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Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Total Consideration | The total consideration transferred is comprised of the following:
(in millions) | Preliminary Purchase Price
Fair value of W3C Loans and Howat Loan settled | $ | 106.9 |
Fair value of deferred payment obligation | 24.8
Total consideration transferred | $ | 131.7 |
Schedule of Assets Acquired and Liabilities Assumed | The consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded as goodwill, as follows:
(in thousands) | Preliminary Purchase Price Allocation
Assets acquired |
Cash and cash equivalents | $ | 6,255 |
Restricted cash | 341,044 |
Restricted stablecoins | 5,858 |
Accounts receivable | 3,345 |
Prepaid expenses | 1,705 |
Income tax receivable | 548 |
Other current assets | 348 |
Fixed assets | 52 |
Definite and indefinite-lived intangible assets, net | 48,900 |
Deferred tax asset | 4,284 |
Digital assets | 141 |
Total assets acquired | $ | 412,480 |
Liabilities assumed |
Accounts payable | (3,870) |
Accrued liabilities | (18,862) |
Customer deposit liabilities | (344,987) |
Deferred tax liability | (8,409) |
Total identifiable net assets | $ | 36,352 |
Goodwill | 97,371 |
Gain on bargain purchase price (1) | (1,956) |
Total consideration transferred | $ | 131,767 |
1.The Company recognized a deferred tax asset related to the assets acquired pursuant to the Stock and Asset Purchase Agreement with Baanx US Corp. ("Baanx US"), W3C and Howat. Under ASC 740, the deferred tax asset arose from the excess tax basis over the financial reporting basis associated with the Transaction. Recognition of that deferred tax asset reduced the residual amount otherwise allocable to goodwill for this component of the Transaction. Because the deferred tax asset exceeded that residual amount, the excess was recognized immediately in earnings within Other income, net.
Schedule of Identifiable Intangible Assets Acquired and Estimated Useful Lives | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
(in thousands, except for years) | Useful life at acquisition date (in years) |  | Fair Value
Tradename | 10 |  | $ | 1,800 |
Customer relationships | 12 to 14 |  | 24,800 |
Developed technology | 10 |  | 12,900 |
Licenses | Infinite |  | 9,400 |
Total identifiable intangible assets acquired |  |  | $ | 48,900 |
Schedule of Intangible Asset, Indefinite-Lived, Acquired | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
(in thousands, except for years) | Useful life at acquisition date (in years) |  | Fair Value
Tradename | 10 |  | $ | 1,800 |
Customer relationships | 12 to 14 |  | 24,800 |
Developed technology | 10 |  | 12,900 |
Licenses | Infinite |  | 9,400 |
Total identifiable intangible assets acquired |  |  | $ | 48,900 |
Schedule of Pro Forma Information | The following unaudited supplemental pro forma information presents the combined results of operations of the Company and the Acquired Entities as though the acquisitions had occurred on January 1, 2026. The supplemental pro forma information includes adjustments for the application of the acquisition method of accounting, including amortization of acquired intangible assets, and other directly attributable transaction accounting adjustments. The unaudited supplemental pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisitions occurred on the date indicated, nor is it indicative of future operating results.
(unaudited, in thousands) | Three Months Ended June 30, 2026 |  | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 |  | Six Months Ended June 30, 2025
Revenues | $ | 28,761 |  |  | $ | 33,397 |  | $ | 59,201 |  |  | $ | 77,082 |
Net (loss) income | $ | (3,406) |  |  | $ | 31,118 |  | $ | (64,435) |  |  | $ | 3,358 |

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