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Revenue Recognition | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 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 March 31, 2026 |  | Three Months Ended March 31, 2025
|  |  |  |  |  |  |  |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue
Republic of the Marshall Islands |  |  |  |  |  |  |  |  | $ | 4,979 |  |  | 21.9 | % |  | $ | 9,787 |  |  | 27.2 | %
Hong Kong |  |  |  |  |  |  |  |  | 5,732 |  |  | 25.2 |  |  | 7,656 |  |  | 21.3 |
British Virgin Islands |  |  |  |  |  |  |  |  | 2,989 |  |  | 13.1 |  |  | 7,414 |  |  | 20.6 |
Seychelles |  |  |  |  |  |  |  |  | 3,397 |  |  | 14.9 |  |  | 4,382 |  |  | 12.2 |
Saint Vincent and Grenadines |  |  |  |  |  |  |  |  | 1,969 |  |  | 8.7 |  |  | 3,788 |  |  | 10.5 |
Other(1) |  |  |  |  |  |  |  |  | 3,681 |  |  | 16.2 |  |  | 2,969 |  |  | 8.2 |
Revenues |  |  |  |  |  |  |  |  | $ | 22,747 |  |  | 100.0 | % |  | $ | 35,996 |  |  | 100.0 | %
(1)No other individual country or territory accounted for more than 10% of total revenue. The following table presents the Company's revenue disaggregated by products and services:
(in thousands, except percentages) |  |  |  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
|  |  |  |  |  |  |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue
Exchange aggregation |  |  |  |  |  |  |  | $ | 20,003 |  |  | 87.9 | % |  | $ | 33,807 |  |  | 94.0 | %
Fiat onboarding |  |  |  |  |  |  |  | 1,947 |  |  | 8.6 |  |  | 1,140 |  |  | 3.2 |
Staking |  |  |  |  |  |  |  | 659 |  |  | 2.9 |  |  | 588 |  |  | 1.6 |
Consulting |  |  |  |  |  |  |  | 108 |  |  | 0.5 |  |  | 337 |  |  | 0.9 |
Other (1) |  |  |  |  |  |  |  | 30 |  |  | 0.1 |  |  | 124 |  |  | 0.3 |
Revenues |  |  |  |  |  |  |  | $ | 22,747 |  |  | 100.0 | % |  | $ | 35,996 |  |  | 100.0 | %
(1)For the three months ended March 31, 2026 and 2025, other includes less than $0.1 million and $0.1 million related to non-fungible token revenue, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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