v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue        
Revenues $ 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
General and administrative expenses 21,086 17,476 41,391 33,025
Depreciation and amortization 2,121 875 3,848 1,741
Restructuring charges 1,300 0 1,300 0
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)
Net change in unrealized appreciation (loss) on digital assets (18,842) 55,846 (72,565) 22,034
Gain (loss) on disposal of digital assets 5,551 1,260 7,538 (272)
Total 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
Net income (loss) attributable to common stockholders, of which: (19,025) 13,453 (79,698) 1,267
Common Class A And B        
Expenses        
Net income (loss) attributable to common stockholders, of which: $ (19,025) $ 0 $ (79,698) $ 0
Net income (loss) per share:        
Net income (loss), basic (in dollars per share) $ (0.16) $ 0 $ (0.74) $ 0
Net income (loss), diluted (in dollars per share) $ (0.16) $ 0 $ (0.74) $ 0
Weighted-average shares used to compute net income (loss) per share, basic (in shares) 116,341 0 107,422 0
Weighted-average shares used to compute net income (loss) per share, diluted (in shares) 116,341 0 107,422 0
Common Class A        
Expenses        
Net income (loss) attributable to common stockholders, of which: $ 0 $ 10,928 $ 0 $ 1,019
Net income (loss) per share:        
Net income (loss), basic (in dollars per share) $ 0 $ 0.33 $ 0 $ 0.03
Net income (loss), diluted (in dollars per share) $ 0 $ 0.28 $ 0 $ 0.02
Weighted-average shares used to compute net income (loss) per share, basic (in shares) 0 32,900 0 31,209
Weighted-average shares used to compute net income (loss) per share, diluted (in shares) 0 49,356 0 47,712
Common Class F        
Expenses        
Net income (loss) attributable to common stockholders, of which: $ 0 $ 2,525 $ 0 $ 248
Net income (loss) per share:        
Net income (loss), basic (in dollars per share) $ 0 $ 0.33 $ 0 $ 0.03
Net income (loss), diluted (in dollars per share) $ 0 $ 0.28 $ 0 $ 0.02
Weighted-average shares used to compute net income (loss) per share, basic (in shares) 0 7,601 0 7,601
Weighted-average shares used to compute net income (loss) per share, diluted (in shares) 0 8,164 0 8,164