Commitments and Contingencies	6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Credit card receivables In partnership with a credit card issuing bank (the “Issuing Bank”), the Company offers a credit card product to its customers. Under the terms of the program agreement, the Company is required to purchase from the Issuing Bank all credit card receivables originated under the program and offered for sale to the Company. Credit card receivables purchased under this arrangement are recorded on the Company’s consolidated balance sheets upon transfer. As of June 30, 2026 and December 31, 2025, the Company had purchased credit card receivables of $219.6 million and $219.8 million, respectively, from the Issuing Bank. Amounts payable to the Issuing Bank for receivables purchased but not yet settled in cash were $20.5 million and $12.8 million as of June 30, 2026 and December 31, 2025, respectively, and are included in Other current liabilities on the condensed consolidated balance sheets. Certain credit card receivables are pledged as collateral under the Company's Ripple Credit Agreement (see Note 16. Funding Debt). As of June 30, 2026 and December 31, 2025, the carrying value of pledged credit card receivables was $185.7 million and $188.8 million, respectively. The agreement creates an ongoing commitment for the Company to purchase future receivables as they are originated. The amount of future purchases will fluctuate based on customer activity, credit card usage, and credit performance. The Company believes it maintains sufficient liquidity to fund these purchases as they become due. Legal and regulatory matters The Company is subject to, and may in the future be involved in, various litigation matters, legal claims, investigations, and regulatory proceedings arising in the ordinary course of business. In accordance with applicable accounting guidance, the Company accrues for loss contingencies when management determines that it is both probable that losses have been incurred and that the losses can be reasonably estimable. The Company accrued $1.1 million and $1.0 million in estimated loss contingencies as of June 30, 2026 and December 31, 2025, respectively, which are included in Accrued expenses on the condensed consolidated balance sheets. These estimated loss contingencies relate to any unsettled matters in which management has determined that a loss is probable and reasonably estimable. With respect to these matters, management believes losses in excess of amounts accrued, if any, are reasonably possible but cannot be reasonably estimated based on current available information. The Company disputes these claims and intends to defend these matters vigorously. Commodity Futures Trading Commission Litigation Our wholly-owned subsidiary, Gemini Trust Company, LLC ("GTC"), was the subject of a lawsuit that the CFTC filed in the U.S. District Court for the Southern District of New York ("SDNY") on June 2, 2022. GTC and the CFTC settled the matter by means of a consent order that was filed on January 6, 2025. In material part, the consent order stated that GTC violated Section 6(c)(2) of the Commodity Exchange Act by making certain statements to CFTC staff that GTC reasonably should have known were false or misleading, and GTC also failed to disclose certain facts needed to make its statements not false or misleading. Without admitting or denying liability, GTC agreed via a consent order to pay a $5.0 million civil monetary penalty, and to be permanently enjoined from making false or misleading statements or omitting to state material facts to the CFTC. On May 27, 2026, GTC and the CFTC filed a joint motion under Federal Rule 60(b) to vacate the consent order. Securities Class Action Litigation On March 18, 2026, a putative securities class action complaint was filed in the SDNY against the Company, certain of its current and former officers, and its directors. The complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933, as amended, and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, based on alleged materially false or misleading statements and omissions in the Company’s registration statement and prospectus issued in connection with its initial public offering, as well as certain subsequent public disclosures. The plaintiff seeks, among other relief, compensatory damages, pre- and post-judgment interest, attorneys’ fees and costs. The Company intends to vigorously defend against the claims. On June 17, 2026, the court appointed co-lead plaintiffs and set an August 21, 2026 deadline for them to file an operative complaint. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter. Prediction Markets Lawsuit On April 21, 2026, the New York Attorney General filed a petition against Gemini Titan, LLC ("Gemini Titan"), a wholly-owned subsidiary of the Company, in the Supreme Court of the State of New York alleging that Gemini Titan was operating an unlicensed gambling business and offering unauthorized sports wagering in New York through Gemini Predictions, and seeking injunctive relief, restitution, disgorgement, damages and civil penalties. On April 22, 2026, Gemini Titan removed the case to the SDNY and on May 1, 2026, the New York Attorney General filed a motion to remand the case to state court. The Company intends to vigorously defend against the claims in either venue. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter. April 2026 Shareholder Derivative Action On April 22, 2026, a shareholder derivative complaint was filed in the Eighth Judicial District Court, Clark County, Nevada, purportedly on behalf of the Company, against certain of the Company’s current and former officers and directors, with the Company named as a nominal defendant. The complaint alleges breach of fiduciary duty, unjust enrichment, waste of corporate assets, gross mismanagement, and abuse of control based on alleged materially false or misleading statements and omissions in the Company’s registration statement and prospectus issued in connection with its initial public offering, as well as certain subsequent public disclosures. The plaintiff seeks, among other relief, compensatory damages, pre- and post-judgment interest, attorneys’ fees and costs, and certain governance changes via injunctive relief. The Company intends to vigorously defend against the claims. On June 18, 2026, the court entered a stipulation and order staying the action in its entirety, including all deadlines, hearings, and conferences, pending resolution of the securities class action litigation discussed above. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter. June 2026 Shareholder Derivative Action On June 30, 2026, a second shareholder derivative complaint was filed in the Eighth Judicial District Court, Clark County, Nevada, purportedly on behalf of the Company, against certain of the Company’s current and former officers and directors, with the Company named as a nominal defendant. The complaint alleges breach of fiduciary duty and unjust enrichment arising out of the Company’s initial public offering, certain related-party transactions, alleged materially false or misleading statements and omissions in the Company’s registration statement and prospectus issued in connection with its initial public offering and certain subsequent public disclosures, and the Company’s subsequent business developments. The plaintiff seeks, among other relief, damages, disgorgement, corporate governance reforms, pre- and post-judgment interest, and attorneys’ fees and costs. The Company intends to vigorously defend against the claims. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter. Other Matters The Company is also subject to other matters for which it is unable to reasonably estimate a possible range of loss, if any. While the outcome of these matters is inherently uncertain and adverse decisions or settlements may occur from time to time, the Company does not currently believe that the ultimate resolution of any such matters will have a material adverse effect on its consolidated results of operations, financial position, or liquidity. However, the resolution of one or more of these matters could be material to the Company’s operating results for a particular reporting period, and the Company cannot provide assurance regarding their ultimate outcome.

In partnership with a credit card issuing bank (the “Issuing Bank”), the Company offers a credit card product to its customers. Under the terms of the program agreement, the Company is required to purchase from the Issuing Bank all credit card receivables originated under the program and offered for sale to the Company.

Credit card receivables purchased under this arrangement are recorded on the Company’s consolidated balance sheets upon transfer. As of June 30, 2026 and December 31, 2025, the Company had purchased credit card receivables of $219.6 million and $219.8 million, respectively, from the Issuing Bank. Amounts payable to the Issuing Bank for receivables purchased but not yet settled in cash were $20.5 million and $12.8 million as of June 30, 2026 and December 31, 2025, respectively, and are included in Other current liabilities on the condensed consolidated balance sheets.

Certain credit card receivables are pledged as collateral under the Company's Ripple Credit Agreement (see Note 16. Funding Debt). As of June 30, 2026 and December 31, 2025, the carrying value of pledged credit card receivables was $185.7 million and $188.8 million, respectively.

The agreement creates an ongoing commitment for the Company to purchase future receivables as they are originated. The amount of future purchases will fluctuate based on customer activity, credit card usage, and credit performance. The Company believes it maintains sufficient liquidity to fund these purchases as they become due.

The Company is subject to, and may in the future be involved in, various litigation matters, legal claims, investigations, and regulatory proceedings arising in the ordinary course of business. In accordance with applicable accounting guidance, the Company accrues for loss contingencies when management determines that it is both probable that losses have been incurred and that the losses can be reasonably estimable. The Company accrued $1.1 million and $1.0 million in estimated loss contingencies as of June 30, 2026 and December 31, 2025, respectively, which are included in Accrued expenses on the condensed consolidated balance sheets.

These estimated loss contingencies relate to any unsettled matters in which management has determined that a loss is probable and reasonably estimable. With respect to these matters, management believes losses in excess of amounts accrued, if any, are reasonably possible but cannot be reasonably estimated based on current available information. The Company disputes these claims and intends to defend these matters vigorously.

Our wholly-owned subsidiary, Gemini Trust Company, LLC ("GTC"), was the subject of a lawsuit that the CFTC filed in the U.S. District Court for the Southern District of New York ("SDNY") on June 2, 2022. GTC and the CFTC settled the matter by means of a consent order that was filed on January 6, 2025. In material part, the consent order stated that GTC violated Section 6(c)(2) of the Commodity Exchange Act by making certain statements to CFTC staff that GTC reasonably should have known were false or misleading, and GTC also failed to disclose certain facts needed to make its statements not false or misleading. Without admitting or denying liability, GTC agreed via a consent order to pay a $5.0 million civil monetary penalty, and to be permanently enjoined from making false or misleading statements or omitting to state material facts to the CFTC. On May 27, 2026, GTC and the CFTC filed a joint motion under Federal Rule 60(b) to vacate the consent order.

On March 18, 2026, a putative securities class action complaint was filed in the SDNY against the Company, certain of its current and former officers, and its directors. The complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933, as amended, and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, based on alleged materially false or misleading statements and omissions in the Company’s registration statement and prospectus issued in connection with its initial public offering, as well as certain subsequent public disclosures. The plaintiff seeks, among other relief, compensatory damages, pre- and post-judgment interest, attorneys’ fees and costs. The Company intends to vigorously defend against the claims. On June 17, 2026, the court appointed co-lead plaintiffs and set an August 21, 2026 deadline for them to file an operative complaint. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter.

Gemini Titan was operating an unlicensed gambling business and offering unauthorized sports wagering in New York through Gemini Predictions, and seeking injunctive relief, restitution, disgorgement, damages and civil penalties. On April 22, 2026, Gemini Titan removed the case to the SDNY and on May 1, 2026, the New York Attorney General filed a motion to remand the case to state court. The Company intends to vigorously defend against the claims in either venue. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter.

On April 22, 2026, a shareholder derivative complaint was filed in the Eighth Judicial District Court, Clark County, Nevada, purportedly on behalf of the Company, against certain of the Company’s current and former officers and directors, with the Company named as a nominal defendant. The complaint alleges breach of fiduciary duty, unjust enrichment, waste of corporate assets, gross mismanagement, and abuse of control based on alleged materially false or misleading statements and omissions in the Company’s registration statement and prospectus issued in connection with its initial public offering, as well as certain subsequent public disclosures. The plaintiff seeks, among other relief, compensatory damages, pre- and post-judgment interest, attorneys’ fees and costs, and certain governance changes via injunctive relief. The Company intends to vigorously defend against the claims. On June 18, 2026, the court entered a stipulation and order staying the action in its entirety, including all deadlines, hearings, and conferences, pending resolution of the securities class action litigation discussed above. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter.

On June 30, 2026, a second shareholder derivative complaint was filed in the Eighth Judicial District Court, Clark County, Nevada, purportedly on behalf of the Company, against certain of the Company’s current and former officers and directors, with the Company named as a nominal defendant. The complaint alleges breach of fiduciary duty and unjust enrichment arising out of the Company’s initial public offering, certain related-party transactions, alleged materially false or misleading statements and omissions in the Company’s registration statement and prospectus issued in connection with its initial public offering and certain subsequent public disclosures, and the Company’s subsequent business developments. The plaintiff seeks, among other relief, damages, disgorgement, corporate governance reforms, pre- and post-judgment interest, and attorneys’ fees and costs. The Company intends to vigorously defend against the claims. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter.

The Company is also subject to other matters for which it is unable to reasonably estimate a possible range of loss, if any. While the outcome of these matters is inherently uncertain and adverse decisions or settlements may occur from time to time, the Company does not currently believe that the ultimate resolution of any such matters will have a material adverse effect on its consolidated results of operations, financial position, or liquidity. However, the resolution of one or more of these matters could be material to the Company’s operating results for a particular reporting period, and the Company cannot provide assurance regarding their ultimate outcome.