XML 23 R7.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Cash flows from operating activities          
Net loss $ (159,514) $ (90,180) $ (441,990) $ (131,552)  
Adjustments to reconcile net loss to net cash used in operating activities          
Depreciation and amortization     23,189 24,656  
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  
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged     (144,664) (233,950)  
Realized and unrealized gain (loss) on related party crypto loans 83,096 (4,989) 145,144 216,747  
Provision for transaction losses 7,693 4,727 15,376 16,604  
Stock-based compensation     48,959 4,483  
Crypto assets received as revenue     (23,680) (14,473)  
Crypto asset payments for expenses     33,629 94,447  
Warrants received as revenue     (2,098) 0  
Non-cash lease expense     3,105 3,214  
Other operating activities, net     (1,171) 5,914  
Changes in operating assets and liabilities:          
Purchase of crypto assets     (143,037) (41,698)  
Disposal of crypto assets     212,360 60,577  
Accounts receivable     (11,603) (15,882)  
Other assets     137,210 67,766  
Accounts payable and accrued expenses     12,498 (145,112)  
Payables due to related parties     29,540 27,024  
Payables due to third parties     5,913 7,970  
Payables due for funding debt     314 0  
Lease liabilities     (4,359) (3,999)  
Other liabilities     (119,932) (70,385)  
Net cash used in operating activities     (80,199) (104,353)  
Cash flows from investing activities          
Proceeds from disposal of crypto assets     93,809 131,662  
Purchases of credit card receivables     (646,827) (321,946)  
Proceeds from repayments of credit card receivables     561,829 273,727  
Capitalization of internally developed software costs     (3,501) (3,089)  
Purchase of software, property and equipment     (1,507) (445)  
Purchase of equity investments     (59) (350)  
Net cash provided by investing activities     3,744 79,559  
Cash flows from financing activities          
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs     397,306 0  
Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq     50,000 0  
Custodial funds due to customers, net of redemptions     (40,455) 60,365  
Proceeds from related party convertible notes     0 24,568  
Proceeds from related party loans     15,100 0  
Proceeds from third party loan, net of discount     74,250 0  
Proceeds from funding debt     99,040 0  
Repayment of funding debt     (50,150) 0  
Net cash provided by financing activities     537,594 84,933  
Net increase in cash, cash equivalents, restricted cash and cash equivalents     461,139 60,139  
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period     646,858 446,830 $ 446,830
Cash, cash equivalents, restricted cash and cash equivalents, end of period 1,107,997 506,969 1,107,997 506,969 646,858
Cash, cash equivalents, restricted cash and cash equivalents consisted of the following:          
Cash and cash equivalents 487,462 38,613 487,462 38,613 42,847
Restricted cash and cash equivalents 87,731 21,320 87,731 21,320  
Customer custodial funds 532,804 447,036 532,804 447,036 575,628
Total cash, cash equivalents, restricted cash and cash equivalents $ 1,107,997 $ 506,969 1,107,997 506,969 $ 646,858
Supplemental disclosure of cash flow information          
Cash paid during the period for interest     23,635 4,378  
Cash paid during the period for income taxes     531 361  
Supplemental schedule of non-cash investing and financing activities          
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering     804,297 0  
Conversion of convertible preferred units to common stock in connection with initial public offering     534,368 0  
Related party loans received in crypto assets     418,458 157,988  
Conversion of related party loans into related party convertible notes     246,245 0  
Repayments of related party loans denominated in crypto assets     151,378 185,985  
Credit card receivables posted as collateral for funding debt     67,918 0  
Crypto assets posted (returned) as collateral for third party loans, net     46,096 58,035  
Crypto assets received as collateral for derivatives     6,007 4,916  
Repayment of third party loan interest denominated in crypto     5,417 8,024  
Deferred offering costs not yet paid     6,141 0  
Change in fair value attributable to instrument-specific credit risk     3,271 2,261  
Related party convertible notes received in crypto assets     0 45,329  
RSUs          
Cash flows from financing activities          
Payment of withholding taxes     (6,929) 0  
Equity awards          
Cash flows from financing activities          
Payment of withholding taxes     $ (568) $ 0