v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents revenue of the Company disaggregated by revenue source and ASC 606 applicability (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net revenue
Transaction revenue
Exchange$12,497 $20,233 $29,669 $43,771 
OTC4,709 611 11,034 740 
Prediction markets revenue524 — 968 — 
Other transaction revenue21 2 44 463 
Total transaction revenue17,751 20,846 41,715 44,974 
Services revenue
Credit card revenue16,178 4,882 30,878 8,630 
Staking revenue4,026 2,690 6,163 5,796 
Advisory fee revenue2,709 — 5,419 — 
Custodial fee revenue618 1,878 2,486 3,740 
Other services revenue— — 400 — 
Total services revenue23,531 9,450 45,346 18,166 
Total net revenue from contracts with customers41,282 30,296 87,061 63,140 
Other revenue
Other51 105 133 190 
Total other revenue51 105 133 190 
Revenue not from contracts with customers(1)
Interest income2,422 2,501 5,221 4,774 
Corporate interest1,720 387 3,332 507 
Total revenue not from contracts with customers4,142 2,888 8,553 5,281 
Total revenue$45,475 $33,289 $95,747 $68,611 
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(1) Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606. Interest income is included within Net revenue and corporate interest is included within Other revenue, respectively, on the condensed consolidated statements of operations and comprehensive loss.
Schedule of Revenues Disaggregated by Geography The following table presents revenue of the Company disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
U.S.$43,122 $25,479 $88,299 $56,902 
International(1)
2,353 7,810 7,448 11,709 
Total revenue(2)
$45,475 $33,289 $95,747 $68,611 
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(1) No country, outside the U.S., accounted for more than 10% of Total revenue.
(2) Total revenue includes $4.1 million and $8.6 million for the three and six months ended June 30, 2026, respectively, and $2.9 million and $5.3 million for the three and six months ended June 30, 2025, respectively, that is not recognized within the scope of ASC 606 as outlined above.