v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following table represents significant segment expenses provided to the CODM for the three and six months ended June 30, 2026, and June 30, 2025 (in thousands):
Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Total revenues$170,149 $568,103 $413,742 $1,633,859 
Segment expenses:
Personnel1
$4,935 $4,376 8,306 9,320 
Non-cash compensation1
1,892 5,790 4,697 8,857 
Professional fees7,194 4,027 14,939 9,198 
Technology1,450 1,270 3,024 3,188 
Occupancy2
266 584 395 1,302 
Marketing and promotions3
137 108 200 204 
Business insurance4
723 1,173 1,814 2,826 
Depreciation and amortization1,052 154 1,118 374 
Other operating costs5
2,857 1,529 4,580 2,607 
Crypto costs167,938 561,074 407,908 1,615,709 
Execution, clearing and brokerage fees1,318 4,139 3,298 11,832 
Total operating expenses per Consolidated Statements of Operations$189,762 $584,224 450,279 1,665,417 
Operating loss from continuing operations$(19,613)$(16,121)(36,537)(31,558)
Other (income) expense, net(100,738)10,771 (106,232)(24,052)
Net income(loss) from continuing operations before equity in net earnings of affiliates
$81,125 $(26,892)$69,695 $(7,506)
1
Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5Other operating costs consist primarily of Impairment charges, as well as costs that are reported as Selling, general and administrative, Other operating expenses, and Compensation and benefits on the consolidated statements of operations.
6Other income, net consists primarily of Interest income, net, Gain from change in fair value of warrant liability, Change in the fair value of the Transchem Warrantss, Other income, net, and Income tax expense as presented in the consolidated statements of operations.