| Schedule of Accounts Receivable, Net of Allowance |
Accounts receivable, net of allowance consisted of the following (in thousands):
| | | | | | | | | | | | | 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 | | | __________________ | | | | (1) Includes $0.7 million of accrued interest receivable as of June 30, 2026 and December 31, 2025. |
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| Schedule of Allowance for Transaction Losses |
Allowance for transaction losses consisted of the following for the three and six months ended June 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | | 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 | | | __________________ | | | | | | | (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. |
Allowance for transaction losses consisted of the following for the three and six months ended June 30, 2025 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | 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 | | | __________________ | | | | | | | (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. |
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| Schedule of Accounts Receivable, Noncurrent, Past Due |
The following tables present the aging analysis of our credit card receivables for the periods presented and the delinquency aging includes all past due principal on credit card receivables (in thousands):
| | | | | | | | | | | | | | | | | | | 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 | | | __________________ | | | | | | | (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 | | | __________________ | | | | | | (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. |
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