v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flow from operating activities:    
Net income (loss) $ (79,698) $ 12,581
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation expense 14,861 1,798
Depreciation and amortization 3,848 1,741
Provision for credit losses 530 802
Digital asset fair value adjustment 72,296 (23,782)
Digital intangible assets received as revenue payments (24,098) (51,148)
Digital intangible assets used as accounts payable payments 6,089 9,499
Gain (loss) on disposal of digital assets (7,538) 272
Change in fair value of receivables denominated in digital intangible assets 291 1,965
Change in fair value of payables denominated in digital intangible assets (22) (217)
Changes in assets and liabilities    
Accounts receivable, net (2,404) 3,646
Digital intangible assets 13,171 32,531
Deferred tax asset (13,801) 1,478
Other assets (17,338) (11,411)
Accounts payables (585) 2,014
Deferred revenue (203) 3,436
Deferred tax liability 13,474 (7,462)
Other liabilities. (15,046) 14,204
Net cash used in operating activities (36,173) (8,053)
Cash flow from investing activities:    
Purchase of equipment and capitalization of internally developed software costs (4,927) (4,939)
Purchase of digital intangible assets for treasury (22,266) (124)
Origination of loans receivable (100,241) (193,796)
Repayment of loans receivable 119,485 159,079
Net cash used in investing activities (7,949) (39,780)
Cash flow from financing activities:    
Proceeds from the issuance of common stock upon exercise of options 1,342 358
Payments of withholding taxes on net share settlement of restricted stock units (3,105) 0
Proceeds from initial public offering, net of issuance costs 173,985 0
Share of earnings attributable to minority interest in joint venture (315) (225)
Proceeds from borrowings to support loans 118,779 39,354
Repayment of borrowings (104,458) 0
Deposits from stablecoin holders, net of redemptions 1,321,336 2,206,613
Payments to non custodial customer assets pending settlement (26,523) (4,804)
Payments to settle derivative contracts (41,202) 0
Fiat currency received as collateral 8,149 581
Fiat currency returned as collateral (29,842) (18,471)
Net cash provided by financing activities 1,418,146 2,223,406
Net increase in cash and cash equivalents 1,374,024 2,175,573
Cash and cash equivalents, beginning of period 3,419,802 87,424
Cash and cash equivalents, end of period 4,793,826 2,262,997
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets:    
Cash and cash equivalents 158,963 55,586
Cash and cash equivalents segregated for the benefit of stablecoin holders - restricted 4,634,863 2,207,411
Total cash, cash equivalents, and restricted cash 4,793,826 2,262,997
Supplemental cash disclosure:    
Cash paid for income taxes 2,181 5,861
Cash paid for interest 2,950 2,989
Supplemental non cash disclosure:    
Operating lease liabilities arising from obtaining right of use assets 812 580
Digital intangible assets received as collateral 394,947 478,877
Digital intangible assets returned as collateral 174,478 339,681
Origination of borrowings of digital intangible assets 456,080 6,000
Repayment of borrowings of digital intangible assets 266,486 5,000
Origination of digital intangible asset loans 11,751 9,718
Repayment of digital intangible asset loans 26,779 5,000
Digital assets transferred to lenders for collateral for borrowing $ 122,241 $ 33,091