Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

5. Intangible Assets

Indefinite-Lived Asset

Indefinite-lived assets were $2.1 million as of September 30, 2025 and December 31, 2024. The Company purchased the exodus.com domain name in the first quarter of 2021 for $1.9 million. In the second quarter of 2024, the Company purchased a domain name for $0.2 million. The Company considers these assets to be indefinite-lived, resulting in no recognition of amortization.

Digital Assets

The table below outlines the fair value of our digital assets based on publicly available rates as of the dates presented as well as the cost (in thousands, except units):


	Units		Cost Basis		Fair Value
As of September 30, 2025
Bitcoin		2,123	$	96,482	$	242,387
Ethereum		2,770		5,321		11,490
Solana		47,502		6,328		9,936
Other		172,185,790		100		98
Digital assets			$	108,231	$	263,911

As of December 31, 2024
Bitcoin		1,941		69,707		181,238
Ethereum		2,655		4,967		8,847
Solana		24,472		2,241		4,628
Other		10,011,770		5,641		1,646
Digital assets			$	82,556	$	196,359

The following table summarizes other operating activities settled in digital assets and USDC (in thousands):


	Nine Months Ended September 30,
	2025			2024
Revenues	$	(92,006	)	$	(70,864	)
Expenses		29,218			16,744
Conversion of digital assets and USDC to cash, net		28,615			27,112
Accounts receivable and other current assets		1,422			315
Payroll liabilities		316			2,888
Currency translation related to digital assets		(1,318	)		31
Other operating activities settled in digital assets and USDC	$	(33,753	)	$	(23,774	)

Gain on Sale of Future Token Interests

In June 2025, the Company sold its right to receive 6,666,667 of its 13,333,334 Magic Eden tokens from Eden Protocol Limited. A gain on sale of future token interests of $2.0 million was recognized as a result of the sale and is presented in the condensed consolidated statements of operations and comprehensive income. The right to receive future Magic Eden token interests represents an embedded derivative that had a fair value of zero as of September 30, 2025 and December 31, 2024.