Revenue recognition (Tables)

9 Months Ended

Sep. 30, 2026

The following table summarizes the disaggregation of revenue by major product and service (in thousands):


Table 11.1. Revenue by Product and Service
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Reserve income	$	657,624	$	711,241	$	1,977,865	$	1,903,426
Other revenue
Subscription and services	19,587		23,594		82,604		60,089
Transaction revenue	5,335		4,664		17,395		12,115
Other	182,342		260		182,472		780

Total other revenue	207,264		28,518		282,471		72,984
Total revenue and reserve income	$	864,888	$	739,759	$	2,260,336	$	1,976,410

The changes in our deferred revenue are reflected in the following table (in thousands):


Table 11.2. Changes in Deferred Revenue
Balance at December 31, 2025	$	11,512
Deferred revenue additions in the current period, net of revenue recognized	61,400
Revenue recognized that was included in the beginning period	(11,118)
Balance at September 30, 2026	$	61,794


Balance at December 31, 2024	$	13,390
Deferred revenue additions in the current period, net of revenue recognized	5,961
Revenue recognized that was included in the beginning period	(13,390)
Balance at September 30, 2025	$	5,961