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Revenue (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | 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.
Schedule of Revenues Disaggregated by Geography | 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 Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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