XML 27 R11.htm IDEA: XBRL DOCUMENT v3.25.3
Accounts Receivable, Net
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net
Accounts receivable, net of allowance consisted of the following (in thousands):

September 30, 2025December 31, 2024
Credit card receivables(1)(2)
$82,709 $65,821 
Retail receivables10,024 4,402 
Custodial fees receivable2,364 1,608 
Staking fees receivable1,213 936 
Other fees receivable3,602 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, 2025Credit card receivablesRetail receivablesStaking fees receivableOther fees receivable
Total(1)
Beginning balance$6,969 $5,139 $— $196 $12,304 
Provision for losses2,843 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, 2025Credit card receivablesRetail receivablesStaking fees receivableOther fees receivable
Total(1)
Beginning balance$6,563 $3,780 $— $(75)$10,268 
Provision for losses7,073 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, 2024Credit card receivablesRetail receivablesOther fees receivable
Total(1)
Beginning balance$6,102 $6,532 $(33)$12,601 
Provision for losses3,422 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, 2024Credit card receivablesRetail receivablesOther fees receivable
Total(1)
Beginning balance$4,251 $15,988 $34 $20,273 
Provision for losses10,261 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.