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Revenue | 9 Months Ended
--- | ---
Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The Company determines revenue recognition from contracts with customers in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"). The following table presents revenue of the Company disaggregated by revenue source and ASC 606 applicability (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue |  |  |  |  |  |  |
Transaction revenue |  |  |  |  |  |  |
Exchange | $ | 25,152 |  |  | $ | 14,023 |  |  | $ | 68,922 |  |  | $ | 64,868 |
OTC | 1,065 |  |  | 519 |  |  | 1,805 |  |  | 1,149 |
Other transaction revenue | 120 |  |  | 34 |  |  | 583 |  |  | 846 |
Total transaction revenue | 26,337 |  |  | 14,576 |  |  | 71,310 |  |  | 66,863 |
Services revenue |  |  |  |  |  |  |
Credit card revenue | 8,532 |  |  | 2,617 |  |  | 17,162 |  |  | 7,597 |
Staking revenue | 5,883 |  |  | 3,101 |  |  | 11,679 |  |  | 8,198 |
Advisory fee revenue | 2,098 |  |  | — |  |  | 2,098 |  |  | — |
Custodial fee revenue | 2,825 |  |  | 1,609 |  |  | 6,564 |  |  | 5,117 |
Other services revenue | 592 |  |  | — |  |  | 592 |  |  | — |
Total services revenue | 19,930 |  |  | 7,327 |  |  | 38,095 |  |  | 20,912 |
Total net revenue from contracts with customers | 46,267 |  |  | 21,903 |  |  | 109,405 |  |  | 87,775 |
Other revenue |  |  |  |  |  |  |
Other | 118 |  |  | 90 |  |  | 309 |  |  | 235 |
Total other revenue | 118 |  |  | 90 |  |  | 309 |  |  | 235 |
Revenue not from contracts with customers(1) |  |  |  |  |  |  |
Interest income | 3,508 |  |  | 2,453 |  |  | 8,284 |  |  | 10,105 |
Corporate interest | 725 |  |  | 96 |  |  | 1,231 |  |  | 750 |
Total revenue not from contracts with customers | 4,233 |  |  | 2,549 |  |  | 9,515 |  |  | 10,855 |
Total revenue | $ | 50,618 |  |  | $ | 24,542 |  |  | $ | 119,229 |  |  | $ | 98,865 |
__________________ |  |  |  |  |  |  |
(1) Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606. Interest income is included within Net revenue and corporate interest is included within Other revenue, respectively, on the condensed consolidated statements of operations and comprehensive loss.
Contract liabilities Under ASC 606, Revenue from Contracts with Customers, the Company has a contract liability related to non-cash warrant consideration received in advance of satisfying the related performance obligation for advisory services and are included in Other current liabilities on the condensed consolidated balance sheets. During the three and nine months ended September 30, 2025, the Company recognized $2.1 million of revenue related to contract liabilities. Contact liabilities were first recognized during the three months ended September 30, 2025, in connection with new customer arrangements with advance consideration. Contract asset The Company has a contract asset, representing the unvested portion of the warrants, which is reflected as a warrant receivable within Other non-current assets on the condensed consolidated balance sheets. Refer to Note 8. P repaid Expenses and Other Current Assets. Revenue by geographic location The following table presents revenue of the Company disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
U.S. | $ | 43,072 |  |  | $ | 20,587 |  |  | $ | 100,587 |  |  | $ | 81,685 |
International(1) | 7,546 |  |  | 3,955 |  |  | 18,642 |  |  | 17,180 |
Total revenue(2) | $ | 50,618 |  |  | $ | 24,542 |  |  | $ | 119,229 |  |  | $ | 98,865 |
__________________ |  |  |  |  |  |  |
(1) No country, outside the U.S., accounted for more than 10% of Total revenue. (2) Total revenue includes $4.2 million and $9.5 million for the three and nine months ended September 30, 2025, respectively, and $2.5 million and $10.9 million for the three and nine months ended September 30, 2024, respectively, that is not recognized within the scope of ASC 606, Revenue from Contracts with Customers, as outlined above.

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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