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Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Total revenue $ 50,618 $ 24,542 $ 119,229 $ 98,865
Operating expenses:        
Salaries and compensation 82,523 34,175 153,624 101,657
Technology [1] 20,317 15,579 54,790 47,460
General and administrative [2] 19,335 13,822 52,582 44,782
Transaction losses 7,693 4,727 15,376 16,604
Sales and marketing 32,926 4,259 58,084 11,259
Transaction processing 8,617 4,262 19,028 14,188
Total lease expense 171,411 76,824 353,484 235,950
Operating loss (120,793) (52,282) (234,255) (137,085)
Other income (expense):        
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged 106,809 (19,844) 144,664 233,950
Realized and unrealized gain (loss) on related party crypto loans (83,096) 4,989 (145,144) (216,747)
Change in fair value on related party convertible notes (8,178) (9,775) (25,789) (23,296)
Change in fair value on related party loans (24,989) 0 (119,309) 0
Interest expense on related party loans (17,847) (11,235) (48,090) (29,662)
Interest expense on third party loans (4,655) (2,994) (11,148) (9,001)
Interest expense on funding debt (314) 0 (314) 0
Other income (expense), net (7,637) (58) (8,727) 53,221
Total other income (expense), net (39,907) (38,917) (213,857) 8,465
Net loss before income taxes (160,700) (91,199) (448,112) (128,620)
Income tax benefit (provision) 1,186 1,019 6,122 (2,932)
Net loss $ (159,514) $ (90,180) $ (441,990) $ (131,552)
Net loss per share attributable to common stockholders        
Basic (in dollars per share) $ (6.67) $ (18.33) $ (39.02) $ (26.75)
Diluted (in dollars per share) $ (6.67) $ (18.33) $ (39.02) $ (26.75)
Weighted average shares outstanding - basic (in shares) 23,931 4,920 11,327 4,918
Weighted average shares outstanding - diluted (in shares) 23,931 4,920 11,327 4,918
Net loss $ (159,514) $ (90,180) $ (441,990) $ (131,552)
Other comprehensive income (loss):        
Foreign currency translation, net of tax (792) 3,895 1,117 1,163
Change in fair value attributable to instrument-specific credit risk 0 (1,067) 3,271 2,261
Total other comprehensive income (loss) (792) 2,828 4,388 3,424
Comprehensive loss (160,306) (87,352) (437,602) (128,128)
Net revenue        
Revenue:        
Total revenue [3] 49,775 24,356 117,689 97,880
Other revenue        
Revenue:        
Total revenue $ 843 $ 186 $ 1,540 $ 985
[1]
(2) Technology expenses includes related party amounts of $0.5 million and $0.7 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.7 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.
[2]
(3) General and administrative expenses includes related party amounts of $0.6 million and $0.8 million for the three and nine months ended September 30, 2025, respectively, and $0 for the three and nine months ended September 30, 2024, as outlined in Note 21. Related Party Transactions.
[3]
(1) Net revenue includes related party amounts of $0.7 million and $1.9 million for the three and nine months ended September 30, 2025, respectively and $0.4 million and $1.6 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.