0002055592-25-000009 | 10-Q | XBRL Viewer

Credit card receivables pledged

^[1]

84,215

65,368

67,918

Prepaid expenses and other current assets

26,881

37,134

Total current assets

2,142,153

1,387,761

Software, property and equipment, net

14,818

17,152

Intangible assets, net

145,365

162,143

Other non-current assets

35,874

26,872

Total assets

2,338,210

1,593,928

Current liabilities:

Custodial funds due to customers

532,676

574,080

Accounts payable

5,352

17,568

Other current liabilities

^[2]

67,579

38,907

Third party loans

192,507

117,612

Related party loans

777,279

562,162

Funding debt

49,204

40,101

38,448

Total current liabilities

1,664,698

1,348,777

Non-current liabilities:

Lease liabilities

19,950

20,153

Related party convertible notes

248,783

Related party loans

237,209

Total non-current liabilities

19,950

506,145

Total liabilities

1,684,648

1,854,922

Commitments and Contingencies

Convertible preferred units: 30,955 Series A Units authorized, issued and outstanding with an aggregate liquidation preference of $223,022 as of December 31, 2024; 8,910 Series B Units authorized as of December 31, 2024; 8,887 Series B Units issued and outstanding as of December 31, 2024; and the Series B Units had an aggregate liquidation preference of $423,903 as of December 31, 2024. No shares authorized, issued, and outstanding as of September 30, 2025.

534,368

Stockholders' equity

Common Units: 54,201 Common Units authorized as of December 31, 2024; 50,761 Common Units issued and outstanding as of December 31, 2024. No shares authorized, issued, and outstanding as of September 30, 2025.

Preferred stock, par value $0.001 per share; No shares authorized, issued and outstanding as of December 31, 2024; 20,000 shares authorized, no shares issued and outstanding as of September 30, 2025

Treasury stock at cost; 0 and 23 shares as of December 31, 2024 and September 30, 2025, respectively

(568)

Additional paid-in capital

2,549,067

662,091

Accumulated other comprehensive income

7,375

2,987

Accumulated deficit

(1,902,430)

(1,460,440)

Total stockholders’ equity (deficit)

653,562

(795,362)

Total liabilities, convertible units, and stockholders’ equity

2,338,210

1,593,928

Class A common stock

Stockholders' equity

Common stock

Class B common stock

Stockholders' equity

Common stock

$ 75

$ 0

[1]	(1) Includes related party amounts of $0.2 million in Accounts receivable, net as of both September 30, 2025 and December 31, 2024, as outlined in Note 21. Related Party Transactions.
[2]	(2) Includes related party amounts of $0 and $0.1 million in Accrued expenses as of September 30, 2025 and December 31, 2024, respectively, as outlined in Note 21. Related Party Transactions.

Related Party Loans and Convertible Notes - Crypto Asset Loans (Details) $ in Thousands		9 Months Ended		12 Months Ended
	Aug. 03, 2023 USD ($) crypto_unit	Sep. 30, 2025 USD ($) crypto_unit	Sep. 30, 2024 USD ($)	Dec. 31, 2024 crypto_unit	Dec. 31, 2023 crypto_unit	Oct. 31, 2023 crypto_unit	May 11, 2023 crypto_unit	Dec. 29, 2022 crypto_unit
Short-Term Debt [Line Items]
Proceeds from disposal of crypto assets \| $		$ 93,809	$ 131,662
Crypto Asset Loans \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)		5,824		5,054
Crypto Asset Loans \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)		26,629		26,629
Crypto Asset Loans \| 5,000 BTC December 29, 2022 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)		5,000		5,000				5,000
Amount of crypto assets loaned, that were repaid during the period (in units)		305		1,884
Crypto Asset Loans \| 30,000 ETH, December 29, 2022
Short-Term Debt [Line Items]
Proceeds from disposal of crypto assets \| $	$ 16,500
Crypto Asset Loans \| 30,000 ETH, December 29, 2022 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)				30,000				30,000
Amount of crypto assets loaned, that were repaid during the period (in units)					21,000
Amount of crypto loan assets that were modified during the period (in units)	9,000
Crypto Asset Loans \| 500 BTC May 11, 2023 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)		500		500			500
Crypto assets loans, used to satisfy collateral requirements (in units)							320
Crypto Asset Loans \| 340 BTC October 31, 2023 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)		340		340		340

Net Loss Per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Denominator:
Weighted average common stock outstanding, basic (in shares)	23,931,000	4,920,000	11,327,000	4,918,000
Weighted average common stock outstanding, diluted (in shares)	23,931,000	4,920,000	11,327,000	4,918,000
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (6.67)	$ (18.33)	$ (39.02)	$ (26.75)
Diluted (in dollars per share)	$ (6.67)	$ (18.33)	$ (39.02)	$ (26.75)
Common units, issued (in shares)	0		0		50,761,000
Common units, outstanding (in shares)	0		0		50,761,000
Class A common stock
Numerator:
Net loss attributable to common stockholders, basic	$ (47,101)	$ (5,887)	$ (101,233)	$ (8,520)
Net loss attributable to common stockholders, diluted	$ (47,101)	$ (5,887)	$ (101,233)	$ (8,520)
Denominator:
Weighted average common stock outstanding, basic (in shares)	7,066,000	321,000	2,594,000	318,000
Weighted average common stock outstanding, diluted (in shares)	7,066,000	321,000	2,594,000	318,000
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (6.67)	$ (18.33)	$ (39.02)	$ (26.75)
Diluted (in dollars per share)	$ (6.67)	$ (18.33)	$ (39.02)	$ (26.75)
Class B common stock
Numerator:
Net loss attributable to common stockholders, basic	$ (112,413)	$ (84,293)	$ (340,757)	$ (123,032)
Net loss attributable to common stockholders, diluted	$ (112,413)	$ (84,293)	$ (340,757)	$ (123,032)
Denominator:
Weighted average common stock outstanding, basic (in shares)	16,865,000	4,599,000	8,733,000	4,599,000
Weighted average common stock outstanding, diluted (in shares)	16,865,000	4,599,000	8,733,000	4,599,000
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (6.67)	$ (18.33)	$ (39.02)	$ (26.75)
Diluted (in dollars per share)	$ (6.67)	$ (18.33)	$ (39.02)	$ (26.75)
Common Units
Net loss per share attributable to common stockholders:
Common units, issued (in shares)		25,301,447		25,301,447
Common units, outstanding (in shares)		25,301,447		25,301,447
Catch Up Common Units
Net loss per share attributable to common stockholders:
Common units, issued (in shares)		9,417,936		9,417,936
Common units, outstanding (in shares)		9,417,936		9,417,936

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease expense	$ 1,281	$ 966	$ 3,581	$ 3,016
Short-term lease expense	128	66	264	572
Total lease expense	$ 1,409	$ 1,032	$ 3,845	$ 3,588

Leases - Narrative (Details)			3 Months Ended		9 Months Ended		12 Months Ended
Leases - Narrative (Details)	Jul. 15, 2025 USD ($) ft²	May 01, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Nov. 01, 2022
Operating Leased Assets [Line Items]
Total present value of lease payments			$ 29,207,000		$ 29,207,000
Right-of-use asset			16,419,000		16,419,000		$ 14,512,000
Lease liability			25,544,000		25,544,000
Office Space In London, United Kingdom
Operating Leased Assets [Line Items]
Lease term	60 months
Area of operating lease (in sq ft) \| ft²	2,742
Monthly base payments	$ 34,481
Total present value of lease payments	$ 1,600,000
Discount rate	6.90%
Right-of-use asset	$ 1,300,000
Lease liability	$ 1,300,000
Office Space In Miami, Florida
Operating Leased Assets [Line Items]
Lease term		66 months
Total present value of lease payments		$ 2,800,000
Discount rate		6.80%
Right-of-use asset		$ 2,700,000
Lease liability		$ 2,700,000
Rent-free period		5 months
Office Space In New York City
Operating Leased Assets [Line Items]
Sublease income			500,000	$ 500,000	1,600,000	$ 1,600,000
Office Space In New York City \| Accounts receivable, net
Operating Leased Assets [Line Items]
Sublease income					1,000,000.0		$ 1,300,000
Office Space In Chicago
Operating Leased Assets [Line Items]
Sublease income			$ 100,000	$ 100,000	$ 300,000	$ 300,000
Sublease term								5 years
Maximum
Operating Leased Assets [Line Items]
Remaining lease term			9 years		9 years
Maximum \| Office Space In Miami, Florida
Operating Leased Assets [Line Items]
Monthly base payments		$ 59,773
Minimum \| Office Space In Miami, Florida
Operating Leased Assets [Line Items]
Monthly base payments		$ 51,567

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Interest income	$ 3,508	$ 2,453	$ 8,284	$ 10,105
Corporate interest	725	96	1,231	750
Total revenue not from contracts with customers	4,233	2,549	9,515	10,855
Total revenue	50,618	24,542	119,229	98,865
Transaction And Service Revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	46,267	21,903	109,405	87,775
Transaction revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	26,337	14,576	71,310	66,863
Exchange
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	25,152	14,023	68,922	64,868
OTC
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	1,065	519	1,805	1,149
Other transaction revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	120	34	583	846
Services revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	19,930	7,327	38,095	20,912
Credit card revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	8,532	2,617	17,162	7,597
Staking revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	5,883	3,101	11,679	8,198
Advisory fee revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	2,098	0	2,098	0
Custodial fee revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	2,825	1,609	6,564	5,117
Other services revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	592	0	592	0
Other revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	$ 118	$ 90	$ 309	$ 235

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Convertible preferred units, shares authorized (in shares)

Convertible preferred units, shares issued (in shares)

Convertible preferred units, shares outstanding (in shares)

39,842,000

Common units, authorized (in shares)

54,201,000

Common units, issued (in shares)

50,761,000

Common units, outstanding (in shares)

50,761,000

Preferred stock, par value (in dollars per share)

$ 0.001

Preferred stock, shares authorized (in shares)

20,000,000

Preferred stock, shares issued (in shares)

Preferred stock, shares outstanding (in shares)

Treasury stock (in shares)

23,000

^[1]

$ 84,215

$ 65,368

^[2]

67,579

38,907

Related Party

200

Common stock, par value (in dollars per share)

$ 0

$ 100

Class A common stock

$ 0.001

Common stock, shares authorized (in shares)

1,000,000,000

Common stock, shares issued (in shares)

42,518,964

Common stock, shares outstanding (in shares)

42,518,964

Class B common stock

Common stock, par value (in dollars per share)

$ 0.001

Common stock, shares authorized (in shares)

100,000,000

Common stock, shares issued (in shares)

75,126,784

Common stock, shares outstanding (in shares)

75,126,784

Series A Units

Convertible preferred units, shares authorized (in shares)

30,955,000

Convertible preferred units, shares issued (in shares)

30,955,000

Convertible preferred units, shares outstanding (in shares)

30,955,000

Convertible preferred units, liquidation preference

$ 223,022

Series B Units

Convertible preferred units, shares authorized (in shares)

8,910,000

Convertible preferred units, shares issued (in shares)

8,887,000

Convertible preferred units, shares outstanding (in shares)

8,887,000

Convertible preferred units, liquidation preference

$ 423,903

[1]	(1) Includes related party amounts of $0.2 million in Accounts receivable, net as of both September 30, 2025 and December 31, 2024, as outlined in Note 21. Related Party Transactions.
[2]	(2) Includes related party amounts of $0 and $0.1 million in Accrued expenses as of September 30, 2025 and December 31, 2024, respectively, as outlined in Note 21. Related Party Transactions.

Fair Value Measurements - Schedule of Estimated Fair Values of our Financial Assets and Financial Liabilities Measured At Amortized Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financial Assets:
Cash and cash equivalents	$ 362,357
Restricted cash and cash equivalents	1,658	$ 1,607
Accounts receivable, net:	385	307
Total assets	1,223,267	662,937
Financial Liabilities:
Related party loans:	487,053	413,700
Total liabilities	509,209	685,378
Level 1
Financial Assets:
Cash and cash equivalents	362,357
Restricted cash and cash equivalents	1,658	1,607
Accounts receivable, net:	0	0
Total assets	1,016,307	431,503
Financial Liabilities:
Related party loans:	0	0
Total liabilities	0	0
Level 2
Financial Assets:
Cash and cash equivalents	0
Restricted cash and cash equivalents	0	0
Accounts receivable, net:	385	307
Total assets	205,301	231,434
Financial Liabilities:
Related party loans:	487,053	413,700
Total liabilities	509,209	436,595
Level 3
Financial Assets:
Cash and cash equivalents	0
Restricted cash and cash equivalents	0	0
Accounts receivable, net:	0	0
Total assets	1,659	0
Financial Liabilities:
Related party loans:	0	0
Total liabilities	0	248,783
Portion at Other than Fair Value Measurement
Financial Assets:
Cash and cash equivalents	487,462	42,847
Restricted cash and cash equivalents	86,073	26,776
Customer custodial funds	532,804	575,628
Accounts receivable, net:	83,830	65,061
Total assets	1,190,169	710,312
Financial Liabilities:
Custodial funds due to customer	532,676	574,080
Third party loans	192,507	117,612
Related party loans:	290,226	385,671
Funding debt	49,204
Total liabilities	1,064,613	1,077,363
Portion at Other than Fair Value Measurement \| Level 1
Financial Assets:
Cash and cash equivalents	487,462	42,847
Restricted cash and cash equivalents	86,073	26,776
Customer custodial funds	532,804	575,628
Accounts receivable, net:	9,793	5,802
Total assets	1,116,132	651,053
Financial Liabilities:
Custodial funds due to customer	532,676	574,080
Third party loans	0	0
Related party loans:	0	0
Funding debt	0
Total liabilities	532,676	574,080
Portion at Other than Fair Value Measurement \| Level 2
Financial Assets:
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Customer custodial funds	0	0
Accounts receivable, net:	0	0
Total assets	0	0
Financial Liabilities:
Custodial funds due to customer	0	0
Third party loans	192,507	117,612
Related party loans:	290,226	385,671
Funding debt	49,204
Total liabilities	531,937	503,283
Portion at Other than Fair Value Measurement \| Level 3
Financial Assets:
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Customer custodial funds	0	0
Accounts receivable, net:	74,037	59,259
Total assets	74,037	59,259
Financial Liabilities:
Custodial funds due to customer	0	0
Third party loans	0	0
Related party loans:	0	0
Funding debt	0
Total liabilities	$ 0	$ 0

Funding Debt - Funding Debt (Details) - Line of Credit - Warehouse Credit Agreement - Secured Debt - USD ($)	3 Months Ended
	Sep. 30, 2025	Jul. 31, 2025
Debt Instrument [Line Items]
Principal Outstanding	$ 48,890,000
Stated interest rate	6.50%	6.50%
Interest Expense	$ 314,000
Interest Payable	314,000
Credit card receivables	67,900,000	$ 67,900,000
Debt instrument, interest rate increase, minimum value of stablecoin held	$ 50,000,000.0

Stock-Based Compensation - Schedule of Various Equity Classified Award Activity (Details) - $ / shares		8 Months Ended	9 Months Ended
	Sep. 11, 2025	Sep. 10, 2025	Sep. 30, 2025
Service-Based Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested beginning balance	14,415,000	2,729,000	2,729,000
Granted (in shares)		18,731,000
Vested (in shares)		(5,276,000)
Forfeited (in shares)		(1,769,000)
Unvested ending balance	14,415,951	14,415,000
Weighted-Average Grant Date Fair Value per Unit
Unvested beginning balance (in dollars per share)	$ 0.58	$ 1.82	$ 1.82
Granted (in dollars per share)		0.45
Vested (in dollars per share)		0.77
Forfeited (in dollars per share)		0.56
Unvested ending balance (in dollars per share)		$ 0.58
Phantom Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested beginning balance	2,101,000	376,000	376,000
Granted (in shares)		2,508,000
Vested (in shares)		(629,000)
Forfeited (in shares)		(154,000)
Unvested ending balance	2,101,173	2,101,000
Weighted-Average Grant Date Fair Value per Unit
Unvested beginning balance (in dollars per share)	$ 0.50	$ 0.94	$ 0.94
Granted (in dollars per share)		0.45
Vested (in dollars per share)		0.57
Forfeited (in dollars per share)		0.45
Unvested ending balance (in dollars per share)		$ 0.50
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested beginning balance		0	0
Granted (in shares)			5,270,000
Vested (in shares)			(1,382,000)
Forfeited (in shares)			0
Unvested ending balance			3,888,000
Weighted-Average Grant Date Fair Value per Unit
Unvested beginning balance (in dollars per share)		$ 0	$ 0
Granted (in dollars per share)			28.00
Vested (in dollars per share)			28.00
Forfeited (in dollars per share)			0
Unvested ending balance (in dollars per share)			$ 28.00
RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested beginning balance		0	0
Vested (in shares)			(200,000)
Forfeited (in shares)			0
Conversion upon IPO (in shares)			4,400,000
Unvested ending balance			4,200,000
Weighted-Average Grant Date Fair Value per Unit
Unvested beginning balance (in dollars per share)		$ 0	$ 0
Vested (in dollars per share)			28.00
Forfeited (in dollars per share)			0
Conversion upon IPO (in dollars per share)			28.00
Unvested ending balance (in dollars per share)			$ 28.00

Related Party Loans and Convertible Notes - Schedule of Crypto Asset Loans (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2025 USD ($) crypto_unit	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) crypto_unit	Dec. 31, 2023 USD ($) crypto_unit	Oct. 31, 2023 crypto_unit	May 11, 2023 crypto_unit	Dec. 29, 2022 crypto_unit
Short Term Debt Abstract [Roll Forward]
Amount Borrowed	$ 418,458	$ 157,988
Amount Repaid	151,378	185,985
Crypto Asset Loans
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	560,107	462,422	$ 462,422
Amount Borrowed	220,798		94,313
Amount Repaid	151,378		413,962
Realized Gain (Loss)	(71,792)		(220,809)
Principal Outstanding as of 9.30.25	774,674		560,107	$ 462,422
Unrealized Gain (Loss)	(73,352)		(196,526)
Interest Expense	19,100		21,099
Interest Payable	2,605		2,055
Prior year interest accrued that was paid during the year	$ 2,100		$ 1,600
Crypto Asset Loans \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	5,824		5,054
Crypto Asset Loans \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	26,629		26,629
Crypto Asset Loans \| 5,000 BTC December 29, 2022
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 290,929	211,948	$ 211,948
Amount Borrowed	0		0
Amount Repaid	30,138		123,155
Realized Gain (Loss)	(25,092)		(91,991)
Principal Outstanding as of 9.30.25	320,626		290,929	211,948
Unrealized Gain (Loss)	$ (34,742)		$ (110,146)
Stated interest rate	4.00%		4.00%
Interest Expense	$ 8,837		$ 9,497
Interest Payable	$ 1,044		$ 1,037
Crypto Asset Loans \| 5,000 BTC December 29, 2022 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	5,000		5,000				5,000
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	305		1,884
Crypto Asset Loans \| 2,000 BTC March 1, 2023
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 102,516	84,779	$ 84,779
Amount Borrowed	0		0
Amount Repaid	22,874		63,889
Realized Gain (Loss)	(18,174)		(42,689)
Principal Outstanding as of 9.30.25	102,427		102,516	84,779
Unrealized Gain (Loss)	$ (4,611)		$ (38,938)
Stated interest rate	4.00%		4.00%
Interest Expense	$ 3,125		$ 3,620
Interest Payable	$ 334		$ 376
Crypto Asset Loans \| 2,000 BTC March 1, 2023 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	2,000		2,000
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	200		902
Crypto Asset Loans \| 35,000 ETH March 1, 2023
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 88,234	80,378	$ 80,378
Amount Borrowed	0		0
Amount Repaid	0		29,247
Realized Gain (Loss)	0		(15,571)
Principal Outstanding as of 9.30.25	110,381		88,234	80,378
Unrealized Gain (Loss)	$ (22,147)		$ (21,532)
Stated interest rate	4.00%		4.00%
Interest Expense	$ 2,338		$ 3,590
Interest Payable	$ 380		$ 334
Crypto Asset Loans \| 35,000 ETH March 1, 2023 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	35,000		35,000
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit			8,371
Crypto Asset Loans \| 500 BTC May 11, 2023
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 46,683	21,195	$ 21,195
Amount Borrowed	0		0
Amount Repaid	0		0
Realized Gain (Loss)	0		0
Principal Outstanding as of 9.30.25	57,031		46,683	21,195
Unrealized Gain (Loss)	$ (10,347)		$ (25,488)
Stated interest rate	4.00%		4.00%
Interest Expense	$ 1,527		$ 1,317
Interest Payable	$ 186		$ 166
Crypto Asset Loans \| 500 BTC May 11, 2023 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	500		500			500
Crypto Asset Loans \| 340 BTC October 31, 2023
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 31,745	14,412	$ 14,412
Amount Borrowed	0		0
Amount Repaid	0		0
Realized Gain (Loss)	0		0
Principal Outstanding as of 9.30.25	38,781		31,745	14,412
Unrealized Gain (Loss)	$ (7,036)		$ (17,332)
Stated interest rate	5.00%		5.00%
Interest Expense	$ 1,299		$ 1,119
Interest Payable	$ 158		$ 142
Crypto Asset Loans \| 340 BTC October 31, 2023 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	340		340		340
Crypto Asset Loans \| 5,200 ETH January 27, 2025
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0
Amount Borrowed	16,544
Amount Repaid	19,493
Realized Gain (Loss)	(2,949)
Principal Outstanding as of 9.30.25	0		$ 0
Unrealized Gain (Loss)	$ 0
Stated interest rate	4.30%
Interest Expense	$ 251
Interest Payable	$ 0
Crypto Asset Loans \| 5,200 ETH January 27, 2025 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	5,200
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	5,200
Crypto Asset Loans \| 3,000 ETH, February 7, 2025
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0
Amount Borrowed	7,867
Amount Repaid	11,369
Realized Gain (Loss)	(3,502)
Principal Outstanding as of 9.30.25	0		0
Unrealized Gain (Loss)	$ 0
Stated interest rate	4.30%
Interest Expense	$ 141
Interest Payable	$ 0
Crypto Asset Loans \| 3,000 ETH, February 7, 2025 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	3,000
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	3,000
Crypto Asset Loans \| 5,280 ETH, February 28, 2025
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0
Amount Borrowed	11,696
Amount Repaid	19,271
Realized Gain (Loss)	(7,575)
Principal Outstanding as of 9.30.25	0		0
Unrealized Gain (Loss)	$ 0
Stated interest rate	4.30%
Interest Expense	$ 192
Interest Payable	$ 0
Crypto Asset Loans \| 5,280 ETH, February 28, 2025 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	5,280
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	5,280
Crypto Asset Loans \| 3,400 ETH March 10, 2025
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0
Amount Borrowed	6,338
Amount Repaid	8,417
Realized Gain (Loss)	(2,079)
Principal Outstanding as of 9.30.25	0		0
Unrealized Gain (Loss)	$ 0
Stated interest rate	4.30%
Interest Expense	$ 51
Interest Payable	$ 0
Crypto Asset Loans \| 3,400 ETH March 10, 2025 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	3,400
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	3,400
Crypto Asset Loans \| 86 BTC, March 11, 2025
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0
Amount Borrowed	7,130
Amount Repaid	8,871
Realized Gain (Loss)	(1,740)
Principal Outstanding as of 9.30.25	0		0
Unrealized Gain (Loss)	$ 0
Stated interest rate	4.30%
Interest Expense	$ 60
Interest Payable	$ 0
Crypto Asset Loans \| 86 BTC, March 11, 2025 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	86
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	86
Crypto Asset Loans \| 2,500 ETH, March 28, 2025
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0
Amount Borrowed	4,739
Amount Repaid	6,189
Realized Gain (Loss)	(1,450)
Principal Outstanding as of 9.30.25	0		0
Unrealized Gain (Loss)	$ 0
Stated interest rate	4.30%
Interest Expense	$ 27
Interest Payable	$ 0
Crypto Asset Loans \| 2,500 ETH, March 28, 2025 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	2,500
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	2,500
Crypto Asset Loans \| 10,000 ETH, April 7, 2025
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0
Amount Borrowed	15,525
Amount Repaid	24,756
Realized Gain (Loss)	(9,231)
Principal Outstanding as of 9.30.25	0		0
Unrealized Gain (Loss)	$ 0
Stated interest rate	4.00%
Interest Expense	$ 79
Interest Payable	$ 0
Crypto Asset Loans \| 10,000 ETH, April 7, 2025 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	10,000
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	10,000
Crypto Asset Loans \| 1, 275 BTC, July 24, 2025
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0
Amount Borrowed	150,959
Amount Repaid	0
Realized Gain (Loss)	0
Principal Outstanding as of 9.30.25	145,428		0
Unrealized Gain (Loss)	$ 5,531
Stated interest rate	4.30%
Interest Expense	$ 1,173
Interest Payable	$ 503
Crypto Asset Loans \| 1, 275 BTC, July 24, 2025 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	1,275
Crypto Asset Loans \| 30,000 ETH, December 29, 2022
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0	20,669	20,669
Amount Borrowed			0
Amount Repaid			29,790
Realized Gain (Loss)			(18,990)
Principal Outstanding as of 9.30.25			0	$ 20,669
Unrealized Gain (Loss)			$ 9,868
Stated interest rate			4.00%
Interest Expense			$ 655
Interest Payable			$ 0
Crypto Asset Loans \| 30,000 ETH, December 29, 2022 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			30,000				30,000
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit				21,000
Crypto Asset Loans \| 1,400 BTC, May 24, 2023
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	0	4,239	$ 4,239
Amount Borrowed			0
Amount Repaid			6,182
Realized Gain (Loss)			(3,553)
Principal Outstanding as of 9.30.25			0	$ 4,239
Unrealized Gain (Loss)			$ 1,610
Stated interest rate			4.00%
Interest Expense			$ 30
Interest Payable			$ 0
Crypto Asset Loans \| 1,400 BTC, May 24, 2023 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			1,400
Crypto Asset Loans \| 20,650 ETH, May 24, 2023
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	0	24,802	$ 24,802
Amount Borrowed			0
Amount Repaid			32,224
Realized Gain (Loss)			(12,853)
Principal Outstanding as of 9.30.25			0	24,802
Unrealized Gain (Loss)			$ 5,432
Stated interest rate			4.00%
Interest Expense			$ 140
Interest Payable			$ 0
Crypto Asset Loans \| 20,650 ETH, May 24, 2023 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			20,650
Crypto Asset Loans \| 240 BTC, May 1, 2024
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	0	0	$ 0
Amount Borrowed			13,962
Amount Repaid			16,286
Realized Gain (Loss)			(2,324)
Principal Outstanding as of 9.30.25			0	0
Unrealized Gain (Loss)			$ 0
Stated interest rate			8.00%
Interest Expense			$ 102
Interest Payable			$ 0
Crypto Asset Loans \| 240 BTC, May 1, 2024 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			240
Crypto Asset Loans \| 6,750 ETH, May 1, 2024
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	0	0	$ 0
Amount Borrowed			19,765
Amount Repaid			25,441
Realized Gain (Loss)			(5,676)
Principal Outstanding as of 9.30.25			0	0
Unrealized Gain (Loss)			$ 0
Stated interest rate			8.00%
Interest Expense			$ 145
Interest Payable			$ 0
Crypto Asset Loans \| 6,750 ETH, May 1, 2024 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			6,750
Crypto Asset Loans \| 250 BTC, July 5, 2024
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	0	0	$ 0
Amount Borrowed			14,006
Amount Repaid			22,007
Realized Gain (Loss)			(8,001)
Principal Outstanding as of 9.30.25			0	0
Unrealized Gain (Loss)			$ 0
Stated interest rate			5.00%
Interest Expense			$ 280
Interest Payable			$ 0
Crypto Asset Loans \| 250 BTC, July 5, 2024 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			250
Crypto Asset Loans \| 4,150 ETH, July 5, 2024
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	0	0	$ 0
Amount Borrowed			12,420
Amount Repaid			13,473
Realized Gain (Loss)			(1,054)
Principal Outstanding as of 9.30.25			0	0
Unrealized Gain (Loss)			$ 0
Stated interest rate			5.00%
Interest Expense			$ 200
Interest Payable			$ 0
Crypto Asset Loans \| 4,150 ETH, July 5, 2024 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			4,150
Crypto Asset Loans \| 7,500 ETH, August 5, 2024
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	0	0	$ 0
Amount Borrowed			17,663
Amount Repaid			30,038
Realized Gain (Loss)			(12,374)
Principal Outstanding as of 9.30.25			0	0
Unrealized Gain (Loss)			$ 0
Stated interest rate			5.00%
Interest Expense			$ 342
Interest Payable			$ 0
Crypto Asset Loans \| 7,500 ETH, August 5, 2024 \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			7,500
Crypto Asset Loans \| 235 BTC, October 31, 2024
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	$ 0	$ 0	$ 0
Amount Borrowed			16,497
Amount Repaid			22,230
Realized Gain (Loss)			(5,733)
Principal Outstanding as of 9.30.25			0	$ 0
Unrealized Gain (Loss)			$ 0
Stated interest rate			4.50%
Interest Expense			$ 62
Interest Payable			$ 0
Crypto Asset Loans \| 235 BTC, October 31, 2024 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit			235

Related Party Loans and Convertible Notes - Term Loans (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			9 Months Ended
	Sep. 11, 2025	Jan. 23, 2025	Sep. 30, 2025	Sep. 30, 2024	May 16, 2025	Dec. 31, 2024	May 16, 2024
Debt Instrument [Line Items]
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering			$ 804,297	$ 0
Class A common stock \| IPO
Debt Instrument [Line Items]
Share price per share (in dollars per share)	$ 28.00
Secured Debt
Debt Instrument [Line Items]
Principal Outstanding			475,000
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering	$ 585,000		$ 584,560
Secured Debt \| Class B common stock
Debt Instrument [Line Items]
Number of shares resulting from conversion of debt (in shares)	20.9
Price per share resulting from converted debt (in dollars per share)	$ 22.40
Percentage of IPO price, resulting from converted debt	80.00%
Secured Debt \| Minimum
Debt Instrument [Line Items]
Stated interest rate			4.00%
Secured Debt \| Maximum
Debt Instrument [Line Items]
Stated interest rate			16.00%
Term Loan 2024 \| Secured Debt
Debt Instrument [Line Items]
Principal Outstanding							$ 275,000
Public company event, conversion price as a percentage of the price per common unit implied in the public company event		80.00%
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering			$ 369,146
Term Loan 2024 \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Stated interest rate					4.00%	4.00%
Term Loan 2024 \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Stated interest rate					16.00%	16.00%
Term Loan 2025 \| Secured Debt
Debt Instrument [Line Items]
Principal Outstanding		$ 200,000
Public company event, conversion price as a percentage of the price per common unit implied in the public company event		80.00%
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering			$ 215,414
Term Loan 2025 \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Stated interest rate		4.00%
Term Loan 2025 \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Stated interest rate		16.00%

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Services agreement In 2017, the Company entered into an amended services agreement with Winklevoss Capital Management, LLC (“WCM”), a related party through common ownership, for WCM to provide management and consulting services to the Company (the “Services Agreement”). In exchange for these services, the Company incurs a fee based on an allocation of WCM employee compensation proportional to WCM employee time spent providing services to the Company. The Company incurred expenses of $0.6 million and $0.8 million under this agreement during the three and nine months ended September 30, 2025, respectively, and did not incur any expenses in 2024. These expenses were classified as General and administrative on the condensed consolidated statements of operations and comprehensive loss. There were no outstanding balances related to WCM included in Accrued expenses as of September 30, 2025 and December 31, 2024, respectively, on the condensed consolidated balance sheets. The agreement with WCM for management and consulting services was terminated in August 2025. No further expenses were incurred and no further payments were made pursuant to these agreements. Computer services and storage facilities In 2017, the Company entered into an agreement with Elysian Networks, LLC (“Elysian”), a related party through common ownership, for Elysian to provide equipment leasing, cloud based servers, data storage and computer processing services to the Company. The Company incurred expenses of $0.5 million and $0.7 million under this agreement during the three and nine months ended September 30, 2025, respectively and $0.1 million and $0.7 million under this agreement during the three and nine months ended September 30, 2024, respectively. These expenses were classified as Technology on the condensed consolidated statements of operations and comprehensive loss. Outstanding balances related to Elysian of $0 and less than $0.1 million were included in Accrued expenses as of September 30, 2025 and December 31, 2024, respectively, on the condensed consolidated balance sheets. The agreement with Elysian was terminated in August 2025. No further expenses will be incurred and no further payments will be made pursuant to these agreements. In 2017, the Company entered into an agreement with Salient Systems, LLC (“Salient”), a related party through common ownership, for Salient to provide data center leased space, cloud based computing and internet connectivity services to the Company. The Company did not incur any expenses and ended its agreement with Salient during the year ended December 31, 2024. Related party revenue WCF, a related party through common ownership, accounted for $0.7 million and $1.9 million of the Company’s revenue during the three and nine months ended September 30, 2025, respectively, and $0.4 million and $1.6 million of the Company's revenue during the three and nine months ended September 30, 2024, respectively. WCF accounted for $0.2 million of the Company’s Accounts receivable, net as of both September 30, 2025 and December 31, 2024, respectively. Related party loans Refer to Note 13. Related Party Loans and Convertible Notes.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Net Loss Per Share - Schedule of Potentially Diluted Units Not Included in Calculation of Diluted Shares Outstanding (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive units not included in calculation of diluted units outstanding (in shares)	14,935	39,842
Convertible Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive units not included in calculation of diluted units outstanding (in shares)	0	39,842
Unvested RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive units not included in calculation of diluted units outstanding (in shares)	4,200	0
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive units not included in calculation of diluted units outstanding (in shares)	3,887	0
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive units not included in calculation of diluted units outstanding (in shares)	6,848	0

Derivatives - Schedule of Balance Sheet Impact of Crypto Asset Options and Futures not Designated as Hedges and Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Assets	$ 684	$ 6,354
Liabilities	(874)	(7,620)
Crypto asset options
Derivatives, Fair Value [Line Items]
Gross Notional	88,418	229,546
Assets	684	6,354
Liabilities	(685)	(6,371)
Crypto asset futures
Derivatives, Fair Value [Line Items]
Gross Notional	29,825	11,671
Assets	0	0
Liabilities	$ (189)	$ (1,249)

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Crypto Assets Held - Schedule of Crypto Assets Held At Fair Value (Details) $ in Thousands	Sep. 30, 2025 USD ($) crypto_unit	Dec. 31, 2024 USD ($) crypto_unit	Dec. 31, 2023 USD ($)
Crypto Asset, Holding [Line Items]
Cost Basis	$ 321,843	$ 142,214
Fair Value	$ 674,963	$ 470,101	$ 327,866
Bitcoin
Crypto Asset, Holding [Line Items]
Units (in unit) \| crypto_unit	5,302	4,414
Cost Basis	$ 263,746	$ 117,005
Fair Value	$ 604,746	$ 412,115	295,320
Ether
Crypto Asset, Holding [Line Items]
Units (in unit) \| crypto_unit	11,134	5,301
Cost Basis	$ 46,347	$ 17,009
Fair Value	46,164	17,562	25,718
Other crypto assets
Crypto Asset, Holding [Line Items]
Cost Basis	11,750	8,200
Fair Value	$ 24,053	$ 40,424	$ 6,828

Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Derivative Assets at Fair Value

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of September 30, 2025 (in thousands):


	September 30, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	88,418	$	684	$	(685)
Crypto asset futures	29,825		—		(189)
Total			$	684	$	(874)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2024 (in thousands):


	December 31, 2024
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	229,546	$	6,354	$	(6,371)
Crypto asset futures	11,671		—		(1,249)
Total			$	6,354	$	(7,620)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

Schedule of Derivative Liabilities at Fair Value

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of September 30, 2025 (in thousands):


	September 30, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	88,418	$	684	$	(685)
Crypto asset futures	29,825		—		(189)
Total			$	684	$	(874)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2024 (in thousands):


	December 31, 2024
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	229,546	$	6,354	$	(6,371)
Crypto asset futures	11,671		—		(1,249)
Total			$	6,354	$	(7,620)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

Schedule of Gain (Loss) on Changes in the Fair Value

Gain (loss) on changes in the fair value of options and futures recorded in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Derivative assets
Crypto asset options	(53,152)		89,230		(69,998)		(53,262)
Crypto asset futures	—		25,071		—		(16,691)
Total	$	(53,152)	$	114,301	$	(69,998)	$	(69,953)

Derivative liabilities
Crypto asset options	$	53,711	$	(93,711)	$	70,886	$	56,420
Crypto asset futures	(200)		(23,078)		(1,449)		15,210
Total	$	53,511	$	(116,789)	$	69,437	$	71,630

Schedule of Breakdown of Crypto Asset Collateral Associated with Derivative Positions

The below table represents the breakdown of crypto asset collateral associated with derivative positions (in thousands):


	September 30, 2025		December 31, 2024
Crypto assets held as collateral meeting the recognition criteria	$	21,268	$	15,275
Crypto assets held as collateral not meeting the recognition criteria	$	—	$	4,875
Crypto assets pledged as collateral not meeting the derecognition criteria	$	7,978	$	4,616

Accounts Receivable, Net - Narrative (Details)	Sep. 30, 2025	Dec. 31, 2024
Credit card receivables \| Financial Asset, 1 to 29 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of receivables current and past due	92.20%	89.20%

Related Party Loans and Convertible Notes (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Crypto Asset Loans

Crypto asset loans as of September 30, 2025 (in thousands):


Loan(12)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 9.30.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (10)		Interest Payable(11)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	30,138	$	(25,092)	$	320,626	$	(34,742)	4.0%	$	8,837	$	1,044
2,000 BTC(2)	3/1/2023	102,516		—		22,874		(18,174)		102,427		(4,611)		4.0%	3,125		334
35,000 ETH	3/1/2023	88,234		—		—		—		110,381		(22,147)		4.0%	2,338		380
500 BTC	5/11/2023	46,683		—		—		—		57,031		(10,347)		4.0%	1,527		186
340 BTC	10/31/2023	31,745		—		—		—		38,781		(7,036)		5.0%	1,299		158
5,200 ETH(3)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(4)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(5)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(6)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(7)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(8)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(9)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		145,428		5,531		4.3%	1,173		503
Total		$	560,107	$	220,798	$	151,378	$	(71,792)	$	774,674	$	(73,352)		$	19,100	$	2,605
__________________
(1) 305 bitcoin ("BTC") was repaid during the nine months ended September 30, 2025. (2) 200 bitcoin was repaid during the nine months ended September 30, 2025. (3) 5,200 ether ("ETH") was repaid during the nine months ended September 30, 2025. (4) 3,000 ether was repaid during the nine months ended September 30, 2025. (5) 5,280 ether was repaid during the nine months ended September 30, 2025. (6) 3,400 ether was repaid during the nine months ended September 30, 2025. (7) 86 bitcoin was repaid during the nine months ended September 30, 2025. (8) 2,500 ether was repaid during the nine months ended September 30, 2025. (9) 10,000 ether was repaid during the nine months ended September 30, 2025. (10) Prior year interest accrued of $2.1 million was paid during the nine months ended September 30, 2025. (11) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of September 30, 2025. (12) 5,824 bitcoin and 26,629 ether was outstanding as of the nine months ended September 30, 2025.

Crypto asset loans as of December 31, 2024 (in thousands):


Loan(6)	Draw Date	Principal Outstanding as of 12.31.23		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.24		Unrealized Gain (Loss)		Interest Rate	Interest Expense (4)		Interest Payable(5)
5,000 BTC(1)	12/29/2022	$	211,948	$	—	$	123,155	$	(91,991)	$	290,929	$	(110,146)	4.0%	$	9,497	$	1,037
30,000 ETH	12/29/2022	20,669		—		29,790		(18,990)		—		9,868		4.0%	655		—
2,000 BTC(2)	3/1/2023	84,779		—		63,889		(42,689)		102,516		(38,938)		4.0%	3,620		376
35,000 ETH(3)	3/1/2023	80,378		—		29,247		(15,571)		88,234		(21,532)		4.0%	3,590		334
1,400 BTC	5/24/2023	4,239		—		6,182		(3,553)		—		1,610		4.0%	30		—
20,650 ETH	5/24/2023	24,802		—		32,224		(12,853)		—		5,432		4.0%	140		—
500 BTC	5/11/2023	21,195		—		—		—		46,683		(25,488)		4.0%	1,317		166
340 BTC	10/31/2023	14,412		—		—		—		31,745		(17,332)		5.0%	1,119		142
240 BTC	5/1/2024	—		13,962		16,286		(2,324)		—		—		8.0%	102		—
6,750 ETH	5/1/2024	—		19,765		25,441		(5,676)		—		—		8.0%	145		—
250 BTC	7/5/2024	—		14,006		22,007		(8,001)		—		—		5.0%	280		—
4,150 ETH	7/5/2024	—		12,420		13,473		(1,054)		—		—		5.0%	200		—
7,500 ETH	8/5/2024	—		17,663		30,038		(12,374)		—		—		5.0%	342		—
235 BTC	10/31/2024	—		16,497		22,230		(5,733)		—		—		4.5%	62		—
Total		$	462,422	$	94,313	$	413,962	$	(220,809)	$	560,107	$	(196,526)		$	21,099	$	2,055
__________________
(1) 1,884 bitcoin was repaid during the year ended December 31, 2024. (2) 902 bitcoin was repaid during the year ended December 31, 2024. (3) 8,371 ether was repaid during the year ended December 31, 2024. (4) Prior year interest accrued of $1.6 million was paid during the year ended December 31, 2024. (5) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024. (6) 5,054 bitcoin and 26,629 ether was outstanding as of the year ended December 31, 2024.

Schedule of Convertible Notes

Convertible notes as of September 30, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
September Note (USD)	9/15/2023	6/1/2027	$	50,000	$	57,641	$	—	$	6,581	$	(223)	$	(72,279)	$	2,827	$	—
November Note (BTC)	11/22/2023	6/1/2027	54,671		63,027		—		7,097		(240)		(78,269)		3,093		—
December Note (USD)	12/27/2023	6/1/2027	50,000		57,642		—		6,389		(217)		(70,804)		2,827		—
March Note (BTC)	3/1/2024	6/1/2027	45,329		52,257		—		5,722		(195)		(63,655)		2,563		—
Total			$	200,000	$	230,567	$	—	$	25,789	$	(875)	$	(285,007)	$	11,310	$	—
__________________
(1) The effective interest rate for all convertible notes is 8.0%. (2) The maturity date was extended on May 15, 2025.

Convertible notes as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.23		2024 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Interest Expense		Interest Payable(3)(4)
September Note (USD)	9/15/2023	9/15/2025	$	50,000	$	51,335	$	—	$	7,101	$	(243)	$	4,000	$	5,450
November Note (BTC)	11/22/2023	11/22/2025	54,671		56,131		—		7,647		(263)		4,374		5,295
December Note (USD)	12/27/2023	12/27/2025	50,000		26,111		24,568		7,821		(510)		3,794		4,163
March Note (BTC)(2)	3/1/2024	3/1/2026	45,329		—		45,329		8,094		(890)		3,032		3,308
Total			$	200,000	$	133,577	$	69,897	$	30,663	$	(1,906)	$	15,200	$	18,216
__________________
(1) The effective interest rate for all convertible notes is 8.0%. (2) The $45.3 million drawdown is denominated in USD but was received as 734 BTC. The 734 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $68.6 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party convertible notes on the condensed consolidated balance sheets as of December 31, 2024. (4) Includes $1.6 million of fair value adjustments consisting of a $1.7 million unrealized loss and a $0.1 million gain related to change in fair value related to instrument-specific credit risk.

Schedule of Term Loans

The term loans entered into by the Company are summarized below (in thousands). The aggregate principal amount is to be used for general business purposes of the Company and its wholly owned subsidiaries.

Term Loans as of September 30, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24(4)		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
2024 Term Loan	5/16/2024	6/1/2027	$	275,000	$	230,704	$	44,296	$	76,424	$	(2,594)	$	(369,146)	$	13,811	$	—
2025 Term Loan	1/23/2025	6/1/2027	200,000		—		168,462		42,885		198		(215,414)		3,869		—
Total			$	475,000	$	230,704	$	212,758	$	119,309	$	(2,396)	$	(584,560)	$	17,680	$	—
__________________
(1) The term loans are stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of September 30, 2025 the blended interest rates were 6.9% and 7.3% for the 2024 and 2025 Term Loans, respectively. (2) On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event it will be automatically converted into Common Units in the Company. (3) The maturity date was extended on May 15, 2025. (4) The $443.5 million principal outstanding is denominated in USD but was received as 4,841 BTC, 9,000 ETH, and $26.9 million, of which, 3,241 BTC, 9,000 ETH, and $26.9 million were used during the nine months ended September 30, 2025 for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $182.5 million as of September 30, 2025.

Term Loans as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Amount Borrowed(2)		Amount Repaid		Principal Outstanding as of 12.31.24		Interest Expense		Interest Payable(3)
2024 Term Loan	5/16/2024	3/1/2026	$	275,000	$	230,704	$	—	$	230,704	$	6,505	$	6,505
_______________________
(1) The term loan is stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of December 31, 2024 the blended interest rate was 6.8%. (2) The $230.7 million principal outstanding is denominated in USD but was received as 2,834 BTC, 9,000 ETH, and $11.8 million, of which, 1,234 BTC, 9,000 ETH, and $11.8 million were used during the year for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $149.4 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.

Third party loans with Galaxy as of September 30, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(1)		Collateral Type(2)	Collateral Rate (Initial Collateral Level)(3)
Loan 13	5/29/2024	Evergreen	51,900		11.0%	4,329		476		BTC	145%
Loan 14	5/29/2024	Evergreen	54,600		11.0%	4,555		500		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	910		100		BTC	145%
Total			$	116,500		$	9,794	$	1,076
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025. (2) As of September 30, 2025, the Company has pledged 818 BTC and 20,960 ETH included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $93.3 million, or 151%, for BTC loans; and $86.9 million, or 159%, for ETH loans. (3) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Third party loans with Galaxy as of December 31, 2024 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(9)		Collateral Type(10)	Collateral Rate (Initial Collateral Level)(11)
Loan 1	3/2/2023	3/5/2024	$	—	11.0%	$	577	$	—	ETH	160%
Loan 2	3/2/2023	3/5/2024	—		11.0%	499		—		BTC	150%
Loan 3	4/27/2023	3/5/2024	—		11.5%	104		—		ETH	160%
Loan 4	4/27/2023	3/5/2024	—		11.5%	131		—		BTC	150%
Loan 5	5/24/2023	3/5/2024	—		11.5%	409		—		ETH	160%
Loan 6	5/24/2023	3/5/2024	—		11.5%	409		—		BTC	150%
Loan 7(1)	3/4/2024	3/31/2024	—		11.5%	209		—		ETH	160%
Loan 8(2)	3/4/2024	Evergreen	—		11.0%	428		—		BTC	145%
Loan 9(3)	3/4/2024	Evergreen	—		11.0%	243		—		ETH	155%
Loan 10(4)	3/28/2024	5/31/2024	—		11.5%	489		—		ETH	160%
Loan 11(5)	3/28/2024	Evergreen	—		11.0%	967		—		BTC	145%
Loan 12(6)	3/28/2024	Evergreen	—		11.0%	550		—		ETH	155%
Loan 13(7)	5/29/2024	Evergreen	51,900		11.0%	3,410		492		BTC	145%
Loan 14(8)	5/29/2024	Evergreen	54,600		11.0%	3,570		517		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	203		103		BTC	145%
Total			$	116,500		$	12,198	$	1,112
__________________
(1) On March 4, 2024 an amended agreement was executed that restated loan 3 and loan 5 into loan 7. All of the terms and conditions are the same with the exception of the maturity date being extended to March 31, 2024. (2) On March 4, 2024 an amended agreement was executed that restated loan 2, loan 4, and loan 6 into loan 8. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (3) On March 4, 2024 an amended agreement was executed that restated loan 1 into loan 9. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (4) On March 28, 2024 an amended agreement was executed that restated loan 7 into loan 10. All of the terms and conditions are the same with the exception of the maturity date being extended to May 31, 2024. (5) On March 28, 2024 an amended agreement was executed that restated loan 8 into loan 11. All of the terms and conditions are the same. (6) On March 28, 2024 an amended agreement was executed that restated loan 9 into loan 12. All of the terms and conditions are the same. (7) On May 29, 2024 an amended agreement was executed that restated loan 11 into loan 13. All of the terms and conditions are the same. (8) On May 29, 2024 an amended agreement was executed that aggregated the principal of loan 10 with loan 12 and restated them into loan 14. All of the terms and conditions are the same with the exception of loan 10's collateral rate, interest rate, and maturity date being updated to mirror the terms of loan 12. (9) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2024. (10) As of December 31, 2024, the Company has pledged 929 bitcoin and 24,625 ether included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of December 31, 2024 was approximately $86.7 million, or 140%, for BTC loans; and $81.6 million, or 149%, for ETH loans. (11) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Funding Debt as of September 30, 2025 (in thousands):

Loan(1)

Loan Date

Maturity Date

Principal Outstanding

Interest Rate(2)

Interest Expense

Interest Payable(3)

Ripple

7/11/2025

11/15/2027

48,890

6.5%

314

__________________

(1) As of September 30, 2025, the Company has pledged credit card receivables included in Credit card receivables pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $67.9 million.

(2) The loan has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the condensed consolidated balance sheets as of September 30, 2025.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Revenue from Contract with Customer [Abstract]

Related Party Loans and Convertible Notes - Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions					1 Months Ended				2 Months Ended			9 Months Ended		12 Months Ended
	Sep. 11, 2025	May 15, 2025	Sep. 30, 2024	Nov. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Oct. 31, 2023	Sep. 30, 2023	Feb. 29, 2024	Feb. 29, 2024	Oct. 31, 2023	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Mar. 01, 2024	Dec. 27, 2023	Nov. 22, 2023	Sep. 15, 2023
Debt Instrument [Line Items]
Proceeds from related party convertible notes												$ 0	$ 24,568
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering												804,297	$ 0
Class A common stock \| IPO
Debt Instrument [Line Items]
Share price per share (in dollars per share)	$ 28.00
Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 228,000											200,000		$ 200,000
Proceeds from related party convertible notes												0		69,897
Stated interest rate		8.00%
Minimum amount of aggregate gross proceeds from issuance of convertible preferred units that trigger a qualified financing event		$ 50,000
Qualified financing event, conversion price as a percentage of the lowest price per unit paid by the other purchasers of the convertible preferred units		80.00%
Non-qualified financing event, maximum amount of proceeds received to trigger the option to convert the outstanding notes		$ 50,000
Non-qualified financing event, conversion price as a percentage of lowest price paid per unit by the purchasers of the convertible preferred units		80.00%
Note holder option, price of conversion as a percentage of the lowest original issue price		80.00%	80.00%
Change in control, conversion price as a percentage of the lowest price per unit offered in the change of control event		80.00%
Public company event, conversion price as a percentage of the price per common unit implied in the public company event		80.00%
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering	$ 285,000											285,007
Convertible Notes \| Class B common stock
Debt Instrument [Line Items]
Number of shares resulting from conversion of debt (in shares)	10.2
Price per share resulting from converted debt (in dollars per share)	$ 22.40
Percentage of IPO price, resulting from converted debt	80.00%
September Note (USD) \| Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount																		$ 50,000
Proceeds from related party convertible notes							$ 21,500	$ 28,500			$ 50,000	0		0
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering												72,279
November Note (BTC) \| Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount																	$ 54,671
Proceeds from related party convertible notes				$ 54,700								0		0
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering												78,269
December Note (USD) \| Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount																$ 50,000
Proceeds from related party convertible notes						$ 25,400			$ 50,000	$ 24,600		0		24,568
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering												70,804
March Note (BTC) \| Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount															$ 45,329
Proceeds from related party convertible notes					$ 45,300							0		$ 45,329
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering												$ 63,655

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Time Based Stock Options
Number of Stock Options
Outstanding beginning balance (in shares)	0
Granted (in shares)	482
Vested (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Outstanding ending balance (in shares)	482
Number of stock options exercisable (in shares)	0
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	28.00
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Expirations (in dollars per share)	0
Ending balance (in dollars per share)	28.00
Weighted-average exercise price exercisable (in dollars per share)	$ 0
Weighted-average remaining contractual life of options outstanding (in years)	3 years 10 months 24 days
Aggregate intrinsic value of options exercisable	$ 0
Market Based Stock Options
Number of Stock Options
Outstanding beginning balance (in shares)	0
Granted (in shares)	6,365
Vested (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Outstanding ending balance (in shares)	6,365
Number of stock options exercisable (in shares)	0
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	28.00
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Expirations (in dollars per share)	0
Ending balance (in dollars per share)	28.00
Weighted-average exercise price exercisable (in dollars per share)
Weighted-average remaining contractual life of options outstanding (in years)	6 years 10 months 24 days
Aggregate intrinsic value of options outstanding	$ 0	$ 0
Aggregate intrinsic value of options exercisable	$ 0

Revenue

9 Months Ended

Sep. 30, 2025

Revenue

The Company determines revenue recognition from contracts with customers in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606").

The following table presents revenue of the Company disaggregated by revenue source and ASC 606 applicability (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net revenue
Transaction revenue
Exchange	$	25,152	$	14,023	$	68,922	$	64,868
OTC	1,065		519		1,805		1,149
Other transaction revenue	120		34		583		846
Total transaction revenue	26,337		14,576		71,310		66,863



Services revenue
Credit card revenue	8,532		2,617		17,162		7,597
Staking revenue	5,883		3,101		11,679		8,198
Advisory fee revenue	2,098		—		2,098		—
Custodial fee revenue	2,825		1,609		6,564		5,117
Other services revenue	592		—		592		—
Total services revenue	19,930		7,327		38,095		20,912
Total net revenue from contracts with customers	46,267		21,903		109,405		87,775

Other revenue
Other	118		90		309		235
Total other revenue	118		90		309		235

Revenue not from contracts with customers(1)
Interest income	3,508		2,453		8,284		10,105
Corporate interest	725		96		1,231		750
Total revenue not from contracts with customers	4,233		2,549		9,515		10,855
Total revenue	$	50,618	$	24,542	$	119,229	$	98,865
__________________
(1) Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606. Interest income is included within Net revenue and corporate interest is included within Other revenue, respectively, on the condensed consolidated statements of operations and comprehensive loss.

Contract liabilities

Under ASC 606, Revenue from Contracts with Customers, the Company has a contract liability related to non-cash warrant consideration received in advance of satisfying the related performance obligation for advisory services and are included in Other current liabilities on the condensed consolidated balance sheets. During the three and nine months ended September 30, 2025, the Company recognized $2.1 million of revenue related to contract liabilities. Contact liabilities were first recognized during the three months ended September 30, 2025, in connection with new customer arrangements with advance consideration.

Contract asset

The Company has a contract asset, representing the unvested portion of the warrants, which is reflected as a warrant receivable within Other non-current assets on the condensed consolidated balance sheets. Refer to Note 8. Prepaid Expenses and Other Current Assets.

Revenue by geographic location

The following table presents revenue of the Company disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

U.S.	$	43,072	$	20,587	$	100,587	$	81,685
International(1)	7,546		3,955		18,642		17,180
Total revenue(2)	$	50,618	$	24,542	$	119,229	$	98,865
__________________
(1) No country, outside the U.S., accounted for more than 10% of Total revenue. (2) Total revenue includes $4.2 million and $9.5 million for the three and nine months ended September 30, 2025, respectively, and $2.5 million and $10.9 million for the three and nine months ended September 30, 2024, respectively, that is not recognized within the scope of ASC 606, Revenue from Contracts with Customers, as outlined above.

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.

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

Revenue from Contract with Customer [Abstract]

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Disaggregation of Revenue

The following table presents revenue of the Company disaggregated by revenue source and ASC 606 applicability (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net revenue
Transaction revenue
Exchange	$	25,152	$	14,023	$	68,922	$	64,868
OTC	1,065		519		1,805		1,149
Other transaction revenue	120		34		583		846
Total transaction revenue	26,337		14,576		71,310		66,863



Services revenue
Credit card revenue	8,532		2,617		17,162		7,597
Staking revenue	5,883		3,101		11,679		8,198
Advisory fee revenue	2,098		—		2,098		—
Custodial fee revenue	2,825		1,609		6,564		5,117
Other services revenue	592		—		592		—
Total services revenue	19,930		7,327		38,095		20,912
Total net revenue from contracts with customers	46,267		21,903		109,405		87,775

Other revenue
Other	118		90		309		235
Total other revenue	118		90		309		235

Revenue not from contracts with customers(1)
Interest income	3,508		2,453		8,284		10,105
Corporate interest	725		96		1,231		750
Total revenue not from contracts with customers	4,233		2,549		9,515		10,855
Total revenue	$	50,618	$	24,542	$	119,229	$	98,865
__________________
(1) Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606. Interest income is included within Net revenue and corporate interest is included within Other revenue, respectively, on the condensed consolidated statements of operations and comprehensive loss.

Schedule of Revenues Disaggregated by Geography

The following table presents revenue of the Company disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

U.S.	$	43,072	$	20,587	$	100,587	$	81,685
International(1)	7,546		3,955		18,642		17,180
Total revenue(2)	$	50,618	$	24,542	$	119,229	$	98,865
__________________
(1) No country, outside the U.S., accounted for more than 10% of Total revenue. (2) Total revenue includes $4.2 million and $9.5 million for the three and nine months ended September 30, 2025, respectively, and $2.5 million and $10.9 million for the three and nine months ended September 30, 2024, respectively, that is not recognized within the scope of ASC 606, Revenue from Contracts with Customers, as outlined above.

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

The Company has operating leases for office facilities with remaining terms of 0 to 9 years. Many leases include one or more options to renew, but renewals are not assumed in the determination of the lease term as the Company is not reasonably certain to exercise the renewals.

The Company recognized lease expense in General and administrative on the condensed consolidated statements of operations and comprehensive loss. The components of lease expense were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease expense	$	1,281	$	966	$	3,581	$	3,016
Short-term lease expense	128		66		264		572
Total lease expense	$	1,409	$	1,032	$	3,845	$	3,588

Other information related to the Company's operating leases was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (in years)	4.6		5.0
Weighted-average discount rate	6.1	%	6.0	%

Maturities of operating lease liabilities as of September 30, 2025 were as follows:


Remaining 2025	$	1,626
2026	7,133
2027	7,161
2028	6,657
2029	3,655
Thereafter	2,975
Total undiscounted lease payments	29,207
Less: imputed interest	(3,663)
Total lease liabilities	$	25,544

On July 15, 2025, the Company entered into a 60 month lease agreement for 2,742 square feet of office space in London, United Kingdom which commenced on July 15, 2025. The term of the lease expires on July 14, 2030 and requires monthly base payments of $34,481, with a total present value of lease payments of $1.6 million and a discount rate of 6.9%. At lease commencement, the Company recognized a right-of-use asset of $1.3 million and a corresponding lease liability. The lease is classified as an operating lease under FASB ASC Topic 842, Leases (“ASC 842”).

On May 1, 2025, the Company entered into an operating lease for office space in Miami, Florida, with a non-cancelable term of 66 months. The agreement does not include any options to purchase or renew the lease. The lease provides for a 5-month rent-free period and monthly lease payments ranging from $51,567 - $59,773 thereafter, with a total present value of lease payments of $2.8 million and a discount rate of 6.8%. At lease commencement, the Company recognized a right-of-use asset of $2.7 million and a corresponding lease liability. The lease is classified as an operating lease under FASB ASC Topic 842, Leases (“ASC 842”).

On August 25, 2023, the Company entered into a sublease agreement for the office space in New York City. As a result, the Company recorded sublease income of $0.5 million and $1.6 million for the three and nine months ended September 30, 2025, respectively. The Company recorded sublease income of $0.5 million and $1.6 million for the three and nine months ended September 30, 2024, respectively Sublease income is reflected in Other income (expense), net within the condensed consolidated statements of operations and comprehensive loss. Of the sublease income earned, $1.0 million and $1.3 million, respectively, was recorded within Accounts receivable, net on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.

The Company entered into a five year sublease agreement for the office space in Chicago which commenced on November 1, 2022. As a result, the Company recorded sublease income of $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively. The Company recorded sublease income of $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively. Sublease income is reflected in Other income (expense), net, within the condensed consolidated statements of operations and comprehensive loss.

Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets consisted of the following as of September 30, 2025 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Amortizing intangible assets
Patents	$	178,005	$	(45,490)	$	132,515
Developed technology	50,781		(38,377)		12,404
Customer relationships	1,250		(937)		313
Assembled workforce	669		(536)		133
	$	230,705	$	(85,340)	$	145,365

Amortization expense of intangible assets was $5.6 million and $16.8 million for the three and nine months ended September 30, 2025, respectively.

Intangible assets consisted of the following as of December 31, 2024 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Amortizing intangible assets
Patents	$	178,005	$	(36,590)	$	141,415
Developed technology	50,781		(30,779)		20,002
Customer relationships	1,250		(750)		500
Assembled workforce	670		(444)		226
	$	230,706	$	(68,563)	$	162,143

Amortization expense of intangible assets was $5.6 million and $17.2 million for the three and nine months ended September 30, 2024, respectively.

The expected future amortization expense for intangible assets as of September 30, 2025 is as follows (in thousands):


	September 30, 2025
Remaining 2025	$	5,585
2026	22,124
2027	11,867
2028	11,867
2029	11,867
Thereafter	82,055
Total expected future amortization expense	$	145,365

Accounts Receivable, Net - Schedule of Accounts Receivable, Net of Allowance (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Jun. 30, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

Total accounts receivable, net of allowance

$ (15,697)

$ (12,304)

$ (10,268)

$ (10,601)

$ (12,601)

$ (20,273)

^[1]

84,215

65,368

Credit card receivables

Accounts, Notes, Loans and Financing Receivable [Line Items]

82,709

65,821

Accrued interest receivable

(8,671)

(6,969)

(6,563)

(6,159)

(6,102)

(4,251)

400

300

Retail receivables

Accounts, Notes, Loans and Financing Receivable [Line Items]

10,024

4,402

Accounts, Notes, Loans and Financing Receivable [Line Items]

(7,026)

(5,139)

(3,780)

(4,365)

(6,532)

(15,988)

Custody fees receivable

Accounts, Notes, Loans and Financing Receivable [Line Items]

2,364

1,608

Staking fees receivable

1,213

936

Accounts, Notes, Loans and Financing Receivable [Line Items]

Other fees receivable

3,602

2,869

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ (196)

$ (77)

$ 33

$ (34)

In-transit receivables

General and administrative expense

$ 1,500

$ 1,800

[1]	(1) Includes related party amounts of $0.2 million in Accounts receivable, net as of both September 30, 2025 and December 31, 2024, as outlined in Note 21. Related Party Transactions.

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 11, 2025 plan shares	Jan. 31, 2022 acquistion	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) tranche $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2020 shares	Sep. 10, 2025 class	Dec. 31, 2024 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer custodial funds related to GUSD \| $			$ 49.3		$ 49.3				$ 58.7
Customer custodial funds due to customers related to GUSD \| $			48.7		48.7				$ 58.4
Advertising expense \| $			$ 17.9	$ 1.1	$ 28.6	$ 1.7
Number of equity incentive plans \| plan	2
Number of classes of common units \| class								3
Number of asset acquisitions \| acquistion		2
ESPP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of annual increase in shares authorized					10 years
Annual increase in shares authorized percentage					1.00%
Stock discount percentage					15.00%
Accumulated payroll deduction offering period					6 months
Purchase price of common stock percentage					85.00%
Maximum annual increase in shares authorized (in shares)					1,500,000
NSOs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractual period					10 years
Exercise price percentage					100.00%
Performance period					7 years
Number of vesting tranches \| tranche					4
NSOs \| Share-Based Payment Arrangement, Tranche One
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting percentage					50.00%
NSOs \| Share-Based Payment Arrangement, Tranche Two
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting percentage					50.00%
RSUs \| Share-Based Payment Arrangement, Tranche One
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting percentage					25.00%
Vesting period					4 years
RSUs \| Share-Based Payment Arrangement, Tranche Two
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting percentage					75.00%
Vesting period					3 years
Service-Based Incentive Units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period					4 years
Service-Based Incentive Units \| Share-Based Payment Arrangement, Tranche One
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting percentage					25.00%
Service-Based Incentive Units \| Share-Based Payment Arrangement, Tranche Two
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting percentage					75.00%
Vesting period					3 years
Performance Based Incentive Units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum vesting of granted awards upon achieving certain performance metrics (in shares)							1,300,000
Service-Based Common Units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting percentage		50.00%
Vesting period		2 years
Class A common stock \| Common Units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares resulting from conversion of equity (in shares)	9,800,000
Class B common stock \| Common Units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares resulting from conversion of equity (in shares)	4,600,000
Equity Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of annual increase in shares authorized					10 years
Annual increase in shares authorized percentage					5.00%
Empery Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares available to purchase from warrant rights (in shares)			900,000		900,000
Exercise price of warrants (in dollars per share) \| $ / shares			$ 10.00		$ 10.00
Exercisable increments percentage					20.00%
Exercisable increments, volume-weighted average price per share increasing increments per share (in dollars per share) \| $ / shares					$ 5.00
Percentage of warrant vesting conditions met			40.00%		40.00%
Empery Common Stock \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Exercisable increments, volume-weighted average price per share (in dollars per share) \| $ / shares					$ 10.00
Empery Common Stock \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Exercisable increments, volume-weighted average price per share (in dollars per share) \| $ / shares					$ 30.00

Prepaid Expenses and Other Assets - Schedule of Measurement Alternative Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Equity Securities Without Readily Determinable Fair Value [Roll Forward]
Carrying amount, beginning balance	$ 10,638	$ 11,708
Net reductions
Net reductions	(1,131)	(580)
Upward adjustments	61	73
Impairments and downward adjustments	0	(122)
Carrying amount, ending balance	$ 9,568	$ 11,079

Related Party Transactions (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

^[1]

$ 19,335

$ 13,822

$ 52,582

$ 44,782

Technology expense

^[2]

20,317

15,579

54,790

47,460

^[3]

67,579

$ 38,907

General and administrative expense

^[4]

84,215

65,368

600

800

Technology expense

500

100

700

100

Revenue

700

$ 400

1,900

$ 1,600

$ 200

[1]	(3) General and administrative expenses includes related party amounts of $0.6 million and $0.8 million for the three and nine months ended September 30, 2025, respectively, and $0 for the three and nine months ended September 30, 2024, as outlined in Note 21. Related Party Transactions.
[2]	(2) Technology expenses includes related party amounts of $0.5 million and $0.7 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.7 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.
[3]	(2) Includes related party amounts of $0 and $0.1 million in Accrued expenses as of September 30, 2025 and December 31, 2024, respectively, as outlined in Note 21. Related Party Transactions.
[4]	(1) Includes related party amounts of $0.2 million in Accounts receivable, net as of both September 30, 2025 and December 31, 2024, as outlined in Note 21. Related Party Transactions.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Common Units & Common Stock (Details) $ / shares in Units, $ in Thousands	Sep. 11, 2025 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) vote $ / shares shares	Sep. 15, 2025 $ / shares shares	Sep. 10, 2025 class	Dec. 31, 2024 USD ($) shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			1,100,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001
Number of classes of common units \| class				3
Common units, issued (in shares)		0			50,761,000
Common units, outstanding (in shares)		0			50,761,000
Convertible Notes
Class of Stock [Line Items]
Aggregate Principal Amount \| $	$ 228,000	$ 200,000			$ 200,000
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000.0	1,000,000,000			0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	0.001
Common stock, shares issued (in shares)		42,518,964			0
Common stock, shares outstanding (in shares)		42,518,964			0
Number of votes for each share of common stock held \| vote		1
Number of shares resulting from conversion of stock (in shares)	300,000
Class A common stock \| Convertible Preferred Units
Class of Stock [Line Items]
Number of shares resulting from conversion of equity (in shares)	15,100,000
Common Class A, Vested Incentive Units
Class of Stock [Line Items]
Number of shares resulting from conversion of stock (in shares)	5,000,000.0
Common Class A, Unvested Incentive Units
Class of Stock [Line Items]
Number of shares resulting from conversion of stock (in shares)	4,400,000
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100,000,000.0	100,000,000			0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued (in shares)		75,126,784			0
Common stock, shares outstanding (in shares)		75,126,784			0
Number of votes for each share of common stock held \| vote		10
Common stock conversion ratio		1
Number of shares resulting from conversion of stock (in shares)	4,600,000
Class B common stock \| Convertible Notes
Class of Stock [Line Items]
Number of shares resulting from conversion of debt (in shares)	10,200,000
Price per share resulting from converted debt (in dollars per share) \| $ / shares	$ 22.40
Percentage of IPO price, resulting from converted debt	80.00%
Class B common stock \| Convertible Preferred Units
Class of Stock [Line Items]
Number of shares resulting from conversion of equity (in shares)	39,400,000
Class B common stock \| Founders
Class of Stock [Line Items]
Minimum percentage of outstanding common stock held, triggering automatic conversion of stock		20.00%
Common Class B, Incentive Units Held By Founders
Class of Stock [Line Items]
Number of shares resulting from conversion of stock (in shares)	100,000
Basic Common Units
Class of Stock [Line Items]
Number of outstanding units converted (in shares)	1,100,000
Capital Common A Units
Class of Stock [Line Items]
Number of outstanding units converted (in shares)	15,000,000.0
Incentive Units
Class of Stock [Line Items]
Number of outstanding units converted (in shares)	55,200,000
IPO \| Class A common stock
Class of Stock [Line Items]
Shares issued and sold (in shares)	15,900,000
Public offering price of shares issued and sold (in dollars per share) \| $ / shares	$ 28.00
Over-Allotment Option, Company \| Class A common stock
Class of Stock [Line Items]
Shares issued and sold (in shares)	300,000
Over-Allotment Option, Stockholders \| Class A common stock
Class of Stock [Line Items]
Shares issued and sold (in shares)	500,000
Private Placement \| Class A common stock
Class of Stock [Line Items]
Shares issued and sold (in shares)	1,900,000
Public offering price of shares issued and sold (in dollars per share) \| $ / shares	$ 26.25

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 5.6	$ 5.6	$ 16.8	$ 17.2

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Assets (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid expenses and other current assets
Crypto asset collateral held	$	—	$	15,275
Prepaid expenses	8,923		7,232
Equity securities	1,382		219
Derivative assets	684		6,354
Other	15,892		8,054
Total prepaid expenses and other current assets	$	26,881	$	37,134

Other non-current assets
Lease right-of-use assets	$	16,419	$	14,512
Strategic investments	9,568		10,638
Warrant derivative(1)	1,659		—
Warrant receivable(2)	6,493		—
Other	1,735		1,722
Total other non-current assets	$	35,874	$	26,872
__________________
(1) Warrant derivative represents the vested warrants received in connection with an advisory agreement. The vested warrants meet the definition of a derivative under ASC 815, Derivatives and Hedging, and are subject to fair value adjustments. Refer to Note 5. Fair Value Measurements.
(2) The warrant receivable represents a contract asset initially measured at fair value of $10.8 million. As of September 30, 2025, $4.3 million had vested, resulting in a remaining contract asset of $6.5 million.

Schedule of Carrying Value of Strategic Investments Accounted for under the Measurement Alternative

The changes in the carrying value of strategic investments accounted for under the measurement alternative are presented below (in thousands):


	Nine Months Ended September 30,
	2025		2024
Carrying amount, beginning balance	$	10,638	$	11,708
Net reductions(1)	(1,131)		(580)
Upward adjustments	61		73
Impairments and downward adjustments	—		(122)
Carrying amount, ending balance	$	9,568	$	11,079
__________________
(1) Includes additions from purchases, reductions due to exits of securities and reclassifications due to changes to capital structure.

Third Party Loans (Tables)

9 Months Ended

Sep. 30, 2025

Schedule Third Party Loans

Term Loans as of September 30, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24(4)		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
2024 Term Loan	5/16/2024	6/1/2027	$	275,000	$	230,704	$	44,296	$	76,424	$	(2,594)	$	(369,146)	$	13,811	$	—
2025 Term Loan	1/23/2025	6/1/2027	200,000		—		168,462		42,885		198		(215,414)		3,869		—
Total			$	475,000	$	230,704	$	212,758	$	119,309	$	(2,396)	$	(584,560)	$	17,680	$	—
__________________
(1) The term loans are stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of September 30, 2025 the blended interest rates were 6.9% and 7.3% for the 2024 and 2025 Term Loans, respectively. (2) On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event it will be automatically converted into Common Units in the Company. (3) The maturity date was extended on May 15, 2025. (4) The $443.5 million principal outstanding is denominated in USD but was received as 4,841 BTC, 9,000 ETH, and $26.9 million, of which, 3,241 BTC, 9,000 ETH, and $26.9 million were used during the nine months ended September 30, 2025 for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $182.5 million as of September 30, 2025.

Term Loans as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Amount Borrowed(2)		Amount Repaid		Principal Outstanding as of 12.31.24		Interest Expense		Interest Payable(3)
2024 Term Loan	5/16/2024	3/1/2026	$	275,000	$	230,704	$	—	$	230,704	$	6,505	$	6,505
_______________________
(1) The term loan is stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of December 31, 2024 the blended interest rate was 6.8%. (2) The $230.7 million principal outstanding is denominated in USD but was received as 2,834 BTC, 9,000 ETH, and $11.8 million, of which, 1,234 BTC, 9,000 ETH, and $11.8 million were used during the year for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $149.4 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.

Third party loans with Galaxy as of September 30, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(1)		Collateral Type(2)	Collateral Rate (Initial Collateral Level)(3)
Loan 13	5/29/2024	Evergreen	51,900		11.0%	4,329		476		BTC	145%
Loan 14	5/29/2024	Evergreen	54,600		11.0%	4,555		500		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	910		100		BTC	145%
Total			$	116,500		$	9,794	$	1,076
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025. (2) As of September 30, 2025, the Company has pledged 818 BTC and 20,960 ETH included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $93.3 million, or 151%, for BTC loans; and $86.9 million, or 159%, for ETH loans. (3) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Third party loans with Galaxy as of December 31, 2024 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(9)		Collateral Type(10)	Collateral Rate (Initial Collateral Level)(11)
Loan 1	3/2/2023	3/5/2024	$	—	11.0%	$	577	$	—	ETH	160%
Loan 2	3/2/2023	3/5/2024	—		11.0%	499		—		BTC	150%
Loan 3	4/27/2023	3/5/2024	—		11.5%	104		—		ETH	160%
Loan 4	4/27/2023	3/5/2024	—		11.5%	131		—		BTC	150%
Loan 5	5/24/2023	3/5/2024	—		11.5%	409		—		ETH	160%
Loan 6	5/24/2023	3/5/2024	—		11.5%	409		—		BTC	150%
Loan 7(1)	3/4/2024	3/31/2024	—		11.5%	209		—		ETH	160%
Loan 8(2)	3/4/2024	Evergreen	—		11.0%	428		—		BTC	145%
Loan 9(3)	3/4/2024	Evergreen	—		11.0%	243		—		ETH	155%
Loan 10(4)	3/28/2024	5/31/2024	—		11.5%	489		—		ETH	160%
Loan 11(5)	3/28/2024	Evergreen	—		11.0%	967		—		BTC	145%
Loan 12(6)	3/28/2024	Evergreen	—		11.0%	550		—		ETH	155%
Loan 13(7)	5/29/2024	Evergreen	51,900		11.0%	3,410		492		BTC	145%
Loan 14(8)	5/29/2024	Evergreen	54,600		11.0%	3,570		517		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	203		103		BTC	145%
Total			$	116,500		$	12,198	$	1,112
__________________
(1) On March 4, 2024 an amended agreement was executed that restated loan 3 and loan 5 into loan 7. All of the terms and conditions are the same with the exception of the maturity date being extended to March 31, 2024. (2) On March 4, 2024 an amended agreement was executed that restated loan 2, loan 4, and loan 6 into loan 8. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (3) On March 4, 2024 an amended agreement was executed that restated loan 1 into loan 9. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (4) On March 28, 2024 an amended agreement was executed that restated loan 7 into loan 10. All of the terms and conditions are the same with the exception of the maturity date being extended to May 31, 2024. (5) On March 28, 2024 an amended agreement was executed that restated loan 8 into loan 11. All of the terms and conditions are the same. (6) On March 28, 2024 an amended agreement was executed that restated loan 9 into loan 12. All of the terms and conditions are the same. (7) On May 29, 2024 an amended agreement was executed that restated loan 11 into loan 13. All of the terms and conditions are the same. (8) On May 29, 2024 an amended agreement was executed that aggregated the principal of loan 10 with loan 12 and restated them into loan 14. All of the terms and conditions are the same with the exception of loan 10's collateral rate, interest rate, and maturity date being updated to mirror the terms of loan 12. (9) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2024. (10) As of December 31, 2024, the Company has pledged 929 bitcoin and 24,625 ether included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of December 31, 2024 was approximately $86.7 million, or 140%, for BTC loans; and $81.6 million, or 149%, for ETH loans. (11) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Funding Debt as of September 30, 2025 (in thousands):

Loan(1)

Loan Date

Maturity Date

Principal Outstanding

Interest Rate(2)

Interest Expense

Interest Payable(3)

Ripple

7/11/2025

11/15/2027

48,890

6.5%

314

__________________

(2) The loan has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the condensed consolidated balance sheets as of September 30, 2025.

Schedule of Repurchase Agreements

Repurchase agreement as of September 30, 2025 (in thousands):

Loan

Loan Date

Maturity Date

Principal Outstanding

Discount

Interest Rate

Interest Expense

Interest Payable(1)

Collateral Type(2)

Collateral Rate(3)

NYDIG

7/25/2025

6/30/2026

75,000

(600)

6.5%

1,204

531

BTC

194%

__________________

(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025.

(2) As of September 30, 2025, the Company has pledged 1,275 BTC included in Crypto assets held on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $145.4 million, or 194%.

(3) Of the 1,275 BTC pledged, 197 BTC is subject to a margin call. If the value of the BTC held by NYDIG falls below the 143% buyer’s margin call requirement, Gemini must send additional BTC to NYDIG to meet the 143% requirement. If the value of BTC held by NYDIG increases above the 200% seller’s margin call requirement, NYDIG must send BTC back to Gemini to meet the 200% requirement. As of September 30, 2025, the collateral rate of the BTC held by NYDIG was 194%.

Third Party Loans - Schedule of Third Party Loans Transactions (Details) $ in Thousands			9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) crypto_unit	Dec. 31, 2024 USD ($) crypto_unit	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Bitcoin \| Galaxy Digital LLC
Debt Instrument [Line Items]
Collateral Rate (Initial Collateral Level)	151.00%	140.00%	151.00%	140.00%
Crypto assets received (in units) \| crypto_unit	818	929
Total collateral associated with loan	$ 93,300	$ 86,700	$ 93,300	$ 86,700
Ether \| Galaxy Digital LLC
Debt Instrument [Line Items]
Collateral Rate (Initial Collateral Level)	159.00%	149.00%	159.00%	149.00%
Crypto assets received (in units) \| crypto_unit	20,960	24,625
Total collateral associated with loan	$ 86,900	$ 81,600	$ 86,900	$ 81,600
Galaxy Digital LLC
Debt Instrument [Line Items]
Principal Outstanding	116,500	116,500	116,500	116,500
Interest Expense			9,794	12,198
Interest Payable	1,076	1,112	1,076	1,112
Galaxy Digital LLC \| Loan 1
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.00%		11.00%
Interest Expense				$ 577
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		160.00%		160.00%
Galaxy Digital LLC \| Loan 2
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.00%		11.00%
Interest Expense				$ 499
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		150.00%		150.00%
Galaxy Digital LLC \| Loan 3
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.50%		11.50%
Interest Expense				$ 104
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		160.00%		160.00%
Galaxy Digital LLC \| Loan 4
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.50%		11.50%
Interest Expense				$ 131
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		150.00%		150.00%
Galaxy Digital LLC \| Loan 5
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.50%		11.50%
Interest Expense				$ 409
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		160.00%		160.00%
Galaxy Digital LLC \| Loan 6
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.50%		11.50%
Interest Expense				$ 409
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		150.00%		150.00%
Galaxy Digital LLC \| Loan 7
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.50%		11.50%
Interest Expense				$ 209
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		160.00%		160.00%
Galaxy Digital LLC \| Loan 8
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.00%		11.00%
Interest Expense				$ 428
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		145.00%		145.00%
Galaxy Digital LLC \| Loan 9
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.00%		11.00%
Interest Expense				$ 243
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		155.00%		155.00%
Galaxy Digital LLC \| Loan 10
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.50%		11.50%
Interest Expense				$ 489
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		160.00%		160.00%
Galaxy Digital LLC \| Loan 11
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.00%		11.00%
Interest Expense				$ 967
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		145.00%		145.00%
Galaxy Digital LLC \| Loan 12
Debt Instrument [Line Items]
Principal Outstanding		$ 0		$ 0
Interest Rate		11.00%		11.00%
Interest Expense				$ 550
Interest Payable		$ 0		$ 0
Collateral Rate (Initial Collateral Level)		155.00%		155.00%
Galaxy Digital LLC \| Loan 13
Debt Instrument [Line Items]
Principal Outstanding	$ 51,900	$ 51,900	$ 51,900	$ 51,900
Interest Rate	11.00%	11.00%	11.00%	11.00%
Interest Expense			$ 4,329	$ 3,410
Interest Payable	$ 476	$ 492	$ 476	$ 492
Collateral Rate (Initial Collateral Level)	145.00%	145.00%	145.00%	145.00%
Galaxy Digital LLC \| Loan 14
Debt Instrument [Line Items]
Principal Outstanding	$ 54,600	$ 54,600	$ 54,600	$ 54,600
Interest Rate	11.00%	11.00%	11.00%	11.00%
Interest Expense			$ 4,555	$ 3,570
Interest Payable	$ 500	$ 517	$ 500	$ 517
Collateral Rate (Initial Collateral Level)	155.00%	155.00%	155.00%	155.00%
Galaxy Digital LLC \| Loan 15
Debt Instrument [Line Items]
Principal Outstanding	$ 10,000	$ 10,000	$ 10,000	$ 10,000
Interest Rate	12.00%	12.00%	12.00%	12.00%
Interest Expense			$ 910	$ 203
Interest Payable	$ 100	$ 103	$ 100	$ 103
Collateral Rate (Initial Collateral Level)	145.00%	145.00%	145.00%	145.00%

Net Loss Per Share - Narrative (Details) - Convertible Notes - USD ($) $ in Thousands	May 15, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Fair value of debt that can be converted		$ 237,000	$ 230,567	$ 133,577
Note holder option, price of conversion as a percentage of the lowest original issue price	80.00%	80.00%

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

Goodwill and Intangible Assets Disclosure [Abstract]

Crypto Assets Held (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Crypto Assets Held At Fair Value

The following table presents a summary of the crypto assets held at fair value by the Company (in thousands except for units):


	September 30, 2025
	Units	Cost Basis		Fair Value
Bitcoin	5,302	$	263,746	$	604,746
Ether	11,134	46,347		46,164
Other crypto assets	nm(1)	11,750		24,053
Total		$	321,843	$	674,963
__________________
(1) not meaningful


	December 31, 2024
	Units	Cost Basis		Fair Value
Bitcoin	4,414	$	117,005	$	412,115
Ether	5,301	17,009		17,562
Other crypto assets	nm(1)	8,200		40,424
Total		$	142,214	$	470,101
__________________
(1) not meaningful

Schedule of Fair Value Roll-forward of Crypto Assets Held at Fair Value

The following table is a fair value roll-forward of the Company's crypto assets held at fair value (in thousands):


	Bitcoin		Ether		Other		Total
Crypto assets held at December 31, 2023	$	295,320	$	25,718	$	6,828	$	327,866


Addition of crypto assets(1)	431,487		299,660		11,887		743,034
Disposition of crypto assets(1)	(608,225)		(327,979)		(9,428)		(945,632)
Realized gain on crypto assets(2)	149,878		26,555		1,095		177,528
Realized loss on crypto assets	(610)		(545)		(609)		(1,764)
Unrealized gain (loss) on crypto assets(3)	144,265		(5,847)		30,651		169,069
Crypto assets held at December 31, 2024	$	412,115	$	17,562	$	40,424	$	470,101

Addition of crypto assets(4)(5)	519,334		305,186		24,346		848,866
Disposition of crypto assets(4)(5)	(412,454)		(293,544)		(24,694)		(730,692)
Realized gain on crypto assets(2)	47,671		29,188		4,390		81,249
Realized loss on crypto assets	(7,562)		(11,482)		(1,050)		(20,094)
Unrealized gain (loss) on crypto assets(3)	45,642		(746)		(19,363)		25,533
Crypto assets held at September 30, 2025	$	604,746	$	46,164	$	24,053	$	674,963
__________________
(1) Includes acquisitions of 2,715 Bitcoin and 68,996 Ether totaling $384.3 million and dispositions of 1,879 Bitcoin and 56,766 Ether totaling $275.1 million to manage collateral obligation under its loan agreements as of December 31, 2024. Refer to Note 2. Summary of Significant Accounting Policies in the Company's audited annual consolidated financial statements for further details. (2) Excludes realized gain on Receivable, crypto assets pledged of $44.5 million and $135.8 million as of September 30, 2025 and December 31, 2024, respectively. (3) Excludes unrealized loss on Receivable, crypto assets pledged of $13.5 million and $17.8 million as of September 30, 2025 and December 31, 2024, respectively. (4) Includes acquisitions of 616 Bitcoin and 65,361 Ether totaling $238.5 million and dispositions of 505 Bitcoin and 61,696 Ether totaling $192.4 million to manage collateral obligation under its loan agreements as of September 30, 2025. Refer to Note 2. Summary of Significant Accounting Policies in the Company's audited annual consolidated financial statements for further details. (5) Beginning in the third quarter of 2025, the Company began using certain customer collateral received under its rehypothecation rights. As a result, these assets are now presented in Crypto assets held on the condensed consolidated balance sheets.. In prior periods, these assets were included in Prepaid expenses and other current assets on the condensed consolidated balance sheets. Included in acquisitions is 132 Bitcoin totaling $15.1 million and in dispositions 5 Bitcoin and 1 Ether totaling $0.8 million related to customer collateral received under rehypothecation rights as of September 30, 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2025
Revenue from Contract with Customer [Abstract]
Recognized revenue related to contract liabilities	$ 2.1	$ 2.1

Condensed Consolidated Statements of Changes in Convertible Preferred Units and Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Conversion of convertible preferred units to common stock in connection with IPO	Conversion of convertible notes and related party terms loans to common stock in connection with IPO	Conversion of Common Units to common stock in connection with IPO	IPO	Private Placement	Common Units	Common Units Conversion of Common Units to common stock in connection with IPO	Common Stock	Common Stock Conversion of convertible preferred units to common stock in connection with IPO	Common Stock Conversion of convertible notes and related party terms loans to common stock in connection with IPO	Common Stock Conversion of Common Units to common stock in connection with IPO	Common Stock IPO	Common Stock Private Placement	Treasury Stock	Additional Paid-In Capital	Additional Paid-In Capital Conversion of convertible preferred units to common stock in connection with IPO	Additional Paid-In Capital Conversion of convertible notes and related party terms loans to common stock in connection with IPO	Additional Paid-In Capital Conversion of Common Units to common stock in connection with IPO	Additional Paid-In Capital IPO	Additional Paid-In Capital Private Placement	Accumulated Other Comprehensive Income	Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (644,303)						$ 0		$ 0						$ 0	$ 656,495						$ 1,096	$ (1,301,894)
Beginning balance (in shares) at Dec. 31, 2023	39,842
Beginning balance at Dec. 31, 2023	$ 534,368
Ending balance (in shares) at Sep. 30, 2024	39,842
Ending balance at Sep. 30, 2024	$ 534,368
Beginning common balance (in shares) at Dec. 31, 2023							49,694		0
Beginning treasury balance (in shares) at Dec. 31, 2023															0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Units due to equity awards granted, net of forfeitures (in shares)							1,113
Stock-based compensation	4,483															4,483
Net loss	(131,552)																						(131,552)
Other comprehensive income	3,424																					3,424
Ending common balance (in shares) at Sep. 30, 2024							50,807		0
Ending treasury balance (in shares) at Sep. 30, 2024															0
Ending balance at Sep. 30, 2024	(767,948)						$ 0		$ 0						$ 0	660,978						4,520	(1,433,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (681,934)						$ 0		$ 0						$ 0	659,640						1,692	(1,343,266)
Beginning balance (in shares) at Jun. 30, 2024	39,842
Beginning balance at Jun. 30, 2024	$ 534,368
Ending balance (in shares) at Sep. 30, 2024	39,842
Ending balance at Sep. 30, 2024	$ 534,368
Beginning common balance (in shares) at Jun. 30, 2024							50,259		0
Beginning treasury balance (in shares) at Jun. 30, 2024															0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Units due to equity awards granted, net of forfeitures (in shares)							548
Stock-based compensation	1,338															1,338
Net loss	(90,180)																						(90,180)
Other comprehensive income	2,828																					2,828
Ending common balance (in shares) at Sep. 30, 2024							50,807		0
Ending treasury balance (in shares) at Sep. 30, 2024															0
Ending balance at Sep. 30, 2024	(767,948)						$ 0		$ 0						$ 0	660,978						4,520	(1,433,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(767,948)						0		0						0	660,978						4,520	(1,433,446)
Beginning balance	$ (795,362)						$ 0		$ 0						$ 0	662,091						2,987	(1,460,440)
Beginning balance (in shares) at Dec. 31, 2024	39,842
Beginning balance at Dec. 31, 2024	$ 534,368
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred units to common stock in connection with IPO (in shares)	(39,842)
Conversion of convertible preferred units to common stock in connection with IPO	$ (534,368)
Ending balance (in shares) at Sep. 30, 2025	0
Ending balance at Sep. 30, 2025	$ 0
Beginning common balance (in shares) at Dec. 31, 2024							50,761		0
Beginning treasury balance (in shares) at Dec. 31, 2024	0														0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Units due to equity awards granted, net of forfeitures (in shares)							20,497
Issuance of common stock (in shares)													15,479	1,905
Issuance of common stock					$ 391,164	$ 50,000							$ 15	$ 2						$ 391,149	$ 49,998
Conversion in connection with IPO (in shares)								(71,258)		54,541	31,056	14,403
Conversion in connection with IPO		$ 534,369	$ 869,568	$ (37)						$ 55	$ 31	$ 15					$ 534,314	$ 869,537	$ (52)
Issuance of common stock upon settlement of stock awards, net of shares withheld (in shares)									262
Issuance of common stock upon settlement of stock awards, net of shares withheld	$ (6,929)															(6,929)
Shares withheld for employee tax withholdings (in shares)															(23)
Shares withheld for employee tax withholdings	(568)														$ (568)
Stock-based compensation	48,959															48,959
Net loss	(441,990)																						(441,990)
Other comprehensive income	$ 4,388																					4,388
Ending common balance (in shares) at Sep. 30, 2025							0		117,646
Ending treasury balance (in shares) at Sep. 30, 2025	(23)														(23)
Ending balance at Sep. 30, 2025	$ 653,562						$ 0		$ 118						$ (568)	2,549,067						7,375	(1,902,430)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (1,069,450)						$ 0		$ 0						$ 0	665,299						8,167	(1,742,916)
Beginning balance (in shares) at Jun. 30, 2025	39,842
Beginning balance at Jun. 30, 2025	$ 534,368
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred units to common stock in connection with IPO (in shares)	(39,842)
Conversion of convertible preferred units to common stock in connection with IPO	$ (534,368)
Ending balance (in shares) at Sep. 30, 2025	0
Ending balance at Sep. 30, 2025	$ 0
Beginning common balance (in shares) at Jun. 30, 2025							68,383		0
Beginning treasury balance (in shares) at Jun. 30, 2025															0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Units due to equity awards granted, net of forfeitures (in shares)							2,875
Issuance of common stock (in shares)													15,479	1,905
Issuance of common stock					$ 391,164	$ 50,000							$ 15	$ 2						$ 391,149	$ 49,998
Conversion in connection with IPO (in shares)								(71,258)		54,541	31,056	14,403
Conversion in connection with IPO		$ 534,369	$ 869,568	$ (37)						$ 55	$ 31	$ 15					$ 534,314	$ 869,537	$ (52)
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares)									262
Issuance of common stock upon settlement of RSUs, net of shares withheld	(6,929)															(6,929)
Shares withheld for employee tax withholdings (in shares)															(23)
Shares withheld for employee tax withholdings	(568)														$ (568)
Stock-based compensation	45,751															45,751
Net loss	(159,514)																						(159,514)
Other comprehensive income	$ (792)																					(792)
Ending common balance (in shares) at Sep. 30, 2025							0		117,646
Ending treasury balance (in shares) at Sep. 30, 2025	(23)														(23)
Ending balance at Sep. 30, 2025	$ 653,562						$ 0		$ 118						$ (568)	2,549,067						7,375	(1,902,430)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 653,562						$ 0		$ 118						$ (568)	$ 2,549,067						$ 7,375	$ (1,902,430)

Commitments and Contingencies (Details) - USD ($) $ in Millions								12 Months Ended
	Jan. 06, 2025	Jun. 30, 2024	Jun. 20, 2024	Jun. 14, 2024	May 29, 2024	Mar. 11, 2024	Feb. 28, 2024	Dec. 31, 2024	Sep. 30, 2025	Apr. 02, 2025
Loss Contingencies [Line Items]
Estimated loss contingency accrued								$ 6.1	$ 1.0
Earn Program Related Litigation
Loss Contingencies [Line Items]
Court ordered stay of case period										60 days
GTC \| Earn Program Related Litigation
Loss Contingencies [Line Items]
Expenses from litigation settlement								137.0
Settlement amount awarded to other party				$ 50.0
Percentage of assets as settlement amount awarded to other party				3.00%
Civil monetary penalty related to litigation settlement						$ 37.0
Bitcoin contributed in compliance with Consent Order						40.0
GTC \| Earn Program Related Litigation \| Gemini Earn Program Users
Loss Contingencies [Line Items]
Settlement amount awarded to other party							$ 40.0
Percentage of assets as settlement amount awarded to other party		3.00%
Bitcoin contributed for settlement agreement						$ 10.0
Crypto assets received in kind			$ 50.0
GTC \| Earn Program Related Litigation \| Genesis
Loss Contingencies [Line Items]
Recovery of claims amount			50.0
General unsecured creditor claim			$ 7.5
Book value of aggregate amounts received								29.5
GTC \| Commodity Futures Trading Commission Litigation
Loss Contingencies [Line Items]
Settlement amount awarded to other party	$ 5.0
Gemini Earn Program Users \| Earn Program Related Litigation \| Gemini Earn Program Users
Loss Contingencies [Line Items]
Percentage of assets as settlement amount awarded to other party					97.00%
Gemini Earn Program Users \| Earn Program Related Litigation \| Genesis
Loss Contingencies [Line Items]
Crypto assets received in kind					$ 2,180.0
Credit card receivables
Loss Contingencies [Line Items]
Outstanding purchase commitments								$ 65.8	$ 150.6

Intangible Assets, Net - Schedule of Expected Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2025	$ 5,585
2026	22,124
2027	11,867
2028	11,867
2029	11,867
Thereafter	82,055
Intangible Assets, Net	$ 145,365	$ 162,143

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Gemini Space Station, Inc., (the "Corporation", “Company”, “Gemini”, or “Space Station”) a Nevada corporation, was formed on February 4, 2025 with a fiscal year end of December 31. Pursuant to a reorganization, the Corporation is a holding company, and its principal asset is a controlling equity interest in Gemini Space Station, LLC (“GSS, LLC”), a related party. The Corporation is the sole managing member of GSS, LLC and controls all of the businesses and affairs of GSS, LLC. The Company offers a mobile and web based crypto asset exchange platform, proprietary wallet infrastructure and custody solutions, high-performance over-the-counter trading solutions tailored to institutions and professionals, a digital art auction platform, a proprietary United States dollar-backed stablecoin, a crypto asset staking service and a credit card product that offers crypto asset rewards on customer purchases. The Company operates globally and provides security solutions across all of its product offerings. Certain subsidiaries are regulated and/or indirectly impacted by various state, federal and self-regulatory organizational governing bodies such as the New York State Department of Financial Services ("NYSDFS") and the Financial Industry Regulatory Authority ("FINRA"). Initial Public Offering and Concurrent Private Placement In September 2025, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 15.9 million shares of its Class A common stock at a public offering price of $28.00 per share, which includes the exercise in full by the underwriters of their option to purchase from the Company an additional 0.3 million shares of the Company’s Class A common stock and 0.5 million shares of the Company’s Class A common stock from the selling stockholders. The sale of shares by the selling stockholders did not result in any proceeds to the Company. Net proceeds from the IPO were $406.3 million after deducting the underwriting discounts and commissions and before deducting offering costs of $15.2 million. Deferred, direct offering costs were capitalized and consisted of fees and expenses incurred in connection with the sale of the Company's common stock in the IPO, including legal, accounting, printing and other offering related costs. Upon completion of the IPO, these deferred offering costs were reclassified from current assets to stockholders’ equity and recorded against the net proceeds from the offering. Concurrent with the IPO, Nasdaq, Inc. ("Nasdaq") entered into an agreement with the Company to purchase 1.9 million shares of Class A common stock in a private placement at $26.25 per share. The gross proceeds to the Company from the concurrent private placement were $50.0 million. In connection with the completion of the IPO, the Company filed its Amended and Restated Articles of Incorporation effective September 15, 2025 (the “Articles of Incorporation”), which authorized a total of 1.1 billion shares of common stock, par value $0.001 per share (the “Common Stock”), consisting of 1.0 billion shares of Class A common stock, par value $0.001 per share and 100.0 million shares of Class B common stock, par value $0.001 per share, and 20.0 million shares of preferred stock, par value $0.001 per share. In connection with the IPO, 1) all shares of the Company's outstanding convertible preferred units automatically converted into 15.1 million shares of Class A common stock and 39.4 million shares of Class B common stock, 2) all of the outstanding related party convertible notes and related party term loans automatically converted into 31.1 million shares of Class B common stock, and 3) all outstanding shares of Common Units were converted into 9.8 million shares of Class A common stock and 4.6 million shares of Class B common stock. As a result, following the completion of the IPO, the Company has two classes of authorized common stock: Class A common stock and Class B common stock, which were outstanding as of September 30, 2025.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Credit card receivables In partnership with a credit card issuing bank (the "Issuing Bank"), the Company offers a credit card product to customers. As of September 30, 2025 and December 31, 2024, the Company had outstanding commitments to purchase all credit card receivables of $150.6 million and $65.8 million, respectively, from the Issuing Bank. Legal and regulatory matters The Company is currently subject to, and may in the future be involved in, various litigation matters, legal claims, investigations, and regulatory proceedings. Loss contingencies are accrued when management determines both that it is probable that losses have been incurred and that those losses are reasonably estimable. The Company accrued $1.0 million and $6.1 million in estimated loss contingencies as of September 30, 2025 and December 31, 2024, respectively. These estimated loss contingencies relate to any unsettled matters in which there is at least a reasonable possibility that a material loss could be incurred. With respect to these matters, management believes losses in excess of amounts accrued, if any, are reasonably possible but cannot be reasonably estimated based on current knowledge. The Company disputes these claims and intends to continue to defend these matters vigorously. Earn-Related Litigation On January 12, 2023, the Securities and Exchange Commission (the "SEC") charged Gemini Trust Company, LLC ("GTC"), a wholly-owned subsidiary of the Company, for the unregistered offer and sale of securities to retail investors through GTC's facilitation of a program "Earn" that allowed customers to earn interest by lending their crypto assets to a third party partner, Genesis. The SEC’s complaint alleged that the Earn program constituted an offer and sale of securities under applicable law and should have been registered with the SEC. Genesis, which was also named in this complaint, entered into a settlement with the SEC. On April 2, 2025, the U.S. District Court for the Southern District of New York (the “SDNY”) ordered a 60-day stay, as requested by the parties, to explore a potential resolution, which stay was later extended until September 15, 2025. On September 12, 2025, the parties notified SDNY that they had reached a resolution in principle and would provide final paperwork for the resolution by December 15, 2025. The Company expects the case to remain stayed until then. Described below are certain matters associated with Earn, totaling $137.0 million in expenses, which GTC has settled as of December 31, 2024. GTC fully accrued for these items as of December 31, 2023 and as a result there was no additional loss recorded in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025 and 2024. There is corresponding activity recorded in the statement of cash flows for the nine months ended September 30, 2024. On October 19, 2023, GTC was named as a defendant in a lawsuit brought by the New York Attorney General (“NYAG”) against GTC and various other external parties, including but not limited to Genesis and its parent company Digital Currency Group Inc. ("DCG"), alleging violations and misrepresentations in connection with GTC's Earn program. On June 14, 2024, GTC entered into a settlement agreement with the NYAG that required GTC to distribute approximately $50.0 million (i.e. approximately 3% of in-kind assets) as described below. On February 28, 2024, GTC entered into a settlement with the NYSDFS ("Consent Order") that required GTC to contribute $40.0 million to Earn users’ recovery. Additionally, GTC paid a civil monetary penalty of $37.0 million related primarily to the Earn program. GTC paid the $37.0 million of civil monetary penalty to the NYSDFS on March 11, 2024. GTC contributed bitcoin worth $40.0 million, in compliance with the Consent Order, and an additional $10.0 million, in compliance with a settlement agreement associated with the Genesis bankruptcy, towards the Earn users' recovery. On May 29, 2024, Gemini Earn users received approximately $2,180.0 million of their crypto assets in kind, representing approximately 97% of the proceeds of a stipulated settlement reached between the relevant parties. To expedite closure, on June 20, 2024, GTC distributed the remaining approximately 3% of in-kind assets, worth approximately $50.0 million at the time of the settlement, to Earn users. By stepping in to settle the Earn matters, GTC assumed proprietary right of recovery claims of approximately $50.0 million in addition to the $7.5 million general unsecured creditor claim it already had against Genesis. The aggregate of these amounts was determined to have a book value of $29.5 million, all of which was received in 2024. Commodity Futures Trading Commission Litigation GTC was the subject of a lawsuit that the Commodity Futures Trading Commission (“CFTC”) filed in the Southern District of New York on June 2, 2022. GTC and the CFTC settled the matter by means of a consent order that was filed on January 6, 2025. In material part, the consent order states that GTC violated Section 6(c)(2) of the Commodity Exchange Act by making certain statements to CFTC staff that GTC reasonably should have known were false or misleading, and GTC also failed to disclose certain facts needed to make its statements not false or misleading. Without admitting or denying liability, GTC agreed to pay a $5.0 million civil monetary penalty, and to be permanently enjoined from making false or misleading statements or omitting to state material facts to the CFTC. The Company is also subject to other matters for which it cannot reasonably estimate a range of exposure, if any, to potential associated liabilities incurred. Although occasional adverse decisions or settlements may occur, the Company does not believe that the final disposition of any of these other matters will have a material adverse effect on its results of operations, financial position, or liquidity. The Company cannot give any assurance regarding the ultimate outcome of these matters, and their resolution could be material to the Company's operating results for any particular period.

Accounts Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, Net of Allowance

Accounts receivable, net of allowance consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Credit card receivables(1)(2)	$	82,709	$	65,821
Retail receivables	10,024		4,402
Custodial fees receivable	2,364		1,608
Staking fees receivable	1,213		936
Other fees receivable	3,602		2,869
Allowance for transaction losses	(15,697)		(10,268)
Total accounts receivable, net of allowance	$	84,215	$	65,368
__________________
(1) Credit card receivables includes $1.5 million and $1.8 million of in-transit receivables as of September 30, 2025 and December 31, 2024, respectively. (2) Includes $0.4 million and $0.3 million of accrued interest receivable, net as of September 30, 2025 and December 31, 2024, respectively.

Schedule of Allowance for Transaction Losses

Allowance for transaction losses consisted of the following for the three and nine months ended September 30, 2025 (in thousands):


Three Months Ended September 30, 2025	Credit card receivables		Retail receivables		Staking fees receivable		Other fees receivable		Total(1)
Beginning balance	$	6,969	$	5,139	$	—	$	196	$	12,304
Provision for losses	2,843		3,263		189		1,398		7,693
Write-offs(1)	(1,141)		(1,376)		(189)		(1,594)		(4,300)
Ending balance	$	8,671	$	7,026	$	—	$	—	$	15,697

Nine Months Ended September 30, 2025	Credit card receivables		Retail receivables		Staking fees receivable		Other fees receivable		Total(1)
Beginning balance	$	6,563	$	3,780	$	—	$	(75)	$	10,268
Provision for losses	7,073		6,151		354		1,798		15,376
Write-offs(1)	(4,965)		(2,905)		(354)		(1,723)		(9,947)
Ending balance	$	8,671	$	7,026	$	—	$	—	$	15,697
__________________
(1) Credit card receivable write-offs include $0.1 million and $0.4 million related to accrued interest receivable for the three and nine months ended September 30, 2025, respectively.

Allowance for transaction losses consisted of the following for the three and nine months ended September 30, 2024 (in thousands):


Three Months Ended September 30, 2024	Credit card receivables		Retail receivables		Other fees receivable		Total(1)
Beginning balance	$	6,102	$	6,532	$	(33)	$	12,601
Provision for losses	3,422		1,244		61		4,727
Write-offs(1)	(3,365)		(3,411)		49		(6,727)
Ending balance	$	6,159	$	4,365	$	77	$	10,601

Nine Months Ended September 30, 2024	Credit card receivables		Retail receivables		Other fees receivable		Total(1)
Beginning balance	$	4,251	$	15,988	$	34	$	20,273
Provision for losses	10,261		6,093		250		16,604
Write-offs(1)	(8,353)		(17,716)		(207)		(26,276)
Ending balance	$	6,159	$	4,365	$	77	$	10,601
__________________
(1) Credit card receivable write-offs include $0.1 million and $0.4 million related to accrued interest receivable for the three and nine months ended September 30, 2024, respectively.

Third Party Loans

9 Months Ended

Sep. 30, 2025

Third Party Loans

Related Party Loans and Convertible Notes

The Company regularly enters into lending agreements with Winklevoss Capital Fund, LLC ("WCF"), a related party through common ownership, in order to finance operations, maintain regulatory capital levels in subsidiaries, and fund capital expenditures to grow the business. The Company primarily conducts lending activities with WCF using bitcoin or ether as the loaned instrument or as collateral for USD loans.

Crypto asset loans

The Company entered into several crypto lending agreements with WCF during the nine months ended September 30, 2025 and 2024. All principal loan amounts have no stated maturity date but are callable upon written notice by WCF. The Company will have until the end of the business day to repay all outstanding loaned crypto amounts when called. The principal will be paid in-kind and interest outstanding will be payable in either (i) crypto or (ii) cash equivalent to the aggregate value of such crypto as measured at fair value on the daily basis at which the fees accrued. These agreements were made to enable the Company to ensure adequate operational liquidity and meet regulatory capital obligations of its subsidiaries.

Crypto asset loans as of September 30, 2025 (in thousands):


Loan(12)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 9.30.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (10)		Interest Payable(11)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	30,138	$	(25,092)	$	320,626	$	(34,742)	4.0%	$	8,837	$	1,044
2,000 BTC(2)	3/1/2023	102,516		—		22,874		(18,174)		102,427		(4,611)		4.0%	3,125		334
35,000 ETH	3/1/2023	88,234		—		—		—		110,381		(22,147)		4.0%	2,338		380
500 BTC	5/11/2023	46,683		—		—		—		57,031		(10,347)		4.0%	1,527		186
340 BTC	10/31/2023	31,745		—		—		—		38,781		(7,036)		5.0%	1,299		158
5,200 ETH(3)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(4)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(5)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(6)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(7)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(8)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(9)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		145,428		5,531		4.3%	1,173		503
Total		$	560,107	$	220,798	$	151,378	$	(71,792)	$	774,674	$	(73,352)		$	19,100	$	2,605
__________________
(1) 305 bitcoin ("BTC") was repaid during the nine months ended September 30, 2025. (2) 200 bitcoin was repaid during the nine months ended September 30, 2025. (3) 5,200 ether ("ETH") was repaid during the nine months ended September 30, 2025. (4) 3,000 ether was repaid during the nine months ended September 30, 2025. (5) 5,280 ether was repaid during the nine months ended September 30, 2025. (6) 3,400 ether was repaid during the nine months ended September 30, 2025. (7) 86 bitcoin was repaid during the nine months ended September 30, 2025. (8) 2,500 ether was repaid during the nine months ended September 30, 2025. (9) 10,000 ether was repaid during the nine months ended September 30, 2025. (10) Prior year interest accrued of $2.1 million was paid during the nine months ended September 30, 2025. (11) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of September 30, 2025. (12) 5,824 bitcoin and 26,629 ether was outstanding as of the nine months ended September 30, 2025.

On January 27, 2025, February 7, 2025, February 28, 2025, March 10, 2025, March 11, 2025, March 28, 2025, April 7, 2025, and July 24, 2025 the Company entered into additional lending agreements with WCF. The Company will primarily use the crypto assets from these agreements as collateral for third party loans. Refer to Note 14. Third Party Loans for additional information.

Crypto asset loans as of December 31, 2024 (in thousands):


Loan(6)	Draw Date	Principal Outstanding as of 12.31.23		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.24		Unrealized Gain (Loss)		Interest Rate	Interest Expense (4)		Interest Payable(5)
5,000 BTC(1)	12/29/2022	$	211,948	$	—	$	123,155	$	(91,991)	$	290,929	$	(110,146)	4.0%	$	9,497	$	1,037
30,000 ETH	12/29/2022	20,669		—		29,790		(18,990)		—		9,868		4.0%	655		—
2,000 BTC(2)	3/1/2023	84,779		—		63,889		(42,689)		102,516		(38,938)		4.0%	3,620		376
35,000 ETH(3)	3/1/2023	80,378		—		29,247		(15,571)		88,234		(21,532)		4.0%	3,590		334
1,400 BTC	5/24/2023	4,239		—		6,182		(3,553)		—		1,610		4.0%	30		—
20,650 ETH	5/24/2023	24,802		—		32,224		(12,853)		—		5,432		4.0%	140		—
500 BTC	5/11/2023	21,195		—		—		—		46,683		(25,488)		4.0%	1,317		166
340 BTC	10/31/2023	14,412		—		—		—		31,745		(17,332)		5.0%	1,119		142
240 BTC	5/1/2024	—		13,962		16,286		(2,324)		—		—		8.0%	102		—
6,750 ETH	5/1/2024	—		19,765		25,441		(5,676)		—		—		8.0%	145		—
250 BTC	7/5/2024	—		14,006		22,007		(8,001)		—		—		5.0%	280		—
4,150 ETH	7/5/2024	—		12,420		13,473		(1,054)		—		—		5.0%	200		—
7,500 ETH	8/5/2024	—		17,663		30,038		(12,374)		—		—		5.0%	342		—
235 BTC	10/31/2024	—		16,497		22,230		(5,733)		—		—		4.5%	62		—
Total		$	462,422	$	94,313	$	413,962	$	(220,809)	$	560,107	$	(196,526)		$	21,099	$	2,055
__________________
(1) 1,884 bitcoin was repaid during the year ended December 31, 2024. (2) 902 bitcoin was repaid during the year ended December 31, 2024. (3) 8,371 ether was repaid during the year ended December 31, 2024. (4) Prior year interest accrued of $1.6 million was paid during the year ended December 31, 2024. (5) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024. (6) 5,054 bitcoin and 26,629 ether was outstanding as of the year ended December 31, 2024.

On December 29, 2022, the Company entered into an additional lending agreement for 5,000 bitcoin and an ether lending agreement for 30,000 ether to provide additional funding for its wholly owned subsidiaries. 21,000 of this ether was repaid to WCF during the year ended December 31, 2023. On August 3, 2023, the terms of the remaining 9,000 ether were modified and a new agreement was papered allowing the Company to sell the ether for proceeds of $16.5 million and contribute the proceeds to its wholly owned subsidiaries to finance its business operations.

On March 1, 2023, May 24, 2023, May 1, 2024, July 5, 2024, August 5, 2024 and October 31, 2024, the Company entered into additional lending agreements with WCF. The Company will primarily use the crypto assets from these agreements as collateral for third party loans. Refer to Note 14. Third Party Loans for additional information.

On May 11, 2023 and October 31, 2023 the Company entered into agreements with WCF for 500 bitcoin and 340 bitcoin, respectively, for purposes of enabling subsidiaries of the Company to pledge bitcoin to the surety parties to satisfy the collateral requirements as part of the bond application process. The 500 bitcoin loan pledged 320 of the bitcoin as collateral to satisfy these collateral requirements.

Convertible notes

The convertible notes entered into by the Company are summarized below (in thousands). The aggregate principal amount of these notes is to be used for general operating activities.

Convertible notes as of September 30, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
September Note (USD)	9/15/2023	6/1/2027	$	50,000	$	57,641	$	—	$	6,581	$	(223)	$	(72,279)	$	2,827	$	—
November Note (BTC)	11/22/2023	6/1/2027	54,671		63,027		—		7,097		(240)		(78,269)		3,093		—
December Note (USD)	12/27/2023	6/1/2027	50,000		57,642		—		6,389		(217)		(70,804)		2,827		—
March Note (BTC)	3/1/2024	6/1/2027	45,329		52,257		—		5,722		(195)		(63,655)		2,563		—
Total			$	200,000	$	230,567	$	—	$	25,789	$	(875)	$	(285,007)	$	11,310	$	—
__________________
(1) The effective interest rate for all convertible notes is 8.0%. (2) The maturity date was extended on May 15, 2025.

Convertible notes as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.23		2024 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Interest Expense		Interest Payable(3)(4)
September Note (USD)	9/15/2023	9/15/2025	$	50,000	$	51,335	$	—	$	7,101	$	(243)	$	4,000	$	5,450
November Note (BTC)	11/22/2023	11/22/2025	54,671		56,131		—		7,647		(263)		4,374		5,295
December Note (USD)	12/27/2023	12/27/2025	50,000		26,111		24,568		7,821		(510)		3,794		4,163
March Note (BTC)(2)	3/1/2024	3/1/2026	45,329		—		45,329		8,094		(890)		3,032		3,308
Total			$	200,000	$	133,577	$	69,897	$	30,663	$	(1,906)	$	15,200	$	18,216
__________________
(1) The effective interest rate for all convertible notes is 8.0%. (2) The $45.3 million drawdown is denominated in USD but was received as 734 BTC. The 734 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $68.6 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party convertible notes on the condensed consolidated balance sheets as of December 31, 2024. (4) Includes $1.6 million of fair value adjustments consisting of a $1.7 million unrealized loss and a $0.1 million gain related to change in fair value related to instrument-specific credit risk.

On September 15, 2023, the Company entered into a Convertible Note Agreement (“September Note”) with WCF, whereby the September Note may become one of multiple notes with identical terms that may be issued during a period of up to four months after the effective date. The Company may borrow up to an aggregate principal amount of $50.0 million to be used for general operating purposes. The Company has drawn the full $50.0 million, $28.5 million of which was drawn in September 2023 and $21.5 million in October 2023.

On November 22, 2023, the Company entered into a second Convertible Note Agreement (“November Note”), with WCF which included the same terms and conditions as the aforementioned September Note. The Company has drawn the full $54.7 million in November 2023.

On December 27, 2023, the Company entered into a third Convertible Note Agreement ("December Note"), which included the same terms and conditions as the aforementioned September and November Note. Under the December Note, the Company may borrow up to an aggregate principal amount of $50.0 million to be used for

general corporate purposes. The Company has drawn the full $50.0 million, $25.4 million of which was drawn in December 2023 and $24.6 million in January and February 2024.

On March 1, 2024, the Company entered into a fourth Convertible Note Agreement ("March Note"), which included the same terms and conditions as the aforementioned September, November, and December Note (collectively the “Convertible Notes”). Under the March Note, the Company may borrow up to an aggregate principal amount of $45.3 million to be used for general operating purposes. The Company has drawn the full $45.3 million in March 2024.

On May 15, 2025, WCF exercised its rights under the September Note, November Note, December Note, and March Note to extend the maturity date to June 1, 2027.

The Convertible Notes are a general unsecured obligation of the Company and will be subordinate in right of payment to all existing and future outstanding borrowings that are due from the Company and its affiliates to WCF (and any applicable affiliates) under applicable loan documents, including borrowings denominated in BTC and ETH, whether or not secured. The Convertible Notes accrue a simple 8.0% interest payable at the earlier of the (i) maturity date or (ii) the date of conversion of the Convertible Notes into equity. In event of conversion of the Convertible Notes into equity, the payment of accrued interest on the Convertible Notes shall be paid in-kind as additional equity.

The Convertible Notes will be automatically convertible in connection with a qualified financing event where the Company issues convertible preferred units with aggregate gross proceeds to the Company of at least $50.0 million. The Convertible Notes and accrued interest will be automatically converted into Convertible Preferred Units, as defined below, of the same class, at a price per unit equal to 80% of the lowest price per unit paid by the other purchasers of the convertible preferred units sold in the qualified financing event. If the Company enters into a non-qualified financing event where the Company receives proceeds of less than $50.0 million, WCF has the option to convert the outstanding principal and interest amount under the Convertible Notes into convertible preferred units of the same class, at a price per unit equal to 80% of the lowest price per unit paid by the other purchasers of the convertible preferred units.

After the respective maturity dates, defined in the tables above, WCF has the option to convert all principal and interest outstanding into units of the Company’s Series B preferred units at a price per unit equal to 80% of the lowest original issue price per unit of such Series B preferred units.

In the event the Company undergoes a change in control event, the Company will pay WCF the price per unit in equity or cash (at the sole discretion of WCF) that would result from converting the outstanding principal amount under the Convertible Notes and all the accrued interest thereon immediately prior to the change in control event at price per unit equal to 80% of the lowest price per unit offered in the change of control event, or repay WCF the outstanding principal and interest under the Convertible Notes.

Lastly, upon a public company event, the Convertible Notes including principal and interest will be automatically converted immediately prior to such public company event into Common Units in the Company at a price per unit equal to eighty percent (80%) of the price per common unit implied in the public company event.

In connection with the IPO in September 2025, approximately $285 million in principal amount (plus accrued and unpaid interest thereon) in the Convertible Notes outstanding automatically converted into 10.2 million shares of Class B common stock, pursuant to the terms at a price per share equal to $22.40, or 80% of the IPO price of $28.00 per share.

Term loan

Term Loans as of September 30, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24(4)		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
2024 Term Loan	5/16/2024	6/1/2027	$	275,000	$	230,704	$	44,296	$	76,424	$	(2,594)	$	(369,146)	$	13,811	$	—
2025 Term Loan	1/23/2025	6/1/2027	200,000		—		168,462		42,885		198		(215,414)		3,869		—
Total			$	475,000	$	230,704	$	212,758	$	119,309	$	(2,396)	$	(584,560)	$	17,680	$	—
__________________
(1) The term loans are stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of September 30, 2025 the blended interest rates were 6.9% and 7.3% for the 2024 and 2025 Term Loans, respectively. (2) On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event it will be automatically converted into Common Units in the Company. (3) The maturity date was extended on May 15, 2025. (4) The $443.5 million principal outstanding is denominated in USD but was received as 4,841 BTC, 9,000 ETH, and $26.9 million, of which, 3,241 BTC, 9,000 ETH, and $26.9 million were used during the nine months ended September 30, 2025 for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $182.5 million as of September 30, 2025.

Term Loans as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Amount Borrowed(2)		Amount Repaid		Principal Outstanding as of 12.31.24		Interest Expense		Interest Payable(3)
2024 Term Loan	5/16/2024	3/1/2026	$	275,000	$	230,704	$	—	$	230,704	$	6,505	$	6,505
_______________________
(1) The term loan is stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of December 31, 2024 the blended interest rate was 6.8%. (2) The $230.7 million principal outstanding is denominated in USD but was received as 2,834 BTC, 9,000 ETH, and $11.8 million, of which, 1,234 BTC, 9,000 ETH, and $11.8 million were used during the year for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $149.4 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.

On May 16, 2024, Gemini entered into a term loan agreement with WCF (the "2024 Term Loan"), for a U.S. dollar denominated principal amount of up to $275.0 million to be funded in bitcoin, ether, or such other cryptocurrency at an interest rate of no less than 4.0% and no greater than 16.0% per annum with an initial maturity date of March 1, 2026.

On January 23, 2025, Gemini entered into a term loan agreement with WCF (the "2025 Term Loan"), to make loan requests from time to time of a U.S. dollar denominated principal amount of up to $200.0 million to be funded in bitcoin, ether, or such other cryptocurrency at an interest rate of no less than 4.0% and no greater than 16.0% per annum with an initial maturity date of March 1, 2026. Upon a public company event, the 2025 Term Loan including principal and interest will be automatically converted immediately prior to such public company event into common units in the Company at a price per unit equal to eighty percent (80%) of the price per common unit implied in the public company event.

On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event, the 2024 Term Loan including principal and interest will be automatically converted immediately prior to such public company event into common units in the Company at a price per unit equal to eighty percent (80%) of the price per common unit implied in the public company event.

On May 15, 2025, WCF exercised its rights under the 2024 Term Loan and 2025 Term Loan (collectively the “Term Loans”) to extend the maturity date to June 1, 2027.

In connection with the IPO in September 2025, approximately $585 million in principal amount (plus accrued and unpaid interest thereon) in our related party term loans outstanding automatically converted into 20.9 million shares of Class B common stock, pursuant to the terms at a price per share equal to $22.40, or 80% of the IPO price of $28.00 per share.

Third Party Loans

Galaxy Digital LLC ("Galaxy") Loans

The Company entered into several loan agreements with Galaxy Digital LLC ("Galaxy"), a single unrelated third party as outlined in the table found below. The aggregate principal amount of these agreements is to be used for general operating activities.

Third party loans with Galaxy as of September 30, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(1)		Collateral Type(2)	Collateral Rate (Initial Collateral Level)(3)
Loan 13	5/29/2024	Evergreen	51,900		11.0%	4,329		476		BTC	145%
Loan 14	5/29/2024	Evergreen	54,600		11.0%	4,555		500		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	910		100		BTC	145%
Total			$	116,500		$	9,794	$	1,076
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025. (2) As of September 30, 2025, the Company has pledged 818 BTC and 20,960 ETH included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $93.3 million, or 151%, for BTC loans; and $86.9 million, or 159%, for ETH loans. (3) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Third party loans with Galaxy as of December 31, 2024 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(9)		Collateral Type(10)	Collateral Rate (Initial Collateral Level)(11)
Loan 1	3/2/2023	3/5/2024	$	—	11.0%	$	577	$	—	ETH	160%
Loan 2	3/2/2023	3/5/2024	—		11.0%	499		—		BTC	150%
Loan 3	4/27/2023	3/5/2024	—		11.5%	104		—		ETH	160%
Loan 4	4/27/2023	3/5/2024	—		11.5%	131		—		BTC	150%
Loan 5	5/24/2023	3/5/2024	—		11.5%	409		—		ETH	160%
Loan 6	5/24/2023	3/5/2024	—		11.5%	409		—		BTC	150%
Loan 7(1)	3/4/2024	3/31/2024	—		11.5%	209		—		ETH	160%
Loan 8(2)	3/4/2024	Evergreen	—		11.0%	428		—		BTC	145%
Loan 9(3)	3/4/2024	Evergreen	—		11.0%	243		—		ETH	155%
Loan 10(4)	3/28/2024	5/31/2024	—		11.5%	489		—		ETH	160%
Loan 11(5)	3/28/2024	Evergreen	—		11.0%	967		—		BTC	145%
Loan 12(6)	3/28/2024	Evergreen	—		11.0%	550		—		ETH	155%
Loan 13(7)	5/29/2024	Evergreen	51,900		11.0%	3,410		492		BTC	145%
Loan 14(8)	5/29/2024	Evergreen	54,600		11.0%	3,570		517		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	203		103		BTC	145%
Total			$	116,500		$	12,198	$	1,112
__________________
(1) On March 4, 2024 an amended agreement was executed that restated loan 3 and loan 5 into loan 7. All of the terms and conditions are the same with the exception of the maturity date being extended to March 31, 2024. (2) On March 4, 2024 an amended agreement was executed that restated loan 2, loan 4, and loan 6 into loan 8. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (3) On March 4, 2024 an amended agreement was executed that restated loan 1 into loan 9. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (4) On March 28, 2024 an amended agreement was executed that restated loan 7 into loan 10. All of the terms and conditions are the same with the exception of the maturity date being extended to May 31, 2024. (5) On March 28, 2024 an amended agreement was executed that restated loan 8 into loan 11. All of the terms and conditions are the same. (6) On March 28, 2024 an amended agreement was executed that restated loan 9 into loan 12. All of the terms and conditions are the same. (7) On May 29, 2024 an amended agreement was executed that restated loan 11 into loan 13. All of the terms and conditions are the same. (8) On May 29, 2024 an amended agreement was executed that aggregated the principal of loan 10 with loan 12 and restated them into loan 14. All of the terms and conditions are the same with the exception of loan 10's collateral rate, interest rate, and maturity date being updated to mirror the terms of loan 12. (9) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2024. (10) As of December 31, 2024, the Company has pledged 929 bitcoin and 24,625 ether included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of December 31, 2024 was approximately $86.7 million, or 140%, for BTC loans; and $81.6 million, or 149%, for ETH loans. (11) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

New York Digital Investment Group Funding LLC ("NYDIG") Repurchase Agreement

On July 25, 2025, the Company entered into a $75.0 million repurchase agreement with NYDIG to facilitate a structured crypto asset financing arrangement involving bitcoin. Pursuant to the agreement, Gemini transferred 1,078 BTC with a nominal value of $125.25 million to NYDIG in exchange for cash proceeds of $75.0 million (the “Purchase Price”) and agreed to repurchase the same amount of BTC on June 30, 2026 at the Purchase Price plus an agreed annual interest rate of 8.50%. Gemini also agreed to provide additional collateral in the form of BTC such that the value of the BTC held by NYDIG in relation to the sale and repurchase agreement is between 143% and 200% of the $75.0 million Purchase Price.

Repurchase agreement as of September 30, 2025 (in thousands):

Loan

Loan Date

Maturity Date

Principal Outstanding

Discount

Interest Rate

Interest Expense

Interest Payable(1)

Collateral Type(2)

Collateral Rate(3)

NYDIG

7/25/2025

6/30/2026

75,000

(600)

6.5%

1,204

531

BTC

194%

__________________

(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025.

Funding Debt

In July 2025, the Company entered into a $75.0 million warehouse credit agreement with Ripple Labs Inc. (“Ripple”), an unrelated third party, to finance credit card receivables. Pursuant to the agreement, Ripple has agreed to lend the Company $75.0 million, which can be increased subject to the attainment of certain agreed upon metrics. At no time shall the aggregate commitment amount exceed $150.0 million. Ripple has the right to restrict additional drawdowns on the warehouse credit facility if the Company does not maintain at least $50 million equivalent of USD denominated Ripple stablecoin ("RLUSD") in its wallets held on its exchange platform by January 11, 2026. The debt is collateralized by the credit card receivables purchased by the Company, and has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025. During the three months ended September 30, 2025, the Company drew $99.0 million and subsequently repaid $50.2 million under the warehouse credit agreement. Accordingly, as of September 30, 2025, the Company had $26.1 million of unused, available borrowing capacity from the credit agreement. As of September 30, 2025, the Company pledged $67.9 million of credit card receivables as collateral associated with this loan. Credit card receivables pledged are included in Credit card receivables pledged on the condensed consolidated balance sheets. The securitized funding debt entered into by the Company is summarized below (in thousands).

Funding Debt as of September 30, 2025 (in thousands):

Loan(1)

Loan Date

Maturity Date

Principal Outstanding

Interest Rate(2)

Interest Expense

Interest Payable(3)

Ripple

7/11/2025

11/15/2027

48,890

6.5%

314

__________________

(2) The loan has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the condensed consolidated balance sheets as of September 30, 2025.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Fair Value Measurements - Schedule of Roll-Forward of Level 3 Investments Measured on Recurring Basis (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0	$ 0
Additions	4,345	0	4,345	0
Unrealized loss attributable to change in fair value	(2,686)	0	(2,686)	0
Ending balance	1,659	0	1,659	0
Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	273,454	222,175	248,783	134,928
Additions	3,375	4,022	11,309	81,076
OCI - Change in fair value attributable to instrument-specific credit risk	0	1,067	(874)	(2,261)
Unrealized loss attributable to change in fair value	8,178	9,775	25,789	23,296
Conversion of convertible notes to common stock in connection with IPO	(285,007)	0	(285,007)	0
Ending balance	0	237,039	0	237,039
Term Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	514,868	0	237,209	0
Additions	44,703	0	230,439	0
OCI - Change in fair value attributable to instrument-specific credit risk	0	0	(2,397)	0
Unrealized loss attributable to change in fair value	24,989	0	119,309	0
Conversion of convertible notes to common stock in connection with IPO	(584,560)	0	(584,560)	0
Ending balance	$ 0	$ 0	$ 0	$ 0

Derivatives - Schedule of Breakdown of Crypto Asset Collateral Associated with Derivative Positions (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Crypto assets pledged as collateral	$ 7,978	$ 4,616
Recognition Criteria, Met
Derivative [Line Items]
Crypto assets held as collateral	21,268	15,275
Recognition Criteria, Not Met
Derivative [Line Items]
Crypto assets held as collateral	$ 0	$ 4,875

Related Party Loans and Convertible Notes - Schedule of Term Loans (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 11, 2025 USD ($)	Sep. 30, 2025 USD ($) crypto_unit	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) crypto_unit	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) crypto_unit	May 16, 2025	Jan. 23, 2025 USD ($)	May 16, 2024 USD ($)
Debt Instrument [Line Items]
Unrealized loss		$ 24,989	$ 0	$ 119,309	$ 0
Conversion of convertible notes to common stock in connection with IPO				(804,297)	$ 0
Crypto assets held		$ 674,963		$ 674,963		$ 470,101
Bitcoin
Debt Instrument [Line Items]
Number of crypto assets held (in units) \| crypto_unit		5,302		5,302		4,414
Ether
Debt Instrument [Line Items]
Number of crypto assets held (in units) \| crypto_unit		11,134		11,134		5,301
Secured Debt
Debt Instrument [Line Items]
Aggregate Principal Amount		$ 475,000		$ 475,000
Fair value of Principal Outstanding						$ 230,704
Amounts Drawn/Borrowed				212,758
Principal outstanding		443,500		443,500
Unrealized loss				119,309
Change in fair value attributable to instrument-specific credit risk				(2,396)
Conversion of convertible notes to common stock in connection with IPO	$ (585,000)			(584,560)
Interest Expense				17,680
Interest Payable		0		0
Cash received for issuance of long term debt				26,900
Cash received for issuance of long term debt, utilized during the period				26,900
Crypto assets held		$ 182,500		$ 182,500
Secured Debt \| Bitcoin
Debt Instrument [Line Items]
Crypto assets received in issuance of long-term debt (in units) \| crypto_unit				4,841
Crypto assets received for issuance of long term debt, utilized during the period (in units) \| crypto_unit				3,241
Number of crypto assets held (in units) \| crypto_unit		1,600		1,600
Secured Debt \| Ether
Debt Instrument [Line Items]
Crypto assets received in issuance of long-term debt (in units) \| crypto_unit				9,000
Crypto assets received for issuance of long term debt, utilized during the period (in units) \| crypto_unit				9,000
Secured Debt \| Minimum
Debt Instrument [Line Items]
Stated interest rate		4.00%		4.00%
Secured Debt \| Maximum
Debt Instrument [Line Items]
Stated interest rate		16.00%		16.00%
Secured Debt \| Term Loan 2024
Debt Instrument [Line Items]
Aggregate Principal Amount									$ 275,000
Fair value of Principal Outstanding						230,704
Amounts Drawn/Borrowed				$ 44,296		230,704
Amount Repaid						0
Principal outstanding						230,704
Unrealized loss				76,424
Change in fair value attributable to instrument-specific credit risk				(2,594)
Conversion of convertible notes to common stock in connection with IPO				(369,146)
Interest Expense				13,811		6,505
Interest Payable		$ 0		$ 0		$ 6,505
Blended interest rate		6.90%		6.90%		6.80%
Cash received for issuance of long term debt						$ 11,800
Cash received for issuance of long term debt, utilized during the period						11,800
Crypto assets held						$ 149,400
Secured Debt \| Term Loan 2024 \| Bitcoin
Debt Instrument [Line Items]
Crypto assets received in issuance of long-term debt (in units) \| crypto_unit						2,834
Crypto assets received for issuance of long term debt, utilized during the period (in units) \| crypto_unit						1,234
Number of crypto assets held (in units) \| crypto_unit						1,600
Secured Debt \| Term Loan 2024 \| Ether
Debt Instrument [Line Items]
Crypto assets received in issuance of long-term debt (in units) \| crypto_unit						9,000
Crypto assets received for issuance of long term debt, utilized during the period (in units) \| crypto_unit						9,000
Secured Debt \| Term Loan 2024 \| Minimum
Debt Instrument [Line Items]
Stated interest rate						4.00%	4.00%
Secured Debt \| Term Loan 2024 \| Maximum
Debt Instrument [Line Items]
Stated interest rate						16.00%	16.00%
Secured Debt \| Term Loan 2025
Debt Instrument [Line Items]
Aggregate Principal Amount								$ 200,000
Fair value of Principal Outstanding						$ 0
Amounts Drawn/Borrowed				$ 168,462
Unrealized loss				42,885
Change in fair value attributable to instrument-specific credit risk				198
Conversion of convertible notes to common stock in connection with IPO				(215,414)
Interest Expense				3,869
Interest Payable		$ 0		$ 0
Blended interest rate		7.30%		7.30%
Secured Debt \| Term Loan 2025 \| Minimum
Debt Instrument [Line Items]
Stated interest rate								4.00%
Secured Debt \| Term Loan 2025 \| Maximum
Debt Instrument [Line Items]
Stated interest rate								16.00%

Stock-Based Compensation - Narrative (Details) - USD ($)		3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 11, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 10, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 12, 2025	Jun. 30, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Cumulative compensation cost	$ 100,000
Share-based compensation expense		$ 45,600,000	$ 1,300,000		$ 48,800,000	$ 4,500,000
Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)		12,972,329			12,972,329
Class A common stock \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price per share (in dollars per share)	$ 28.00
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)	4,399,544
Service-Based Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units vested and outstanding (in shares)	36,837,700
Unvested units (in shares)	14,415,951			14,415,000					2,729,000
Vesting period					4 years
Units outstanding (in shares)		0			0				34,673,621
Awards granted (in shares)				18,731,000
Awards forfeited (in shares)				1,769,000
Service-Based Incentive Units \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units exchanged (in shares)	4,699,140
RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested units (in shares)		4,200,000			4,200,000				0
Units outstanding (in shares)		4,399,544			4,399,544				0
Awards forfeited (in shares)					0
Remaining unrecognized expense		$ 8,300,000			$ 8,300,000
Weighted-average recognition period for unrecognized compensation expense					1 year 8 months 12 days
RSAs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
RSAs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
RSAs \| Service-Based Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units converted (in shares)	3,815,917
RSAs \| Phantom Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units converted (in shares)	567,756
RSAs \| Original Phantom Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units converted (in shares)	15,871
Performance Based Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units vested and outstanding (in shares)	677,750	0			0				677,750
Awards granted (in shares)					0
Awards forfeited (in shares)					0
Performance Based Incentive Units \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units exchanged (in shares)	141,004
Phantom Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units vested and outstanding (in shares)	658,494
Unvested units (in shares)	2,101,173			2,101,000					376,000
Units outstanding (in shares)		0			0				406,600
Awards granted (in shares)				2,508,000
Awards forfeited (in shares)				154,000
Phantom Units \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units exchanged (in shares)	179,113
Service Based Common Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units vested and outstanding (in shares)	1,050,270	0			0				553,867
Awards granted (in shares)					0
Awards forfeited (in shares)					0
Service Based Common Units \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units exchanged (in shares)	321,219
Original Phantom Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units vested and outstanding (in shares)	384,312
Unvested units (in shares)	94,973
Units outstanding (in shares)		0			0				755,729
Liability recognized as service conditions were considered probable									$ 1,300,000
Remaining unrecognized expense	$ 100,000
Original Phantom Units \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units exchanged (in shares)	64,144
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)							7,383,241
Shares purchased (in shares)					0
Share-based compensation expense		$ 0			$ 0
RSUs and Options \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)		12,130,692			12,130,692
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested units (in shares)		3,888,000			3,888,000				0
Units outstanding (in shares)		5,269,529			5,269,529				0
Awards granted (in shares)					5,270,000
Awards forfeited (in shares)					0
Remaining unrecognized expense		$ 106,100,000			$ 106,100,000
Annual bonus arrangement								$ 15,100,000
Equity awards issued, vested and outstanding	538,612
Weighted-average recognition period for unrecognized compensation expense					3 years 2 months 12 days
RSUs \| Class A common stock \| Executive Officers, Other Employees And Board Members
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)		5,283,088			5,283,088
RSUs \| Common Class A, Unvested Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)	4,730,917
Outstanding stock options \| Class A common stock \| Founders And Executive Officers
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)		6,847,604			6,847,604
Time Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining unrecognized expense		$ 8,700,000			$ 8,700,000
Weighted-average recognition period for unrecognized compensation expense					3 years 10 months 24 days
Expected dividend yield					0.00%
Time Based Stock Options \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)		482,142			482,142
Market Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining unrecognized expense		$ 122,500,000			$ 122,500,000
Expected dividend yield					0.00%
Market Based Stock Options \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)		6,365,462			6,365,462

Prepaid Expenses and Other Assets

9 Months Ended

Sep. 30, 2025

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid expenses and other current assets
Crypto asset collateral held	$	—	$	15,275
Prepaid expenses	8,923		7,232
Equity securities	1,382		219
Derivative assets	684		6,354
Other	15,892		8,054
Total prepaid expenses and other current assets	$	26,881	$	37,134

Other non-current assets
Lease right-of-use assets	$	16,419	$	14,512
Strategic investments	9,568		10,638
Warrant derivative(1)	1,659		—
Warrant receivable(2)	6,493		—
Other	1,735		1,722
Total other non-current assets	$	35,874	$	26,872
__________________
(1) Warrant derivative represents the vested warrants received in connection with an advisory agreement. The vested warrants meet the definition of a derivative under ASC 815, Derivatives and Hedging, and are subject to fair value adjustments. Refer to Note 5. Fair Value Measurements.
(2) The warrant receivable represents a contract asset initially measured at fair value of $10.8 million. As of September 30, 2025, $4.3 million had vested, resulting in a remaining contract asset of $6.5 million.

Measurement alternative investments

The Company accounts for investments under the measurement alternative method whereby they are measured at cost, less impairment, subject to upward and downward adjustments resulting from observable price changes for identical or similar investments of the same issuer. The changes in the carrying value of strategic investments accounted for under the measurement alternative are presented below (in thousands):


	Nine Months Ended September 30,
	2025		2024
Carrying amount, beginning balance	$	10,638	$	11,708
Net reductions(1)	(1,131)		(580)
Upward adjustments	61		73
Impairments and downward adjustments	—		(122)
Carrying amount, ending balance	$	9,568	$	11,079
__________________
(1) Includes additions from purchases, reductions due to exits of securities and reclassifications due to changes to capital structure.

Cumulative upward adjustments for strategic investments held were $4.5 million as of both September 30, 2025 and December 31, 2024. Cumulative impairments and downward adjustments were $1.2 million as of both September 30, 2025 and December 31, 2024. Upward adjustments, impairments, and downward adjustments are included in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Prior to the IPO, the Company granted various equity classified awards, including Service-Based Incentive Units, Performance-Based Incentive Units, Phantom Units, and Service-Based Common Units. In addition, the Company issued liability classified awards, including Original Phantom Units.

Service-Based Incentive Units

The following table summarizes Service-Based Incentive Units activity for the nine months ended September 30, 2025 (in thousands):


	Number of Service-Based Incentive Units	Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024	2,729	$	1.82
Granted	18,731	0.45
Vested	(5,276)	0.77
Forfeited	(1,769)	0.56
Unvested at September 10, 2025	14,415	$	0.58

In connection with the IPO, on September 11, 2025 all 36,837,700 Service-Based Incentive Units that were fully vested and outstanding were exchanged for 4,699,140 shares of Class A common stock. All 14,415,951 Service-Based Incentive Units that were unvested were converted to 3,815,917 RSAs and vest following their original vesting schedules over the remaining life of the awards which is generally 2 years to 4 years after the date of grant. Refer to the RSU and RSA table below. As of September 30, 2025 and December 31, 2024, there were 0 and 34,673,621 Service-Based Incentive Units outstanding, respectively.

Performance-Based Incentive Units

In connection with the IPO, on September 11, 2025 all 677,750 Performance-Based Incentive Units that were fully vested and outstanding were modified to RSUs and exchanged for 141,004 shares of Class A common stock. As of September 30, 2025 and December 31, 2024, there were 0 and 677,750 Performance-Based Incentive Units that were fully vested and outstanding, respectively. There were no awards granted or forfeited during the nine months ended September 30, 2025. All Performance-Based Incentive Units were fully vested as of December 31, 2024.

Phantom Units

The following table summarizes Phantom Units activity for the nine months ended September 30, 2025 (in thousands):


	Number of Phantom Units	Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024	376	$	0.94
Granted	2,508	0.45
Vested	(629)	0.57
Forfeited	(154)	0.45
Unvested at September 10, 2025	2,101	$	0.50

In connection with the IPO, all 658,494 Phantom Units that were fully vested and outstanding were exchanged for 179,113 shares of Class A common stock. All 2,101,173 Phantom Units that were unvested were modified to 567,756 RSAs. As of September 30, 2025 and December 31, 2024, there were 0 and 406,600 Phantom Units outstanding, respectively.

Service-Based Common Units

In connection with the IPO, all 1,050,270 Service-Based Common Units that were fully vested and outstanding were converted to 321,219 shares of Class A common stock. As such, as of September 30, 2025 and December 31, 2024, there were 0 and 553,867 Service-Based Common Units that were fully vested and outstanding,

respectively. There were no awards granted or forfeited during the nine months ended September 30, 2025. All Service-Based Common Units were fully vested as of December 31, 2024.

Original Phantom Units

The Company has granted options to certain employees under the Original Phantom Units plan that required automatic settlement in cash payment upon the occurrence of a change in control event. In connection with the IPO, all 384,312 Original Phantom Units that were fully vested and outstanding were exchanged for 64,144 shares of Class A common stock. All 94,973 Original Phantom Units that were unvested were modified to 15,871 RSAs. As such, there were 0 and 755,729 Original Phantom Units outstanding as of September 30, 2025 and December 31, 2024, respectively. Prior to the IPO, the Original Phantom Units were classified as a liability in Accrued expenses in the related condensed consolidated balance sheets due to the cash settlement requirements. As the service conditions were considered probable, the Company recognized a liability of $1.3 million as of December 31, 2024. Upon IPO, the previously recognized cumulative compensation cost of $0.1 million was reclassified to Additional paid in capital within stockholders' equity in the related condensed consolidated balance sheets. The remaining unrecognized expense of less than $0.1 million will be recognized as stock-compensation expense over the remaining requisite service period.

ESPP

The ESPP became effective on September 12, 2025. An aggregate of 7,383,241 shares of the Company’s class A common stock has been authorized for issuance under the ESPP. During the nine months ended September 30, 2025, 0 shares were purchased under the ESPP. As of September 30, 2025, 7,383,241 shares remained available for future issuance under the ESPP. The Company did not recognize any share-based compensation expense or liability related to the ESPP for the three and nine months ended September 30, 2025 and 2024.

Equity Plan

The Equity Plan became effective on September 12, 2025. Under the Equity Plan, the Company is authorized to grant shares of common stock in the form of stock options, RSUs, and RSAs to its employees, directors, and consultants. As of September 30, 2025, there were 12,130,692 shares of Class A common stock related to issued and outstanding RSUs and stock options under the Equity Plan. This consisted of 5,283,088 shares of Class A common stock issuable upon the vesting of RSUs granted under the Equity Plan to certain executive officers, other employees and board members, and 6,847,604 shares of Class A common stock issuable upon the exercise of stock options granted under the Equity Plan to the Company's founders and certain executive officers. As of September 30, 2025, the Company had 12,972,329 shares available for future issuance under the Equity Plan.

RSUs

In June 2025, the Company approved its annual bonus arrangements totaling $15.1 million to be settled in shares of Class A common stock contingent upon the completion of an IPO. Upon the completion of the IPO on September 11, 2025, 538,612 shares of RSUs were issued, vested, and outstanding, based on the IPO price of $28.00 per share. The Company recognized the full stock-based compensation expense upon completion of the IPO.

In addition to the bonus RSUs, upon the completion of the IPO, there were 4,730,917 shares of Class A common stock issuable upon the vesting and settlement of RSUs, granted under the Equity Plan to certain executive officers, other employees and board members.

The following table summarizes RSU activity for the nine months ended September 30, 2025 (in thousands):


	Number of RSUs	Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024	—	$	—
Granted	5,270	28.00
Vested	(1,382)	28.00
Forfeited	—	—
Unvested at September 30, 2025	3,888	$	28.00

As of September 30, 2025 and December 31, 2024, there were 5,269,529 and 0 RSUs outstanding, respectively.

As of September 30, 2025, total unrecognized compensation expense related to unvested RSUs amounted to $106.1 million. The unrecognized expense for the RSUs is expected to be recognized over a weighted-average period of 3.2 years, subject to continued vesting.

RSAs

Upon the completion of the IPO, there were 4,399,544 shares of restricted Class A common stock granted under the Equity Plan to certain executive officers, other employees and board members.

The following table summarizes RSA activity for the nine months ended September 30, 2025 (in thousands):


	Number of RSA	Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024	—	$	—
Conversion of awards in connection with IPO	4,400	28.00

Vested	(200)	28.00
Forfeited	—	—
Unvested at September 30, 2025	4,200	$	28.00

As of September 30, 2025 and December 31, 2024, there were 4,399,544 and 0 RSAs outstanding, respectively.

As of September 30, 2025, total unrecognized compensation expense related to unvested RSAs amounted to $8.3 million. The unrecognized expense for the RSAs is expected to be recognized over a weighted-average period of 1.7 years, subject to continued vesting.

Time-Based Stock Options

As of September 30, 2025, there were 482,142 shares of Class A common stock issuable upon the exercise of stock options granted under the Equity Plan to the Company certain executive officers.

The following table summarizes stock options activity for the nine months ended September 30, 2025 (in thousands):


	Number of Stock Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	—	$	—	—	$	—
Granted	482	28.00
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at September 30, 2025	482	$	28.00	3.9	$	—
Exercisable at September 30, 2025	—	—		—	$	—

As of September 30, 2025, total unrecognized compensation expense related to unvested stock options amounted to $8.7 million. The unrecognized expense for the stock options is expected to be recognized over a weighted-average period of 3.9 years, subject to continued vesting.

The Company takes into consideration many factors in determining the fair value of the time-based stock options and estimates the fair value of such awards on the grant date. The Company used an option pricing model to estimate the fair value of the time-based stock options with the following assumptions as of September 30, 2025:


	September 30,
Assumptions	2025
Expected term in years	6.1
Volatility	70	%
Risk-free rate	3.7	%
Dividend Yield	0.0	%

Expected term in years - The expected term is based on the average period the time-based stock options are expected to remain outstanding, generally calculated as the midpoint of the time-based stock options' remaining vesting term and contractual expiration period, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.

Volatility - The expected volatility is based on the volatility of peer companies. Management believes this is the best estimate of the expected volatility over the expected life of the time-based stock options.

Risk-free rate - The risk-free interest rate is based on the U.S. Treasury yield curve that corresponds with the expected term at the time of grant.

Dividend yield - The Company has not paid and does not expect to pay dividends. Consequently, the Company uses an expected dividend yield of zero.

Market-Based Stock Options

As of September 30, 2025, there were 6,365,462 shares of Class A common stock issuable upon the exercise of stock options granted under the Equity Plan to the Company founders.

The following table summarizes stock options activity for the nine months ended September 30, 2025 (in thousands):


	Number of Stock Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	—	$	—	—	$	—
Granted	6,365	28.00
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at September 30, 2025	6,365	$	28.00	6.9	$	—
Exercisable at September 30, 2025	—			—	$	—

The Company takes into consideration many factors in determining the fair value of the market-based stock options and estimates the fair value of such awards on the grant date. The Company used an option pricing model to estimate the fair value of the market-based stock options with the following assumptions as of September 30, 2025:


	September 30,
Assumptions	2025
Expected term in years	10.0
Volatility	70	%
Risk-free rate	4.0	%
Dividend Yield	0.0	%

Expected term in years - The expected term is based on the average period the market-based stock options are expected to remain outstanding, generally calculated as the midpoint of the market-based stock options’ remaining vesting term and contractual expiration period, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.

Risk-free rate - The risk-free interest rate is based on the U.S. Treasury yield curve that corresponds with the expected term at the time of grant.

Dividend yield - The Company has not paid and does not expect to pay dividends. Consequently, the Company uses an expected dividend yield of zero.

As of September 30, 2025, total unrecognized compensation expense related to unvested market-based stock options amounted to $122.5 million. The unrecognized expense for the stock options is expected to be recognized over a weighted-average period of 6.9 years, subject to continued vesting.

The Company recognized stock compensation expense of $45.6 million and $48.8 million for the three and nine months ended September 30, 2025, respectively, and $1.3 million and $4.5 million for the three and nine months ended September 30, 2024, respectively.

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Components of Lease Expense and Other Information

The components of lease expense were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease expense	$	1,281	$	966	$	3,581	$	3,016
Short-term lease expense	128		66		264		572
Total lease expense	$	1,409	$	1,032	$	3,845	$	3,588

Other information related to the Company's operating leases was as follows:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term (in years)	4.6		5.0
Weighted-average discount rate	6.1	%	6.0	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of September 30, 2025 were as follows:


Remaining 2025	$	1,626
2026	7,133
2027	7,161
2028	6,657
2029	3,655
Thereafter	2,975
Total undiscounted lease payments	29,207
Less: imputed interest	(3,663)
Total lease liabilities	$	25,544

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates the tax provision for interim periods using an estimated annual effective tax rate ("AETR") adjusted for the effect of discrete items arising during the period. The Company’s effective tax rate for both the three and nine months ended September 30, 2025, was 0.7% and 1.4%, respectively. The Company’s effective tax rate for both the three and nine months ended September 30, 2024, was 1.1% and (2.3)%, respectively. The effective tax rate for the three and nine months ended September 30, 2025, was higher than the three and nine months ended September 30, 2024, primarily due to an adjustment to the valuation allowance on the Company's deferred tax assets. The effective tax rate for the three and nine months ended September 30, 2025, and 2024, was lower than the U.S. statutory rate of 21% primarily due to a majority of the Company’s pre-IPO income being taxed at the partner level as well as a valuation allowance recorded on its deferred tax assets. Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets and the need for a valuation allowance. Management determined that there is insufficient positive evidence to conclude that it is more likely than not that the Company’s gross deferred tax assets will be fully realized. As a result, a valuation allowance has been established against the Company's deferred tax assets. On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law. The Act includes significant changes to the U.S. tax code, including restoration of immediate recognition of domestic research and development expenditures and reinstatement of 100% bonus depreciation for qualifying property. The Company has assessed the Act’s impact and concluded that it did not materially affect its effective tax rate for the current quarter.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Payment Arrangement [Abstract]

Crypto Assets Held - Schedule of Fair Value Roll-forward of Crypto Assets Held at Fair Value (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) crypto_unit	Sep. 30, 2025 USD ($) crypto_unit	Dec. 31, 2024 USD ($) crypto_unit
Crypto Asset [Roll Forward]
Crypto assets held beginning balance		$ 470,101	$ 327,866
Addition of crypto assets		848,866	743,034
Disposition of crypto assets		(730,692)	(945,632)
Realized gain on crypto assets		81,249	177,528
Realized loss on crypto assets		(20,094)	(1,764)
Unrealized gain (loss) on crypto assets		25,533	169,069
Crypto assets held, ending balance	$ 674,963	674,963	470,101
Crypto assets acquired	15,100	238,500	384,300
Disposition	800	192,400	275,100
Realized gain on receivable, crypto assets pledged		44,500	135,800
Unrealized loss on receivable, crypto assets pledged		13,500	(17,800)
Bitcoin
Crypto Asset [Roll Forward]
Crypto assets held beginning balance		412,115	295,320
Addition of crypto assets		519,334	431,487
Disposition of crypto assets		(412,454)	(608,225)
Realized gain on crypto assets		47,671	149,878
Realized loss on crypto assets		(7,562)	(610)
Unrealized gain (loss) on crypto assets		45,642	144,265
Crypto assets held, ending balance	$ 604,746	$ 604,746	$ 412,115
Number of crypto assets acquired (in units) \| crypto_unit	132	616	2,715
Number of crypto assets disposed (in units) \| crypto_unit	5	505	1,879
Ether
Crypto Asset [Roll Forward]
Crypto assets held beginning balance		$ 17,562	$ 25,718
Addition of crypto assets		305,186	299,660
Disposition of crypto assets		(293,544)	(327,979)
Realized gain on crypto assets		29,188	26,555
Realized loss on crypto assets		(11,482)	(545)
Unrealized gain (loss) on crypto assets		(746)	(5,847)
Crypto assets held, ending balance	$ 46,164	$ 46,164	$ 17,562
Number of crypto assets acquired (in units) \| crypto_unit		65,361	68,996
Number of crypto assets disposed (in units) \| crypto_unit	1	61,696	56,766
Other
Crypto Asset [Roll Forward]
Crypto assets held beginning balance		$ 40,424	$ 6,828
Addition of crypto assets		24,346	11,887
Disposition of crypto assets		(24,694)	(9,428)
Realized gain on crypto assets		4,390	1,095
Realized loss on crypto assets		(1,050)	(609)
Unrealized gain (loss) on crypto assets		(19,363)	30,651
Crypto assets held, ending balance	$ 24,053	$ 24,053	$ 40,424

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Service-Based Incentive Units Activity

The following table summarizes Service-Based Incentive Units activity for the nine months ended September 30, 2025 (in thousands):


	Number of Service-Based Incentive Units	Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024	2,729	$	1.82
Granted	18,731	0.45
Vested	(5,276)	0.77
Forfeited	(1,769)	0.56
Unvested at September 10, 2025	14,415	$	0.58

Schedule of Phantom Units Activity

The following table summarizes Phantom Units activity for the nine months ended September 30, 2025 (in thousands):


	Number of Phantom Units	Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024	376	$	0.94
Granted	2,508	0.45
Vested	(629)	0.57
Forfeited	(154)	0.45
Unvested at September 10, 2025	2,101	$	0.50

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity for the nine months ended September 30, 2025 (in thousands):


	Number of RSUs	Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024	—	$	—
Granted	5,270	28.00
Vested	(1,382)	28.00
Forfeited	—	—
Unvested at September 30, 2025	3,888	$	28.00

Schedule of Restricted Stock Award Activity

The following table summarizes RSA activity for the nine months ended September 30, 2025 (in thousands):


	Number of RSA	Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024	—	$	—
Conversion of awards in connection with IPO	4,400	28.00

Vested	(200)	28.00
Forfeited	—	—
Unvested at September 30, 2025	4,200	$	28.00

Schedule of Stock Option Activity

The following table summarizes stock options activity for the nine months ended September 30, 2025 (in thousands):


	Number of Stock Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	—	$	—	—	$	—
Granted	482	28.00
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at September 30, 2025	482	$	28.00	3.9	$	—
Exercisable at September 30, 2025	—	—		—	$	—

The following table summarizes stock options activity for the nine months ended September 30, 2025 (in thousands):


	Number of Stock Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	—	$	—	—	$	—
Granted	6,365	28.00
Exercised	—	—
Forfeited	—	—
Expired	—	—
Outstanding at September 30, 2025	6,365	$	28.00	6.9	$	—
Exercisable at September 30, 2025	—			—	$	—

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The Company used an option pricing model to estimate the fair value of the time-based stock options with the following assumptions as of September 30, 2025:


	September 30,
Assumptions	2025
Expected term in years	6.1
Volatility	70	%
Risk-free rate	3.7	%
Dividend Yield	0.0	%

The Company used an option pricing model to estimate the fair value of the market-based stock options with the following assumptions as of September 30, 2025:


	September 30,
Assumptions	2025
Expected term in years	10.0
Volatility	70	%
Risk-free rate	4.0	%
Dividend Yield	0.0	%

Funding Debt - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
Funding Debt - Narrative (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Jul. 31, 2025
Debt Instrument [Line Items]
Proceeds from funding debt		$ 99,040,000	$ 0
Repayments of funding debt		$ 50,150,000	$ 0
Line of Credit \| Warehouse Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity				$ 75,000,000
Line of credit facility, maximum borrowing capacity				150,000,000
Debt instrument, restricted drawdowns, minimum value of stablecoin held				$ 50,000,000
Stated interest rate	6.50%	6.50%		6.50%
Debt instrument, interest rate increase, minimum value of stablecoin held	$ 50,000,000.0	$ 50,000,000.0
Proceeds from funding debt	99,000,000.0
Repayments of funding debt	50,200,000
Unused, available borrowing capacity	26,100,000	26,100,000
Credit card receivables	$ 67,900,000	$ 67,900,000		$ 67,900,000
Line of Credit \| Warehouse Credit Agreement \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Stated interest rate				8.50%

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Third Party and Related Party Crypto Loans On October 8, 2025, the Company initiated repayment of approximately $116.5 million in aggregate principal outstanding under its third party loan with Galaxy by providing notice to Galaxy and posting cash collateral equal to the outstanding principal amount. The cash collateral posting was funded with proceeds from the Company's sale of its Class A common stock in connection with the Company's IPO. The loan remains outstanding due to a 90-day notice period, under the terms of the agreement with Galaxy, after which time the posted cash collateral will be used to settle the principal amount outstanding under the loan. Upon the Company's payment of the cash collateral, 818 BTC and 20,960 ETH was returned to the Company, which constitutes the crypto that the Company had pledged as collateral for its loan with Galaxy. Refer to Note 14. Third Party Loans for further details about this loan. On October 9, 2025, the Company fully repaid the related party crypto loans that were previously entered into in order to provide collateral to Galaxy under the Galaxy loan discussed above, totaling 898 BTC and 26,629 ETH. On October 28, 2025, the Company repaid 217 BTC of the 340 BTC related party crypto loan used as collateral to obtain surety bonds necessary for money transmitter licenses. SF Lease Agreement On October 10, 2025, the Company entered into a thirty-six month lease agreement for 9,090 square feet of office space in San Francisco, California which commenced on November 10, 2025. The term of the lease expires on November 10, 2028 and requires monthly base payments of $94,688.

Funding Debt

9 Months Ended

Sep. 30, 2025

Funding Debt

Related Party Loans and Convertible Notes

Crypto asset loans

Crypto asset loans as of September 30, 2025 (in thousands):


Loan(12)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 9.30.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (10)		Interest Payable(11)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	30,138	$	(25,092)	$	320,626	$	(34,742)	4.0%	$	8,837	$	1,044
2,000 BTC(2)	3/1/2023	102,516		—		22,874		(18,174)		102,427		(4,611)		4.0%	3,125		334
35,000 ETH	3/1/2023	88,234		—		—		—		110,381		(22,147)		4.0%	2,338		380
500 BTC	5/11/2023	46,683		—		—		—		57,031		(10,347)		4.0%	1,527		186
340 BTC	10/31/2023	31,745		—		—		—		38,781		(7,036)		5.0%	1,299		158
5,200 ETH(3)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(4)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(5)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(6)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(7)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(8)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(9)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		145,428		5,531		4.3%	1,173		503
Total		$	560,107	$	220,798	$	151,378	$	(71,792)	$	774,674	$	(73,352)		$	19,100	$	2,605
__________________
(1) 305 bitcoin ("BTC") was repaid during the nine months ended September 30, 2025. (2) 200 bitcoin was repaid during the nine months ended September 30, 2025. (3) 5,200 ether ("ETH") was repaid during the nine months ended September 30, 2025. (4) 3,000 ether was repaid during the nine months ended September 30, 2025. (5) 5,280 ether was repaid during the nine months ended September 30, 2025. (6) 3,400 ether was repaid during the nine months ended September 30, 2025. (7) 86 bitcoin was repaid during the nine months ended September 30, 2025. (8) 2,500 ether was repaid during the nine months ended September 30, 2025. (9) 10,000 ether was repaid during the nine months ended September 30, 2025. (10) Prior year interest accrued of $2.1 million was paid during the nine months ended September 30, 2025. (11) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of September 30, 2025. (12) 5,824 bitcoin and 26,629 ether was outstanding as of the nine months ended September 30, 2025.

Crypto asset loans as of December 31, 2024 (in thousands):


Loan(6)	Draw Date	Principal Outstanding as of 12.31.23		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.24		Unrealized Gain (Loss)		Interest Rate	Interest Expense (4)		Interest Payable(5)
5,000 BTC(1)	12/29/2022	$	211,948	$	—	$	123,155	$	(91,991)	$	290,929	$	(110,146)	4.0%	$	9,497	$	1,037
30,000 ETH	12/29/2022	20,669		—		29,790		(18,990)		—		9,868		4.0%	655		—
2,000 BTC(2)	3/1/2023	84,779		—		63,889		(42,689)		102,516		(38,938)		4.0%	3,620		376
35,000 ETH(3)	3/1/2023	80,378		—		29,247		(15,571)		88,234		(21,532)		4.0%	3,590		334
1,400 BTC	5/24/2023	4,239		—		6,182		(3,553)		—		1,610		4.0%	30		—
20,650 ETH	5/24/2023	24,802		—		32,224		(12,853)		—		5,432		4.0%	140		—
500 BTC	5/11/2023	21,195		—		—		—		46,683		(25,488)		4.0%	1,317		166
340 BTC	10/31/2023	14,412		—		—		—		31,745		(17,332)		5.0%	1,119		142
240 BTC	5/1/2024	—		13,962		16,286		(2,324)		—		—		8.0%	102		—
6,750 ETH	5/1/2024	—		19,765		25,441		(5,676)		—		—		8.0%	145		—
250 BTC	7/5/2024	—		14,006		22,007		(8,001)		—		—		5.0%	280		—
4,150 ETH	7/5/2024	—		12,420		13,473		(1,054)		—		—		5.0%	200		—
7,500 ETH	8/5/2024	—		17,663		30,038		(12,374)		—		—		5.0%	342		—
235 BTC	10/31/2024	—		16,497		22,230		(5,733)		—		—		4.5%	62		—
Total		$	462,422	$	94,313	$	413,962	$	(220,809)	$	560,107	$	(196,526)		$	21,099	$	2,055
__________________
(1) 1,884 bitcoin was repaid during the year ended December 31, 2024. (2) 902 bitcoin was repaid during the year ended December 31, 2024. (3) 8,371 ether was repaid during the year ended December 31, 2024. (4) Prior year interest accrued of $1.6 million was paid during the year ended December 31, 2024. (5) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024. (6) 5,054 bitcoin and 26,629 ether was outstanding as of the year ended December 31, 2024.

Convertible notes

The convertible notes entered into by the Company are summarized below (in thousands). The aggregate principal amount of these notes is to be used for general operating activities.

Convertible notes as of September 30, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
September Note (USD)	9/15/2023	6/1/2027	$	50,000	$	57,641	$	—	$	6,581	$	(223)	$	(72,279)	$	2,827	$	—
November Note (BTC)	11/22/2023	6/1/2027	54,671		63,027		—		7,097		(240)		(78,269)		3,093		—
December Note (USD)	12/27/2023	6/1/2027	50,000		57,642		—		6,389		(217)		(70,804)		2,827		—
March Note (BTC)	3/1/2024	6/1/2027	45,329		52,257		—		5,722		(195)		(63,655)		2,563		—
Total			$	200,000	$	230,567	$	—	$	25,789	$	(875)	$	(285,007)	$	11,310	$	—
__________________
(1) The effective interest rate for all convertible notes is 8.0%. (2) The maturity date was extended on May 15, 2025.

Convertible notes as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.23		2024 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Interest Expense		Interest Payable(3)(4)
September Note (USD)	9/15/2023	9/15/2025	$	50,000	$	51,335	$	—	$	7,101	$	(243)	$	4,000	$	5,450
November Note (BTC)	11/22/2023	11/22/2025	54,671		56,131		—		7,647		(263)		4,374		5,295
December Note (USD)	12/27/2023	12/27/2025	50,000		26,111		24,568		7,821		(510)		3,794		4,163
March Note (BTC)(2)	3/1/2024	3/1/2026	45,329		—		45,329		8,094		(890)		3,032		3,308
Total			$	200,000	$	133,577	$	69,897	$	30,663	$	(1,906)	$	15,200	$	18,216
__________________
(1) The effective interest rate for all convertible notes is 8.0%. (2) The $45.3 million drawdown is denominated in USD but was received as 734 BTC. The 734 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $68.6 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party convertible notes on the condensed consolidated balance sheets as of December 31, 2024. (4) Includes $1.6 million of fair value adjustments consisting of a $1.7 million unrealized loss and a $0.1 million gain related to change in fair value related to instrument-specific credit risk.

general corporate purposes. The Company has drawn the full $50.0 million, $25.4 million of which was drawn in December 2023 and $24.6 million in January and February 2024.

Term loan

Term Loans as of September 30, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24(4)		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
2024 Term Loan	5/16/2024	6/1/2027	$	275,000	$	230,704	$	44,296	$	76,424	$	(2,594)	$	(369,146)	$	13,811	$	—
2025 Term Loan	1/23/2025	6/1/2027	200,000		—		168,462		42,885		198		(215,414)		3,869		—
Total			$	475,000	$	230,704	$	212,758	$	119,309	$	(2,396)	$	(584,560)	$	17,680	$	—
__________________
(1) The term loans are stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of September 30, 2025 the blended interest rates were 6.9% and 7.3% for the 2024 and 2025 Term Loans, respectively. (2) On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event it will be automatically converted into Common Units in the Company. (3) The maturity date was extended on May 15, 2025. (4) The $443.5 million principal outstanding is denominated in USD but was received as 4,841 BTC, 9,000 ETH, and $26.9 million, of which, 3,241 BTC, 9,000 ETH, and $26.9 million were used during the nine months ended September 30, 2025 for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $182.5 million as of September 30, 2025.

Term Loans as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Amount Borrowed(2)		Amount Repaid		Principal Outstanding as of 12.31.24		Interest Expense		Interest Payable(3)
2024 Term Loan	5/16/2024	3/1/2026	$	275,000	$	230,704	$	—	$	230,704	$	6,505	$	6,505
_______________________
(1) The term loan is stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of December 31, 2024 the blended interest rate was 6.8%. (2) The $230.7 million principal outstanding is denominated in USD but was received as 2,834 BTC, 9,000 ETH, and $11.8 million, of which, 1,234 BTC, 9,000 ETH, and $11.8 million were used during the year for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $149.4 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.

On May 15, 2025, WCF exercised its rights under the 2024 Term Loan and 2025 Term Loan (collectively the “Term Loans”) to extend the maturity date to June 1, 2027.

Third Party Loans

Galaxy Digital LLC ("Galaxy") Loans

Third party loans with Galaxy as of September 30, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(1)		Collateral Type(2)	Collateral Rate (Initial Collateral Level)(3)
Loan 13	5/29/2024	Evergreen	51,900		11.0%	4,329		476		BTC	145%
Loan 14	5/29/2024	Evergreen	54,600		11.0%	4,555		500		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	910		100		BTC	145%
Total			$	116,500		$	9,794	$	1,076
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025. (2) As of September 30, 2025, the Company has pledged 818 BTC and 20,960 ETH included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $93.3 million, or 151%, for BTC loans; and $86.9 million, or 159%, for ETH loans. (3) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Third party loans with Galaxy as of December 31, 2024 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(9)		Collateral Type(10)	Collateral Rate (Initial Collateral Level)(11)
Loan 1	3/2/2023	3/5/2024	$	—	11.0%	$	577	$	—	ETH	160%
Loan 2	3/2/2023	3/5/2024	—		11.0%	499		—		BTC	150%
Loan 3	4/27/2023	3/5/2024	—		11.5%	104		—		ETH	160%
Loan 4	4/27/2023	3/5/2024	—		11.5%	131		—		BTC	150%
Loan 5	5/24/2023	3/5/2024	—		11.5%	409		—		ETH	160%
Loan 6	5/24/2023	3/5/2024	—		11.5%	409		—		BTC	150%
Loan 7(1)	3/4/2024	3/31/2024	—		11.5%	209		—		ETH	160%
Loan 8(2)	3/4/2024	Evergreen	—		11.0%	428		—		BTC	145%
Loan 9(3)	3/4/2024	Evergreen	—		11.0%	243		—		ETH	155%
Loan 10(4)	3/28/2024	5/31/2024	—		11.5%	489		—		ETH	160%
Loan 11(5)	3/28/2024	Evergreen	—		11.0%	967		—		BTC	145%
Loan 12(6)	3/28/2024	Evergreen	—		11.0%	550		—		ETH	155%
Loan 13(7)	5/29/2024	Evergreen	51,900		11.0%	3,410		492		BTC	145%
Loan 14(8)	5/29/2024	Evergreen	54,600		11.0%	3,570		517		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	203		103		BTC	145%
Total			$	116,500		$	12,198	$	1,112
__________________
(1) On March 4, 2024 an amended agreement was executed that restated loan 3 and loan 5 into loan 7. All of the terms and conditions are the same with the exception of the maturity date being extended to March 31, 2024. (2) On March 4, 2024 an amended agreement was executed that restated loan 2, loan 4, and loan 6 into loan 8. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (3) On March 4, 2024 an amended agreement was executed that restated loan 1 into loan 9. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (4) On March 28, 2024 an amended agreement was executed that restated loan 7 into loan 10. All of the terms and conditions are the same with the exception of the maturity date being extended to May 31, 2024. (5) On March 28, 2024 an amended agreement was executed that restated loan 8 into loan 11. All of the terms and conditions are the same. (6) On March 28, 2024 an amended agreement was executed that restated loan 9 into loan 12. All of the terms and conditions are the same. (7) On May 29, 2024 an amended agreement was executed that restated loan 11 into loan 13. All of the terms and conditions are the same. (8) On May 29, 2024 an amended agreement was executed that aggregated the principal of loan 10 with loan 12 and restated them into loan 14. All of the terms and conditions are the same with the exception of loan 10's collateral rate, interest rate, and maturity date being updated to mirror the terms of loan 12. (9) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2024. (10) As of December 31, 2024, the Company has pledged 929 bitcoin and 24,625 ether included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of December 31, 2024 was approximately $86.7 million, or 140%, for BTC loans; and $81.6 million, or 149%, for ETH loans. (11) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

New York Digital Investment Group Funding LLC ("NYDIG") Repurchase Agreement

Repurchase agreement as of September 30, 2025 (in thousands):

Loan

Loan Date

Maturity Date

Principal Outstanding

Discount

Interest Rate

Interest Expense

Interest Payable(1)

Collateral Type(2)

Collateral Rate(3)

NYDIG

7/25/2025

6/30/2026

75,000

(600)

6.5%

1,204

531

BTC

194%

__________________

(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025.

Funding Debt

Funding Debt as of September 30, 2025 (in thousands):

Loan(1)

Loan Date

Maturity Date

Principal Outstanding

Interest Rate(2)

Interest Expense

Interest Payable(3)

Ripple

7/11/2025

11/15/2027

48,890

6.5%

314

__________________

(2) The loan has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the condensed consolidated balance sheets as of September 30, 2025.

Revenue - Schedule of Revenues Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 50,618	$ 24,542	$ 119,229	$ 98,865
Total revenue not from contracts with customers	4,233	2,549	9,515	10,855
U.S.
Disaggregation of Revenue [Line Items]
Total revenue	43,072	20,587	100,587	81,685
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 7,546	$ 3,955	$ 18,642	$ 17,180

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Accounts Receivable, Net

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Accounts Receivable, Net

Accounts receivable, net of allowance consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Credit card receivables(1)(2)	$	82,709	$	65,821
Retail receivables	10,024		4,402
Custodial fees receivable	2,364		1,608
Staking fees receivable	1,213		936
Other fees receivable	3,602		2,869
Allowance for transaction losses	(15,697)		(10,268)
Total accounts receivable, net of allowance	$	84,215	$	65,368
__________________
(1) Credit card receivables includes $1.5 million and $1.8 million of in-transit receivables as of September 30, 2025 and December 31, 2024, respectively. (2) Includes $0.4 million and $0.3 million of accrued interest receivable, net as of September 30, 2025 and December 31, 2024, respectively.

Allowance for transaction losses consisted of the following for the three and nine months ended September 30, 2025 (in thousands):


Three Months Ended September 30, 2025	Credit card receivables		Retail receivables		Staking fees receivable		Other fees receivable		Total(1)
Beginning balance	$	6,969	$	5,139	$	—	$	196	$	12,304
Provision for losses	2,843		3,263		189		1,398		7,693
Write-offs(1)	(1,141)		(1,376)		(189)		(1,594)		(4,300)
Ending balance	$	8,671	$	7,026	$	—	$	—	$	15,697

Nine Months Ended September 30, 2025	Credit card receivables		Retail receivables		Staking fees receivable		Other fees receivable		Total(1)
Beginning balance	$	6,563	$	3,780	$	—	$	(75)	$	10,268
Provision for losses	7,073		6,151		354		1,798		15,376
Write-offs(1)	(4,965)		(2,905)		(354)		(1,723)		(9,947)
Ending balance	$	8,671	$	7,026	$	—	$	—	$	15,697
__________________
(1) Credit card receivable write-offs include $0.1 million and $0.4 million related to accrued interest receivable for the three and nine months ended September 30, 2025, respectively.

Allowance for transaction losses consisted of the following for the three and nine months ended September 30, 2024 (in thousands):


Three Months Ended September 30, 2024	Credit card receivables		Retail receivables		Other fees receivable		Total(1)
Beginning balance	$	6,102	$	6,532	$	(33)	$	12,601
Provision for losses	3,422		1,244		61		4,727
Write-offs(1)	(3,365)		(3,411)		49		(6,727)
Ending balance	$	6,159	$	4,365	$	77	$	10,601

Nine Months Ended September 30, 2024	Credit card receivables		Retail receivables		Other fees receivable		Total(1)
Beginning balance	$	4,251	$	15,988	$	34	$	20,273
Provision for losses	10,261		6,093		250		16,604
Write-offs(1)	(8,353)		(17,716)		(207)		(26,276)
Ending balance	$	6,159	$	4,365	$	77	$	10,601
__________________
(1) Credit card receivable write-offs include $0.1 million and $0.4 million related to accrued interest receivable for the three and nine months ended September 30, 2024, respectively.

For all accounts receivable, the Company will evaluate and write-off unsecured balances at each reporting date when they are outstanding for over 180 days or when the balance is otherwise deemed to be uncollectible. The provision for transaction losses is recorded in Transaction losses on the condensed consolidated statements of operations and comprehensive loss.

In considering credit quality of the credit card receivable portfolio, 92.2% and 89.2% of the Company's receivables were current and less than 30 days past due as of September 30, 2025 and December 31, 2024, respectively.

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents:	$ 362,357
Restricted cash equivalents:	1,658	$ 1,607
Crypto assets held:	674,963	470,101	$ 327,866
Accounts receivable, net:	385	307
Crypto asset collateral held		15,275
Equity securities	1,382	219
Corporate bonds		774
Crypto asset options	684	6,354
Warrants	1,659
Total assets	1,223,267	662,937
Liabilities
Related party loans:	487,053	413,700
Convertible notes		248,783
Crypto asset collateral payable	21,282	15,275
Derivative liability	874	7,620
Total liabilities	509,209	685,378
Crypto asset options
Assets
Crypto asset options	684	6,354
Liabilities
Derivative liability	685	6,371
Crypto asset futures
Assets
Crypto asset options	0	0
Liabilities
Derivative liability	189	1,249
Bitcoin
Assets
Crypto assets held:	604,746	412,115	295,320
Receivable, crypto assets pledged:	93,296	86,708
Ether
Assets
Crypto assets held:	46,164	17,562	25,718
Receivable, crypto assets pledged:	86,883	81,592
Other crypto assets
Assets
Crypto assets held:	24,053	40,424	$ 6,828
Level 1
Assets
Cash and cash equivalents:	362,357
Restricted cash equivalents:	1,658	1,607
Accounts receivable, net:	0	0
Crypto asset collateral held		0
Equity securities	1,382	219
Corporate bonds		0
Warrants	0
Total assets	1,016,307	431,503
Liabilities
Related party loans:	0	0
Convertible notes		0
Crypto asset collateral payable	0	0
Total liabilities	0	0
Level 1 \| Crypto asset options
Assets
Crypto asset options	0	0
Liabilities
Derivative liability	0	0
Level 1 \| Crypto asset futures
Liabilities
Derivative liability	0	0
Level 1 \| Bitcoin
Assets
Crypto assets held:	604,746	412,115
Receivable, crypto assets pledged:	0	0
Level 1 \| Ether
Assets
Crypto assets held:	46,164	17,562
Receivable, crypto assets pledged:	0	0
Level 1 \| Other crypto assets
Assets
Crypto assets held:	0	0
Level 2
Assets
Cash and cash equivalents:	0
Restricted cash equivalents:	0	0
Accounts receivable, net:	385	307
Crypto asset collateral held		15,275
Equity securities	0	0
Corporate bonds		774
Warrants	0
Total assets	205,301	231,434
Liabilities
Related party loans:	487,053	413,700
Convertible notes		0
Crypto asset collateral payable	21,282	15,275
Total liabilities	509,209	436,595
Level 2 \| Crypto asset options
Assets
Crypto asset options	684	6,354
Liabilities
Derivative liability	685	6,371
Level 2 \| Crypto asset futures
Liabilities
Derivative liability	189	1,249
Level 2 \| Bitcoin
Assets
Crypto assets held:	0	0
Receivable, crypto assets pledged:	93,296	86,708
Level 2 \| Ether
Assets
Crypto assets held:	0	0
Receivable, crypto assets pledged:	86,883	81,592
Level 2 \| Other crypto assets
Assets
Crypto assets held:	24,053	40,424
Level 3
Assets
Cash and cash equivalents:	0
Restricted cash equivalents:	0	0
Accounts receivable, net:	0	0
Crypto asset collateral held		0
Equity securities	0	0
Corporate bonds		0
Warrants	1,659
Total assets	1,659	0
Liabilities
Related party loans:	0	0
Convertible notes		248,783
Crypto asset collateral payable	0	0
Total liabilities	0	248,783
Level 3 \| Crypto asset options
Assets
Crypto asset options	0	0
Liabilities
Derivative liability	0	0
Level 3 \| Crypto asset futures
Liabilities
Derivative liability	0	0
Level 3 \| Bitcoin
Assets
Crypto assets held:	0	0
Receivable, crypto assets pledged:	0	0
Level 3 \| Ether
Assets
Crypto assets held:	0	0
Receivable, crypto assets pledged:	0	0
Level 3 \| Other crypto assets
Assets
Crypto assets held:	$ 0	$ 0

Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 230,705	$ 230,706
Accumulated Amortization	(85,340)	(68,563)
Intangible Assets, Net	145,365	162,143
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	178,005	178,005
Accumulated Amortization	(45,490)	(36,590)
Intangible Assets, Net	132,515	141,415
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,781	50,781
Accumulated Amortization	(38,377)	(30,779)
Intangible Assets, Net	12,404	20,002
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,250	1,250
Accumulated Amortization	(937)	(750)
Intangible Assets, Net	313	500
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	669	670
Accumulated Amortization	(536)	(444)
Intangible Assets, Net	$ 133	$ 226

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Preferred Units & Preferred Stock

Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Increase (decrease) in fair value of embedded derivatives	$ 0.3	$ (0.2)	$ 0.1	$ 0.8

Preferred Units & Preferred Stock

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Common Units & Common Stock

In September 2025, the Company completed its IPO, in which the Company issued and sold 15.9 million shares of its Class A common stock at a public offering price of $28.00 per share, which includes the exercise in full by the underwriters of their option to purchase from the Company an additional 0.3 million shares of the Company’s Class A common stock and 0.5 million shares of the Company’s Class A common stock from the selling stockholders. The sale of shares by the selling stockholders did not result in any proceeds to the Company. Concurrent with the IPO, Nasdaq entered into an agreement with us to purchase 1.9 million shares of Class A common stock in a private placement at $26.25 per share.

The Company authorized a total of 1.0 billion shares of Class A common stock with a par value of $0.001 per share and 100.0 million shares of Class B common stock with a par value of $0.001 per share. As of September 30, 2025, the Company had 42,518,964 shares of Class A common stock and 75,126,784 shares of Class B common stock issued and outstanding.

The holders of Gemini's Class A common stock are entitled to one vote for each share of common stock held. The holders of Gemini's Class B common stock are entitled to ten votes for each share of common stock held. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters submitted to a vote of the stockholders of the Company.

The dividend and liquidation rights of the holders of our Class A and Class B common stock are subject to declarations by the board and any restrictions imposed by the terms of any outstanding preferred stock. Upon liquidation, dissolution or winding up of the Company, assets legally available for distribution to stockholders will be distributed ratably among the holders of Class A and Class B common stock, subject to prior satisfaction of all outstanding debts and other liabilities and the payment of liquidation preferences, if any, on any outstanding preferred stock.

Shares of Class B common stock are convertible at any time at the option of the holder into shares of Class A common stock on a one-to-one basis. In addition, each share of Class B common stock will automatically convert into a share of Class A common stock upon a transfer, except for certain permitted transfers described in our amended and restated articles of incorporation, and in certain other circumstances. Further, all outstanding shares of Class B common stock will automatically convert into Class A common stock upon the earliest of (i) the death or disability of the last surviving founder or (ii) the date the founders and their permitted transferees collectively hold less than 20% of the Class B common stock outstanding immediately following the closing of our initial public offering.

All outstanding shares of our Class A and Class B common stock are fully paid and non-assessable. Holders of our Class A and Class B common stock do not have preemptive, subscription, redemption, or sinking fund rights. The rights of holders of our Class A common stock are subject to and qualified by the rights, powers, and preferences of the holders of any preferred stock that we may issue from time to time.

Prior to the IPO, the Company issued three classes of Common Units, including Basic Common Units, Catch Up Common Units, and Capital Common A Units. In connection with the IPO, all outstanding shares of Common Units were converted into shares of Class A common stock and Class B common stock at the IPO price of $28.00 per share. As such, there were no shares of Common Units that were issued and outstanding as of September 30, 2025. The following Common Units were converted to Class A and Class B common stock upon IPO: 1.1 million Basic Common Units outstanding were converted to 0.3 million shares of Class A common stock; 15.0 million Capital Common A Units outstanding were converted to 4.6 million shares of Class B common stock; 55.2 million Incentive Units (inclusive of phantom units) outstanding were exchanged for 5.0 million shares of Class A common stock in respect of vested Incentive Units, 4.4 million shares of restricted Class A common stock in respect of unvested Incentive Units, and less than 0.1 million shares of Class B common stock in respect of Incentive Units held by the Company's founders.

Also, in connection with the IPO, all outstanding shares of convertible preferred units were converted into 15.1 million shares of Class A common stock and 39.4 million shares of Class B common stock, pursuant to the conversion ratio. See Note 17. Preferred Units & Preferred Stock for further details.

Lastly, in connection with the IPO, approximately $228.0 million in aggregate principal amount (plus accrued and unpaid interest thereon) in the Convertible Notes outstanding automatically converted into 10.2 million shares of Class B common stock, pursuant to the terms at a price per share equal to $22.40, or 80% of the IPO price of $28.00 per share. See Note 13. Related Party Loans and Convertible Notes for further details.

Preferred Units & Preferred Stock

Series FF Units

In 2018, the Company issued a total of 1,000,000 Series FF preferred units ("Series FF Units") to its founders, Cameron and Tyler Winklevoss, which remained outstanding as of December 31, 2024. In connection with the IPO, all Series FF units were forfeited. As such, there were no Series FF units outstanding as of September 30, 2025.

Convertible Preferred Units

As of December 31, 2024, the Company had 30,954,820 Series A preferred units (“Series A Units”) and 8,887,101 Series B preferred units (“Series B Units”), collectively the "Convertible Preferred Units", that were issued and outstanding. In connection with the IPO in September 2025, all outstanding shares of the Convertible Preferred Units were converted into shares of Class A common stock and Class B common stock based on the terms of the conversion ratio, and their carrying value of $534.4 million was reclassified into stockholders' equity. As such, there were no shares of Convertible Preferred Units issued and outstanding as of September 30, 2025.

The following schedule summarizes the Company’s authorized, issued and outstanding Convertible Preferred Units as of December 31, 2024 (in thousands, except per unit data):


Series	Units Authorized	Units Issued and Outstanding	Original Price per Unit		Liquidation Preference		Carrying Value, Net of Issuance Cost
Series A-1	14,756	14,756	$	0.71	$	21,078	$	10,539
Series A-2	738	738	$	0.19	284		142
Series A-3	970	970	$	9.72	18,860		9,430
Series A-4	5,676	5,676	$	7.90	89,700		44,850
Series A-5	1,486	1,486	$	8.35	24,800		12,400
Series A-6	4,091	4,091	$	3.12	25,500		12,750
Series A-7	3,238	3,238	$	6.61	42,800		21,400
Series B	8,910	8,887	$	47.70	423,903		422,857
	39,865	39,842			$	646,925	$	534,368

Preferred Stock

In connection with the IPO in September 2025, the Company authorized 20,000,000 shares of preferred stock for issuance, at a par value of $0.001 per share. No shares of preferred stock were issued and outstanding as of September 30, 2025.

The entire disclosure for equity.

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Schedule of Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued expenses:
Accrued expenses	$	63,636	$	29,711
Accrued loss contingencies(1)	1,031		6,083
Accrued salaries and benefits	2,912		3,113
Total accrued expenses	67,579		38,907

Other current liabilities:
Crypto asset collateral payable	21,282		15,275
Derivative liabilities	873		7,620
Current lease liabilities	5,594		4,737
Commissions to NFT artists payable	1,665		1,896
Other current liabilities	1,946		1,513
Deferred tax liabilities	—		7,407
Unearned advisory fee revenue	8,741		—
Total other current liabilities	40,101		38,448
Total accrued expenses and other current liabilities	$	107,680	$	77,355
__________________
(1) Refer to Note 21. Commitments and Contingencies for additional information.

Third Party Loans - Narrative (Details) - NYDIG $ in Thousands	Jul. 25, 2025 USD ($) crypto_unit	Sep. 30, 2025 USD ($)
Repurchase Agreement Counterparty [Line Items]
Repurchase agreement	$ 75,000	$ 75,000
Cash proceeds	$ 75,000
Interest Rate	8.50%	6.50%
Collateral rate		194.00%
Minimum
Repurchase Agreement Counterparty [Line Items]
Collateral rate	143.00%
Maximum
Repurchase Agreement Counterparty [Line Items]
Collateral rate	200.00%
Bitcoin
Repurchase Agreement Counterparty [Line Items]
Transferred amount (in units) \| crypto_unit	1,078
Nominal value	$ 125,250

Derivatives

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of September 30, 2025 (in thousands):


	September 30, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	88,418	$	684	$	(685)
Crypto asset futures	29,825		—		(189)
Total			$	684	$	(874)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

The following table summarizes the balance sheet impact of crypto asset options and futures not designated as hedges and measured at fair value as of December 31, 2024 (in thousands):


	December 31, 2024
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	229,546	$	6,354	$	(6,371)
Crypto asset futures	11,671		—		(1,249)
Total			$	6,354	$	(7,620)
__________________
(1) Gross notional amounts represent the U.S. Dollar denominated size of the underlying asset for the derivative instrument. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

Please refer to Note 5. Fair Value Measurements for fair value details on embedded derivatives. During the three and nine months ended September 30, 2025, the change in fair value of the embedded derivatives increased by $0.3 million and increased by $0.1 million, respectively. During the three and nine months ended September 30, 2024, the change in fair value of the embedded derivatives decreased by $0.2 million and increased by $0.8 million, respectively.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Derivative assets
Crypto asset options	(53,152)		89,230		(69,998)		(53,262)
Crypto asset futures	—		25,071		—		(16,691)
Total	$	(53,152)	$	114,301	$	(69,998)	$	(69,953)

Derivative liabilities
Crypto asset options	$	53,711	$	(93,711)	$	70,886	$	56,420
Crypto asset futures	(200)		(23,078)		(1,449)		15,210
Total	$	53,511	$	(116,789)	$	69,437	$	71,630

The below table represents the breakdown of crypto asset collateral associated with derivative positions (in thousands):


	September 30, 2025		December 31, 2024
Crypto assets held as collateral meeting the recognition criteria	$	21,268	$	15,275
Crypto assets held as collateral not meeting the recognition criteria	$	—	$	4,875
Crypto assets pledged as collateral not meeting the derecognition criteria	$	7,978	$	4,616

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Intangible Assets

Intangible assets consisted of the following as of September 30, 2025 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Amortizing intangible assets
Patents	$	178,005	$	(45,490)	$	132,515
Developed technology	50,781		(38,377)		12,404
Customer relationships	1,250		(937)		313
Assembled workforce	669		(536)		133
	$	230,705	$	(85,340)	$	145,365

Intangible assets consisted of the following as of December 31, 2024 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Amortizing intangible assets
Patents	$	178,005	$	(36,590)	$	141,415
Developed technology	50,781		(30,779)		20,002
Customer relationships	1,250		(750)		500
Assembled workforce	670		(444)		226
	$	230,706	$	(68,563)	$	162,143

Schedule of Expected Future Amortization Expense for Intangible Assets

The expected future amortization expense for intangible assets as of September 30, 2025 is as follows (in thousands):


	September 30, 2025
Remaining 2025	$	5,585
2026	22,124
2027	11,867
2028	11,867
2029	11,867
Thereafter	82,055
Total expected future amortization expense	$	145,365

Description of Business (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Sep. 11, 2025 USD ($) class $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 15, 2025 $ / shares shares	Dec. 31, 2024 shares
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Gross proceeds from stock issued and sold \| $		$ 50,000	$ 0
Common stock, shares authorized (in shares)				1,100,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000		20,000,000.0	0
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001		$ 0.001
Number of classes of stock \| class	2
Class A common stock
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000.0	1,000,000,000			0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001		0.001
Class A common stock \| Convertible Preferred Units
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares resulting from conversion of equity (in shares)	15,100,000
Class A common stock \| Common Units
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares resulting from conversion of equity (in shares)	9,800,000
Class B common stock
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, shares authorized (in shares)	100,000,000.0	100,000,000			0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001		$ 0.001
Class B common stock \| Related Party
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares resulting from conversion of debt (in shares)	31,100,000
Class B common stock \| Convertible Preferred Units
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares resulting from conversion of equity (in shares)	39,400,000
Class B common stock \| Common Units
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares resulting from conversion of equity (in shares)	4,600,000
IPO
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Net proceeds from stock issued and sold \| $	$ 406,300
Offering costs \| $	$ 15,200
IPO \| Class A common stock
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Shares issued and sold (in shares)	15,900,000
Public offering price of shares issued and sold (in dollars per share) \| $ / shares	$ 28.00
Over-Allotment Option, Company \| Class A common stock
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Shares issued and sold (in shares)	300,000
Over-Allotment Option, Stockholders \| Class A common stock
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Shares issued and sold (in shares)	500,000
Private Placement
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Gross proceeds from stock issued and sold \| $	$ 50,000
Private Placement \| Class A common stock
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Shares issued and sold (in shares)	1,900,000
Public offering price of shares issued and sold (in dollars per share) \| $ / shares	$ 26.25

Prepaid Expenses and Other Assets - Schedule of Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jul. 21, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Prepaid expenses and other current assets
Crypto asset collateral held	$ 0		$ 15,275
Prepaid expenses	8,923		7,232
Equity securities	1,382		219
Derivative assets	684		6,354
Other	15,892		8,054
Total prepaid expenses and other current assets	26,881		37,134
Other non-current assets
Lease right-of-use assets	16,419		14,512
Strategic investments	9,568		10,638	$ 11,079	$ 11,708
Warrant derivative	1,659		0
Warrant receivable	6,493	$ 10,800	0
Other	1,735		1,722
Total other non-current assets	35,874		$ 26,872
Contract asset vested	$ 4,300

Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Accrued expenses:

Accrued loss contingencies

$ 63,636

$ 29,711

1,031

6,083

Accrued salaries and benefits

2,912

3,113

Total accrued expenses

^[1]

67,579

38,907

Other current liabilities:

Crypto asset collateral payable

21,282

15,275

Derivative liabilities

873

7,620

Current lease liabilities

5,594

4,737

Commissions to NFT artists payable

1,665

1,896

Other current liabilities

1,946

1,513

Deferred tax liabilities

7,407

Unearned advisory fee revenue

8,741

Total other current liabilities

40,101

38,448

Total accrued expenses and other current liabilities

$ 107,680

$ 77,355

[1]	(2) Includes related party amounts of $0 and $0.1 million in Accrued expenses as of September 30, 2025 and December 31, 2024, respectively, as outlined in Note 21. Related Party Transactions.

Software, Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Software, Property and Equipment, Net

Software, property and equipment, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Software	$	47,006	$	43,821
Leasehold improvements	12,439		12,652
Furniture and fixtures	3,587		3,303
Computers and other equipment	3,092		2,584
Total	66,124		62,360
Accumulated amortization and depreciation	(51,306)		(45,208)

Software, property and equipment, net	$	14,818	$	17,152

Funding Debt (Tables)

9 Months Ended

Sep. 30, 2025

Schedule Third Party Loans

Term Loans as of September 30, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24(4)		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
2024 Term Loan	5/16/2024	6/1/2027	$	275,000	$	230,704	$	44,296	$	76,424	$	(2,594)	$	(369,146)	$	13,811	$	—
2025 Term Loan	1/23/2025	6/1/2027	200,000		—		168,462		42,885		198		(215,414)		3,869		—
Total			$	475,000	$	230,704	$	212,758	$	119,309	$	(2,396)	$	(584,560)	$	17,680	$	—
__________________
(1) The term loans are stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of September 30, 2025 the blended interest rates were 6.9% and 7.3% for the 2024 and 2025 Term Loans, respectively. (2) On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event it will be automatically converted into Common Units in the Company. (3) The maturity date was extended on May 15, 2025. (4) The $443.5 million principal outstanding is denominated in USD but was received as 4,841 BTC, 9,000 ETH, and $26.9 million, of which, 3,241 BTC, 9,000 ETH, and $26.9 million were used during the nine months ended September 30, 2025 for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $182.5 million as of September 30, 2025.

Term Loans as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Amount Borrowed(2)		Amount Repaid		Principal Outstanding as of 12.31.24		Interest Expense		Interest Payable(3)
2024 Term Loan	5/16/2024	3/1/2026	$	275,000	$	230,704	$	—	$	230,704	$	6,505	$	6,505
_______________________
(1) The term loan is stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of December 31, 2024 the blended interest rate was 6.8%. (2) The $230.7 million principal outstanding is denominated in USD but was received as 2,834 BTC, 9,000 ETH, and $11.8 million, of which, 1,234 BTC, 9,000 ETH, and $11.8 million were used during the year for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $149.4 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.

Third party loans with Galaxy as of September 30, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(1)		Collateral Type(2)	Collateral Rate (Initial Collateral Level)(3)
Loan 13	5/29/2024	Evergreen	51,900		11.0%	4,329		476		BTC	145%
Loan 14	5/29/2024	Evergreen	54,600		11.0%	4,555		500		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	910		100		BTC	145%
Total			$	116,500		$	9,794	$	1,076
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025. (2) As of September 30, 2025, the Company has pledged 818 BTC and 20,960 ETH included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $93.3 million, or 151%, for BTC loans; and $86.9 million, or 159%, for ETH loans. (3) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Third party loans with Galaxy as of December 31, 2024 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(9)		Collateral Type(10)	Collateral Rate (Initial Collateral Level)(11)
Loan 1	3/2/2023	3/5/2024	$	—	11.0%	$	577	$	—	ETH	160%
Loan 2	3/2/2023	3/5/2024	—		11.0%	499		—		BTC	150%
Loan 3	4/27/2023	3/5/2024	—		11.5%	104		—		ETH	160%
Loan 4	4/27/2023	3/5/2024	—		11.5%	131		—		BTC	150%
Loan 5	5/24/2023	3/5/2024	—		11.5%	409		—		ETH	160%
Loan 6	5/24/2023	3/5/2024	—		11.5%	409		—		BTC	150%
Loan 7(1)	3/4/2024	3/31/2024	—		11.5%	209		—		ETH	160%
Loan 8(2)	3/4/2024	Evergreen	—		11.0%	428		—		BTC	145%
Loan 9(3)	3/4/2024	Evergreen	—		11.0%	243		—		ETH	155%
Loan 10(4)	3/28/2024	5/31/2024	—		11.5%	489		—		ETH	160%
Loan 11(5)	3/28/2024	Evergreen	—		11.0%	967		—		BTC	145%
Loan 12(6)	3/28/2024	Evergreen	—		11.0%	550		—		ETH	155%
Loan 13(7)	5/29/2024	Evergreen	51,900		11.0%	3,410		492		BTC	145%
Loan 14(8)	5/29/2024	Evergreen	54,600		11.0%	3,570		517		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	203		103		BTC	145%
Total			$	116,500		$	12,198	$	1,112
__________________
(1) On March 4, 2024 an amended agreement was executed that restated loan 3 and loan 5 into loan 7. All of the terms and conditions are the same with the exception of the maturity date being extended to March 31, 2024. (2) On March 4, 2024 an amended agreement was executed that restated loan 2, loan 4, and loan 6 into loan 8. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (3) On March 4, 2024 an amended agreement was executed that restated loan 1 into loan 9. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (4) On March 28, 2024 an amended agreement was executed that restated loan 7 into loan 10. All of the terms and conditions are the same with the exception of the maturity date being extended to May 31, 2024. (5) On March 28, 2024 an amended agreement was executed that restated loan 8 into loan 11. All of the terms and conditions are the same. (6) On March 28, 2024 an amended agreement was executed that restated loan 9 into loan 12. All of the terms and conditions are the same. (7) On May 29, 2024 an amended agreement was executed that restated loan 11 into loan 13. All of the terms and conditions are the same. (8) On May 29, 2024 an amended agreement was executed that aggregated the principal of loan 10 with loan 12 and restated them into loan 14. All of the terms and conditions are the same with the exception of loan 10's collateral rate, interest rate, and maturity date being updated to mirror the terms of loan 12. (9) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2024. (10) As of December 31, 2024, the Company has pledged 929 bitcoin and 24,625 ether included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of December 31, 2024 was approximately $86.7 million, or 140%, for BTC loans; and $81.6 million, or 149%, for ETH loans. (11) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Funding Debt as of September 30, 2025 (in thousands):

Loan(1)

Loan Date

Maturity Date

Principal Outstanding

Interest Rate(2)

Interest Expense

Interest Payable(3)

Ripple

7/11/2025

11/15/2027

48,890

6.5%

314

__________________

(2) The loan has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the condensed consolidated balance sheets as of September 30, 2025.

Schedule of Basic and Diluted Net Loss per Share

Preferred Units & Preferred Stock - Schedule Of Convertible Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Preferred Units [Line Items]
Units Authorized (in shares)		39,865,000
Units Issued (in shares)		39,842,000
Units Outstanding (in shares)		39,842,000
Liquidation Preference		$ 646,925
Carrying Value, Net of Issuance Cost		$ 534,368
Series A-1
Preferred Units [Line Items]
Units Authorized (in shares)		14,756,000
Units Issued (in shares)		14,756,000
Units Outstanding (in shares)		14,756,000
Original Price per Unit (in dollars per share)		$ 0.71
Liquidation Preference		$ 21,078
Carrying Value, Net of Issuance Cost		$ 10,539
Series A-2
Preferred Units [Line Items]
Units Authorized (in shares)		738,000
Units Issued (in shares)		738,000
Units Outstanding (in shares)		738,000
Original Price per Unit (in dollars per share)		$ 0.19
Liquidation Preference		$ 284
Carrying Value, Net of Issuance Cost		$ 142
Series A-3
Preferred Units [Line Items]
Units Authorized (in shares)		970,000
Units Issued (in shares)		970,000
Units Outstanding (in shares)		970,000
Original Price per Unit (in dollars per share)		$ 9.72
Liquidation Preference		$ 18,860
Carrying Value, Net of Issuance Cost		$ 9,430
Series A-4
Preferred Units [Line Items]
Units Authorized (in shares)		5,676,000
Units Issued (in shares)		5,676,000
Units Outstanding (in shares)		5,676,000
Original Price per Unit (in dollars per share)		$ 7.90
Liquidation Preference		$ 89,700
Carrying Value, Net of Issuance Cost		$ 44,850
Series A-5
Preferred Units [Line Items]
Units Authorized (in shares)		1,486,000
Units Issued (in shares)		1,486,000
Units Outstanding (in shares)		1,486,000
Original Price per Unit (in dollars per share)		$ 8.35
Liquidation Preference		$ 24,800
Carrying Value, Net of Issuance Cost		$ 12,400
Series A-6
Preferred Units [Line Items]
Units Authorized (in shares)		4,091,000
Units Issued (in shares)		4,091,000
Units Outstanding (in shares)		4,091,000
Original Price per Unit (in dollars per share)		$ 3.12
Liquidation Preference		$ 25,500
Carrying Value, Net of Issuance Cost		$ 12,750
Series A-7
Preferred Units [Line Items]
Units Authorized (in shares)		3,238,000
Units Issued (in shares)		3,238,000
Units Outstanding (in shares)		3,238,000
Original Price per Unit (in dollars per share)		$ 6.61
Liquidation Preference		$ 42,800
Carrying Value, Net of Issuance Cost		$ 21,400
Series B
Preferred Units [Line Items]
Units Authorized (in shares)		8,910,000
Units Issued (in shares)	0	8,887,101
Units Outstanding (in shares)	0	8,887,101
Original Price per Unit (in dollars per share)		$ 47.70
Liquidation Preference		$ 423,903
Carrying Value, Net of Issuance Cost		$ 422,857

Accounts Receivable, Net - Schedule of Allowance for Transaction Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 12,304	$ 12,601	$ 10,268	$ 20,273
Provision for losses	7,693	4,727	15,376	16,604
Write-offs	(4,300)	(6,727)	(9,947)	(26,276)
Ending Balance	15,697	10,601	15,697	10,601
Credit card receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	6,969	6,102	6,563	4,251
Provision for losses	2,843	3,422	7,073	10,261
Write-offs	(1,141)	(3,365)	(4,965)	(8,353)
Ending Balance	8,671	6,159	8,671	6,159
Accrued interest receivable included in write-offs	100	100	400	400
Retail receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	5,139	6,532	3,780	15,988
Provision for losses	3,263	1,244	6,151	6,093
Write-offs	(1,376)	(3,411)	(2,905)	(17,716)
Ending Balance	7,026	4,365	7,026	4,365
Staking fees receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	0		0
Provision for losses	189		354
Write-offs	(189)		(354)
Ending Balance	0		0
Other fees receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	196	(33)	(75)	34
Provision for losses	1,398	61	1,798	250
Write-offs	(1,594)	49	(1,723)	(207)
Ending Balance	$ 0	$ 77	$ 0	$ 77

Third Party Loans - Schedule of Repurchase Agreements (Details) - NYDIG $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($) crypto_unit	Jul. 25, 2025 USD ($)
Repurchase Agreement Counterparty [Line Items]
Principal Outstanding	$ 75,000	$ 75,000
Discount	$ (600)
Interest Rate	6.50%	8.50%
Interest Expense	$ 1,204
Interest Payable	$ 531
Collateral Rate	194.00%
Total collateral associated with repurchase agreements	$ 145,400
Bitcoin
Repurchase Agreement Counterparty [Line Items]
Pledged crypto (in units) \| crypto_unit	1,275
Pledged crypto subject to a margin call (in units) \| crypto_unit	197

Derivatives - Schedule of Gain (Loss) on Changes in the Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative assets
Derivative [Line Items]
Gain (loss) on changes in fair value of derivatives	$ (53,152)	$ 114,301	$ (69,998)	$ (69,953)
Crypto asset options
Derivative [Line Items]
Gain (loss) on changes in fair value of derivatives	(53,152)	89,230	(69,998)	(53,262)
Crypto asset futures
Derivative [Line Items]
Gain (loss) on changes in fair value of derivatives	0	25,071	0	(16,691)
Derivative liabilities
Derivative [Line Items]
Gain (loss) on changes in fair value of derivatives	53,511	(116,789)	69,437	71,630
Crypto asset options
Derivative [Line Items]
Gain (loss) on changes in fair value of derivatives	53,711	(93,711)	70,886	56,420
Crypto asset futures
Derivative [Line Items]
Gain (loss) on changes in fair value of derivatives	$ (200)	$ (23,078)	$ (1,449)	$ 15,210

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

The Company's basic and diluted net loss per share calculation for Class A common stock and Class B common stock for the three and nine months ended September 30, 2025 and 2024 is presented below (in thousands, except per share amounts):


	Three Months Ended September 30,
	2025				2024
	Class A common stock		Class B common stock		Class A common stock		Class B common stock
Numerator:
Net loss attributable to common stockholders	$	(47,101)	$	(112,413)	$	(5,887)	$	(84,293)

Denominator:
Weighted average common stock outstanding, basic and diluted(1)(2)	7,066		16,865		321		4,599

Net loss per share attributable to common stockholders:
Basic and diluted	$	(6.67)	$	(6.67)	$	(18.33)	$	(18.33)


	Nine Months Ended September 30,
	2025				2024
	Class A common stock		Class B common stock		Class A common stock		Class B common stock
Numerator:
Net loss attributable to common stockholders	$	(101,233)	$	(340,757)	$	(8,520)	$	(123,032)

Denominator:
Weighted average common stock outstanding, basic and diluted(1)(2)	2,594		8,733		318		4,599

Net loss per share attributable to common stockholders:
Basic and diluted	$	(39.02)	$	(39.02)	$	(26.75)	$	(26.75)
__________________
(1) Prior to the IPO, the Common Units outstanding excludes 25,301,447 Common Units and 9,417,936 Catch Up Common Units that were issued and outstanding as profits interest units as of September 30, 2024. Vested Incentive Units and Convertible Preferred Units are considered as participating securities. However, these participating securities do not contractually require the holders to fund loss and were excluded from basic net loss per unit calculation for the three and nine months ended September 30, 2024. Upon the consummation of the IPO, these units were fully converted into Class A common stock and Class B common stock and no longer outstanding.
(2) Prior to the IPO, weighted average common units outstanding includes only Capital Common Units A and certain Basic Common Units granted directly to individuals. The rights, including the liquidation and dividend rights, of the holders of these certain Basic Common Units and Capital Common Units A are identical and as a result, the undistributed earnings loss are allocated on a proportionate basis and the resulting loss per share is the same. Upon the IPO, these units were fully reclassified into Class A common stock and Class B common stock and no longer outstanding. The effect of this reclassification is retroactively applied in the periods prior to the IPO.

Schedule of Potentially Dilutive Units Not Included in Calculation of Diluted Shares Outstanding

The following potentially dilutive units were not included in the calculation of diluted shares outstanding as the effect would have been antidilutive (in thousands):


	Nine Months Ended September 30,
	2025	2024
Convertible Preferred Units	—	39,842

Unvested RSAs	4,200	—
Unvested RSUs	3,887	—
Outstanding stock options	6,848	—

Total	14,935	39,842

Stock-Based Compensation - Schedule of Share-Based Payment Award Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2025
Time Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	6 years 1 month 6 days
Volatility	70.00%
Risk-free rate	3.70%
Dividend Yield	0.00%
Market Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	10 years
Volatility	70.00%
Risk-free rate	4.00%
Dividend Yield	0.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Related Party Loans and Convertible Notes

9 Months Ended

Sep. 30, 2025

Crypto asset loans

Crypto asset loans as of September 30, 2025 (in thousands):


Loan(12)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 9.30.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (10)		Interest Payable(11)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	30,138	$	(25,092)	$	320,626	$	(34,742)	4.0%	$	8,837	$	1,044
2,000 BTC(2)	3/1/2023	102,516		—		22,874		(18,174)		102,427		(4,611)		4.0%	3,125		334
35,000 ETH	3/1/2023	88,234		—		—		—		110,381		(22,147)		4.0%	2,338		380
500 BTC	5/11/2023	46,683		—		—		—		57,031		(10,347)		4.0%	1,527		186
340 BTC	10/31/2023	31,745		—		—		—		38,781		(7,036)		5.0%	1,299		158
5,200 ETH(3)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(4)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(5)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(6)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(7)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(8)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(9)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		145,428		5,531		4.3%	1,173		503
Total		$	560,107	$	220,798	$	151,378	$	(71,792)	$	774,674	$	(73,352)		$	19,100	$	2,605
__________________
(1) 305 bitcoin ("BTC") was repaid during the nine months ended September 30, 2025. (2) 200 bitcoin was repaid during the nine months ended September 30, 2025. (3) 5,200 ether ("ETH") was repaid during the nine months ended September 30, 2025. (4) 3,000 ether was repaid during the nine months ended September 30, 2025. (5) 5,280 ether was repaid during the nine months ended September 30, 2025. (6) 3,400 ether was repaid during the nine months ended September 30, 2025. (7) 86 bitcoin was repaid during the nine months ended September 30, 2025. (8) 2,500 ether was repaid during the nine months ended September 30, 2025. (9) 10,000 ether was repaid during the nine months ended September 30, 2025. (10) Prior year interest accrued of $2.1 million was paid during the nine months ended September 30, 2025. (11) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of September 30, 2025. (12) 5,824 bitcoin and 26,629 ether was outstanding as of the nine months ended September 30, 2025.

Crypto asset loans as of December 31, 2024 (in thousands):


Loan(6)	Draw Date	Principal Outstanding as of 12.31.23		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.24		Unrealized Gain (Loss)		Interest Rate	Interest Expense (4)		Interest Payable(5)
5,000 BTC(1)	12/29/2022	$	211,948	$	—	$	123,155	$	(91,991)	$	290,929	$	(110,146)	4.0%	$	9,497	$	1,037
30,000 ETH	12/29/2022	20,669		—		29,790		(18,990)		—		9,868		4.0%	655		—
2,000 BTC(2)	3/1/2023	84,779		—		63,889		(42,689)		102,516		(38,938)		4.0%	3,620		376
35,000 ETH(3)	3/1/2023	80,378		—		29,247		(15,571)		88,234		(21,532)		4.0%	3,590		334
1,400 BTC	5/24/2023	4,239		—		6,182		(3,553)		—		1,610		4.0%	30		—
20,650 ETH	5/24/2023	24,802		—		32,224		(12,853)		—		5,432		4.0%	140		—
500 BTC	5/11/2023	21,195		—		—		—		46,683		(25,488)		4.0%	1,317		166
340 BTC	10/31/2023	14,412		—		—		—		31,745		(17,332)		5.0%	1,119		142
240 BTC	5/1/2024	—		13,962		16,286		(2,324)		—		—		8.0%	102		—
6,750 ETH	5/1/2024	—		19,765		25,441		(5,676)		—		—		8.0%	145		—
250 BTC	7/5/2024	—		14,006		22,007		(8,001)		—		—		5.0%	280		—
4,150 ETH	7/5/2024	—		12,420		13,473		(1,054)		—		—		5.0%	200		—
7,500 ETH	8/5/2024	—		17,663		30,038		(12,374)		—		—		5.0%	342		—
235 BTC	10/31/2024	—		16,497		22,230		(5,733)		—		—		4.5%	62		—
Total		$	462,422	$	94,313	$	413,962	$	(220,809)	$	560,107	$	(196,526)		$	21,099	$	2,055
__________________
(1) 1,884 bitcoin was repaid during the year ended December 31, 2024. (2) 902 bitcoin was repaid during the year ended December 31, 2024. (3) 8,371 ether was repaid during the year ended December 31, 2024. (4) Prior year interest accrued of $1.6 million was paid during the year ended December 31, 2024. (5) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024. (6) 5,054 bitcoin and 26,629 ether was outstanding as of the year ended December 31, 2024.

Convertible notes

The convertible notes entered into by the Company are summarized below (in thousands). The aggregate principal amount of these notes is to be used for general operating activities.

Convertible notes as of September 30, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
September Note (USD)	9/15/2023	6/1/2027	$	50,000	$	57,641	$	—	$	6,581	$	(223)	$	(72,279)	$	2,827	$	—
November Note (BTC)	11/22/2023	6/1/2027	54,671		63,027		—		7,097		(240)		(78,269)		3,093		—
December Note (USD)	12/27/2023	6/1/2027	50,000		57,642		—		6,389		(217)		(70,804)		2,827		—
March Note (BTC)	3/1/2024	6/1/2027	45,329		52,257		—		5,722		(195)		(63,655)		2,563		—
Total			$	200,000	$	230,567	$	—	$	25,789	$	(875)	$	(285,007)	$	11,310	$	—
__________________
(1) The effective interest rate for all convertible notes is 8.0%. (2) The maturity date was extended on May 15, 2025.

Convertible notes as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.23		2024 Amounts Drawn		Unrealized Loss		Change in fair value attributable to instrument-specific credit risk		Interest Expense		Interest Payable(3)(4)
September Note (USD)	9/15/2023	9/15/2025	$	50,000	$	51,335	$	—	$	7,101	$	(243)	$	4,000	$	5,450
November Note (BTC)	11/22/2023	11/22/2025	54,671		56,131		—		7,647		(263)		4,374		5,295
December Note (USD)	12/27/2023	12/27/2025	50,000		26,111		24,568		7,821		(510)		3,794		4,163
March Note (BTC)(2)	3/1/2024	3/1/2026	45,329		—		45,329		8,094		(890)		3,032		3,308
Total			$	200,000	$	133,577	$	69,897	$	30,663	$	(1,906)	$	15,200	$	18,216
__________________
(1) The effective interest rate for all convertible notes is 8.0%. (2) The $45.3 million drawdown is denominated in USD but was received as 734 BTC. The 734 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $68.6 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party convertible notes on the condensed consolidated balance sheets as of December 31, 2024. (4) Includes $1.6 million of fair value adjustments consisting of a $1.7 million unrealized loss and a $0.1 million gain related to change in fair value related to instrument-specific credit risk.

general corporate purposes. The Company has drawn the full $50.0 million, $25.4 million of which was drawn in December 2023 and $24.6 million in January and February 2024.

Term loan

Term Loans as of September 30, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24(4)		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of convertible notes to common stock in connection with IPO		Interest Expense		Interest Payable
2024 Term Loan	5/16/2024	6/1/2027	$	275,000	$	230,704	$	44,296	$	76,424	$	(2,594)	$	(369,146)	$	13,811	$	—
2025 Term Loan	1/23/2025	6/1/2027	200,000		—		168,462		42,885		198		(215,414)		3,869		—
Total			$	475,000	$	230,704	$	212,758	$	119,309	$	(2,396)	$	(584,560)	$	17,680	$	—
__________________
(1) The term loans are stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of September 30, 2025 the blended interest rates were 6.9% and 7.3% for the 2024 and 2025 Term Loans, respectively. (2) On January 23, 2025, the 2024 Term Loan was amended such that upon a public company event it will be automatically converted into Common Units in the Company. (3) The maturity date was extended on May 15, 2025. (4) The $443.5 million principal outstanding is denominated in USD but was received as 4,841 BTC, 9,000 ETH, and $26.9 million, of which, 3,241 BTC, 9,000 ETH, and $26.9 million were used during the nine months ended September 30, 2025 for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $182.5 million as of September 30, 2025.

Term Loans as of December 31, 2024 (in thousands):


Loan(1)	Draw Date	Maturity Date	Aggregate Principal Amount		Amount Borrowed(2)		Amount Repaid		Principal Outstanding as of 12.31.24		Interest Expense		Interest Payable(3)
2024 Term Loan	5/16/2024	3/1/2026	$	275,000	$	230,704	$	—	$	230,704	$	6,505	$	6,505
_______________________
(1) The term loan is stated at an interest rate of no less than 4.0% and no greater than 16.0%. As of December 31, 2024 the blended interest rate was 6.8%. (2) The $230.7 million principal outstanding is denominated in USD but was received as 2,834 BTC, 9,000 ETH, and $11.8 million, of which, 1,234 BTC, 9,000 ETH, and $11.8 million were used during the year for general business purposes. The remaining 1,600 BTC is reported in Crypto assets held on the condensed consolidated balance sheets with a fair value of $149.4 million as of December 31, 2024. (3) Outstanding interest balances payable to WCF are included in Related party loans on the condensed consolidated balance sheets as of December 31, 2024.

On May 15, 2025, WCF exercised its rights under the 2024 Term Loan and 2025 Term Loan (collectively the “Term Loans”) to extend the maturity date to June 1, 2027.

Third Party Loans

Galaxy Digital LLC ("Galaxy") Loans

Third party loans with Galaxy as of September 30, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(1)		Collateral Type(2)	Collateral Rate (Initial Collateral Level)(3)
Loan 13	5/29/2024	Evergreen	51,900		11.0%	4,329		476		BTC	145%
Loan 14	5/29/2024	Evergreen	54,600		11.0%	4,555		500		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	910		100		BTC	145%
Total			$	116,500		$	9,794	$	1,076
__________________
(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025. (2) As of September 30, 2025, the Company has pledged 818 BTC and 20,960 ETH included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of September 30, 2025 was approximately $93.3 million, or 151%, for BTC loans; and $86.9 million, or 159%, for ETH loans. (3) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

Third party loans with Galaxy as of December 31, 2024 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable(9)		Collateral Type(10)	Collateral Rate (Initial Collateral Level)(11)
Loan 1	3/2/2023	3/5/2024	$	—	11.0%	$	577	$	—	ETH	160%
Loan 2	3/2/2023	3/5/2024	—		11.0%	499		—		BTC	150%
Loan 3	4/27/2023	3/5/2024	—		11.5%	104		—		ETH	160%
Loan 4	4/27/2023	3/5/2024	—		11.5%	131		—		BTC	150%
Loan 5	5/24/2023	3/5/2024	—		11.5%	409		—		ETH	160%
Loan 6	5/24/2023	3/5/2024	—		11.5%	409		—		BTC	150%
Loan 7(1)	3/4/2024	3/31/2024	—		11.5%	209		—		ETH	160%
Loan 8(2)	3/4/2024	Evergreen	—		11.0%	428		—		BTC	145%
Loan 9(3)	3/4/2024	Evergreen	—		11.0%	243		—		ETH	155%
Loan 10(4)	3/28/2024	5/31/2024	—		11.5%	489		—		ETH	160%
Loan 11(5)	3/28/2024	Evergreen	—		11.0%	967		—		BTC	145%
Loan 12(6)	3/28/2024	Evergreen	—		11.0%	550		—		ETH	155%
Loan 13(7)	5/29/2024	Evergreen	51,900		11.0%	3,410		492		BTC	145%
Loan 14(8)	5/29/2024	Evergreen	54,600		11.0%	3,570		517		ETH	155%
Loan 15	11/1/2024	Evergreen	10,000		12.0%	203		103		BTC	145%
Total			$	116,500		$	12,198	$	1,112
__________________
(1) On March 4, 2024 an amended agreement was executed that restated loan 3 and loan 5 into loan 7. All of the terms and conditions are the same with the exception of the maturity date being extended to March 31, 2024. (2) On March 4, 2024 an amended agreement was executed that restated loan 2, loan 4, and loan 6 into loan 8. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (3) On March 4, 2024 an amended agreement was executed that restated loan 1 into loan 9. All of the terms and conditions are the same with the exception of the maturity date being extended to Evergreen terms. (4) On March 28, 2024 an amended agreement was executed that restated loan 7 into loan 10. All of the terms and conditions are the same with the exception of the maturity date being extended to May 31, 2024. (5) On March 28, 2024 an amended agreement was executed that restated loan 8 into loan 11. All of the terms and conditions are the same. (6) On March 28, 2024 an amended agreement was executed that restated loan 9 into loan 12. All of the terms and conditions are the same. (7) On May 29, 2024 an amended agreement was executed that restated loan 11 into loan 13. All of the terms and conditions are the same. (8) On May 29, 2024 an amended agreement was executed that aggregated the principal of loan 10 with loan 12 and restated them into loan 14. All of the terms and conditions are the same with the exception of loan 10's collateral rate, interest rate, and maturity date being updated to mirror the terms of loan 12. (9) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of December 31, 2024. (10) As of December 31, 2024, the Company has pledged 929 bitcoin and 24,625 ether included in Receivable, crypto assets pledged on the condensed consolidated balance sheets. Total collateral associated with these loans as of December 31, 2024 was approximately $86.7 million, or 140%, for BTC loans; and $81.6 million, or 149%, for ETH loans. (11) If the notional value of crypto assets pledged falls 10% from the initial collateral level there will be a margin call and additional crypto will need to be pledged to reset the collateral balance to the initial collateral level.

New York Digital Investment Group Funding LLC ("NYDIG") Repurchase Agreement

Repurchase agreement as of September 30, 2025 (in thousands):

Loan

Loan Date

Maturity Date

Principal Outstanding

Discount

Interest Rate

Interest Expense

Interest Payable(1)

Collateral Type(2)

Collateral Rate(3)

NYDIG

7/25/2025

6/30/2026

75,000

(600)

6.5%

1,204

531

BTC

194%

__________________

(1) Outstanding interest balances payable to a third party are included in Third party loans on the condensed consolidated balance sheets as of September 30, 2025.

Funding Debt

Funding Debt as of September 30, 2025 (in thousands):

Loan(1)

Loan Date

Maturity Date

Principal Outstanding

Interest Rate(2)

Interest Expense

Interest Payable(3)

Ripple

7/11/2025

11/15/2027

48,890

6.5%

314

__________________

(2) The loan has an initial interest rate of 6.5%, which can be increased to 8.5% if the Company does not maintain at least $50.0 million equivalent of RLUSD by October 11, 2025.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the condensed consolidated balance sheets as of September 30, 2025.

General and administrative

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Technology

^[1]

$ 20,317

$ 15,579

$ 54,790

$ 47,460

^[2]

19,335

13,822

52,582

44,782

Related Party

Net revenue

700

400

1,900

1,600

Technology

500

$ 100

700

$ 700

General and administrative

$ 600

$ 800

$ 0

[1]	(2) Technology expenses includes related party amounts of $0.5 million and $0.7 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.7 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.
[2]	(3) General and administrative expenses includes related party amounts of $0.6 million and $0.8 million for the three and nine months ended September 30, 2025, respectively, and $0 for the three and nine months ended September 30, 2024, as outlined in Note 21. Related Party Transactions.

Accrued Expenses and Other Current Liabilities

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Gemini Space Station, LLC, and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting. The unaudited interim financial statements have been prepared on the same basis as the audited consolidated financial statements and in the opinion of management, reflect all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company's financial statements for the periods presented.
Consolidation	These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024 included in the Company's final prospectus, dated September 11, 2025, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Prospectus”) in connection with the IPO. There have been no material changes in the Company's significant accounting policies or segment reporting as described in the audited annual consolidated financial statements as of and for the year ended December 31, 2024.
Reclassification	Certain reclassifications have been made to prior period amounts to conform to the current period’s presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net loss.
Use of estimates	Use of estimates The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are used for, but not limited to, the fair value of crypto assets, allowance for transaction losses, contingent liabilities, the Company's incremental borrowing rate, fair value of derivatives, fair value of convertible notes, fair value of strategic investments, fair value of stock-based awards issued prior to the IPO, fair value of stock options, fair value of compensatory warrants received or issued in connection with certain services agreements, the useful life of long-lived assets, and the recoverability of long-lived assets. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the Company’s unaudited condensed consolidated financial statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities.
Customer custodial funds and custodial funds due to customers	Customer custodial funds and custodial funds due to customers Customer custodial funds represent restricted cash and cash equivalents maintained in segregated Company bank accounts that are held for the exclusive benefit of customers. The Company has restricted cash deposits at financial institutions related to the Gemini Dollar ("GUSD").
Credit card receivables pledged	Credit card receivables pledged Credit card receivables pledged represent credit card receivables which the Company has pledged as collateral for a warehouse credit facility with an unaffiliated third party.
Concentration of credit risk	Concentration of credit risk Certain financial instruments, primarily consisting of cash and cash equivalents, restricted cash and cash equivalents, customer custodial funds, and accounts receivable, may subject the Company to concentrations of credit risk. The Company generally maintains cash balances in excess of federally insured limits.
Warrants	Warrants The Company holds warrants from Empery Digital Inc. (“Empery”), formerly known as, Volcon, Inc., received as consideration for providing general asset management services and crypto asset custody services. The warrants give the Company the right to purchase up to 0.9 million shares of Empery's common stock at an exercise price equal to $10.00 per share. The warrants are subject to market-based vesting conditions tied to Empery’s stock price performance. The warrants vest and become exercisable in 20% increments upon Empery’s common stock achieving specified volume-weighted average prices, beginning at $10.00 per share and increasing in $5.00 increments up to $30.00 per share. Non-cash consideration in the form of warrants is measured at fair value on the grant date using a Monte Carlo simulation model, incorporating both observable inputs, such as stock price, exercise price, expected term, risk-free rate, dividend yield, equity volatility, and unobservable inputs, including the probability of achieving stock-price vesting conditions. Revenue related to these warrants is recognized over the estimated period that the related advisory and custodial services are provided, which is determined to be approximately one year, measured at the grant date fair value, and is recognized as advisory fee revenue (see Note 3. Revenue) included in Net revenue on the condensed consolidated statements of operations and comprehensive loss. The portion of non-cash consideration received in advance of satisfying the related performance obligation is included in Other current liabilities on the condensed consolidated balance sheets. The vested warrants meet the definition of a derivative under ASC 815, Derivatives and Hedging, and are recorded as derivative assets at fair value based on the grant date fair value of the vested portion and are included Other non-current assets on the condensed consolidated balance sheets. Subsequent changes in fair value are recognized in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. A warrant receivable, representing the unvested portion of the warrants, is included in Other non-current assets on the condensed consolidated balance sheets. As of September 30, 2025, 40% of the warrants' vesting conditions have been met. Cash flows from revenue related to warrants are recognized as adjustments to reconcile Net loss to Net cash used in operating activities in the condensed consolidated statements of cash flows.
Sales and marketing	Sales and marketing Sales and marketing expense includes primarily credit card rewards and advertising costs. Advertising costs are expensed as incurred.
Stock-based compensation	Stock-based compensation Stock plans Following the IPO, the Company maintains two equity incentive plans: the Gemini Space Station, Inc. 2025 Omnibus Incentive Plan (the “Equity Plan”) and the Gemini Space Station, Inc. 2025 Employee Stock Purchase Plan (the “ESPP”). The Equity Plan The Equity Plan provides for the granting of stock options, RSUs, and restricted stock awards (“RSAs”). The number of shares available for grant and issuance under the Equity Plan will be automatically increased on January 1st of each of the first 10 fiscal years during the term of the Equity Plan by the lesser of (a) 5% of the total number of shares of all classes of the Company’s common stock issued and outstanding on each December 31st immediately prior to the date of increase or (b) such number of shares determined by the Board or the compensation committee of the Board. ESPP The ESPP allows eligible employees the option to purchase shares of the Company’s Class A common stock at a 15% discount through accumulated payroll deductions over 6-month offering periods commencing on each June 1 and December 1 period, subject to an annual statutory limitation of $25,000 per year. The purchase price is equal to 85% of the fair market value of the Company's common stock on the first date of an offering or the date of purchase, whichever is lower. The number of shares available for grant and issuance under the ESPP will be automatically increased on January 1st of each of the first 10 fiscal years during the term of the ESPP by the lesser of (a) 1% of the total number of shares of all classes of the Company’s common stock outstanding on each December 31st immediately prior to the date of increase, (b) 1,500,000 shares of common stock, or (c) such number of shares determined by the Board or the compensation committee of the Board. Types of Awards Stock options The Company grants non-qualified stock options (“NSOs”) with contractual periods of up to 10 years and at prices determined by the Board. NSOs were granted to certain executives of the Company. The exercise price of an option shall not be less than 100% of the estimated fair value of the underlying shares on the date of the grant. Stock options vest upon the satisfaction of service-based and performance-based conditions. The performance condition is based on the achievement of specified Company stock-price targets during a seven-year performance period. Each award is divided into four tranches that vest upon the achievement of the corresponding stock-price targets. The service-based condition is satisfied as to 50% of the award upon continued service through August 15, 2028, and as to the remaining 50% upon continued service through August 15, 2030. If the applicable stock-price targets are not achieved within the performance period, the unearned portion of the award is forfeited. Upon certain qualifying terminations of employment or a change in control, service-based vesting may accelerate and/or vesting may occur on a prorated or interpolated basis in accordance with the award agreement. Upon vesting, one share of Class A common stock is issued from the Company’s authorized shares under the Equity Plan for each stock option. RSUs The Company grants RSUs to certain of its employees, directors, and consultants that vest upon the satisfaction of service-based condition. In general, RSUs vest over a service period of four years, with 25% vesting on the first anniversary of the vesting commencement date and 75% vesting in consecutive monthly or quarterly installments over the remaining three-year period. Upon vesting, one share of Class A common stock is issued from the Company’s authorized shares under the Equity Plan for each RSU. Participants are entitled to dividends and voting rights only upon vesting. Restricted Stock Awards (“RSAs”) The Company may issue shares of restricted Class A common stock to its employees, directors, and consultants. Participants are entitled to dividends and voting rights only upon issuance. Vesting of RSAs is dependent on the satisfaction of a service-based condition or performance condition. The Company has the right to repurchase shares at par value when the vesting condition is not satisfied. Valuation of Awards The Company estimates the fair value of RSUs and RSAs based on the fair value of the Company’s Class A common stock on the date of grant, which is the closing price of the Company’s Class A common stock as reported on the Nasdaq Global Select Market on the grant date. The Company estimates the fair value of stock options with only service-based conditions and purchase rights under the ESPP on the date of grant using the Black-Scholes-Merton Option-Pricing Model. The model requires management to make a number of assumptions, including the fair value and expected volatility of the Company’s underlying common stock price, expected life of the option, risk-free interest rate, and expected dividend yield, which are calculated as follows: •The fair value of the underlying stock is the fair value of the Company’s common stock on the date of grant, which is the closing price of the Company's Class A common stock as reported on the Nasdaq Global Select Market on the grant date. •The expected stock price volatility assumption for the Company’s stock is determined by using a weighted average of the historical stock price volatility of comparable companies from a representative peer group, as sufficient trading history for the Company’s common stock is not available. •The Company uses historical exercise information and contractual terms of options to estimate the expected term. •The risk-free interest rate for periods within the expected life of the option is based on the U.S. Treasury zero coupon bonds with terms consistent with the expected term of the award at the time of grant. •The expected dividend yield assumption is based on the Company’s history and expectation of no dividend payouts. The Company determines the fair value of performance awards subject to a market condition using a Monte Carlo Simulation Model (a binomial lattice-based valuation model). The Monte Carlo Simulation Model uses multiple input variables to determine the probability of satisfying the market condition requirements. The fair values of the awards are not subject to change based on future market conditions. Expense Attribution Stock-based compensation expense for RSUs, RSAs, and stock options with only service-based conditions, and purchase rights under the ESPP, is recorded on a straight-line basis over the requisite service period. The Company has elected to account for forfeitures of awards as they occur, with previously recognized compensation reversed in the period that the awards are forfeited. The Company uses the accelerated attribution method to recognize expense over the requisite service period for performance awards, or tranches thereof, subject to a market condition. Once the associated market condition becomes probable of being achieved, stock-based compensation expense is recognized according to the market-based fair value measured on the grant date, subject to continued service over the period. This expense is recognized regardless of whether or not the market condition is ultimately satisfied. Historical Awards Common Units Prior to the IPO, the Company issued three classes of common units (collectively referred to as the "Common Units") including basic common units (the "Basic Common Units"), catch up common units (the "Catch Up Common Units"), and capital common units A (the "Capital Common A Units"). The Company entered into profits interest compensation arrangements with employees and non-employees settled in the form of Basic Common Units and Catch Up Common Units of Gemini Astronaut Corps, LLC (the “Incentive Units”). Gemini Astronaut Corps, LLC was formed for the sole purpose of holding Basic Common Units and Catch Up Common Units of the Company. Each Incentive Unit awarded to a recipient directly corresponded to a Basic Common Unit or Catch Up Common Units of the Company that was held by Gemini Astronaut Corps, LLC, such that recipients indirectly received Common Units of the Company as awards. The Incentive Units of Gemini Astronaut Corps, LLC and the corresponding Common Units of the Company were profits interests of Gemini Astronaut Corps, LLC and the Company, respectively. The Company also issued phantom awards (the "Original Phantom Units") to certain employees. The vested Original Phantom Units entitled the recipients to receive equivalent cash payment when and if payments were made to Incentive Units. Upon certain separation events, vested Original Phantom Units are repurchased from recipients by the Company with cash, based on the fair value of Incentive Units as of the repurchase date. The Original Phantom Units were accounted for as a liability under ASC 710, Compensation, as they were not legal form equity and they did not provide recipients with the ability to retain residual interests upon vesting after termination. Beginning in 2024, the Company granted phantom awards (the “Phantom Units”) with adjusted terms such that upon a termination event without cause, the Company would not repurchase with cash the vested Phantom Units. Instead, the recipient would retain the Phantom Units until a change in control event. As the repurchase event was not probable to occur as of the reporting date, the Phantom Units were treated as equity classified under ASC 718, Stock-Based Compensation. Phantom Unit awards and certain Incentive Unit ("Service-Based Incentive Unit") awards vested solely according to service-based conditions. The service-based vesting condition was typically met over a four-year period, with 25% vesting on the first anniversary of the vesting commencement date and 75% vesting in consecutive monthly installments over the remaining three-year period. As the awards vested solely on service-based vesting conditions, the Company had elected to recognize expense using the straight-line method over the entire requisite service period of each individual grant. The Original Phantom Units typically vested in a similar manner to the Phantom Units described above, however, under ASC 710, the Company recognized compensation expense associated with the Original Phantom Units based on their estimated present value. The expense was recorded straight-line over the service period of the award. The outstanding Original Phantom Unit liability was remeasured at each reporting period until the date on which the units are cash settled or repurchased. Certain awards granted in 2020, for up to 1,300,000 Incentive Units, (the "Performance-Based Incentive Units") vested on the basis of achieving certain performance metrics relating to the gross monthly merchandise volume (“GMV”) of Nifty Gateway, LLC, a consolidated subsidiary, over a specified period, in addition to continuous service throughout such period. For these awards, recognition was performed using the accelerated attribution method, such that each individual vesting tranche was recognized over the requisite service period for that specific tranche. Recognition of expense for performance-based awards occurred to the extent the performance conditions were probable of being met, or had been met, as of each reporting date. In January 2022, the Company entered into two asset acquisitions for which the Company granted sellers common stock units ("Service-Based Common Units") which vested solely according to service-based conditions for key employees. The number of Service-Based Common Units issued to sellers was based on the continued employment of certain key employees. The service-based vesting condition was met over a two year service period with 50% vesting on the first anniversary of the grant date and the remaining vesting at the end of the service period. The Company had elected to recognize expense using the straight-line method over the entire requisite service period of the grant. Upon completion of the IPO in September 2025, all outstanding shares of Common Units were converted into 9.8 million shares of Class A common stock and 4.6 million shares of Class B common stock. The Company has elected to account for the effects of all stock-based compensation forfeitures of awards at the time the forfeitures occur. Stock-based compensation expense relating to Incentive Units, Service-Based Common Units, Phantom Units, stock options, RSUs and RSAs is included in Salaries and compensation on the condensed consolidated statements of operations and comprehensive loss. Bonus expense relating to Original Phantom Units is included in Salaries and compensation on the condensed consolidated statements of operations and comprehensive loss.
Income taxes	Income taxes Prior to the IPO, the Company was a limited liability company treated as a partnership for U.S. federal and state income tax purposes. Accordingly, taxable income or loss was passed through to the Company’s members. As such, no recognition of income taxes for the Company has been provided for in the accompanying condensed consolidated financial statements prior to the IPO, with an exception for certain U.S. domestic corporations and certain foreign operations, as discussed below. Uncertain tax positions, if any, taken by the members are not uncertain positions of the Company. The Company has wholly owned U.S. subsidiaries, including Gemini Intergalactic, LLC (“Intergalactic”) and others, that made an election to be taxed as an association taxable as a corporation for U.S. income tax purposes. Intergalactic, similar corporations, and certain wholly owned controlled foreign corporations (“CFCs”) owned by Intergalactic, follow the guidance of FASB ASC Topic 740, Income Taxes (“ASC 740”) for income tax purposes. In addition, any other U.S. C Corporations held by the Company also follow the same ASC 740 guidance (collectively, “Income Taxed Affiliates”). Prior to the IPO, the respective Income Taxed Affiliates record standalone tax provisions for the anticipated tax consequences of the reported results of operations. Subsequent to the IPO, the Company is a corporation for U.S. federal and state income tax purposes. Accordingly, recognition of income taxes for the Company has been provided for in the accompanying condensed consolidated financial statements subsequent to the IPO.
Net loss per share	Net loss per share The Company computes net loss per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires income available to common stockholders for the period to be allocated between shares of common stock and participating securities based upon their respective rights to receive distributions as if all income for the period had been distributed. Prior to the IPO, the Company’s convertible preferred units and vested Incentive Units were deemed participating securities. Post IPO, the Company has not issued any instruments that are deemed participating securities. Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the weighted-average number of outstanding shares of common stock during the period. Diluted net loss per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of certain service-based stock-based awards granted in certain acquisitions, conversion of the convertible preferred units, and conversion of the convertible notes prior to the IPO and stock-based awards granted post the IPO. Net loss per share calculations for all periods prior to the IPO have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the IPO to effect the reclassification of the pre-IPO Common Units into the post-IPO Class A common stock and Class B common stock. Subsequent to the IPO, net loss per share was calculated based on the weighted average number of common stock then outstanding.
Recent accounting pronouncements	Recent accounting pronouncements Accounting pronouncements pending adoption In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is currently evaluating the impact of adopting the standard. In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Final Standard on Disaggregation of Income Statement Expenses (“ASU 2024-03”). The new guidance requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The amendments in ASU 2024-03 are required to be adopted for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adopting the standard. In July 2025, the FASB issued Accounting Standards Update No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). The new guidance allows entities to use the practical expedient to estimate expected credit losses. The new standard is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 eliminates the old project-stage model for capitalizing internal-use software costs and instead requires capitalization only when management has authorized and committed funding and it is probable the project will be completed and used for its intended purpose. Costs are expensed when significant development uncertainty exists. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard. In September 2025, the FASB issued Accounting Standards Update No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). ASU 2025-07 refines the scope of derivative accounting under Derivatives and Hedging (Topic 815) by narrowing when contracts with features based on a party’s operations or activities qualify as derivatives, and clarifies that share-based noncash consideration from a customer in a revenue contract is accounted under Revenue from Contracts with Customers (Topic 606) rather than as a derivative. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (159,514)	$ (90,180)	$ (441,990)	$ (131,552)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization			23,189	24,656
Change in fair value on related party convertible notes	8,178	9,775	25,789	23,296
Change in fair value on related party loans	24,989	0	119,309	0
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged			(144,664)	(233,950)
Realized and unrealized gain (loss) on related party crypto loans	83,096	(4,989)	145,144	216,747
Provision for transaction losses	7,693	4,727	15,376	16,604
Stock-based compensation			48,959	4,483
Crypto assets received as revenue			(23,680)	(14,473)
Crypto asset payments for expenses			33,629	94,447
Warrants received as revenue			(2,098)	0
Non-cash lease expense			3,105	3,214
Other operating activities, net			(1,171)	5,914
Changes in operating assets and liabilities:
Purchase of crypto assets			(143,037)	(41,698)
Disposal of crypto assets			212,360	60,577
Accounts receivable			(11,603)	(15,882)
Other assets			137,210	67,766
Accounts payable and accrued expenses			12,498	(145,112)
Payables due to related parties			29,540	27,024
Payables due to third parties			5,913	7,970
Payables due for funding debt			314	0
Lease liabilities			(4,359)	(3,999)
Other liabilities			(119,932)	(70,385)
Net cash used in operating activities			(80,199)	(104,353)
Cash flows from investing activities
Proceeds from disposal of crypto assets			93,809	131,662
Purchases of credit card receivables			(646,827)	(321,946)
Proceeds from repayments of credit card receivables			561,829	273,727
Capitalization of internally developed software costs			(3,501)	(3,089)
Purchase of software, property and equipment			(1,507)	(445)
Purchase of equity investments			(59)	(350)
Net cash provided by investing activities			3,744	79,559
Cash flows from financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs			397,306	0
Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq			50,000	0
Custodial funds due to customers, net of redemptions			(40,455)	60,365
Proceeds from related party convertible notes			0	24,568
Proceeds from related party loans			15,100	0
Proceeds from third party loan, net of discount			74,250	0
Proceeds from funding debt			99,040	0
Repayment of funding debt			(50,150)	0
Net cash provided by financing activities			537,594	84,933
Net increase in cash, cash equivalents, restricted cash and cash equivalents			461,139	60,139
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period			646,858	446,830	$ 446,830
Cash, cash equivalents, restricted cash and cash equivalents, end of period	1,107,997	506,969	1,107,997	506,969	646,858
Cash, cash equivalents, restricted cash and cash equivalents consisted of the following:
Cash and cash equivalents	487,462	38,613	487,462	38,613	42,847
Restricted cash and cash equivalents	87,731	21,320	87,731	21,320
Customer custodial funds	532,804	447,036	532,804	447,036	575,628
Total cash, cash equivalents, restricted cash and cash equivalents	$ 1,107,997	$ 506,969	1,107,997	506,969	$ 646,858
Supplemental disclosure of cash flow information
Cash paid during the period for interest			23,635	4,378
Cash paid during the period for income taxes			531	361
Supplemental schedule of non-cash investing and financing activities
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering			804,297	0
Conversion of convertible preferred units to common stock in connection with initial public offering			534,368	0
Related party loans received in crypto assets			418,458	157,988
Conversion of related party loans into related party convertible notes			246,245	0
Repayments of related party loans denominated in crypto assets			151,378	185,985
Credit card receivables posted as collateral for funding debt			67,918	0
Crypto assets posted (returned) as collateral for third party loans, net			46,096	58,035
Crypto assets received as collateral for derivatives			6,007	4,916
Repayment of third party loan interest denominated in crypto			5,417	8,024
Deferred offering costs not yet paid			6,141	0
Change in fair value attributable to instrument-specific credit risk			3,271	2,261
Related party convertible notes received in crypto assets			0	45,329
RSUs
Cash flows from financing activities
Payment of withholding taxes			(6,929)	0
Equity awards
Cash flows from financing activities
Payment of withholding taxes			$ (568)	$ 0

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued expenses:
Accrued expenses	$	63,636	$	29,711
Accrued loss contingencies(1)	1,031		6,083
Accrued salaries and benefits	2,912		3,113
Total accrued expenses	67,579		38,907

Other current liabilities:
Crypto asset collateral payable	21,282		15,275
Derivative liabilities	873		7,620
Current lease liabilities	5,594		4,737
Commissions to NFT artists payable	1,665		1,896
Other current liabilities	1,946		1,513
Deferred tax liabilities	—		7,407
Unearned advisory fee revenue	8,741		—
Total other current liabilities	40,101		38,448
Total accrued expenses and other current liabilities	$	107,680	$	77,355
__________________
(1) Refer to Note 21. Commitments and Contingencies for additional information.

Software, Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.4	$ 0.4	$ 1.3	$ 1.2
Amortization expenses	$ 1.7	$ 2.1	5.1	6.2
Additions to software			$ 3.5	$ 3.1

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Leases [Abstract]
Remaining 2025	$ 1,626
2026	7,133
2027	7,161
2028	6,657
2029	3,655
Thereafter	2,975
Total undiscounted lease payments	29,207
Less: imputed interest	(3,663)
Total lease liabilities	$ 25,544

Software, Property and Equipment, Net - Schedule of Software, Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Software, property and equipment, gross	$ 66,124	$ 62,360
Accumulated amortization and depreciation	(51,306)	(45,208)
Software, property and equipment, net	14,818	17,152
Software
Property, Plant and Equipment [Line Items]
Software, property and equipment, gross	47,006	43,821
Leasehold improvements
Property, Plant and Equipment [Line Items]
Software, property and equipment, gross	12,439	12,652
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Software, property and equipment, gross	3,587	3,303
Computers and other equipment
Property, Plant and Equipment [Line Items]
Software, property and equipment, gross	$ 3,092	$ 2,584

Fair Value Measurements - Narrative (Details) - Measurement Input, Discount Rate - Convertible Debt And Loans Payable	Sep. 30, 2025	Sep. 30, 2024
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Significant input utilized in analysis	0.195	0.195
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Significant input utilized in analysis	0.217

Related Party Loans and Convertible Notes - Schedule of Convertible Notes (Details) $ in Thousands				1 Months Ended				2 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 11, 2025 USD ($)	Mar. 01, 2024 USD ($) crypto_unit	Nov. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 USD ($)	Oct. 31, 2023 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 27, 2023 USD ($)	Nov. 22, 2023 USD ($)	Sep. 15, 2023 USD ($)
Debt Instrument [Line Items]
Amount Drawn													$ 0	$ 24,568
Unrealized Loss											$ 8,178	$ 9,775	25,789	23,296
Conversion of convertible notes to common stock in connection with IPO													(804,297)	0
Crypto assets held:					$ 327,866						674,963		674,963		$ 470,101
Bitcoin
Debt Instrument [Line Items]
Crypto assets held:					295,320						604,746		604,746		412,115
Convertible Notes
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 228,000										200,000		200,000		200,000
Fair value of Principal Outstanding					133,577							$ 237,000		$ 237,000	230,567
Amount Drawn													0		69,897
Unrealized Loss													25,789		30,663
Change in fair value attributable to instrument-specific credit risk													(875)		(1,906)
Conversion of convertible notes to common stock in connection with IPO	$ (285,000)												(285,007)
Interest Expense													11,310		15,200
Interest Payable											$ 0		$ 0		$ 18,216
Effective interest rate											8.00%		8.00%		8.00%
Interest payable, fair value adjustments															$ 1,600
Interest payable, fair value adjustments related to unrealized losses															1,700
Interest payable, fair value adjustments related to instrument-specific credit risk gain															100
Convertible Notes \| September Note (USD)
Debt Instrument [Line Items]
Aggregate Principal Amount																		$ 50,000
Fair value of Principal Outstanding					51,335										57,641
Amount Drawn						$ 21,500	$ 28,500			$ 50,000			$ 0		0
Unrealized Loss													6,581		7,101
Change in fair value attributable to instrument-specific credit risk													(223)		(243)
Conversion of convertible notes to common stock in connection with IPO													(72,279)
Interest Expense													2,827		4,000
Interest Payable											$ 0		0		5,450
Convertible Notes \| November Note (BTC)
Debt Instrument [Line Items]
Aggregate Principal Amount																	$ 54,671
Fair value of Principal Outstanding					56,131										63,027
Amount Drawn			$ 54,700										0		0
Unrealized Loss													7,097		7,647
Change in fair value attributable to instrument-specific credit risk													(240)		(263)
Conversion of convertible notes to common stock in connection with IPO													(78,269)
Interest Expense													3,093		4,374
Interest Payable											0		0		5,295
Convertible Notes \| December Note (USD)
Debt Instrument [Line Items]
Aggregate Principal Amount																$ 50,000
Fair value of Principal Outstanding					26,111										57,642
Amount Drawn					25,400			$ 50,000	$ 24,600				0		24,568
Unrealized Loss													6,389		7,821
Change in fair value attributable to instrument-specific credit risk													(217)		(510)
Conversion of convertible notes to common stock in connection with IPO													(70,804)
Interest Expense													2,827		3,794
Interest Payable											0		0		4,163
Convertible Notes \| March Note (BTC)
Debt Instrument [Line Items]
Aggregate Principal Amount		$ 45,329
Fair value of Principal Outstanding					$ 0										52,257
Amount Drawn				$ 45,300									0		45,329
Unrealized Loss													5,722		8,094
Change in fair value attributable to instrument-specific credit risk													(195)		(890)
Conversion of convertible notes to common stock in connection with IPO													(63,655)
Interest Expense													2,563		3,032
Interest Payable											$ 0		$ 0		3,308
Convertible Notes \| March Note (BTC) \| Bitcoin
Debt Instrument [Line Items]
Crypto currency received as draw down on convertible notes (in units) \| crypto_unit		734
Crypto assets held:															$ 68,600

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Gemini Space Station, LLC, and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting. The unaudited interim financial statements have been prepared on the same basis as the audited consolidated financial statements and in the opinion of management, reflect all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company's financial statements for the periods presented. These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024 included in the Company's final prospectus, dated September 11, 2025, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Prospectus”) in connection with the IPO. There have been no material changes in the Company's significant accounting policies or segment reporting as described in the audited annual consolidated financial statements as of and for the year ended December 31, 2024. Certain reclassifications have been made to prior period amounts to conform to the current period’s presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net loss. Use of estimates The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are used for, but not limited to, the fair value of crypto assets, allowance for transaction losses, contingent liabilities, the Company's incremental borrowing rate, fair value of derivatives, fair value of convertible notes, fair value of strategic investments, fair value of stock-based awards issued prior to the IPO, fair value of stock options, fair value of compensatory warrants received or issued in connection with certain services agreements, the useful life of long-lived assets, and the recoverability of long-lived assets. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the Company’s unaudited condensed consolidated financial statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities. Emerging Growth Company Status The Company is an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act)”, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Under the JOBS Act emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Company has elected to avail itself of this extended transition period and, as a result, will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of the IPO or such earlier time that it is no longer an emerging growth company. The Company would cease to be an emerging growth company on the last day of the fiscal year in which it has total annual gross revenues of $1.235 billion or more, has more than $700.0 million in market value of its stock held by non-affiliates (and it has been a public company for at least 12 months, and has filed on annual report on Form 10-K), or it issues more than $1.0 billion in non-convertible debt securities over a three-year period. Customer custodial funds and custodial funds due to customers Customer custodial funds represent restricted cash and cash equivalents maintained in segregated Company bank accounts that are held for the exclusive benefit of customers. The Company has restricted cash deposits at financial institutions related to the Gemini Dollar ("GUSD"). Customer custodial funds related to GUSD were $49.3 million and $58.7 million as of September 30, 2025 and December 31, 2024, respectively. Customer custodial funds due to customers related to GUSD were to $48.7 million and $58.4 million as of September 30, 2025 and December 31, 2024, respectively. Credit card receivables pledged Credit card receivables pledged represent credit card receivables which the Company has pledged as collateral for a warehouse credit facility with an unaffiliated third party. Refer to Note 15. Funding Debt for further details. Concentration of credit risk Certain financial instruments, primarily consisting of cash and cash equivalents, restricted cash and cash equivalents, customer custodial funds, and accounts receivable, may subject the Company to concentrations of credit risk. The Company generally maintains cash balances in excess of federally insured limits. As of September 30, 2025 and December 31, 2024, the Company had no customers that accounted for more than 10% of the Company’s Accounts receivable, net. In addition, during both the three and nine months ended September 30, 2025 and 2024, no customer accounted for more than 10% of Total revenue. Warrants The Company holds warrants from Empery Digital Inc. (“Empery”), formerly known as, Volcon, Inc., received as consideration for providing general asset management services and crypto asset custody services. The warrants give the Company the right to purchase up to 0.9 million shares of Empery's common stock at an exercise price equal to $10.00 per share. The warrants are subject to market-based vesting conditions tied to Empery’s stock price performance. The warrants vest and become exercisable in 20% increments upon Empery’s common stock achieving specified volume-weighted average prices, beginning at $10.00 per share and increasing in $5.00 increments up to $30.00 per share. Non-cash consideration in the form of warrants is measured at fair value on the grant date using a Monte Carlo simulation model, incorporating both observable inputs, such as stock price, exercise price, expected term, risk-free rate, dividend yield, equity volatility, and unobservable inputs, including the probability of achieving stock-price vesting conditions. Revenue related to these warrants is recognized over the estimated period that the related advisory and custodial services are provided, which is determined to be approximately one year, measured at the grant date fair value, and is recognized as advisory fee revenue (see Note 3. Revenue) included in Net revenue on the condensed consolidated statements of operations and comprehensive loss. The portion of non-cash consideration received in advance of satisfying the related performance obligation is included in Other current liabilities on the condensed consolidated balance sheets. The vested warrants meet the definition of a derivative under ASC 815, Derivatives and Hedging, and are recorded as derivative assets at fair value based on the grant date fair value of the vested portion and are included Other non-current assets on the condensed consolidated balance sheets. Subsequent changes in fair value are recognized in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. A warrant receivable, representing the unvested portion of the warrants, is included in Other non-current assets on the condensed consolidated balance sheets. As of September 30, 2025, 40% of the warrants' vesting conditions have been met. Cash flows from revenue related to warrants are recognized as adjustments to reconcile Net loss to Net cash used in operating activities in the condensed consolidated statements of cash flows. Sales and marketing Sales and marketing expense includes primarily credit card rewards and advertising costs. Advertising costs are expensed as incurred. During the three and nine months ended September 30, 2025, advertising expense was $17.9 million and $28.6 million, respectively. During the three and nine months ended September 30, 2024, advertising expense was $1.1 million and $1.7 million, respectively Stock-based compensation Stock plans Following the IPO, the Company maintains two equity incentive plans: the Gemini Space Station, Inc. 2025 Omnibus Incentive Plan (the “Equity Plan”) and the Gemini Space Station, Inc. 2025 Employee Stock Purchase Plan (the “ESPP”). The Equity Plan The Equity Plan provides for the granting of stock options, RSUs, and restricted stock awards (“RSAs”). The number of shares available for grant and issuance under the Equity Plan will be automatically increased on January 1st of each of the first 10 fiscal years during the term of the Equity Plan by the lesser of (a) 5% of the total number of shares of all classes of the Company’s common stock issued and outstanding on each December 31st immediately prior to the date of increase or (b) such number of shares determined by the Board or the compensation committee of the Board. ESPP The ESPP allows eligible employees the option to purchase shares of the Company’s Class A common stock at a 15% discount through accumulated payroll deductions over 6-month offering periods commencing on each June 1 and December 1 period, subject to an annual statutory limitation of $25,000 per year. The purchase price is equal to 85% of the fair market value of the Company's common stock on the first date of an offering or the date of purchase, whichever is lower. The number of shares available for grant and issuance under the ESPP will be automatically increased on January 1st of each of the first 10 fiscal years during the term of the ESPP by the lesser of (a) 1% of the total number of shares of all classes of the Company’s common stock outstanding on each December 31st immediately prior to the date of increase, (b) 1,500,000 shares of common stock, or (c) such number of shares determined by the Board or the compensation committee of the Board. Types of Awards Stock options The Company grants non-qualified stock options (“NSOs”) with contractual periods of up to 10 years and at prices determined by the Board. NSOs were granted to certain executives of the Company. The exercise price of an option shall not be less than 100% of the estimated fair value of the underlying shares on the date of the grant. Stock options vest upon the satisfaction of service-based and performance-based conditions. The performance condition is based on the achievement of specified Company stock-price targets during a seven-year performance period. Each award is divided into four tranches that vest upon the achievement of the corresponding stock-price targets. The service-based condition is satisfied as to 50% of the award upon continued service through August 15, 2028, and as to the remaining 50% upon continued service through August 15, 2030. If the applicable stock-price targets are not achieved within the performance period, the unearned portion of the award is forfeited. Upon certain qualifying terminations of employment or a change in control, service-based vesting may accelerate and/or vesting may occur on a prorated or interpolated basis in accordance with the award agreement. Upon vesting, one share of Class A common stock is issued from the Company’s authorized shares under the Equity Plan for each stock option. RSUs The Company grants RSUs to certain of its employees, directors, and consultants that vest upon the satisfaction of service-based condition. In general, RSUs vest over a service period of four years, with 25% vesting on the first anniversary of the vesting commencement date and 75% vesting in consecutive monthly or quarterly installments over the remaining three-year period. Upon vesting, one share of Class A common stock is issued from the Company’s authorized shares under the Equity Plan for each RSU. Participants are entitled to dividends and voting rights only upon vesting. Restricted Stock Awards (“RSAs”) The Company may issue shares of restricted Class A common stock to its employees, directors, and consultants. Participants are entitled to dividends and voting rights only upon issuance. Vesting of RSAs is dependent on the satisfaction of a service-based condition or performance condition. The Company has the right to repurchase shares at par value when the vesting condition is not satisfied. Valuation of Awards The Company estimates the fair value of RSUs and RSAs based on the fair value of the Company’s Class A common stock on the date of grant, which is the closing price of the Company’s Class A common stock as reported on the Nasdaq Global Select Market on the grant date. The Company estimates the fair value of stock options with only service-based conditions and purchase rights under the ESPP on the date of grant using the Black-Scholes-Merton Option-Pricing Model. The model requires management to make a number of assumptions, including the fair value and expected volatility of the Company’s underlying common stock price, expected life of the option, risk-free interest rate, and expected dividend yield, which are calculated as follows: •The fair value of the underlying stock is the fair value of the Company’s common stock on the date of grant, which is the closing price of the Company's Class A common stock as reported on the Nasdaq Global Select Market on the grant date. •The expected stock price volatility assumption for the Company’s stock is determined by using a weighted average of the historical stock price volatility of comparable companies from a representative peer group, as sufficient trading history for the Company’s common stock is not available. •The Company uses historical exercise information and contractual terms of options to estimate the expected term. •The risk-free interest rate for periods within the expected life of the option is based on the U.S. Treasury zero coupon bonds with terms consistent with the expected term of the award at the time of grant. •The expected dividend yield assumption is based on the Company’s history and expectation of no dividend payouts. The Company determines the fair value of performance awards subject to a market condition using a Monte Carlo Simulation Model (a binomial lattice-based valuation model). The Monte Carlo Simulation Model uses multiple input variables to determine the probability of satisfying the market condition requirements. The fair values of the awards are not subject to change based on future market conditions. Expense Attribution Stock-based compensation expense for RSUs, RSAs, and stock options with only service-based conditions, and purchase rights under the ESPP, is recorded on a straight-line basis over the requisite service period. The Company has elected to account for forfeitures of awards as they occur, with previously recognized compensation reversed in the period that the awards are forfeited. The Company uses the accelerated attribution method to recognize expense over the requisite service period for performance awards, or tranches thereof, subject to a market condition. Once the associated market condition becomes probable of being achieved, stock-based compensation expense is recognized according to the market-based fair value measured on the grant date, subject to continued service over the period. This expense is recognized regardless of whether or not the market condition is ultimately satisfied. Historical Awards Common Units Prior to the IPO, the Company issued three classes of common units (collectively referred to as the "Common Units") including basic common units (the "Basic Common Units"), catch up common units (the "Catch Up Common Units"), and capital common units A (the "Capital Common A Units"). The Company entered into profits interest compensation arrangements with employees and non-employees settled in the form of Basic Common Units and Catch Up Common Units of Gemini Astronaut Corps, LLC (the “Incentive Units”). Gemini Astronaut Corps, LLC was formed for the sole purpose of holding Basic Common Units and Catch Up Common Units of the Company. Each Incentive Unit awarded to a recipient directly corresponded to a Basic Common Unit or Catch Up Common Units of the Company that was held by Gemini Astronaut Corps, LLC, such that recipients indirectly received Common Units of the Company as awards. The Incentive Units of Gemini Astronaut Corps, LLC and the corresponding Common Units of the Company were profits interests of Gemini Astronaut Corps, LLC and the Company, respectively. The Company also issued phantom awards (the "Original Phantom Units") to certain employees. The vested Original Phantom Units entitled the recipients to receive equivalent cash payment when and if payments were made to Incentive Units. Upon certain separation events, vested Original Phantom Units are repurchased from recipients by the Company with cash, based on the fair value of Incentive Units as of the repurchase date. The Original Phantom Units were accounted for as a liability under ASC 710, Compensation, as they were not legal form equity and they did not provide recipients with the ability to retain residual interests upon vesting after termination. Beginning in 2024, the Company granted phantom awards (the “Phantom Units”) with adjusted terms such that upon a termination event without cause, the Company would not repurchase with cash the vested Phantom Units. Instead, the recipient would retain the Phantom Units until a change in control event. As the repurchase event was not probable to occur as of the reporting date, the Phantom Units were treated as equity classified under ASC 718, Stock-Based Compensation. Phantom Unit awards and certain Incentive Unit ("Service-Based Incentive Unit") awards vested solely according to service-based conditions. The service-based vesting condition was typically met over a four-year period, with 25% vesting on the first anniversary of the vesting commencement date and 75% vesting in consecutive monthly installments over the remaining three-year period. As the awards vested solely on service-based vesting conditions, the Company had elected to recognize expense using the straight-line method over the entire requisite service period of each individual grant. The Original Phantom Units typically vested in a similar manner to the Phantom Units described above, however, under ASC 710, the Company recognized compensation expense associated with the Original Phantom Units based on their estimated present value. The expense was recorded straight-line over the service period of the award. The outstanding Original Phantom Unit liability was remeasured at each reporting period until the date on which the units are cash settled or repurchased. Certain awards granted in 2020, for up to 1,300,000 Incentive Units, (the "Performance-Based Incentive Units") vested on the basis of achieving certain performance metrics relating to the gross monthly merchandise volume (“GMV”) of Nifty Gateway, LLC, a consolidated subsidiary, over a specified period, in addition to continuous service throughout such period. For these awards, recognition was performed using the accelerated attribution method, such that each individual vesting tranche was recognized over the requisite service period for that specific tranche. Recognition of expense for performance-based awards occurred to the extent the performance conditions were probable of being met, or had been met, as of each reporting date. In January 2022, the Company entered into two asset acquisitions for which the Company granted sellers common stock units ("Service-Based Common Units") which vested solely according to service-based conditions for key employees. The number of Service-Based Common Units issued to sellers was based on the continued employment of certain key employees. The service-based vesting condition was met over a two year service period with 50% vesting on the first anniversary of the grant date and the remaining vesting at the end of the service period. The Company had elected to recognize expense using the straight-line method over the entire requisite service period of the grant. Upon completion of the IPO in September 2025, all outstanding shares of Common Units were converted into 9.8 million shares of Class A common stock and 4.6 million shares of Class B common stock. The Company has elected to account for the effects of all stock-based compensation forfeitures of awards at the time the forfeitures occur. Stock-based compensation expense relating to Incentive Units, Service-Based Common Units, Phantom Units, stock options, RSUs and RSAs is included in Salaries and compensation on the condensed consolidated statements of operations and comprehensive loss. Bonus expense relating to Original Phantom Units is included in Salaries and compensation on the condensed consolidated statements of operations and comprehensive loss. Refer to the Note 18. Stock-Based Compensation for further details. Income taxes Prior to the IPO, the Company was a limited liability company treated as a partnership for U.S. federal and state income tax purposes. Accordingly, taxable income or loss was passed through to the Company’s members. As such, no recognition of income taxes for the Company has been provided for in the accompanying condensed consolidated financial statements prior to the IPO, with an exception for certain U.S. domestic corporations and certain foreign operations, as discussed below. Uncertain tax positions, if any, taken by the members are not uncertain positions of the Company. The Company has wholly owned U.S. subsidiaries, including Gemini Intergalactic, LLC (“Intergalactic”) and others, that made an election to be taxed as an association taxable as a corporation for U.S. income tax purposes. Intergalactic, similar corporations, and certain wholly owned controlled foreign corporations (“CFCs”) owned by Intergalactic, follow the guidance of FASB ASC Topic 740, Income Taxes (“ASC 740”) for income tax purposes. In addition, any other U.S. C Corporations held by the Company also follow the same ASC 740 guidance (collectively, “Income Taxed Affiliates”). Prior to the IPO, the respective Income Taxed Affiliates record standalone tax provisions for the anticipated tax consequences of the reported results of operations. Subsequent to the IPO, the Company is a corporation for U.S. federal and state income tax purposes. Accordingly, recognition of income taxes for the Company has been provided for in the accompanying condensed consolidated financial statements subsequent to the IPO. Net loss per share The Company computes net loss per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires income available to common stockholders for the period to be allocated between shares of common stock and participating securities based upon their respective rights to receive distributions as if all income for the period had been distributed. Prior to the IPO, the Company’s convertible preferred units and vested Incentive Units were deemed participating securities. Post IPO, the Company has not issued any instruments that are deemed participating securities. Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the weighted-average number of outstanding shares of common stock during the period. Diluted net loss per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of certain service-based stock-based awards granted in certain acquisitions, conversion of the convertible preferred units, and conversion of the convertible notes prior to the IPO and stock-based awards granted post the IPO. Net loss per share calculations for all periods prior to the IPO have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the IPO to effect the reclassification of the pre-IPO Common Units into the post-IPO Class A common stock and Class B common stock. Subsequent to the IPO, net loss per share was calculated based on the weighted average number of common stock then outstanding. Recent accounting pronouncements Accounting pronouncements pending adoption In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is currently evaluating the impact of adopting the standard. In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Final Standard on Disaggregation of Income Statement Expenses (“ASU 2024-03”). The new guidance requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The amendments in ASU 2024-03 are required to be adopted for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adopting the standard. In July 2025, the FASB issued Accounting Standards Update No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). The new guidance allows entities to use the practical expedient to estimate expected credit losses. The new standard is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard. In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 eliminates the old project-stage model for capitalizing internal-use software costs and instead requires capitalization only when management has authorized and committed funding and it is probable the project will be completed and used for its intended purpose. Costs are expensed when significant development uncertainty exists. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard. In September 2025, the FASB issued Accounting Standards Update No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). ASU 2025-07 refines the scope of derivative accounting under Derivatives and Hedging (Topic 815) by narrowing when contracts with features based on a party’s operations or activities qualify as derivatives, and clarifies that share-based noncash consideration from a customer in a revenue contract is accounted under Revenue from Contracts with Customers (Topic 606) rather than as a derivative. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

Crypto Assets Held - Narrative (Details) $ in Millions	9 Months Ended
Crypto Assets Held - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($) crypto_unit	Dec. 31, 2024 USD ($) crypto_unit
Bitcoin
Crypto Asset, Holding [Line Items]
Number of crypto assets designated to insurance providers (in units)	840
Restricted For Regulatory Capital Requirements
Crypto Asset, Holding [Line Items]
Number of restricted crypto assets held (in units)	2,811	3,116
Fair value of restricted crypto assets held \| $	$ 320.6	$ 290.9
Restricted For Collateral Requirements
Crypto Asset, Holding [Line Items]
Number of restricted crypto assets held (in units)	1,275	0
Fair value of restricted crypto assets held \| $	$ 145.4	$ 0.0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	362,357	$	—	$	—	$	362,357
Restricted cash equivalents:
Money market funds	1,658		—		—		1,658



Crypto assets held:
Bitcoin	604,746		—		—		604,746
Ether	46,164		—		—		46,164
Other crypto assets	—		24,053		—		24,053
Receivable, crypto assets pledged:
Bitcoin	—		93,296		—		93,296
Ether	—		86,883		—		86,883
Accounts receivable, net:
Derivative assets(1)	—		385		—		385
Prepaid expenses and other current assets:

Equity securities	1,382		—		—		1,382

Crypto asset options	—		684		—		684
Other non-current assets:
Warrants	—		—		1,659		1,659

Total assets	$	1,016,307	$	205,301	$	1,659	$	1,223,267
Liabilities
Related party loans:
Derivative liabilities (1)	$	—	$	487,053	$	—	$	487,053



Other current liabilities:
Crypto asset collateral payable	—		21,282		—		21,282
Crypto asset options	—		685		—		685
Crypto asset futures	—		189		—		189
Total liabilities	$	—	$	509,209	$	—	$	509,209
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of September 30, 2025 and are disclosed in the table below.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Restricted cash equivalents:
Money market funds	$	1,607	$	—	$	—	$	1,607



Crypto assets held:
Bitcoin	412,115		—		—		412,115
Ether	17,562		—		—		17,562
Other crypto assets	—		40,424		—		40,424
Receivable, crypto assets pledged:
Bitcoin	—		86,708		—		86,708
Ether	—		81,592		—		81,592
Accounts receivable, net:
Derivative assets(1)	—		307		—		307
Prepaid expenses and other current assets:
Crypto asset collateral held	—		15,275		—		15,275
Equity securities	219		—		—		219
Corporate bonds	—		774		—		774
Crypto asset options	—		6,354		—		6,354
Total assets	$	431,503	$	231,434	$	—	$	662,937
Liabilities
Related party loans:
Derivative liabilities (1)	$	—	$	413,700	$	—	$	413,700
Related party convertible notes:
Convertible notes	—		—		248,783		248,783
Other current liabilities:
Crypto asset collateral payable	—		15,275		—		15,275
Crypto asset options	—		6,371		—		6,371
Crypto asset futures	—		1,249		—		1,249
Total liabilities	$	—	$	436,595	$	248,783	$	685,378
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of December 31, 2024 and are disclosed in the table below.

Schedule of Roll-Forward of Level 3 Investments Measured on Recurring Basis

The following table is a roll-forward of Level 3 investments measured and recorded at fair value on a recurring basis (in thousands):

Level 3 Investments - Warrants


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	—	$	—	$	—	$	—
Additions	4,345		—		4,345		—



Unrealized loss attributable to change in fair value	(2,686)		—		(2,686)		—
Ending balance	$	1,659	$	—	$	1,659	$	—

Level 3 Investments - Convertible Notes


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance related party convertible notes	$	273,454	$	222,175	$	248,783	$	134,928
Additions	3,375		4,022		11,309		81,076



OCI - Change in fair value attributable to instrument-specific credit risk	—		1,067		(874)		(2,261)
Unrealized loss attributable to change in fair value	8,178		9,775		25,789		23,296
Conversion of convertible notes to common stock in connection with IPO	(285,007)		—		(285,007)		—
Ending balance related party convertible notes	$	—	$	237,039	$	—	$	237,039

Level 3 Investments - Term Loans


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024(1)		2025		2024(1)
Beginning balance related party term loans	$	514,868	$	—	$	237,209	$	—
Additions	44,703		—		230,439		—



OCI - Change in fair value attributable to instrument-specific credit risk	—		—		(2,397)		—
Unrealized loss attributable to change in fair value	24,989		—		119,309		—
Conversion of related party term loans to common stock in connection with IPO	(584,560)		—		(584,560)		—
Ending balance related party term loans	$	—	$	—	$	—	$	—
__________________
(1) In 2024, the 2024 Term Loan was not yet amended to include a conversion option and was classified as a Level 2 investment.

Schedule of Estimated Fair Values of our Financial Assets and Financial Liabilities Measured at Amortized Cost

The following tables summarize the estimated fair values of our financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total(1)
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	$	487,462	$	—	$	—	$	487,462
Restricted cash and cash equivalents	86,073		—		—		86,073
Customer custodial funds	532,804		—		—		532,804
Accounts receivable, net(2)	9,793		—		74,037		83,830
Total assets	$	1,116,132	$	—	$	74,037	$	1,190,169

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customer	$	532,676	$	—	$	—	$	532,676
Third party loans	—		192,507		—		192,507
Related party loans(2)	—		290,226		—		290,226
Funding debt	—		49,204		—		49,204
Total liabilities	$	532,676	$	531,937	$	—	$	1,064,613


	December 31, 2024
	Level 1		Level 2		Level 3		Total(1)
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	$	42,847	$	—	$	—	$	42,847
Restricted cash and cash equivalents	26,776		—		—		26,776
Customer custodial funds	575,628		—		—		575,628
Accounts receivable, net(2)	5,802		—		59,259		65,061
Total Assets	$	651,053	$	—	$	59,259	$	710,312

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customer	$	574,080	$	—	$	—	$	574,080
Third party loans	—		117,612		—		117,612
Related party loans(2)	—		385,671		—		385,671
Total liabilities	$	574,080	$	503,283	$	—	$	1,077,363
__________________
(1) The total carrying value is equal to the total estimated fair value for all financial assets and liabilities.
(2) Excludes the embedded derivatives which are measured and recorded at fair value as of September 30, 2025 and December 31, 2024 and are disclosed in the table above.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenue:

Total revenue

$ 50,618

$ 24,542

$ 119,229

$ 98,865

Operating expenses:

Salaries and compensation

82,523

34,175

153,624

101,657

Technology

^[1]

20,317

15,579

54,790

47,460

General and administrative

^[2]

19,335

13,822

52,582

44,782

Transaction losses

7,693

4,727

15,376

16,604

Sales and marketing

32,926

4,259

58,084

11,259

Transaction processing

8,617

4,262

19,028

14,188

Total lease expense

171,411

76,824

353,484

235,950

Operating loss

(120,793)

(52,282)

(234,255)

(137,085)

Other income (expense):

Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged

106,809

(19,844)

144,664

233,950

Realized and unrealized gain (loss) on related party crypto loans

(83,096)

4,989

(145,144)

(216,747)

Change in fair value on related party convertible notes

(8,178)

(9,775)

(25,789)

(23,296)

Change in fair value on related party loans

(24,989)

(119,309)

Interest expense on related party loans

(17,847)

(11,235)

(48,090)

(29,662)

Interest expense on third party loans

(4,655)

(2,994)

(11,148)

(9,001)

Interest expense on funding debt

(314)

Other income (expense), net

(7,637)

(58)

(8,727)

53,221

Total other income (expense), net

(39,907)

(38,917)

(213,857)

8,465

Net loss before income taxes

(160,700)

(91,199)

(448,112)

(128,620)

Income tax benefit (provision)

1,186

1,019

6,122

(2,932)

Net loss

$ (159,514)

$ (90,180)

$ (441,990)

$ (131,552)

Net loss per share attributable to common stockholders

Basic (in dollars per share)

$ (6.67)

$ (18.33)

$ (39.02)

$ (26.75)

Diluted (in dollars per share)

$ (6.67)

$ (18.33)

$ (39.02)

$ (26.75)

Weighted average shares outstanding - basic (in shares)

23,931

4,920

11,327

4,918

Weighted average shares outstanding - diluted (in shares)

23,931

4,920

11,327

4,918

Net loss

$ (159,514)

$ (90,180)

$ (441,990)

$ (131,552)

Other comprehensive income (loss):

Foreign currency translation, net of tax

(792)

3,895

1,117

1,163

Change in fair value attributable to instrument-specific credit risk

(1,067)

3,271

2,261

Total other comprehensive income (loss)

(792)

2,828

4,388

3,424

Comprehensive loss

(160,306)

(87,352)

(437,602)

(128,128)

Net revenue

Revenue:

Total revenue

^[3]

49,775

24,356

117,689

97,880

Other revenue

Revenue:

Total revenue

$ 843

$ 186

$ 1,540

$ 985

[1]	(2) Technology expenses includes related party amounts of $0.5 million and $0.7 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.7 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.
[2]	(3) General and administrative expenses includes related party amounts of $0.6 million and $0.8 million for the three and nine months ended September 30, 2025, respectively, and $0 for the three and nine months ended September 30, 2024, as outlined in Note 21. Related Party Transactions.
[3]	(1) Net revenue includes related party amounts of $0.7 million and $1.9 million for the three and nine months ended September 30, 2025, respectively and $0.4 million and $1.6 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.

Common Units & Common Stock

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Common Units & Common Stock

Preferred Units & Preferred Stock

Series FF Units

Convertible Preferred Units

The following schedule summarizes the Company’s authorized, issued and outstanding Convertible Preferred Units as of December 31, 2024 (in thousands, except per unit data):


Series	Units Authorized	Units Issued and Outstanding	Original Price per Unit		Liquidation Preference		Carrying Value, Net of Issuance Cost
Series A-1	14,756	14,756	$	0.71	$	21,078	$	10,539
Series A-2	738	738	$	0.19	284		142
Series A-3	970	970	$	9.72	18,860		9,430
Series A-4	5,676	5,676	$	7.90	89,700		44,850
Series A-5	1,486	1,486	$	8.35	24,800		12,400
Series A-6	4,091	4,091	$	3.12	25,500		12,750
Series A-7	3,238	3,238	$	6.61	42,800		21,400
Series B	8,910	8,887	$	47.70	423,903		422,857
	39,865	39,842			$	646,925	$	534,368

Preferred Stock

The entire disclosure for equity.

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 07, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-42836
Entity Registrant Name	Gemini Space Station, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	33-3263417
Entity Address, Address Line One	600 Third Avenue
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	646
Local Phone Number	751-4401
Title of 12(b) Security	Class A common stock, par value of $0.001 per share
Trading Symbol	GEMI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0002055592
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,526,934
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		75,126,784

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	362,357	$	—	$	—	$	362,357
Restricted cash equivalents:
Money market funds	1,658		—		—		1,658



Crypto assets held:
Bitcoin	604,746		—		—		604,746
Ether	46,164		—		—		46,164
Other crypto assets	—		24,053		—		24,053
Receivable, crypto assets pledged:
Bitcoin	—		93,296		—		93,296
Ether	—		86,883		—		86,883
Accounts receivable, net:
Derivative assets(1)	—		385		—		385
Prepaid expenses and other current assets:

Equity securities	1,382		—		—		1,382

Crypto asset options	—		684		—		684
Other non-current assets:
Warrants	—		—		1,659		1,659

Total assets	$	1,016,307	$	205,301	$	1,659	$	1,223,267
Liabilities
Related party loans:
Derivative liabilities (1)	$	—	$	487,053	$	—	$	487,053



Other current liabilities:
Crypto asset collateral payable	—		21,282		—		21,282
Crypto asset options	—		685		—		685
Crypto asset futures	—		189		—		189
Total liabilities	$	—	$	509,209	$	—	$	509,209
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of September 30, 2025 and are disclosed in the table below.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Restricted cash equivalents:
Money market funds	$	1,607	$	—	$	—	$	1,607



Crypto assets held:
Bitcoin	412,115		—		—		412,115
Ether	17,562		—		—		17,562
Other crypto assets	—		40,424		—		40,424
Receivable, crypto assets pledged:
Bitcoin	—		86,708		—		86,708
Ether	—		81,592		—		81,592
Accounts receivable, net:
Derivative assets(1)	—		307		—		307
Prepaid expenses and other current assets:
Crypto asset collateral held	—		15,275		—		15,275
Equity securities	219		—		—		219
Corporate bonds	—		774		—		774
Crypto asset options	—		6,354		—		6,354
Total assets	$	431,503	$	231,434	$	—	$	662,937
Liabilities
Related party loans:
Derivative liabilities (1)	$	—	$	413,700	$	—	$	413,700
Related party convertible notes:
Convertible notes	—		—		248,783		248,783
Other current liabilities:
Crypto asset collateral payable	—		15,275		—		15,275
Crypto asset options	—		6,371		—		6,371
Crypto asset futures	—		1,249		—		1,249
Total liabilities	$	—	$	436,595	$	248,783	$	685,378
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of December 31, 2024 and are disclosed in the table below.

Refer to Note 2. Summary of Significant Accounting Policies for further details on the valuation methods and significant inputs of the Level 2 and Level 3 assets and liabilities identified in the Company's audited annual consolidated financial statements for the year ended December 31, 2024.

During the nine months ended September 30, 2025 and 2024, the Company did not make any transfers in or out of the levels of the fair value hierarchy.

The following table is a roll-forward of Level 3 investments measured and recorded at fair value on a recurring basis (in thousands):

Level 3 Investments - Warrants


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	—	$	—	$	—	$	—
Additions	4,345		—		4,345		—



Unrealized loss attributable to change in fair value	(2,686)		—		(2,686)		—
Ending balance	$	1,659	$	—	$	1,659	$	—

Level 3 Investments - Convertible Notes


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance related party convertible notes	$	273,454	$	222,175	$	248,783	$	134,928
Additions	3,375		4,022		11,309		81,076



OCI - Change in fair value attributable to instrument-specific credit risk	—		1,067		(874)		(2,261)
Unrealized loss attributable to change in fair value	8,178		9,775		25,789		23,296
Conversion of convertible notes to common stock in connection with IPO	(285,007)		—		(285,007)		—
Ending balance related party convertible notes	$	—	$	237,039	$	—	$	237,039

Level 3 Investments - Term Loans


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024(1)		2025		2024(1)
Beginning balance related party term loans	$	514,868	$	—	$	237,209	$	—
Additions	44,703		—		230,439		—



OCI - Change in fair value attributable to instrument-specific credit risk	—		—		(2,397)		—
Unrealized loss attributable to change in fair value	24,989		—		119,309		—
Conversion of related party term loans to common stock in connection with IPO	(584,560)		—		(584,560)		—
Ending balance related party term loans	$	—	$	—	$	—	$	—
__________________
(1) In 2024, the 2024 Term Loan was not yet amended to include a conversion option and was classified as a Level 2 investment.

The Company fair values its convertible notes and convertible term loans utilizing a scenario-based approach that considers various conversion and repayment scenarios, along with a discounted cash flow analysis, which is used to determine the value of an investment today based on projections of future cash flows. The significant input utilized in the discounted cash flow analysis included the discount rate which ranged from 19.5% - 21.7% for both the three and nine months ended September 30, 2025 and 2024.

Convertible notes and related party term loans outstanding prior to the IPO converted to equity and are no longer included in Level 3 investments as of September 30, 2025.

Assets and liabilities measured and recorded at fair value on a non-recurring basis

The Company’s non-financial assets and liabilities, such as intangible assets, software, property and equipment, and lease right-of-use assets, are adjusted to fair value on a non-recurring basis when an impairment charge is recognized. The fair value used in assessing an impairment for these assets are largely based on Level 2 or Level 3 inputs.

The Company’s strategic investments are also measured at fair value on a non-recurring basis. Such fair value measurements are based predominantly on Level 3 inputs such as the recent transaction price involving the same or similar investment, and are adjusted as necessary to reflect relevant market conditions and investment-specific factors. Refer to Note 8. Prepaid Expenses and Other Assets for additional information.

Financial assets and liabilities not measured and recorded at fair value


	September 30, 2025
	Level 1		Level 2		Level 3		Total(1)
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	$	487,462	$	—	$	—	$	487,462
Restricted cash and cash equivalents	86,073		—		—		86,073
Customer custodial funds	532,804		—		—		532,804
Accounts receivable, net(2)	9,793		—		74,037		83,830
Total assets	$	1,116,132	$	—	$	74,037	$	1,190,169

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customer	$	532,676	$	—	$	—	$	532,676
Third party loans	—		192,507		—		192,507
Related party loans(2)	—		290,226		—		290,226
Funding debt	—		49,204		—		49,204
Total liabilities	$	532,676	$	531,937	$	—	$	1,064,613


	December 31, 2024
	Level 1		Level 2		Level 3		Total(1)
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	$	42,847	$	—	$	—	$	42,847
Restricted cash and cash equivalents	26,776		—		—		26,776
Customer custodial funds	575,628		—		—		575,628
Accounts receivable, net(2)	5,802		—		59,259		65,061
Total Assets	$	651,053	$	—	$	59,259	$	710,312

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customer	$	574,080	$	—	$	—	$	574,080
Third party loans	—		117,612		—		117,612
Related party loans(2)	—		385,671		—		385,671
Total liabilities	$	574,080	$	503,283	$	—	$	1,077,363
__________________
(1) The total carrying value is equal to the total estimated fair value for all financial assets and liabilities.
(2) Excludes the embedded derivatives which are measured and recorded at fair value as of September 30, 2025 and December 31, 2024 and are disclosed in the table above.

The carrying values of financial assets and liabilities equal or approximate fair value because they are short-term in duration, have no defined maturity or have a floating interest rate.

The Company determined credit card receivables to be Level 3 assets. While credit card receivables are short term in duration similar to above, the Company applied the current expected loss model to determine the value of receivables and therefore Level 3 classification is appropriate.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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