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Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition

The following table presents the Company’s revenues disaggregated by geography, based on the addresses of the Company’s customers (in thousands, except percentages):

 

 

 

Three Months Ended
September 30,

 

 

 

Nine Months Ended
September 30,

 

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

Republic of the Marshall Islands

 

$

6,151

 

 

 

20.3

 

%

 

$

5,993

 

 

 

29.8

 

%

 

$

23,701

 

 

 

25.7

 

%

 

$

21,914

 

 

 

30.7

 

%

Hong Kong

 

 

8,480

 

 

 

27.9

 

 

 

 

4,687

 

 

 

23.3

 

 

 

 

21,807

 

 

 

23.7

 

 

 

 

15,590

 

 

 

21.8

 

 

British Virgin Islands(1)

 

 

4,031

 

 

 

13.3

 

 

 

 

-

 

 

 

-

 

 

 

 

16,100

 

 

 

17.5

 

 

 

 

-

 

 

 

-

 

 

Seychelles

 

 

4,382

 

 

 

14.4

 

 

 

 

3,692

 

 

 

18.4

 

 

 

 

11,450

 

 

 

12.4

 

 

 

 

14,224

 

 

 

19.9

 

 

Other(2)

 

 

7,299

 

 

 

24.1

 

 

 

 

5,745

 

 

 

28.5

 

 

 

 

19,108

 

 

 

20.7

 

 

 

 

19,757

 

 

 

27.6

 

 

Revenues

 

$

30,343

 

 

 

100.0

 

%

 

$

20,117

 

 

 

100.0

 

%

 

$

92,166

 

 

 

100.0

 

%

 

$

71,485

 

 

 

100.0

 

%

 

(1) Country did not exceed 10% in 2024 and was included in Other.

(2) No other individual country accounted for more than 10% of total revenue.

 

The following table presents the Company's revenue disaggregated by products and services for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):

 

 

 

Three Months Ended
September 30,

 

 

 

Nine Months Ended
September 30,

 

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

Exchange aggregation

 

$

26,894

 

 

 

88.6

 

%

 

$

18,124

 

 

 

90.1

 

%

 

$

84,118

 

 

 

91.3

 

%

 

$

64,816

 

 

 

90.7

 

%

Fiat onboarding

 

 

1,321

 

 

 

4.4

 

 

 

 

852

 

 

 

4.2

 

 

 

 

3,449

 

 

 

3.7

 

 

 

 

2,816

 

 

 

3.9

 

 

Staking

 

 

1,817

 

 

 

6.0

 

 

 

 

488

 

 

 

2.4

 

 

 

 

3,515

 

 

 

3.8

 

 

 

 

1,655

 

 

 

2.3

 

 

Consulting

 

 

84

 

 

 

0.3

 

 

 

 

307

 

 

 

1.5

 

 

 

 

699

 

 

 

0.8

 

 

 

 

853

 

 

 

1.2

 

 

Other (1)

 

 

227

 

 

 

0.7

 

 

 

 

346

 

 

 

1.8

 

 

 

 

385

 

 

 

0.4

 

 

 

 

1,345

 

 

 

1.9

 

 

Revenues

 

$

30,343

 

 

 

100.0

 

%

 

$

20,117

 

 

 

100.0

 

%

 

$

92,166

 

 

 

100.0

 

%

 

$

71,485

 

 

 

100.0

 

%

 

(1) Other includes $0.2 million and $0.3 million related to non-fungible token revenue for the three and nine months ended September 30, 2025, respectively, and $0.3 million and $1.2 million related to non-fungible token revenue for the three and nine months ended September 30, 2024, respectively.

 

The following table presents the Company's contract balances as of September 30, 2025 and December 31, 2024 (in thousands):

 

Balance January 1, 2024

 

 

$

727

 

Prior period performance obligation satisfied

 

 

 

(727

)

Increase in contract liability

 

 

 

100

 

Current period performance obligation satisfied

 

 

 

(88

)

Balance December 31, 2024

 

 

 

12

 

Prior period performance obligation satisfied

 

 

 

(12

)

Increase in contract liability

 

 

 

71

 

Current period performance obligation satisfied

 

 

 

(71

)

Balance September 30, 2025

 

 

$

-