
	June 30, 2026		December 31, 2025

Credit card receivables(1)	$	33,833	$	31,047
Retail receivables	8,734		9,682
Custodial fees receivable	2,043		2,014
Staking fees receivable	695		1,270
Other fees receivable	3,545		3,181
Allowance for transaction losses	(24,425)		(16,307)
Total accounts receivable, net of allowance	$	24,425	$	30,887
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(1) Includes $0.7 million of accrued interest receivable as of June 30, 2026 and December 31, 2025.

The Company holds both pledged and unpledged credit card receivables. Unpledged credit card receivables are included in Accounts receivable, net on the condensed consolidated balance sheets. Credit card receivables that have been pledged as collateral under the Company’s warehouse credit agreement are presented separately as Credit card receivables pledged, net on the condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the allowance for expected credit losses associated with pledged credit card receivables was $3.7 million and $0.1 million, respectively. See Note 16. Funding Debt for additional information regarding pledged credit card receivables.


Three Months Ended June 30, 2026	Retail receivables		Custody fees receivable		Staking fees receivable		Credit card receivables		Other fees receivable		Total
Beginning balance	$	14,026	$	—	$	—	$	10,727	$	—	$	24,753
Provision for credit losses	2,026		—		1,235		13,056		825		17,142
Write-offs(1)	(10,102)		(13)		(2,343)		(5,707)		(1,078)		(19,243)
Recoveries and reversals of write-offs	399		13		1,108		—		253		1,773
Ending balance	$	6,349	$	—	$	—	$	18,076	$	—	$	24,425

Six Months Ended June 30, 2026	Retail receivables		Custody fees receivable		Staking fees receivable		Credit card receivables		Other fees receivable		Total
Beginning balance	$	9,238	$	—	$	—	$	7,069	$	—	$	16,307
Provision for credit losses(2)	4,330		—		1,080		20,791		1,122		27,323
Write-offs(1)	(17,991)		(13)		(2,490)		(9,784)		(1,375)		(31,653)
Recoveries and reversals of write-offs	10,772		13		1,410		—		253		12,448
Ending balance	$	6,349	$	—	$	—	$	18,076	$	—	$	24,425
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(1) Credit card receivable write-offs include $0 and $0.1 million attributable to write-offs of accrued interest and fee receivables for the three and six months ended June 30, 2026, respectively.
(2) Credit card receivable provision for credit losses include $4.1 million related to a discrete fraud reserve for the six months ended June 30, 2026.


Three Months Ended June 30, 2025	Retail receivables		Custody fees receivable		Staking fees receivable		Credit card receivables		Other fees receivable		Total
Beginning balance	$	4,209	$	—	$	—	$	7,081	$	10	$	11,300
Provision for credit losses	1,583		—		44		1,704		222		3,553
Write-offs(1)	(653)		—		(44)		(1,816)		(36)		(2,549)
Ending balance	$	5,139	$	—	$	—	$	6,969	$	196	$	12,304

Six Months Ended June 30, 2025	Retail receivables		Custody fees receivable		Staking fees receivable		Credit card receivables		Other fees receivable		Total
Beginning balance	$	3,780	$	—	$	—	$	6,563	$	(75)	$	10,268
Provision for credit losses	2,888		—		165		4,231		399		7,683
Write-offs(1)	(1,529)		—		(165)		(3,825)		(128)		(5,647)
Ending balance	$	5,139	$	—	$	—	$	6,969	$	196	$	12,304
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(1) Credit card receivable write-offs include less than $0.1 million and $0.3 million attributable to write-offs of accrued interest and fee receivables for the three and six months ended June 30, 2025, respectively.

For all accounts receivable, the Company evaluates collectability at each reporting date and writes off unsecured balances when they are outstanding for more than 180 days or when the balances are otherwise deemed to be uncollectible. The provision for transaction losses is recorded in Transaction losses on the condensed consolidated statements of operations and comprehensive loss.

In assessing credit quality of the credit card receivable portfolio, the Company considers delinquency status as a key indicator. As of June 30, 2026 and December 31, 2025, 91.1% and 96.9%, respectively, of the Company's receivables were current or less than 30 days past due.


	June 30, 2026
	Current		<90 Days		≥90 Days(1)		Total past due receivables		Total receivables
Credit card receivables(2)	$	14,325	$	12,639	$	3,020	$	15,659	$	29,984
Credit card receivables, pledged	$	177,707	$	5,746	$	2,286	$	8,032	$	185,739
Total credit card receivables	$	192,032	$	18,385	$	5,306	$	23,691	$	215,723
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(1) Credit card receivables 90 days or more past due continue to accrue interest, as credit card receivables are not placed on nonaccrual status prior to write-off.
(2) Excludes disputed receivables of $3.8 million.
	December 31, 2025
	Current		<90 Days		≥90 Days(1)		Total past due receivables		Total receivables
Credit card receivables(2)	$	22,340	$	4,264	$	2,741	$	7,005	$	29,345
Credit card receivables, pledged	$	187,126	$	1,696	$	77	$	1,773	$	188,899
Total credit card receivables	$	209,466	$	5,960	$	2,818	$	8,778	$	218,244
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(1) Credit card receivables 90 days or more past due continue to accrue interest, as credit card receivables are not placed on nonaccrual status prior to write-off.
(2) Excludes disputed receivables of $1.7 million.