XML 48 R37.htm IDEA: XBRL DOCUMENT
v3.26.1

Segment Reporting (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Segment Reporting | The following tables present the segment statements of operations for the Company's reportable segments:
| Three Months Ended June 30, 2026 |  | Three Months Ended June 30, 2025
(Unaudited, in thousands) | Web 3 Services |  | Payment Processing Services |  | Total |  | Web 3 Services |  | Payment Processing Services |  | Total
External revenues | $ | 21,240 |  |  | $ | 4,988 |  |  | $ | 26,228 |  |  | $ | 25,827 |  |  | $ | — |  |  | $ | 25,827 |
Intersegment revenues | (45) |  |  | 45 |  |  | — |  |  | — |  |  | — |  |  | — |
Revenues | 21,195 |  |  | 5,033 |  |  | 26,228 |  |  | 25,827 |  |  | — |  |  | 25,827 |
Eliminations | 45 |  |  | (45) |  |  | — |  |  | — |  |  | — |  |  | — |
TOTAL REVENUES | $ | 21,240 |  |  | $ | 4,988 |  |  | $ | 26,228 |  |  | $ | 25,827 |  |  | $ | — |  |  | $ | 25,827 |
EXPENSES (INCOME) |  |  |  |  |  |  |  |  |  |  |
Web3 platform expenses | 12,317 |  |  | — |  |  | 12,317 |  |  | 12,603 |  |  | — |  |  | 12,603 |
Partnership expenses | 3,663 |  |  | — |  |  | 3,663 |  |  | 2,127 |  |  | — |  |  | 2,127 |
Payment processing expenses | — |  |  | 4,350 |  |  | 4,350 |  |  | — |  |  | — |  |  | — |
General and administrative | 23,246 |  |  | 21,466 |  |  | 44,712 |  |  | 18,817 |  |  | — |  |  | 18,817 |
Loss (gain) on digital assets, net | 6,973 |  |  | 8 |  |  | 6,981 |  |  | (52,500) |  |  | — |  |  | (52,500) |
Loss (gain) on disposed investments | 2 |  |  | — |  |  | 2 |  |  | (2,000) |  |  | — |  |  | (2,000) |
Impairment on other assets | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Staking and other income | (634) |  |  | (1,956) |  |  | (2,590) |  |  | (113) |  |  | — |  |  | (113) |
Gain on debt extinguishment | (20,377) |  |  | — |  |  | (20,377) |  |  | — |  |  | — |  |  | — |
Other loss, net | 12 |  |  | 62 |  |  | 74 |  |  | 15 |  |  | — |  |  | 15 |
Interest income | (1,290) |  |  | (145) |  |  | (1,435) |  |  | (586) |  |  | — |  |  | (586) |
Interest expense | 152 |  |  | 109 |  |  | 261 |  |  | — |  |  | — |  |  | — |
(Loss) income before income taxes | $ | (2,826) |  |  | $ | (18,906) |  |  | $ | (21,732) |  |  | $ | 47,464 |  |  | $ | — |  |  | $ | 47,464 |
INCOME TAX (EXPENSE) BENEFIT | (618) |  |  | 3,738 |  |  | 3,120 |  |  | (9,797) |  |  | — |  |  | (9,797) |
NET (LOSS) INCOME | $ | (3,444) |  |  | $ | (15,168) |  |  | $ | (18,612) |  |  | $ | 37,667 |  |  | $ | — |  |  | $ | 37,667 |
| Six Months Ended June 30, 2026 |  | Six Months Ended June 30, 2025
(Unaudited, in thousands) | Web3 Services |  | Payment Processing Services |  | Total |  | Web3 Services |  | Payment Processing Services |  | Total
External revenues | $ | 43,987 |  |  | $ | 4,988 |  |  | $ | 48,975 |  |  | $ | 61,823 |  | $ | — |  | $ | — |  |  | $ | 61,823 |
Intersegment revenues | (45) |  |  | 45 |  |  | — |  |  | — |  |  | — |  |  | — |
Revenues | 43,942 |  |  | 5,033 |  |  | 48,975 |  |  | 61,823 |  |  | — |  |  | 61,823 |
Eliminations | 45 |  |  | (45) |  |  | — |  |  | — |  |  | — |  |  | — |
TOTAL REVENUES | 43,987 |  |  | 4,988 |  |  | 48,975 |  |  | 61,823 |  |  | — |  |  | 61,823 |
EXPENSES (INCOME) |  |  |  |  |  |  |  |  |  |  |
Web3 platform expenses | 25,159 |  |  | — |  |  | 25,159 |  |  | 23,231 |  |  | — |  |  | 23,231 |
Partnership expenses | 7,063 |  |  | — |  |  | 7,063 |  |  | 6,392 |  |  | — |  |  | 6,392 |
Payment processing expenses | — |  |  | 4,350 |  |  | 4,350 |  |  | — |  | — |  | — |  |  | — |
General and administrative | 38,704 |  |  | 21,466 |  |  | 60,170 |  |  | 33,135 |  | — |  | — |  |  | 33,135 |
Loss (gain) on digital assets, net | 43,386 |  |  | 8 |  |  | 43,394 |  |  | (23,691) |  | — |  | — |  |  | (23,691) |
Loss (gain) on disposed investments | 2 |  |  | — |  |  | 2 |  |  | (2,000) |  | — |  | — |  |  | (2,000) |
Impairment on other assets | 413 |  |  | — |  |  | 413 |  |  | 137 |  | — |  | — |  |  | 137 |
Staking and other (income) loss | (744) |  |  | (1,956) |  |  | (2,700) |  |  | 23 |  | — |  | — |  |  | 23 |
Gain on debt extinguishment | (20,377) |  |  | — |  |  | (20,377) |  |  | — |  |  | — |  |  | — |
Other loss, net | 15 |  |  | 62 |  |  | 77 |  |  | 462 |  |  | — |  |  | 462 |
Interest income | (6,149) |  |  | (145) |  |  | (6,294) |  |  | (1,589) |  |  | — |  |  | (1,589) |
Interest expense | 152 |  |  | 109 |  |  | 261 |  |  | — |  |  | — |  |  | — |
(Loss) income before income taxes | $ | (43,637) |  |  | $ | (18,906) |  |  | $ | (62,543) |  |  | $ | 25,723 |  |  | $ | — |  |  | $ | 25,723 |
INCOME TAX BENEFIT (EXPENSE) | 8,054 |  |  | 3,738 |  |  | 11,792 |  |  | (929) |  |  | — |  |  | (929) |
NET (LOSS) INCOME | $ | (35,583) |  |  | $ | (15,168) |  |  | $ | (50,751) |  |  | $ | 24,794 |  |  | $ | — |  |  | $ | 24,794 |

X
- Definition Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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