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REVENUE | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE The following table presents revenue of the Company disaggregated by revenue source (in thousands):
|  |  | Three Months Ended March 31, |  |  |  |
|  |  |  |  | 2024 |  | 2023 |  |  |  |  |  |
Net revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer, net(1) |  |  |  |  | $ | 935,212 |  |  | $ | 329,152 |  |  |  |  |  |  |
Institutional, net |  |  |  |  | 85,392 |  |  | 22,311 |  |  |  |  |  |  |
Other transaction revenue(1) |  |  |  |  | 56,137 |  |  | 23,250 |  |  |  |  |  |  |
Total transaction revenue |  |  |  |  | 1,076,741 |  |  | 374,713 |  |  |  |  |  |  |
Subscription and services revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Stablecoin revenue |  |  |  |  | 197,317 |  |  | 198,898 |  |  |  |  |  |  |
Blockchain rewards |  |  |  |  | 150,929 |  |  | 73,749 |  |  |  |  |  |  |
Interest and finance fee income(2) |  |  |  |  | 66,663 |  |  | 43,313 |  |  |  |  |  |  |
Custodial fee revenue |  |  |  |  | 32,341 |  |  | 17,043 |  |  |  |  |  |  |
Other subscription and services revenue(2) |  |  |  |  | 63,686 |  |  | 28,682 |  |  |  |  |  |  |
Total subscription and services revenue |  |  |  |  | 510,936 |  |  | 361,685 |  |  |  |  |  |  |
Total net revenue |  |  |  |  | 1,587,677 |  |  | 736,398 |  |  |  |  |  |  |
Other revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate interest and other income |  |  |  |  | 49,893 |  |  | 36,131 |  |  |  |  |  |  |
Total other revenue |  |  |  |  | 49,893 |  |  | 36,131 |  |  |  |  |  |  |
Total revenue |  |  |  |  | $ | 1,637,570 |  |  | $ | 772,529 |  |  |  |  |  |  |
__________________ (1)During the first quarter of 2024, the Company reclassified Base and payment-related revenue from consumer, net to other transaction revenue. Prior period amounts have been reclassified to conform to current period presentation. (2)During the first quarter of 2024, the Company reclassified Prime Financing fees earned from other subscription and services revenue to interest income, and renamed interest income to interest and finance fee income. Prior period amounts have been reclassified to conform to current period presentation. Revenue by geographic location In the table below are the revenues disaggregated by geography, based on domicile of the customers, as applicable (in thousands):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023 |  |  |  |
United States |  |  |  |  |  | $ | 1,353,450 |  |  | $ | 686,769 |  |  |  |  |
International(1) |  |  |  |  |  | 284,120 |  |  | 85,760 |  |  |  |  |
Total revenue |  |  |  |  |  | $ | 1,637,570 |  |  | $ | 772,529 |  |  |  |  |
__________________ (1)No other individual country accounted for more than 10% of total revenue.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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