XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.26.1

Intangible Assets, Net | 6 Months Ended
--- | ---
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract] |
Intangible Assets, Net | Digital Assets The table below outlines the fair value of the Company's digital assets based on publicly available rates as of the dates presented as well as the cost:
| June 30, 2026 |  | December 31, 2025
(in thousands, except units) | Units |  | Cost Basis |  | Fair Value |  | Units |  | Cost Basis |  | Fair Value
Bitcoin | 600 |  | $ | 19,508 |  |  | $ | 35,130 |  |  | 1,704 |  | 53,449 |  |  | 149,164 |
Ethereum | 457 |  | 850 |  |  | 717 |  |  | 1,898 |  | 3,476 |  |  | 5,633 |
Solana | 17,749 |  | 2,912 |  |  | 1,305 |  |  | 12,473 |  | 2,385 |  |  | 1,552 |
Other | * |  | 168 |  |  | 163 |  |  | * |  | 102 |  |  | 98 |
Digital assets |  |  | $ | 23,438 |  |  | $ | 37,315 |  |  |  |  | $ | 59,412 |  |  | $ | 156,447 |
*Other digital assets unit balances are not considered meaningful. The following table summarizes other operating activities settled in digital assets and stablecoins:
| Six Months Ended June 30,
(in thousands) | 2026 |  | 2025
Revenues | $ | (45,376) |  |  | $ | (63,130) |
Expenses | 35,590 |  |  | 17,835 |
Conversion of digital assets and stablecoins to cash, net | 6,214 |  |  | 21,438 |
Accounts receivable and other current assets | (3,541) |  |  | 2,515 |
Payroll liabilities | 1,181 |  |  | (279) |
Currency translation related to digital assets | 229 |  |  | (1,313) |
Other operating activities settled in digital assets and stablecoins | $ | (5,703) |  |  | $ | (22,934) |
Token Arrangements During the second quarter of fiscal year 2025, the Company sold its right to receive 6,666,667 of its 13,333,334 Magic Eden tokens from Eden Protocol Limited. The Company recognized a gain of $2.0 million on the sale of future token interests, which is presented in the consolidated statements of operations and comprehensive loss. As of June 30, 2026, the Company has received 3,333,212 Magic Eden tokens and has 3,333,455 tokens remaining to be received. The Company’s right to receive future Magic Eden token interests represents an embedded derivative, which had a fair value of zero as of June 30, 2026 and December 31, 2025. During the three and six months ended June 30, 2026, in connection with the Company’s investment in the Promissory Note, the Company is entitled to receive 32,500 Promissory Note tokens which are subject to a 48-month vesting schedule, including a 12-month cliff followed by monthly vesting over the remaining term and other restrictions. As of June 30, 2026, the value of these tokens is $0.2 million. Intangible Assets, Net Intangible assets, net consisted of the following:
(in thousands, except useful lives) | Useful lives |  | June 30, 2026 | December 31, 2025
Technology in development |  |  | $ | — |  |  | $ | 1,317 |
Definite-lived assembled workforce | 3 |  | 1,316 |  |  | 1,316 |
Definite-lived tradenames | 3 to 10 |  | 2,034 |  |  | 235 |
Definite-lived technology | 3 to 10 |  | 15,768 |  |  | — |
Definite-lived customer relationships | 12 to 14 |  | 24,800 |  |  | — |
Indefinite-lived licenses |  |  | 9,400 |  |  | — |
Indefinite-lived domains |  |  | 2,096 |  |  | 2,096 |
Indefinite-lived other |  |  | 50 |  |  | 50 |
Less: accumulated amortization |  |  | (910) |  |  | (86) |
Definite and indefinite-lived intangible assets in use, net |  |  | 54,554 |  |  | 3,611 |
Currency translation adjustment |  |  | (2,463) |  |  | — |
Definite and indefinite-lived intangible assets, net | 11.57 |  | 52,091 |  |  | 4,928 |
For the three months ended June 30, 2026, and 2025, amortization expense for definite-lived intangible assets was $0.8 million and none, respectively. For the six months ended June 30, 2026, and 2025, amortization expense for definite-lived intangible assets was $0.9 million and none, respectively. The following summarizes the future amortization expense as of June 30, 2026:
(in thousands) |
Six months ended December 31, 2026 | $ | 2,105 |
2027 | 4,210 |
2028 | 4,124 |
2029 | 3,364 |
2030 | 3,254 |
2031 | 3,254 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for intangible asset. Includes, but is not limited to, finite- and indefinite-lived intangible assets, capitalized cost for internal-use software and software to be sold, leased, or marketed. Excludes goodwill. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(15)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration