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Revenue (Tables)
 9 Months Ended
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,
2025202420252024
Net revenue
Transaction revenue
Exchange$25,152 $14,023 $68,922 $64,868 
OTC1,065 519 1,805 1,149 
Other transaction revenue120 34 583 846 
Total transaction revenue26,337 14,576 71,310 66,863 
Services revenue
Credit card revenue8,532 2,617 17,162 7,597 
Staking revenue5,883 3,101 11,679 8,198 
Advisory fee revenue2,098 — 2,098 — 
Custodial fee revenue2,825 1,609 6,564 5,117 
Other services revenue592 — 592 — 
Total services revenue19,930 7,327 38,095 20,912 
Total net revenue from contracts with customers46,267 21,903 109,405 87,775 
Other revenue
Other118 90 309 235 
Total other revenue118 90 309 235 
Revenue not from contracts with customers(1)
Interest income3,508 2,453 8,284 10,105 
Corporate interest725 96 1,231 750 
Total revenue not from contracts with customers4,233 2,549 9,515 10,855 
Total revenue$50,618 $24,542 $119,229 $98,865 
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(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,
2025202420252024
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 
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(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.