v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 188,618,000 $ 252,215,000
Restricted cash and cash equivalents 103,506,000 115,279,000
Customer custodial funds 454,717,000 527,354,000
Crypto assets held 331,048,000 439,622,000
Accounts receivable, net [1] 24,425,000 30,887,000
Credit card receivables pledged, net 181,994,000 188,754,000
Prepaid expenses and other current assets 43,490,000 52,140,000
Total current assets 1,327,798,000 1,606,251,000
Software, property and equipment, net 13,242,000 15,083,000
Intangible assets, net 128,687,000 139,805,000
Other non-current assets, net 32,868,000 40,708,000
Total assets 1,502,595,000 1,801,847,000
Current liabilities:    
Custodial funds due to customers 454,588,000 527,307,000
Accounts payable 6,221,000 2,647,000
Accrued expenses 37,081,000 42,679,000
Third party loans 75,016,000 75,151,000
Related party loans 258,765,000 403,931,000
Funding debt 147,382,000 154,374,000
Other current liabilities 42,664,000 34,315,000
Total current liabilities 1,021,717,000 1,240,404,000
Non-current liabilities:    
Lease liabilities 12,571,000 20,570,000
Total non-current liabilities 12,571,000 20,570,000
Total liabilities 1,034,288,000 1,260,974,000
Commitments and contingencies
Stockholders' equity:    
Preferred stock, par value $0.001 per share; 20,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Treasury stock at cost; 1,303 and 284 shares as of June 30, 2026 and December 31, 2025, respectively (572,000) (568,000)
Additional paid-in capital 2,727,920,000 2,583,689,000
Accumulated other comprehensive income 785,000 887,000
Accumulated deficit (2,259,955,000) (2,043,253,000)
Total stockholders’ equity 468,307,000 540,873,000
Total liabilities and stockholders’ equity 1,502,595,000 1,801,847,000
Related Party    
Current assets:    
Accounts receivable, net 100,000 100,000
Current liabilities:    
Accrued expenses 0 0
Common Class A    
Stockholders' equity:    
Common stock 54,000 43,000
Common Class B    
Stockholders' equity:    
Common stock $ 75,000 $ 75,000
[1]
(1) Includes related party amounts of $0.1 million in Accounts receivable, net as of both June 30, 2026 and December 31, 2025, as outlined in Note 21. Related Party Transactions.