v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 158,963 $ 106,275
Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted 4,634,863 3,313,527
Accounts receivables, net of allowance for credit losses 17,357 15,774
Loan receivables, at amortized cost 157,411 176,655
Deferred tax assets 20,931 7,130
Other current assets 304,486 272,270
Total current assets 6,025,935 4,527,202
Equipment and software, net 15,078 13,180
Operating lease right-of-use assets 5,651 6,346
Intangible assets, net 407 1,226
Other non-current assets 724 713
Total assets 6,047,795 4,548,667
Current liabilities:    
Accounts payable 9,347 9,955
Deferred revenue, current 4,507 4,710
Deposits from stablecoin holders 4,634,863 3,313,527
Borrowings 133,169 118,848
Borrowings of digital intangible assets 305,810 233,687
Obligations to return collateral 302,516 400,132
Deferred tax liability, current 21,148 7,674
Operating lease liabilities, current 2,552 2,483
Other current liabilities 207,371 135,125
Total current liabilities 5,621,283 4,226,141
Operating lease liabilities, non-current 3,453 3,978
Total liabilities 5,624,736 4,230,119
Commitments and contingencies (Note 14)
Stockholders’ equity:    
Preferred stock 0 222,480
Minority interest 1,638 1,953
Additional paid-in capital 439,003 32,006
Retained earnings (17,593) 62,105
Total stockholders’ equity 423,059 318,548
Total liabilities and stockholders’ equity 6,047,795 4,548,667
Crypto Asset, Loan Receivable    
Current assets:    
Digital intangible assets, at fair value 10,314 30,774
Crypto Asset    
Current assets:    
Digital intangible assets, at fair value 391,345 344,439
Crypto Asset, Collateral    
Current assets:    
Digital intangible assets, at fair value 330,265 260,358
Common Class A    
Stockholders’ equity:    
Common stock 10 3
Common Class B    
Stockholders’ equity:    
Common stock $ 1 $ 1