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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table represents significant segment expenses provided to the CODM for the three and six months ended June 30, 2025, and June 30, 2024 (in thousands):
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
Total revenues | $ | 577,882 |  |  | $ | 509,898 |  |  | $ | 1,652,792 |  |  | $ | 1,364,480 |
Segment expenses: |  |  |  |  |  |  |
Personnel 1 | $ | 13,971 |  |  | $ | 27,002 |  |  | $ | 28,429 |  |  | $ | 43,218 |
Non-cash compensation 1 | 6,338 |  |  | 2,407 |  |  | 9,681 |  |  | 10,420 |
Professional fees | 4,069 |  |  | 3,579 |  |  | 9,261 |  |  | 7,214 |
Technology | 2,826 |  |  | 3,602 |  |  | 6,355 |  |  | 9,349 |
Occupancy 2 | 751 |  |  | 897 |  |  | 1,643 |  |  | 1,846 |
Marketing and promotions 3 | 108 |  |  | 72 |  |  | 204 |  |  | 1,143 |
Business insurance 4 | 1,173 |  |  | 2,956 |  |  | 2,826 |  |  | 6,903 |
Depreciation and amortization | 154 |  |  | 118 |  |  | 374 |  |  | 175 |
Other operating costs 5 | 1,768 |  |  | (3,811) |  |  | 3,487 |  |  | 5,371 |
Crypto costs | 561,074 |  |  | 491,701 |  |  | 1,615,709 |  |  | 1,323,673 |
Execution, clearing and brokerage fees | 4,139 |  |  | 3,392 |  |  | 11,832 |  |  | 9,022 |
Total operating expenses per Consolidated Statements of Operations | $ | 596,371 |  |  | $ | 531,915 |  |  | $ | 1,689,801 |  |  | $ | 1,418,334 |
Operating loss | $ | (18,489) |  |  | $ | (22,017) |  |  | $ | (37,009) |  |  | $ | (53,854) |
Other income, net 6 | 11,663 |  |  | 13,495 |  |  | (23,094) |  |  | 2,933 |
Net income (loss) | $ | (30,152) |  |  | $ | (35,512) |  |  | $ | (13,915) |  |  | $ | (56,787) |
1 | Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2 | Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3 | Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4 | Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5 | Other operating costs consist primarily of Restructuring costs and Impairment of long-lived assets as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, Other operating expenses, and Compensation and benefits on the consolidated statements of operations.
6 | Other expense (income), net consists primarily of Interest income, net, (Loss) gain from change in fair value of warrant liability, and Other expense, net, and Income tax (expense) benefit as presented in the consolidated statements of operations.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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