| Schedule of Segment Reporting |
The table below provides details on reported segment revenue, segment profit or loss, and key segment expenses (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Revenue | | | | | | | | | Total revenue | $ | 4,329,395 | | | $ | 2,410,462 | | | $ | 8,102,968 | | | $ | 4,185,126 | | | Expenses | | | | | | | | | Digital assets sales cost | 4,190,435 | | | 2,273,948 | | | 7,838,280 | | | 3,876,124 | | | Staking fees | 60,781 | | | 81,810 | | | 102,224 | | | 209,532 | | | Stablecoin sponsor fees | 35,710 | | | 15,249 | | | 71,047 | | | 15,249 | | | Interest expense | 5,845 | | | 1,252 | | | 11,863 | | | 2,937 | | | Compensation and benefits | 29,528 | | | 23,511 | | | 70,330 | | | 47,828 | | | Legal and professional fees | 10,277 | | | 11,864 | | | 21,996 | | | 21,737 | | Other (1) | 10,809 | | | 5,612 | | | 19,395 | | | 11,288 | | | Depreciation and amortization | 2,121 | | | 875 | | | 3,848 | | | 1,741 | | | Restructuring charges | 1,300 | | | — | | | 1,300 | | | — | | | Total expenses | 4,346,806 | | | 2,414,121 | | | 8,140,283 | | | 4,186,436 | | | Loss from operations | (17,411) | | | (3,659) | | | (37,315) | | | (1,310) | | | Other income (loss) | (13,291) | | | 57,106 | | | (65,027) | | | 21,762 | | | Income (loss) before income taxes | (30,702) | | | 53,447 | | | (102,342) | | | 20,452 | | | Tax provision for (benefit from) income taxes | (11,677) | | | 15,132 | | | (22,644) | | | 7,871 | | | Net income (loss) | $ | (19,025) | | | $ | 38,315 | | | $ | (79,698) | | | $ | 12,581 | |
_______________ (1) Other expenses include insurance, marketing, equipment and technology, occupancy and other expenses.
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