Summary of Significant Accounting Policies - Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Segment Reporting [Line Items] | ||||
| Revenues | $ 4,329,395 | $ 2,410,462 | $ 8,102,968 | $ 4,185,126 |
| 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 |
| 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) |
| 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 |
| Reportable Segment | ||||
| Segment Reporting [Line Items] | ||||
| Revenues | 4,329,395 | 2,410,462 | 8,102,968 | 4,185,126 |
| 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 | 10,809 | 5,612 | 19,395 | 11,288 |
| 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) |
| 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 |
| X | ||||||||||
- Definition Crypto Asset, Staking Fees Expense No definition available.
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| X | ||||||||||
- Definition Amount of realized loss from remeasurement of crypto asset, classified as operating. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest expense classified as operating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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