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Revenue from Contracts with Customers | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue We disaggregate revenue by service type and by platform as follows (in thousands):
Service Type |  | Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
Transaction revenue |  | $ | 573,855 |  |  | $ | 503,717 |  |  | $ | 1,644,562 |  |  | $ | 1,351,701 |
Subscription and service revenue |  | 4,027 |  |  | 6,181 |  |  | 8,230 |  |  | 12,779 |
Total revenue |  | $ | 577,882 |  |  | $ | 509,898 |  |  | $ | 1,652,792 |  |  | $ | 1,364,480 |
Platform |  | Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
Loyalty redemption platform, net |  | $ | 9,779 |  |  | $ | 12,757 |  |  | $ | 18,933 |  |  | $ | 25,999 |
Crypto services |  | 568,103 |  |  | 497,141 |  |  | 1,633,859 |  |  | 1,338,481 |
Total revenue |  | $ | 577,882 |  |  | $ | 509,898 |  |  | $ | 1,652,792 |  |  | $ | 1,364,480 |
We recognized revenue from foreign jurisdictions of $0.9 million and $1.3 million for the three and six months ended June 30, 2025, respectively, and $10.5 million and $24.9 million for the three and six months ended June 30, 2024, respectively. We have one reportable segment to which our revenues relate. Deferred Revenue Contract liabilities consist of deferred revenue for amounts invoiced prior to us meeting the criteria for revenue recognition. We invoice customers for service fees at the beginning of service performance, and such fees are recognized as revenue over time as we satisfy performance obligations. Contract liabilities are classified as “Deferred revenue, current” and “Deferred revenue, noncurrent” in our consolidated balance sheets. The activity in deferred revenue for the six months ended June 30, 2025 and June 30, 2024, respectively, was as follows (in thousands):
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
Beginning of the period contract liability | $ | 4,226 |  |  | $ | 7,480 |
Revenue recognized from contract liabilities included in the beginning balance | (1,081) |  |  | (2,815) |
Increases due to cash received, net of amounts recognized in revenue during the period | 547 |  |  | 405 |
End of the period contract liability | $ | 3,692 |  |  | $ | 5,070 |
Remaining Performance Obligations As of June 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts was $8.4 million, comprised of $4.7 million of subscription fees and $3.7 million of service fees that were deferred. W e recognize our subscription fees as revenue over a weighted-average period of 13 months (ranges from 2 months to 15 months) and our service fees as revenue over approximately 13 months. As of June 30, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts was $15.4 million, comprised of $10.3 million of subscription fees and $5.1 million of service fees that were deferred. We recognize our subscription fees as revenue over a weighted-average period of 20 months (ranges from 2 months to 27 months) and our service fees as revenue over approximately 33 months. Contract Costs For the three and six months ended June 30, 2025 and June 30, 2024, we incurred no incremental costs to obtain and/or fulfill contracts with customers.

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- 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
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