked (in units) as of June 30, 2026 and December 31, 2025:

 

   June 30, 2026   December 31, 2025 
Unstaked ETH   39,937    55,582 
Native staked ETH   592,847    584,444 
Total LsETH   163,083    204,409 
Total weETH   66,267    - 
Total crypto assets   862,134    844,435 
Schedule of Rewards Earned

The following is a summary of total rewards earned from staking activities (in units) for the three and six months ended June 30, 2026:

 

  

Three Months Ended

June 30, 2026

  

Six Months Ended

June 30, 2026

 
Native staked ETH   4,171    8,372 
Redeemed liquid staked ETH   735    1,018 
Total staking rewards   4,906    9,390 
           
Schedule of Accounts Receivable from Rebates and Incentive rewards

Schedule of Accounts Receivable from Rebates and Incentive rewards 

   June 30, 2026   December 31, 2025 
Rebates receivable in LsETH  $51    106 
Protocol incentive receivables in ETH   27    - 
Protocol incentive receivables in weETH   101    - 
Accounts receivable from rebate and protocol incentive rewards  $179    106