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Intangible assets, net
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible assets, net
5. Intangible assets, net
Intangible assets, net
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 5.1. Acquired Intangible Assets Useful Life
Useful life (years) at acquisition
Developed technology 2
~
6
Customer relationships 2
Regulatory licenses 5
Patents and trade name 2
~
17
Intangible assets, net consists of the following (in thousands):
Table 5.2. Details of Intangible Assets, net
As of September 30, 2026Gross
carrying
amount 		Accumulated
amortization		Intangible
assets, net 		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $372,066 $(239,080)$132,986 1.4
Acquired intangible assets
68,309 (21,773)46,536 6.8
Total amortizing intangible assets
$440,375 $(260,853)$179,522 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$707,205 $(260,853)$446,352 
As of December 31, 2025Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $279,472 $(161,666)$117,806 1.5
Acquired intangible assets
38,109 (11,599)26,510 3.0
Total amortizing intangible assets
$317,581 $(173,265)$144,316 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$584,411 $(173,265)$411,146 
In June 2026, the Company acquired blockchain technology in the form of patents for total consideration of $20.0 million. This resulted in the recognition of acquired intangible assets which are amortized over a period of 13 years.
Acquired intangible assets include certain technology that enhances cross-chain interoperability which was acquired from Interop Labs Inc. and Rapidx Labs, Inc. in January 2026 for total consideration of $10.0 million. The acquisition was accounted for as an asset acquisition, resulting in the recognition of intangible assets which are amortized over a period of two years.
Amortization expense of intangible assets, which is included within Depreciation and amortization expenses on the unaudited Condensed Consolidated Statements of Operations, consists of the following (in thousands):
Table 5.3. Details of Amortization Expense of Intangible Assets
Three months ended September 30,Nine months ended September 30,
2026202520262025
Internally developed software$28,217 $20,688 $77,562 $45,092 
Acquired intangible assets4,869 1,342 10,175 4,025 
Total amortization expense of intangible assets
$33,086 $22,030 $87,737 $49,117 
The expected future amortization expense for intangible assets is as follows (in thousands):
Table 5.4. Future Amortization Expense of Intangible Assets

Years ending December 31,
2026 (remaining 3 months)$34,160 
2027100,941 
202826,715 
20291,663 
20301,663 
Thereafter 14,380 
Total amortization expense $179,522
ARC Token
On September 14, 2026, the Company completed the genesis mint of the ARC token, the native coordination asset of the Arc network, creating the full initial supply of 10 billion tokens. Of this initial supply, a portion of ARC tokens relating to the ARC presale transactions conducted in May and June 2026 was subsequently distributed to (or held in escrow for the benefit of) investors.
The ARC tokens minted on September 14, 2026 were initially recorded at nil. ARC tokens retained by the Company are recognized as indefinite-lived intangible assets and their carrying amount is nil as of September 30, 2026.