XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.26.1

Revenue Recognition | 6 Months Ended
--- | ---
Jun. 30, 2026
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition The following table presents net sales disaggregated by product and service categories for each segment:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
(in thousands, except percentages) | Amount |  | % of Revenue |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue
Web3 services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange aggregation | $ | 18,740 |  |  | 71.5 | % |  | $ | 23,417 |  |  | 90.7 | % |  | $ | 38,743 |  |  | 79.1 | % |  | $ | 57,224 |  |  | 92.6 | %
Fiat onboarding | 2,047 |  |  | 7.8 |  |  | 988 |  |  | 3.8 |  |  | 3,994 |  |  | 8.2 |  |  | 2,128 |  |  | 3.4 |
Staking | 451 |  |  | 1.7 |  |  | 1,110 |  |  | 4.3 |  |  | 1,110 |  |  | 2.3 |  |  | 1,698 |  |  | 2.7 |
Other (1) | 2 |  |  | — |  |  | 312 |  |  | 1.2 |  |  | 140 |  |  | 0.3 |  |  | 773 |  |  | 1.3 |
Total exchange services | 21,240 |  |  | 81.0 | % |  | 25,827 |  |  | 100.0 | % |  | 43,987 |  |  | 89.9 | % |  | 61,823 |  |  | 100.0 | %
Payment processing services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Program management fees | 2,647 |  |  | 10.1 | % |  | — |  |  | — |  |  | 2,647 |  |  | 5.4 | % |  | — |  |  | — |
Net interchange revenue | 493 |  |  | 1.9 |  |  |  |  | — |  |  | 493 |  |  | 1.0 |  |  |  |  | — |
Other | 1,848 |  |  | 7.0 |  |  |  |  | — |  |  | 1,848 |  |  | 3.7 |  |  |  |  | — |
Intersegment | 45 |  |  | 0.2 |  |  | — |  |  | — |  |  | 45 |  |  | 0.1 |  |  | — |  |  | — |
Total payment processing services | 5,033 |  |  | 19.2 | % |  | — |  |  | — |  |  | 5,033 |  |  | 10.2 | % |  | — |  |  | — |
Intersegment eliminations | (45) |  |  | (0.2) |  |  | — |  |  | — |  |  | (45) |  |  | (0.1) |  |  | — |  |  | — |
Total revenues | $ | 26,228 |  |  | 100.0 | % |  | $ | 25,827 |  |  | 100.0 | % |  | $ | 48,975 |  |  | 100.0 | % |  | $ | 61,823 |  |  | 100.0 | %
(1) Other is primarily driven consulting and non-fungible token revenue related to the Company's Web3 services. The following table presents the Company’s revenues disaggregated by geography, based on the addresses of the Company's customers:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
(in thousands, except units) | Amount |  | % of Revenue |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue
Republic of the Marshall Islands | $ | 5,558 |  |  | 21.2 | % |  | $ | 7,763 |  |  | 30.1 |  |  | $ | 10,537 |  |  | 21.5 | % |  | $ | 17,550 |  |  | 28.4 | %
Hong Kong | 4,979 |  |  | 19.0 |  |  | 5,671 |  |  | 22.0 |  |  | 10,711 |  |  | 21.9 |  |  | 13,327 |  |  | 21.6 |
British Virgin Islands | 3,463 |  |  | 13.2 |  |  | 4,655 |  |  | 18.0 |  |  | 6,452 |  |  | 13.2 |  |  | 12,069 |  |  | 19.5 |
Seychelles | 1,803 |  |  | 6.9 |  |  | 2,686 |  |  | 10.4 |  |  | 5,200 |  |  | 10.6 |  |  | 7,068 |  |  | 11.4 |
Other(1) | 10,425 |  |  | 39.7 |  |  | 5,052 |  |  | 19.5 |  |  | 16,075 |  |  | 32.8 |  |  | 11,809 |  |  | 19.1 |
Revenues | $ | 26,228 |  |  | 100.0 | % |  | $ | 25,827 |  |  | 100.0 | % |  | $ | 48,975 |  |  | 100.0 | % |  | $ | 61,823 |  |  | 100.0 | %
(1)No other individual country or territory accounted for more than 10% of total revenue. The following table presents the Company's contract liability balances which primarily consist of deferred setup fees billed to payment program customers:
(in thousands) |
Balance as of December 31, 2024 | $ | 12 |
Increase in contract liability | 71 |
Performance obligations satisfied | (83) |
Balance as of June 30, 2025 | $ | — |
Balance as of December 31, 2025 | $ | — |
Increase in contract liability | 1,744 |
Performance obligations satisfied | (44) |
Foreign currency translation adjustment | (74) |
Balance as of June 30, 2026 | $ | 1,626 |
Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue related to setup fees and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2026, approximately $4.1 million of transaction price was allocated to the remaining performance obligations. The Company expects to recognize substantially all of this amount as revenue over the remaining contractual terms of the related customer arrangements, which generally range up to four years.

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

X
- 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
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration