Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Disaggregated by Products and Services

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.

Schedule of Revenues Disaggregated by Geography

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.

Schedule of Contract Balances

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