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Cost of Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization [Abstract]

Summary of 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

Summary of components of cryptocurrency expenses

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.

Summary of reconciles amounts excluded from the cost of revenue

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