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Digital Assets
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Digital Assets 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, 2026December 31, 2025
(in thousands, except units)
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin600$19,508 $35,130 1,70453,449 149,164 
Ethereum457850 717 1,8983,476 5,633 
Solana17,7492,912 1,305 12,4732,385 1,552 
Other*168 163 *102 98 
Digital assets$23,438 $37,315 $59,412 $156,447 
*Other digital assets unit balances are not considered meaningful.
The following table summarizes other operating activities settled in digital assets and stablecoins:
Six Months Ended June 30,
(in thousands)20262025
Revenues$(45,376)$(63,130)
Expenses35,590 17,835 
Conversion of digital assets and stablecoins to cash, net6,214 21,438 
Accounts receivable and other current assets(3,541)2,515 
Payroll liabilities1,181 (279)
Currency translation related to digital assets229 (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 $0.2 million.
Intangible Assets, Net
Intangible assets, net consisted of the following:
(in thousands, except useful lives)Useful livesJune 30, 2026December 31, 2025
Technology in development$— $1,317 
Definite-lived assembled workforce31,316 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 licenses9,400 — 
Indefinite-lived domains2,096 2,096 
Indefinite-lived other50 50 
Less: accumulated amortization(910)(86)
Definite and indefinite-lived intangible assets in use, net54,554 3,611 
Currency translation adjustment(2,463)— 
Definite and indefinite-lived intangible assets, net11.5752,091 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 
20274,210 
20284,124 
20293,364 
20303,254 
20313,254