Goodwill and intangible assets of $5.1 million and $9.8 million, respectively, were acquired in the Ergatta Acquisition and were recorded at fair value on the acquisition date. As of June 30, 2026, there was no goodwill impairment. Refer to Note 23. Acquisitions for more information.

Identifiable intangible assets, net consists of the following:


	As of June 30,								As of December 31,
	2026								2025
(in thousands)	Cost		Accumulated Amortization				Net Book Value		Cost		Accumulated Amortization			Net Book Value
Internal-use software	$	6,441		$	(6,269	)	$	172	$	6,415	$	(6,171	)	$	244
Developed technology		4,987			(891	)		4,095		2,610		(535	)		2,075
Customer related		12,050			(2,071	)		9,979		5,479		(944	)		4,535
Trademark and trade name		1,996			(291	)		1,704		1,203		(194	)		1,009
Total identifiable intangible assets	$	25,474		$	(9,523	)	$	15,950	$	15,707	$	(7,844	)	$	7,863

Amortization expense amounted to $1.2 million and $0.4 million for the three months ended June 30, 2026 and 2025, respectively, and $1.7 million and $0.8 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, there was no intangible asset impairment.

As of June 30, 2026, estimated annual amortization expense for the remainder of 2026 and each of the next five fiscal years is as follows:


Fiscal Years Ending December 31,
(in thousands)
2026 (remaining)		2,340
2027		4,558
2028		2,406
2029		1,715
2030		1,689
2031		1,158
Total	$	13,866

During the three and six months ended June 30, 2025, the Company paid approximately $45.0 million in cash in return for approximately 29.6 million FET tokens and 25.0 million Tether stablecoins. As of June 30, 2025, the Company's holdings in digital assets consisted exclusively of FET and Tether. All digital asset investments were liquidated in the fourth quarter of 2025. The Company recognizes changes in the fair value of its digital assets as gains or losses in change in fair value of digital assets on the Company's condensed consolidated statements of operations during the period in which they occur. The details of the activity related to the Company’s digital assets as of June 30, 2025 are as follows:



(in thousands)	Tether Units		Tether Fair Value		FET Units		FET Fair Value		Total Units		Total Fair Value
Digital assets at December 31, 2024		—	$	—		—	$	—		—	$	—
Additions		25,000		25,000		29,609		20,000		54,609		45,000
Change in fair value of digital assets		—		—		—		125		—		125
Digital assets at June 30, 2025		25,000	$	25,000		29,609	$	20,125		54,609	$	45,125