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Cost of Revenue | 9 Months Ended
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Sep. 30, 2025
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization [Abstract] |
Cost of Revenue | (7) Cost of Revenue (Excluding Depreciation and Amortization) The following table presents cost of revenue (excluding depreciation and amortization) by category (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cryptocurrency expenses |  | $ | 116,318 |  |  | $ | 97,555 |  |  | $ | 356,826 |  |  | $ | 327,778 |
Floorspace lease expenses |  |  | 9,804 |  |  |  | 10,007 |  |  |  | 28,934 |  |  |  | 27,663 |
Kiosk operations expenses |  |  | 6,235 |  |  |  | 5,291 |  |  |  | 17,070 |  |  |  | 15,407 |
Total Cost of Revenue (excluding depreciation and amortization reported separately) |  | $ | 132,357 |  |  | $ | 112,853 |  |  | $ | 402,830 |  |  | $ | 370,848 |
The following table presents the components of cryptocurrency expenses (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cost of Cryptocurrency (1) - BTM Kiosk |  | $ | 116,247 |  |  | $ | 97,425 |  |  | $ | 356,579 |  |  | $ | 326,734 |
Other cryptocurrency expenses |  |  | 71 |  |  |  | 130 |  |  |  | 247 |  |  |  | 1,044 |
Total cryptocurrency expenses |  | $ | 116,318 |  |  | $ | 97,555 |  |  | $ | 356,826 |  |  | $ | 327,778 |
(1) Prior to the adoption of ASC 2023-08, Cost of Cryptocurrency ("ASU 2023-08") included impairment losses recognized on cryptocurrencies net of any gains recognized from sales of cryptocurrencies on an exchange. Impairment charges of $2.5 million and $6.6 million were included in Cost of Cryptocurrency during the three and nine months ended September 30, 2024, respectively. Subsequent to the adoption of ASU 2023-08 on January 1, 2025, realized and unrealized gains and losses on cryptocurrencies during the three and nine months ended September 30, 2025 included in Cost of Cryptocurrency were immaterial. The following table reconciles amounts excluded from the cost of revenue (excluding depreciation and amortization) caption in the Consolidated Statements of Income included in total depreciation and amortization expense in the Consolidated Statements of Income for the period presented (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Depreciation of owned BTM kiosks |  | $ | 1,161 |  |  | $ | 970 |  |  | $ | 3,438 |  |  | $ | 3,505 |
Depreciation of leased BTM kiosks |  |  | 351 |  |  |  | 880 |  |  |  | 1,076 |  |  |  | 3,469 |
Amortization of intangible assets |  |  | 382 |  |  |  | 383 |  |  |  | 1,133 |  |  |  | 1,116 |
Total depreciation and amortization excluded from cost of revenue |  | $ | 1,894 |  |  | $ | 2,233 |  |  | $ | 5,647 |  |  | $ | 8,090 |
Other depreciation and amortization included in operating expenses |  |  | 6 |  |  |  | 12 |  |  |  | 19 |  |  |  | 94 |
Total depreciation and amortization |  | $ | 1,900 |  |  | $ | 2,245 |  |  | $ | 5,666 |  |  | $ | 8,184 |

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