v3.26.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Breakdown of Revenues Between Fixed and Variable Revenues The breakdown of revenues between fixed and variable revenues for the three and nine months ended September 30, 2026 and 2025 is as follows:
Three Months EndedThree Months Ended
September 30, 2026September 30, 2025
(dollars in thousands)
Variable
Fixed
Variable
Fixed
Revenues
Transaction fees and commissions$439,493 $52,304 $372,380 $48,929 
Subscription fees515 60,895 452 60,378 
LSEG market data fees— 26,539 — 20,534 
Other (1)
1,959 2,840 2,939 2,986 
Total revenue$441,967 $142,578 $375,771 $132,827 
(1)Amounts include Validator Revenue totaling $1.4 million and $2.3 million for the three months ended September 30, 2026 and 2025, respectively. The Company applies ASC 606 by analogy to its Validator Revenue.
Nine Months EndedNine Months Ended
September 30, 2026September 30, 2025
(dollars in thousands)
VariableFixedVariableFixed
Revenues
Transaction fees and commissions$1,326,817 $154,148 $1,131,285 $141,136 
Subscription fees1,515 181,892 1,352 172,647 
LSEG market data fees— 79,777 — 70,028 
Other (1)
8,487 8,619 6,006 8,792 
Total revenue$1,336,819 $424,436 $1,138,643 $392,603 
(1)Amounts include Validator Revenue totaling $6.8 million and $4.4 million for the nine months ended September 30, 2026 and 2025, respectively. The Company applies ASC 606 by analogy to its Validator Revenue.
Schedule of Recognized Revenue and Remaining Deferred Revenue Balance The revenue recognized and the remaining deferred revenue balances are shown below:
Amount
(dollars in thousands)
Deferred revenue balance - December 31, 2025$29,030 
New billings179,252 
Revenue recognized(170,063)
Effect of foreign currency exchange rate changes(101)
Deferred revenue balance - September 30, 2026$38,118