v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities          
Net loss $ (107,724) $ (133,212) $ (216,702) $ (282,476)  
Adjustments to reconcile net loss to net cash used in operating activities          
Depreciation and amortization     14,780 15,517  
Impairment     1,327 0  
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  
Realized and unrealized loss (gain) on crypto assets and receivable, crypto assets pledged     161,697 (37,855)  
Realized and unrealized loss (gain) on related party crypto loans (35,671) 161,049 (125,753) 62,048  
Provision for transaction losses 20,147 3,553 31,237 7,683  
Stock-based compensation     44,482 3,208  
Crypto assets received as revenue     (4,695) (12,169)  
Crypto asset payments for expenses     19,926 12,987  
Warrants received as revenue     (5,419) 0  
Non-cash lease expense     3,199 2,436  
Realized and unrealized loss (gain) on derivatives     (3,786) 920  
Other operating activities, net     2,559 4,156  
Changes in operating assets and liabilities:          
Purchase of crypto assets     (37,694) (73,626)  
Disposal of crypto assets     27,190 150,065  
Accounts receivable     (31,505) (2,804)  
Other assets     4,950 61,228  
Accounts payable and accrued expenses     (13,626) (12,779)  
Payables due to related parties     (1,402) 29,557  
Payables due to third parties     (533) 5,381  
Payables due for funding debt     198 0  
Lease liabilities     (4,229) 274  
Other liabilities     27,922 (64,210)  
Net cash used in operating activities     (105,877) (18,528)  
Cash flows from investing activities          
Proceeds from disposal of crypto assets     25,084 76,460  
Purchases of credit card receivables     (981,121) (298,083)  
Proceeds from repayments of credit card receivables     996,231 269,266  
Capitalization of internally developed software costs     (1,619) (1,598)  
Purchase of software, property and equipment     (219) (422)  
Other investing activities, net     142 0  
Net cash provided by investing activities     38,498 45,623  
Cash flows from financing activities          
Custodial funds due to customers, net of redemptions     (73,194) (91,162)  
Proceeds from related party loans     0 15,100  
Proceeds from third party loan, net of discount     75,000 0  
Proceeds from funding debt     844,970 0  
Repayment of funding debt     (852,160) 0  
Repayment of third party loans     (75,000) 0  
Net cash used in financing activities     (80,628) (76,062)  
Net decrease in cash, cash equivalents, restricted cash and cash equivalents     (148,007) (48,967)  
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period     894,848 646,858 $ 646,858
Cash, cash equivalents, restricted cash and cash equivalents, end of period 746,841 597,891 746,841 597,891 894,848
Cash, cash equivalents, restricted cash and cash equivalents consisted of the following:          
Cash and cash equivalents 188,618 51,053 188,618 51,053 252,215
Restricted cash and cash equivalents 103,506 63,641 103,506 63,641  
Customer custodial funds 454,717 483,197 454,717 483,197 527,354
Total cash, cash equivalents, restricted cash and cash equivalents $ 746,841 $ 597,891 746,841 597,891 $ 894,848
Supplemental disclosure of cash flow information          
Cash paid during the period for interest     11,164 1,798  
Cash paid during the period for income taxes, net of refunds     530 410  
Supplemental schedule of non-cash investing and financing activities          
Related party loans received in crypto assets     223,980 189,336  
Repayments of related party loans denominated in crypto assets     241,991 56,159  
Issuance of common stock in exchange for crypto assets     100,000 0  
Credit card receivables returned as collateral for funding debt, net     (6,760) 0  
Crypto assets returned as collateral for third party loans, net     0 (211)  
Crypto asset collateral received for derivatives, net     (424) 14,273  
Repayment of third party loan interest denominated in crypto     0 5,417  
Change in fair value attributable to instrument-specific credit risk     0 3,271  
Drawdown of related party loans (crypto in-transit)     0 10,085  
RSUs          
Cash flows from financing activities          
Payment of withholding taxes     (240) 0  
Equity awards          
Cash flows from financing activities          
Payment of withholding taxes     $ (4) $ 0