v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue:        
Total revenue $ 45,475 $ 33,289 $ 95,747 $ 68,611
Operating expenses:        
Salaries and compensation 48,223 36,829 113,651 71,101
Technology [1] 18,758 17,799 40,848 34,473
General and administrative [2] 20,585 19,248 42,265 33,247
Transaction losses 20,147 3,553 31,237 7,683
Sales and marketing 8,818 16,122 27,889 25,158
Transaction processing 5,885 5,173 10,986 10,411
Total operating expenses 122,416 98,724 266,876 182,073
Operating loss (76,941) (65,435) (171,129) (113,462)
Other income (expense):        
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged (60,720) 166,784 (161,697) 37,855
Realized and unrealized gain (loss) on related party crypto loans 35,671 (161,049) 125,753 (62,048)
Change in fair value on related party convertible notes 0 (9,424) 0 (17,611)
Change in fair value on related party loans 0 (38,773) 0 (94,320)
Interest expense on related party loans (2,714) (16,346) (6,025) (30,243)
Interest expense on third party loans (1,809) (3,265) (3,601) (6,493)
Interest expense on funding debt (2,553) 0 (5,048) 0
Other income (expense), net 1,364 (5,628) 5,088 (1,090)
Total other income (expense), net (30,761) (67,701) (45,530) (173,950)
Net loss before income taxes (107,702) (133,136) (216,659) (287,412)
Income tax benefit (provision) (22) (76) (43) 4,936
Net loss $ (107,724) $ (133,212) $ (216,702) $ (282,476)
Net loss per share attributable to common stockholders:        
Basic (in dollars per share) $ (0.89) $ (27.08) $ (1.82) $ (57.41)
Diluted (in dollars per share) $ (0.89) $ (27.08) $ (1.82) $ (57.41)
Weighted average shares outstanding - basic (in shares) 121,272 4,920 118,940 4,920
Weighted average shares outstanding - diluted (in shares) 121,272 4,920 118,940 4,920
Net loss $ (107,724) $ (133,212) $ (216,702) $ (282,476)
Other comprehensive income (loss):        
Foreign currency translation, net of tax (408) 1,434 (102) 1,909
Change in fair value attributable to instrument-specific credit risk 0 (1,056) 0 3,271
Total other comprehensive income (loss) (408) 378 (102) 5,180
Comprehensive loss (108,132) (132,834) (216,804) (277,296)
Net revenue        
Revenue:        
Total revenue [3] 43,704 32,797 92,282 67,914
Other revenue        
Revenue:        
Total revenue $ 1,771 $ 492 $ 3,465 $ 697
[1]
(2) Technology expenses include related party amounts of $0 for the three and six months ended June 30, 2026, and $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively, as outlined in Note 21. Related Party Transactions.
[2]
(3) General and administrative expenses include related party amounts of $0 and $0.4 million for the three and six months ended June 30, 2026, respectively, and $0.1 million for the three and six months ended June 30, 2025, as outlined in Note 21. Related Party Transactions.
[3]
(1) Net revenue includes related party amounts of $0.4 million and $0.7 million for the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.2 million for the three and six months ended June 30, 2025, respectively, as outlined in Note 21. Related Party Transactions.