v3.26.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:              
Net income (loss) $ 52,472,000 $ 170,224,000 $ (102,080,000) $ (21,420,000) $ 266,904,000 $ (99,973,000)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Amortization of debt discount and issue cost 3,000   772,000   8,000 2,973,000  
Settlement of interest payable in common stock         121,000 0  
Depreciation and amortization 9,453,000   8,229,000   26,319,000 21,337,000  
Share based compensation expense         23,502,000 48,007,000  
Provision for accounts receivable credit losses         (188,000) 103,000  
Provision for deferred income taxes         (75,168,000) 83,000  
Provision for notes receivable credit losses 6,300,000       6,268,000 0  
Impairment of long-lived assets 0       0 2,717,000  
Change in fair value of puttable common stock 0   338,000   0 2,229,000  
Change in fair value of puttable warrants issued with debt 0   255,000   0 1,172,000  
Unrealized loss (gain) on equity securities owned         1,553,000 (10,320,000)  
Loss on sale of intangible asset 0   0   0 2,054,000  
Proceeds from sale of Pyth tokens         0 16,239,000  
Unrealized loss (gain) on derivative and digital assets (9,797,000)   (7,979,000)   (6,919,000) 39,039,000  
Loss on debt extinguishment 0   107,656,000   0 107,656,000  
Gain on sale of business 0   0   (50,570,000) 0  
Warrant modifications         0 1,516,000  
Other         0 (821,000)  
Changes in operating assets and liabilities:              
Accounts receivable         2,008,000 (6,327,000)  
Clearing house performance bonds and guarantee funds         22,984,000 (1,540,000)  
Participant margin deposits         0 (83,000)  
Receivables from broker-dealers, futures commission merchants, and clearing organizations         (18,976,000) 23,862,000  
Other current assets         56,000 354,000  
Other assets         8,304,000 13,595,000  
Accounts payable and other liabilities         1,622,000 (19,017,000)  
Accrued compensation payable         (4,358,000) (2,438,000)  
Other liabilities         (4,733,000) (1,593,000)  
Deferred transaction revenue         553,000 806,000  
Payables to customers         7,429,000 (18,784,000)  
Payables to clearing organizations         (11,000) (2,001,000)  
Net cash provided by operating activities         206,708,000 120,845,000  
Cash flows from investing activities:              
Capital expenditures         (29,438,000) (18,673,000)  
Capitalization of internally developed software         (7,946,000) (9,363,000)  
Return of capital from non-marketable equity securities         500,000 0  
Proceeds from sale of business, net of cash and cash equivalents sold         59,860,000 0  
Purchase of certificates of deposits         (2,789,000) 0  
Purchases of investments         (1,250,000) 0  
Proceeds from sale of business, net of cash and cash equivalents sold         0 (56,458,000)  
Net cash provided by (used in) investing activities         18,937,000 (84,494,000)  
Cash flows from financing activities:              
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs ...         0 368,977,000  
Payment of IPO costs         0 (2,346,000)  
Proceeds from debt issuance, net of debt discount         0 36,881,000  
Payment of other debt issuance costs         0 (1,975,000)  
Repayments of debt         0 (140,000,000)  
Prepayment premium and other expenses paid related to debt repayment         0 (36,107,000)  
Repayment of capital lease obligations         (108,000) (103,000)  
Repurchases of common stock from employee stock incentive plans         (25,969,000) (21,833,000)  
Proceeds from issuance of common stock and convertible preferred stock         75,599,000 8,192,000  
Net cash provided by financing activities         49,522,000 211,686,000  
Effect of exchange rate changes on cash and cash equivalents         (371,000) (84,000)  
Increase in cash, cash equivalents, segregated cash, and restricted cash         274,796,000 247,953,000  
Cash, cash equivalents, segregated cash and restricted cash at beginning of period   $ 557,584,000   $ 276,398,000 557,584,000 276,398,000 $ 276,398,000
Cash, cash equivalents, segregated cash, and restricted cash at end of period 832,380,000   524,351,000   832,380,000 524,351,000 557,584,000
Reconciliation of cash, cash equivalents, segregated cash, and restricted cash:              
Cash and cash equivalents 698,854,000   401,482,000   698,854,000 401,482,000 433,648,000
Cash segregated under federal and other regulations 26,797,000   29,509,000   26,797,000 29,509,000 27,618,000
Restricted cash 13,667,000   6,005,000   13,667,000 6,005,000 6,005,000
Restricted cash (clearing house performance bonds and guarantee funds) 93,062,000   86,204,000   93,062,000 86,204,000 70,078,000
Restricted cash (participant margin deposits) 0   1,151,000   0 1,151,000  
Total $ 832,380,000   $ 524,351,000   832,380,000 524,351,000 $ 557,584,000
Supplemental disclosure of cash transactions:              
Cash paid for income taxes         1,054,000 1,271,000  
Income tax refunds         93,000 425,000  
Cash paid for interest         29,000 8,950,000  
Supplemental disclosure of non-cash investing activities:              
Right-of-use assets obtained in exchange for new operating lease liabilities         10,013,000 5,608,000  
Assets acquired under capital leases         418,000 144,000  
Non-cash amounts related to capitalized internally developed software         390,000 944,000  
Total non-cash investing activities         10,821,000 6,696,000  
Supplemental disclosure of non-cash financing activities:              
Deferred offering costs not yet paid         0 1,387,000  
Deferred IPO cost recognized as additional paid-in capital         0 5,901,000  
Conversion of puttable common stock into common stock         0 103,361,000  
Conversion of puttable warrants into non-puttable warrants         0 65,360,000  
Non-cash warrant modification         0 1,516,000  
Total non-cash financing activities         $ 0 $ 177,525,000