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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 487,462 $ 42,847
Restricted cash and cash equivalents 87,731 28,383
Customer custodial funds 532,804 575,628
Crypto assets held 674,963 470,101
Receivable, crypto assets pledged 180,179 168,300
Accounts receivable, net [1] 84,215 65,368
Credit card receivables pledged 67,918 0
Prepaid expenses and other current assets 26,881 37,134
Total current assets 2,142,153 1,387,761
Software, property and equipment, net 14,818 17,152
Intangible assets, net 145,365 162,143
Other non-current assets 35,874 26,872
Total assets 2,338,210 1,593,928
Current liabilities:    
Custodial funds due to customers 532,676 574,080
Accounts payable 5,352 17,568
Accrued expenses [2] 67,579 38,907
Third party loans 192,507 117,612
Related party loans 777,279 562,162
Funding debt 49,204 0
Other current liabilities 40,101 38,448
Total current liabilities 1,664,698 1,348,777
Non-current liabilities:    
Lease liabilities 19,950 20,153
Related party convertible notes 0 248,783
Related party loans 0 237,209
Total non-current liabilities 19,950 506,145
Total liabilities 1,684,648 1,854,922
Commitments and Contingencies
Convertible preferred units: 30,955 Series A Units authorized, issued and outstanding with an aggregate liquidation preference of $223,022 as of December 31, 2024; 8,910 Series B Units authorized as of December 31, 2024; 8,887 Series B Units issued and outstanding as of December 31, 2024; and the Series B Units had an aggregate liquidation preference of $423,903 as of December 31, 2024. No shares authorized, issued, and outstanding as of September 30, 2025. 0 534,368
Stockholders' equity    
Common Units: 54,201 Common Units authorized as of December 31, 2024; 50,761 Common Units issued and outstanding as of December 31, 2024. No shares authorized, issued, and outstanding as of September 30, 2025. 0 0
Preferred stock, par value $0.001 per share; No shares authorized, issued and outstanding as of December 31, 2024; 20,000 shares authorized, no shares issued and outstanding as of September 30, 2025 0 0
Treasury stock at cost; 0 and 23 shares as of December 31, 2024 and September 30, 2025, respectively (568) 0
Additional paid-in capital 2,549,067 662,091
Accumulated other comprehensive income 7,375 2,987
Accumulated deficit (1,902,430) (1,460,440)
Total stockholders’ equity (deficit) 653,562 (795,362)
Total liabilities, convertible units, and stockholders’ equity 2,338,210 1,593,928
Class A common stock    
Stockholders' equity    
Common stock 43 0
Class B common stock    
Stockholders' equity    
Common stock $ 75 $ 0
[1]
(1) Includes related party amounts of $0.2 million in Accounts receivable, net as of both September 30, 2025 and December 31, 2024, as outlined in Note 21. Related Party Transactions.
[2]
(2) Includes related party amounts of $0 and $0.1 million in Accrued expenses as of September 30, 2025 and December 31, 2024, respectively, as outlined in Note 21. Related Party Transactions.