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Accounts Receivable, Net | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net of allowance consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Credit card receivables(1)(2) | $ | 82,709 |  |  | $ | 65,821 |
Retail receivables | 10,024 |  |  | 4,402 |
Custodial fees receivable | 2,364 |  |  | 1,608 |
Staking fees receivable | 1,213 |  |  | 936 |
Other fees receivable | 3,602 |  |  | 2,869 |
Allowance for transaction losses | (15,697) |  |  | (10,268) |
Total accounts receivable, net of allowance | $ | 84,215 |  |  | $ | 65,368 |
__________________ |  |  |
(1) Credit card receivables includes $1.5 million and $1.8 million of in-transit receivables as of September 30, 2025 and December 31, 2024, respectively. (2) Includes $0.4 million and $0.3 million of accrued interest receivable, net as of September 30, 2025 and December 31, 2024, respectively.
Allowance for transaction losses consisted of the following for the three and nine months ended September 30, 2025 (in thousands):
Three Months Ended September 30, 2025 | Credit card receivables | Retail receivables |  | Staking fees receivable | Other fees receivable | Total(1)
Beginning balance | $ | 6,969 |  | $ | 5,139 |  |  | $ | — |  | $ | 196 |  | $ | 12,304 |
Provision for losses | 2,843 |  | 3,263 |  |  | 189 |  | 1,398 |  | 7,693 |
Write-offs(1) | (1,141) |  | (1,376) |  |  | (189) |  | (1,594) |  | (4,300) |
Ending balance | $ | 8,671 |  | $ | 7,026 |  |  | $ | — |  | $ | — |  | $ | 15,697 |
Nine Months Ended September 30, 2025 | Credit card receivables | Retail receivables |  | Staking fees receivable | Other fees receivable | Total(1)
Beginning balance | $ | 6,563 |  | $ | 3,780 |  |  | $ | — |  | $ | (75) |  | $ | 10,268 |
Provision for losses | 7,073 |  | 6,151 |  |  | 354 |  | 1,798 |  | 15,376 |
Write-offs(1) | (4,965) |  | (2,905) |  |  | (354) |  | (1,723) |  | (9,947) |
Ending balance | $ | 8,671 |  | $ | 7,026 |  |  | $ | — |  | $ | — |  | $ | 15,697 |
__________________ |  |  |  |  |  |
(1) Credit card receivable write-offs include $0.1 million and $0.4 million related to accrued interest receivable for the three and nine months ended September 30, 2025, respectively.
Allowance for transaction losses consisted of the following for the three and nine months ended September 30, 2024 (in thousands):
Three Months Ended September 30, 2024 | Credit card receivables | Retail receivables |  |  | Other fees receivable | Total(1)
Beginning balance | $ | 6,102 |  | $ | 6,532 |  |  |  | $ | (33) |  | $ | 12,601 |
Provision for losses | 3,422 |  | 1,244 |  |  |  | 61 |  | 4,727 |
Write-offs(1) | (3,365) |  | (3,411) |  |  |  | 49 |  | (6,727) |
Ending balance | $ | 6,159 |  | $ | 4,365 |  |  |  | $ | 77 |  | $ | 10,601 |
Nine Months Ended September 30, 2024 | Credit card receivables | Retail receivables |  |  | Other fees receivable | Total(1)
Beginning balance | $ | 4,251 |  | $ | 15,988 |  |  |  | $ | 34 |  | $ | 20,273 |
Provision for losses | 10,261 |  | 6,093 |  |  |  | 250 |  | 16,604 |
Write-offs(1) | (8,353) |  | (17,716) |  |  |  | (207) |  | (26,276) |
Ending balance | $ | 6,159 |  | $ | 4,365 |  |  |  | $ | 77 |  | $ | 10,601 |
__________________ |  |  |  |  |  |
(1) Credit card receivable write-offs include $0.1 million and $0.4 million related to accrued interest receivable for the three and nine months ended September 30, 2024, respectively.
For all accounts receivable, the Company will evaluate and write-off unsecured balances at each reporting date when they are outstanding for over 180 days or when the balance is otherwise deemed to be uncollectible. The provision for transaction losses is recorded in Transaction losses on the condensed consolidated statements of operations and comprehensive loss. In considering credit quality of the credit card receivable portfolio, 92.2% and 89.2% of the Company's receivables were current and less than 30 days past due as of September 30, 2025 and December 31, 2024, respectively.

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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