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Intangible assets, net | 3 Months Ended
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Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [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 |  |  |  |
Acquired intangible assets |  | Useful life (years) at acquisition
Developed technology |  | 2 | ~ | 6
Customer relationships |  | 2 |  |
Regulatory licenses |  | 5 |  |
Patents and trade name |  | 2 | ~ | 17
Intangible assets consists of the following (in thousands):
Table 5.2. Details of Intangible Assets, net
As of March 31, 2026 |  | Gross carrying amount |  | Accumulated amortization |  | Intangible assets, net |  | Weighted average remaining useful life (in years)
Amortizing intangible assets |  |  |  |  |  |  |  |
Internally developed software |  | $ | 304,725 |  |  | $ | (185,138) |  |  | $ | 119,587 |  |  | 1.4
Acquired intangible assets |  | 48,309 |  |  | (13,709) |  |  | 34,600 |  |  | 2.7
Total amortizing intangible assets |  | $ | 353,034 |  |  | $ | (198,847) |  |  | $ | 154,187 |  |  |
Indefinite-lived intangible assets |  |  |  |  |  |  |  |
Acquired intangible assets |  | 266,830 |  |  | — |  |  | 266,830 |  |  |
Total intangible assets, net |  | $ | 619,864 |  |  | $ | (198,847) |  |  | $ | 421,017 |  |  |
As of December 31, 2025 |  | Gross 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 |  |  |
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 consists of the following (in thousands):
5.3. Details of Amortization Expense of Intangible Assets |  |
|  |  | Three months ended March 31, |  |
|  |  | 2026 |  | 2025 |  |  |
Amortization expense on internally developed software |  |  | $ | 23,662 |  |  | $ | 12,116 |  |  |  |
Amortization expense on acquired intangible assets |  |  | 2,110 |  |  | 1,350 |  |  |  |
Total amortization expense of intangible assets |  |  | $ | 25,772 |  |  | $ | 13,466 |  |  |  |
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 9 months) | $ | 78,977 |
2027 | 65,740 |
2028 | 7,919 |
2029 | 125 |
2030 | 125 |
Thereafter | 1,301 |
Total amortization expense | $ | 154,187 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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