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Acquisition (Tables)
 6 Months Ended
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 obligation24.8
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 cash341,044 
Restricted stablecoins5,858 
Accounts receivable3,345 
Prepaid expenses1,705 
Income tax receivable548 
Other current assets348 
Fixed assets52 
Definite and indefinite-lived intangible assets, net48,900 
Deferred tax asset4,284 
Digital assets141 
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 
Goodwill97,371 
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
Tradename10$1,800 
Customer relationships
12 to 14
24,800 
Developed technology1012,900 
LicensesInfinite9,400 
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
Tradename10$1,800 
Customer relationships
12 to 14
24,800 
Developed technology1012,900 
LicensesInfinite9,400 
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, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six 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