0002055592-26-000026 | 10-K | XBRL Viewer

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 the Company 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 December 31, 2025, the Company had 42,329,262 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 the Company's 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 the Company's 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 the Company's Class A and Class B common stock are fully paid and non-assessable. Holders of Class A and Class B common stock do not have preemptive, subscription, redemption, or sinking fund rights. The rights of holders of the Company's 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 December 31, 2025.

The following equity instruments were converted to Class A and Class B common stock upon IPO (in thousands):


Equity Instrument	Shares Outstanding Before Conversion	Shares Converted - Class A common stock	Shares Converted - Class B common stock
Basic Common Units	1,050	321	—
Capital Common A Units	15,038	—	4,599
Incentive Units (inclusive of phantom units)(1)	55,170	9,441	42
Convertible preferred units(2)	39,842	15,111	39,430
__________________
(1) 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.
(2) Conversion of convertible preferred units is pursuant to the conversion ratio as described in Note 17. Preferred Units & Preferred Stock.

In addition, the following debt instruments were converted to Class B common stock upon IPO (in thousands):

Debt Instrument(1)

Aggregate Amount Outstanding Before Conversion(2)

Shares Converted - Class B common stock

Convertible Notes

285,007

10,179

Related party term loans

584,560

20,877

__________________

(1) Automatic conversion of debt instruments is 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.

(2) Includes accrued and unpaid interest.

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 December 31, 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 December 31, 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 December 31, 2025.

The entire disclosure for equity.

Revenue from Contract with Customer [Abstract]

Preferred Units & Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 11, 2025	Dec. 31, 2025	Sep. 15, 2025	Dec. 31, 2024	Dec. 31, 2018
Preferred Units [Line Items]
Preferred units, issued (in shares)				39,842,000
Preferred units, outstanding (in shares)				39,842,000
Conversion in connection with IPO	$ 534.4
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)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)		0		0
Preferred stock, shares outstanding (in shares)		0		0
Series FF Preferred Units
Preferred Units [Line Items]
Preferred units, issued (in shares)					1,000,000
Preferred units, outstanding (in shares)		0		1,000,000
Series A Units
Preferred Units [Line Items]
Preferred units, issued (in shares)		0		30,954,820
Preferred units, outstanding (in shares)		0		30,954,820
Series B Units
Preferred Units [Line Items]
Preferred units, issued (in shares)		0		8,887,101
Preferred units, outstanding (in shares)		0		8,887,101

Subsequent Events (Details) $ in Millions			12 Months Ended
Subsequent Events (Details) $ in Millions	Mar. 06, 2026 crypto_unit	Feb. 04, 2026 USD ($) numberOfEmployee	Dec. 31, 2025 crypto_unit	Dec. 31, 2024 crypto_unit	Mar. 18, 2026 crypto_unit	Dec. 29, 2022 crypto_unit
Crypto Asset Loans \| Bitcoin
Subsequent Event [Line Items]
Amount of crypto loaned (in units)			4,619	5,054
Crypto Asset Loans \| 5,000 BTC December 29, 2022 \| Bitcoin
Subsequent Event [Line Items]
Amount of crypto repaid (in units)			395	1,884
Amount of crypto loaned (in units)			5,000	5,000		5,000
Subsequent Event \| Crypto Asset Loans \| 5,000 BTC December 29, 2022 \| Bitcoin
Subsequent Event [Line Items]
Amount of crypto repaid (in units)	1,750
Subsequent Event \| Crypto Asset Loans \| 822 BTC March 18, 2026 \| Bitcoin
Subsequent Event [Line Items]
Amount of crypto loaned (in units)					822
Subsequent Event \| Exit And Wind-Down Plan
Subsequent Event [Line Items]
Expected number of employees included in reduction in force \| numberOfEmployee		200
Estimated pre-tax restructuring and related charges to be incurred \| $		$ 10.9

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Disaggregation of Revenue

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


	Year Ended December 31,
		2025		2024		2023
Net revenue
Transaction revenue
Exchange		$	93,426	$	95,827	$	56,364
OTC		4,013		2,370		1,531
Other transaction revenue		581		879		2,617
Total transaction revenue		98,020		99,076		60,512
Services revenue
Credit card revenue		33,120		11,632		5,808
Staking revenue		16,774		11,480		823
Custodial fee revenue		8,739		7,004		4,104
Advisory fee revenue		4,808		—		—
Other services revenue		1,198		—		—
Total services revenue		64,639		30,116		10,735
Total net revenue from contracts with customers		162,659		129,192		71,247
Other revenue
Other		375		293		322
Total other revenue		375		293		322

Revenue not from contracts with customers(1)
Interest income		11,434		11,672		25,066
Corporate interest		5,104		1,008		1,502
Total revenue not from contracts with customers		16,538		12,680		26,568
Total revenue		$	179,572	$	142,165	$	98,137
__________________
(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 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):


	Year Ended December 31,
		2025		2024		2023

U.S.		$	155,663	$	119,862	$	82,261
International(1)		23,909		22,303		15,876
Total revenue(2)		$	179,572	$	142,165	$	98,137
__________________
(1) No country, outside the U.S., accounted for more than 10% of Total revenue. (2) Total revenue includes $16.5 million, $12.7 million, and $26.6 million for the years ended December 31, 2025, 2024 and 2023, respectively, that is not recognized within the scope of ASC 606 as outlined above.

Accounts Receivable, Net - Narrative (Details)	Dec. 31, 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	96.90%	89.20%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income (loss) before income taxes were attributable to the following regions (in thousands):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(609,696)	$	(146,955)	$	(320,956)
Foreign	20,896		(3,965)		(2,793)
Total	$	(588,800)	$	(150,920)	$	(323,749)

Provision for (benefit from) income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current
Federal	$	—	$	—	$	—
State	970		—		—
Foreign	721		597		646
Total current	1,691		597		646
Deferred
Federal	(7,254)		6,609		(4,962)
State	(473)		470		109
Foreign	49		(50)		133
Total deferred	(7,678)		7,029		(4,720)
Total (benefit from) provision for income taxes	$	(5,987)	$	7,626	$	(4,074)

The table below provides the updated requirements of ASU 2023-09 for 2025. See Note 2. Summary of Significant Accounting Policies—Recent accounting pronouncements for additional details on the adoption of ASU 2023-09.

The effective income tax rate for the year ended December 31, 2025, differs from the statutory federal income tax rate as follows (in thousands, except percentages):


	Year Ended December 31, 2025
	$		%
Provision for income taxes at U.S. federal statutory rate	$	(123,648)	21.00	%
State and local income taxes, net of federal benefit(1)	497		(0.08)	%
Effect of cross-border tax laws:
Global Intangible Low-Taxed Income ("GILTI")	5,913		(1.00)	%
Foreign Tax Effects	(2,865)		0.49	%
Tax credits:
Research and development ("R&D") credits	(470)		0.12	%
Foreign tax credits	(715)		0.08	%
Valuation allowance	24,985		(4.24)	%
Non-taxable or non-deductible items:
Non-deductible compensation	4,582		(0.78)	%
Income taxed at the partner level	75,552		(12.83)	%
Other:
Change in Tax Status	9,057		(1.55)	%
Other	1,125		(0.19)	%
Total (benefit from) provision for income taxes and effective tax rate	$	(5,987)	1.02	%
__________________
(1) State taxes in New York and California made up the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:


	Year Ended December 31,
	2024		2023
Provision for income taxes at U.S. statutory rate	21.00	%	21.00	%
State taxes, net of federal benefit	(0.25)	%	0.07	%
Income not subject to income taxes	(23.07)	%	(19.55)	%
Provision to return	0.21	%	0.29	%
Foreign rate differential	(0.75)	%	(0.12)	%
Valuation allowance	(2.17)	%	(0.18)	%
Other	(0.02)	%	(0.25)	%
Effective income tax rate	(5.05)	%	1.26	%

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. The components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforward	$	34,478	$	12,051
Unrealized losses	2,326		—
Equity-based compensation	16,011		—
Capitalized costs	1,902		—
Allowance/provision for losses	5,994		—
Deferred rent	2,276		—


Other	311		617
Gross deferred tax assets	63,298		12,668
Less: valuation allowance	(40,879)		(8,555)
Total deferred tax assets	22,419		4,113
Deferred tax liabilities:
Unrealized gains	—		(7,246)
Intangibles	(22,032)		—
Other	(105)		(4,274)
Total deferred tax liabilities	(22,137)		(11,520)
Net deferred tax asset (liability)	$	282	$	(7,407)

In assessing the realizability of deferred tax assets, the Company, as of each reporting date, considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Based on this evaluation, the Company has determined that it is not more-likely-than-not that its deferred tax assets will be realized, and has recorded a full valuation allowance against its deferred tax assets (with the exception of a small portion of foreign deferred tax assets),

The Company's valuation allowance increased by $32.3 million and $3.5 million during 2025 and 2024, respectively, as a result of the change in tax status as well as current year taxable losses.

The Company had approximately $118.8 million of US federal net operating losses during December 31, 2025, which do not have an expiration date. The Company has approximately $90.3 million of US state and local net operating losses during December 31, 2025, which begin to expire in 2037. The Company has approximately $1.9 million of non-US net operating losses during December 31, 2025, which begin to expire in 2041.

Cash paid during the period for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Federal	$	—	$	—	$	—
State	259		198		—
Foreign	660		294		1,143
Total	919		492		1,143

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:


	Year Ended December 31,
	2025
State
New York	$	91
Texas	83

Foreign
India	176
Ireland	116
Singapore	288
United Kingdom	80
__________________
*Jurisdictions below the threshold for the period presented.

The Company does not have any unrecognized tax benefits as of the reporting date. It is the Company's policy to recognize interest and penalties related to uncertain tax benefits on the interest expense line and other expense line, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included on the related liability lines in the consolidated balance sheets.

The Company has not provided foreign withholding taxes on the undistributed earnings of its foreign subsidiaries as of December 31, 2025, because, at the time, the Company had intended to permanently reinvest such earnings outside of the U.S. If these foreign earnings were to be repatriated in the future, the related U.S. tax liability will be immaterial, due to the participation exemption put in place by the 2017 Tax Act.

The Company and its Income Taxed Affiliates file income taxes in the U.S. federal, state and local and various foreign jurisdictions. Generally, the returns remain open for three years from the date of filing for federal, state and local and foreign tax examinations. The Company's tax years remain open as early as 2018 for New York and 2021 for US federal and other state and local jurisdictions.

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 year ended December 31, 2025.

The entire disclosure for income tax.

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Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

The accompanying consolidated financial statements include the accounts of Gemini Space Station, Inc., and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The 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 annual reporting. In management's opinion, the consolidated financial statements reflect all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company's financial statements for the periods presented.

Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The impact of these reclassifications is immaterial to the presentation of the 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 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 management's estimates and actual results, the Company’s consolidated financial statements could be materially affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, 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.

Foreign currency transactions

The Company’s reporting currency is the U.S. Dollar. The Company is exposed to foreign currency translation gains and losses related to transactions denominated in foreign currencies and its investments in foreign subsidiaries with functional currencies other than the U.S. Dollar. The financial statements of foreign subsidiaries and the Company's assets and liabilities denominated in foreign currencies are translated from their respective functional currencies into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expense amounts are translated at the average exchange rate for the period. Foreign currency translation gains and losses, net of tax as applicable, are recorded in Other comprehensive income (loss) within the consolidated statements of operations and comprehensive loss.

Cumulative translation adjustments are released from Other comprehensive income (loss) and recorded on the consolidated statements of operations and comprehensive loss when the Company disposes or no longer has control of a consolidated subsidiary. Realized and unrealized gains and losses on foreign currency transactions represent the remeasurement of assets and liabilities into U.S. Dollars and are included in Other income (expense), net within the consolidated statements of operations and comprehensive loss. Non-monetary assets are measured based on historical exchange rates.

Fair value measurements

The Company applies fair value measurement principles to certain assets and liabilities that are disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying a three-level hierarchy which reflects the degree to which objective prices in active markets are available. The fair value hierarchy prioritizes the use of observable inputs over unobservable inputs and requires the Company to maximize the use of observable inputs in determining fair value. The hierarchy outlines the following levels used to classify measurement:

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

•Level 2: Observable inputs other than those that meet the criteria outlined in Level 1, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be validated by observable market data for substantially the full term of the assets or liabilities.

•Level 3: Inputs that are generally unobservable and significant to the fair value measurement of the assets or liabilities typically resulting in a situation in which management would make an estimate of assumptions that market participants would use in pricing the asset or liability.

Cash and cash equivalents

The Company maintains its cash primarily as deposits at various banks. All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. Funds held on behalf of customers are reported separately on the consolidated balance sheets and outlined in further detail under the Customer custodial funds and custodial funds due to customers section below.

Restricted cash and cash equivalents

The Company holds restricted cash deposits at financial institutions as part of its regulatory and operational requirements, including capital reserve requirements set forth under its Supervisory Agreement with the NYSDFS and program agreement with its credit card partner. The Company also holds restricted cash and cash equivalent

deposits at financial institutions as collateral associated with its banking partnerships and surety bonds. The Company considers all highly liquid investments with an original maturity of three months or less when purchased, that also fit the criteria outlined earlier in this paragraph, to be restricted cash equivalents, including money market funds. Cash and cash equivalents subject to restrictions that expire within one year is included as Restricted cash and cash equivalents on the consolidated balance sheets.

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. Custodial funds due to customers represent cash deposits held by customers in their fiat wallets. The Company restricts the use of the assets underlying the customer custodial funds to meet regulatory requirements and classifies such assets as current based on their purpose and availability to satisfy the Company's corresponding obligation under custodial funds due to customers.

The Company maintains restricted cash deposits at financial institutions related to the Gemini Dollar (“GUSD”). In 2018, the Company began issuing GUSD, as its sole issuer, after obtaining approval from the NYSDFS. GUSD is a cryptographic stored value token built on the Ethereum network that is pegged to the USD on a one-to-one basis. For each GUSD issued, the Company receives one corresponding U.S. Dollar (“USD”) from its customers which the Company deposits in segregated bank accounts for the benefit of GUSD holders or invests in short-term U.S. treasuries, both directly and indirectly via money market funds. Restricted cash related to GUSD is included in Customer custodial funds on the consolidated balance sheets with the related obligation included in Custodial funds due to customers.

Customer custodial funds related to GUSD were $46.6 million and $58.7 million as of December 31, 2025 and 2024, respectively. Customer custodial funds due to customers related to GUSD were $45.6 million and $58.4 million as of December 31, 2025 and 2024, respectively.

Crypto assets held

Crypto assets held by the Company are accounted for under ASC 350-60, Crypto Assets, and are measured at fair value in accordance with ASC 820, Fair Value Measurements. Crypto assets held represent assets that the Company owns and controls and are not held on behalf of customers. Such crypto assets are reflected within Crypto assets held on the consolidated balance sheets. Crypto assets pledged as collateral under certain financing arrangements are included in Crypto assets held when the Company retains effective control over such assets.

The Company uses a first-in, first-out methodology to assign cost basis to crypto assets. The fair value of each crypto asset is determined by using quoted prices sourced from the Company's exchange platform at the measurement date. Changes in fair value are reflected in Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged on the consolidated statements of operations and comprehensive loss.

The Company considers crypto assets purchased and disposed of nearly immediately to be operating activities in the consolidated statements of cash flows. Such activities include receiving crypto assets as a form of payment for Transaction revenue and Services revenue. Crypto assets received as a form of payment are generally converted to cash or used to fulfill operating expenses, including crypto rewards. All other crypto assets purchased and held prior to disposal are primarily classified as investing activities in the consolidated statements of cash flows.

Crypto assets received through forks and airdrops are initially assigned a zero cost basis, as no monetary consideration is exchanged for the crypto assets and no services are performed in connection with their receipt. A fork is a fundamental change to the software underlying a blockchain which results in two different blockchains, the original, and the new version. In some instances, the fork results in the creation of a new crypto asset. An airdrop is when a token is distributed, free of charge, to a specified list of wallet addresses, generally as a way to promote the

token. The Company accounts for such assets by analogizing to applicable accounting guidance for nonreciprocal transfers of nonmonetary assets.

Receivable, crypto assets pledged

Receivable, crypto assets pledged, represent crypto assets which the Company has pledged as collateral for a loan with Galaxy Digital LLC (“Galaxy”), an unaffiliated third party (“Lender”). Under the terms of the arrangement, the Lender has the right to sell, transfer or rehypothecate the pledged assets posted as collateral. The Company does not retain control over the pledged crypto assets, including the ability to direct their use or obtain substantially all of their remaining economic benefits and, as a result, the pledged assets are derecognized and the arrangement is accounted for as a receivable, rather than as a Crypto assets held, on the consolidated balance sheets. If the notional value of crypto assets pledged falls 10% or below from the initial collateral level there will be a margin call and additional crypto will be pledged to restore the collateral balance to the initial level.

The receivable includes an embedded derivative related to changes in the fair value of the underlying crypto assets and is therefore measured at fair value. Changes in fair value are reflected in Realized and unrealized gain on crypto assets and receivables, crypto assets pledged on the consolidated statements of operations and comprehensive loss. Refer to Note 14. Third Party Loans for further details.

Accounts receivable, net

Accounts receivable are contractual rights to receive cash or crypto assets for services rendered but not yet paid for and rights to future cash payments for purchased credit card receivables. The Company disaggregates its accounts receivable portfolio into categories of receivables, referred to as portfolio segments. These segments consist of retail receivables, custodial fees receivable, staking fees receivable, credit card receivables, and other fees receivable. All portfolio segments are recognized as assets on the Company's consolidated balance sheets presented within Accounts receivable, net.

The Company evaluates accounts receivable for collectability at each reporting date and writes off receivable balances when they are outstanding for over 180 days or when the balance is otherwise deemed to be uncollectible. Losses related to receivables include both expected credit losses recognized in accordance with Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses and certain non-credit transaction losses. The provision for losses is recorded in Transaction losses on the consolidated statements of operations and comprehensive loss.

Retail receivables

Retail receivables consist of balances outstanding related to canceled or unfunded deposit transactions. Transaction losses typically arise when a customer’s ACH deposit is prefunded or advanced by the Company, allowing for immediate trading via an affiliated entity, and the related ACH deposit subsequently fails to settle on an account where no sufficient collateral is held.

ACH deposits are generally expected to settle within one to five business days. Transactions that remain unfunded beyond this customary settlement period indicate a failed or reversed payment rather than a timing difference. Accordingly, the Company evaluates potential losses on such transactions based on settlement status and the fair value of any collateral available in the customer’s account, with historical experience used to corroborate the limited recoverability of amounts remaining unfunded beyond the normal settlement window.

Retail balances that do not have sufficient collateral in their related customer accounts, and remain unfunded beyond the customary settlement period, are deemed not collectable. The Company has no expectation of transaction losses for balances where the fair value of the collateral securing the exposure is equal to or in excess of

the outstanding amount. In cases where the fair value of the collateral is less than the outstanding receivable balance, and it is not reasonably expected that the customer will replenish such shortfall, the Company recognizes an allowance for transaction loss for the unsecured portion of the exposure.

Custodial fees receivable and staking fees receivable

Custodial fees receivable represent the fees earned and receivable by the Company for providing a dedicated secure cold storage solution to customers. The fee is based on a contractual percentage of the daily value of assets under custody and is generally collected on a monthly basis. Such custodial fee revenue is included in Net revenue in the consolidated statements of operations and comprehensive loss.

Staking fees receivable represent the fees earned and receivable by the Company for providing customers with the ability to transfer eligible crypto assets for staking and, as a result, the opportunity to receive staking rewards from the associated blockchain network. In exchange for performing this service, the Company earns a fee that is calculated based on a portion of the staking rewards earned by the customer. Such staking fee revenue is included in Net revenue in the consolidated statements of operations and comprehensive loss.

Certain custodial fees and staking fees receivable included in Accounts receivable, net are denominated in crypto assets. The measurement and related risks associated with crypto-denominated receivables are described further in the Derivatives section below.

In evaluating custodial fees receivable, the Company considers the nature of the receivable, historical experience, and the fair value of any collateral held in the customer’s account. Custodial fee receivables are generally collateralized by the balances within the customers' accounts, which the Company has the ability to access to satisfy amounts due. When the fair value of collateral equals or exceeds the outstanding amounts, no transaction loss is recognized. In the event the fair value of available collateral is less than the outstanding receivable balance and the shortfall is not expected to be replenished, the Company records an allowance for transaction losses equal to the unsecured portion of the exposure. In certain arrangements where custodial fees are invoiced in fiat currency, the related receivables are evaluated for collectibility in accordance with the Company’s credit loss policies.

Staking fees receivable primarily arise from timing differences between when rewards are earned based on protocol activity and when such rewards are credited on-chain and therefore generally do not involve customer credit risk. In limited cases where the Company invoices institutional customers in fiat currency for staking services, the resulting receivables represent contractual payment obligations and are assessed for collectibility consistent with the Company’s credit loss policies.

Credit card receivables

In partnership with a credit card issuing bank (the “Issuing Bank”), the Company offers a credit card product (the “Gemini Credit Card”) to customers. The Issuing Bank originates credit card loans, and the Company purchases all fee and interest bearing consumer receivables related to the Gemini Credit Card. The Company has a contractual commitment to purchase all credit card receivables originated from the Issuing Bank. As the owner of the receivables, the Company records Gemini Credit Card receivables net of an allowance for expected credit losses in Accounts receivable, net on the consolidated balance sheets.

The allowance for expected credit losses is estimated in accordance with ASC 326 and reflects management’s estimate of lifetime expected losses based on historical loss experience, delinquency and aging trends, and other relevant portfolio-level factors. The Company uses a roll-rate methodology, which applies historical delinquency migration and loss patterns to the outstanding receivable balance, to estimate expected losses. The provision for expected credit losses related to credit card receivables is recorded within Transaction losses in the consolidated statements of operations and comprehensive loss.

The Company has the unconditional right to cancel any unfunded commitments and as such the Company did not record a liability in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 460, Guarantees.

Other fees receivable

The Company additionally has various other receivables with individually immaterial balances which have been assessed for loss based on the nature of the receivable. The Company considers historical loss experience, the aging of its receivable balance, and the fair value of any collateral held when determining the need for an expected loss allowance for transaction losses on other receivable accounts.

Credit card receivables pledged, net

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. These pledged receivables remain subject to the Company’s allowance for expected credit losses under ASC 326 and are assessed for credit losses on the same basis as unpledged credit card receivables. Refer to Note 15. Funding Debt for further details.

Prefunded clearing advance

The Company maintains prefunded clearing balances with third-party clearing organizations to facilitate real-time settlement of prediction market trades. These balances represent short-term clearing advances and are classified within Prepaid expenses and other current assets on the consolidated balance sheets, as they are expected to be utilized or recovered in the ordinary course of operations. The prefunded clearing balances are not customer funds and do not represent cash or restricted cash of the Company. The Company is exposed to counterparty credit risk with respect to these balances; however, management believes such risk is limited based on the regulated status of the clearing organizations and the Company’s ongoing monitoring of such counterparties.

Cash collateral pledged

In connection with the Company's Repurchase Agreement with New York Digital Investment Group Funding LLC (“NYDIG” ), the Company may be required to post cash collateral to satisfy margin maintenance requirements. Cash posted as collateral remains an asset of the Company and is presented within Prepaid expenses and other current assets on the consolidated balance sheets. The use of such cash collateral by the counterparty is contractually restricted and limited to enforcement or settlement rights under the applicable agreement. Such amounts are recoverable in accordance with the margin and settlement provisions of the applicable agreement.

Stablecoin

Certain stablecoins are accounted for as financial assets and are included in Prepaid expense and other current assets on the consolidated balance sheets. These stablecoins are designed to maintain a stable value relative to fiat currency and are contractually redeemable for cash on demand from the issuer. The Company holds these stablecoins primarily for operational and settlement purposes and expects to convert or utilize them within one year.

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 December 31, 2025 and 2024, respectively, the Company had no customers that accounted for more than 10% of the Company’s Accounts receivable, net.

In addition, during the years ended December 31, 2025 and 2024 and 2023, no customer accounted for more than 10% of Total revenue.

Software, property and equipment, net

Software, property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the lesser of the estimated useful life of the asset or the remaining lease term. The estimated useful lives of the Company’s software, property and equipment are reassessed on an ongoing basis and are generally as follows:


Software, property and equipment						Useful life
Software						Three years
Leasehold improvements						Lesser of useful life or remaining lease term
Computer equipment						Three years
Furniture and fixtures						Seven years

Internally developed software consists of costs incurred during the application development stage of internal-use software or implementation of a hosting arrangement that is a service contract. Capitalized costs consist of salaries and compensation costs for employees, fees paid to third party consultants who are directly involved in development efforts, and costs incurred for upgrades and enhancements to add functionality of the software. Other costs that do not meet the capitalization criteria are expensed as incurred.

Intangible assets, net

Intangible assets consist of identifiable intangible assets, including patents, developed technology, and assembled workforce, resulting from asset acquisitions. Finite-lived intangible assets are recorded at fair value, net of accumulated amortization and are amortized on a straight-line basis over their estimated useful lives.


Intangible Assets						Useful life
Patents						Fifteen years
Developed technology						Five years
Assembled workforce						Five years
Customer relationships						Five years

Leases

The Company, as lessee, has entered into long-term lease agreements for office space. At contract inception, the Company determines that an arrangement contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease, the Company recognizes a right-of-use asset and a lease liability on its consolidated balance sheets, where the current and non-current portion of the lease liability is presented in other current liabilities and lease liabilities, respectively.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are determined using the Company’s incremental borrowing rate based upon information available at commencement date to recognize the present value of lease payments over the lease term. The Company's right-of-use assets also include prepaid lease payments and are net of any lease incentives.

The Company has elected to apply the practical expedient permitted for purposes of measuring and recognizing short-term leases. As a result, leases with an initial term of 12 months or less are not recorded on the Company's consolidated balance sheets, and the associated lease expense is recognized on a straight-line basis over the lease term. The Company has also elected to not separate lease and non-lease components and accounts for its lease agreements as a single lease component for all asset classes.

Impairment of long-lived assets

The Company evaluates its long-lived assets, including software, property, equipment, intangible assets, and lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets held and used is measured by a comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated from the use and eventual disposition of the asset or asset group. If such evaluation indicates that the carrying amount of the asset or the asset group is not recoverable, any impairment loss would be equal to the amount the carrying value exceeds the fair value.

Investments

The Company holds available-for-sale securities, consisting of corporate bonds and equity securities. The Company classifies and accounts for these securities as available-for-sale and carries the investments at fair value. These securities are included in Prepaid expenses and other current assets on the consolidated balance sheets based on their expected liquidity and use in the ordinary course of business.

The Company, via its wholly owned subsidiary Gemini Frontier Fund, LLC (“Frontier Fund”), also holds strategic investments where the Company (1) holds less than 20% ownership in the investee, and (2) does not exercise significant influence over the investee. The Company accounts for these 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. These investments are included in Other non-current assets on the consolidated balance sheets.

Additionally, Frontier Fund holds multiple investments in early stage crypto asset projects. Certain of these investments are in tokens that are restricted or digitally locked via the underlying protocol, which limits the Company's ability to sell such tokens until a predetermined time.

The Company evaluates each investment to determine the appropriate accounting classification based on the nature of the investment and the applicable accounting guidance. Investments are classified as (i) crypto assets that meet the definition of Accounting Standards Update 2023-08 (“ASU 2023-08”), (ii) strategic investments accounted for under the measurement alternative or (iii) other intangible assets subject to cost less impairment treatment, when the investment does not meet the definition of a crypto asset or a financial instrument.

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 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 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 consolidated balance sheets. Subsequent changes in fair value are recognized in Other income (expense), net on the 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 consolidated balance sheets. As of December 31, 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 consolidated statements of cash flows.

Derivatives

Embedded derivatives

Certain custodial fees and staking fees receivable included in Accounts receivable, net are denominated in crypto assets. These receivables are hybrid instruments consisting of receivable host contracts containing embedded derivatives driven by changes in fair value of the underlying crypto assets. The receivable host contracts are initially recorded at fair value at the time customers are charged based on the fair value of the underlying crypto assets at that time. The embedded derivatives are subsequently carried at fair value, with changes in fair value recognized in Other income (expense), net on the consolidated statements of operations and comprehensive loss. The receivable host contracts and embedded derivatives are included in Accounts receivable, net on the consolidated balance sheets. Cash flows related to the embedded derivatives are reflected as adjustments to reconcile Net loss to Net cash used in operating activities in the consolidated statements of cash flows.

The Company's related party loans may be denominated in bitcoin and ether. As such, these hybrid instruments consist of liability host contracts containing embedded derivatives driven by changes in the fair value of the underlying bitcoin and ether. The liability host contracts are initially recorded at fair value at loan inception based on the fair value of the underlying bitcoin and ether at that time and are subsequently carried at amortized cost. The embedded derivatives are carried at fair value, with changes in fair value recognized in Realized and unrealized gain (loss) on related party crypto loans on the consolidated statements of operations and comprehensive loss. The liability host contracts and embedded derivatives are included in Related party loans on the consolidated balance sheets. Cash flows related to the embedded derivatives are reflected as adjustments to reconcile Net loss to Net cash used in operating activities in the consolidated statements of cash flows.

Derivative options

During the years ended December 31, 2025 and 2024 the Company, via its wholly-owned subsidiary Gemini Voyager Pte. Ltd. (“Voyager”), operated a line of business acting as a principal over-the-counter (“OTC”) broker specializing in digital asset derivatives. Voyager engages in bilateral transactions primarily involving vanilla options on bitcoin and ether. All contracts are negotiated bilaterally with counterparties and settled in fiat or digital assets. To manage market risk associated with OTC option transactions, the Company typically enters into corresponding offsetting options on third party exchanges.

Derivative assets and liabilities are recorded at fair value using quoted prices in active markets. Derivative assets are included in Prepaid expenses and other current assets, and derivative liabilities are included in Other current liabilities on the consolidated balance sheets at fair value. Subsequent changes in fair value are recognized in Other income (expense), net on the consolidated statements of operations and comprehensive loss. Cash flows from derivative future contracts are reflected as adjustments to reconcile Net loss to Net cash used in operating activities in the consolidated statements of cash flows. The Company does not apply hedge accounting to these instruments and as such no offsetting is applied.

Crypto collateral related to derivative options

The Company requires customers to pledge crypto collateral on short option transactions to serve as security for potential losses that may exceed the customer's initial investment. For certain arrangements, the Company has the right to use, sell, or otherwise control the crypto collateral under the applicable agreements and as such this pledged crypto collateral is recognized on the Company's consolidated balance sheets. When the pledged crypto collateral is actively deployed by the Company, it is recorded within Crypto assets held on the consolidated balance sheets. The Company has an obligation to return the pledged crypto collateral received upon expiration of the derivative contract. This obligation is accounted for within Other current liabilities on the consolidated balance sheets.

During the year ended December 31, 2025, the Company commenced using pledged crypto collateral in accordance with its rehypothecation rights and, as a result, classified such collateral within Crypto assets held. In the prior year, although the Company had the contractual right to use the pledged crypto collateral, it did not actively deploy such collateral and therefore classified the related amounts within Prepaid expenses and other current assets. This change in presentation did not impact total current assets, total assets, or net loss in any period presented.

For customer arrangements in which the Company does not have the right to use, sell, or otherwise control pledged, such crypto collateral is not recorded on the Company's consolidated balance sheets. The pledged crypto collateral remains the property of the customer and is held solely as security for the customer’s obligations. In the event that a customers losses exceed their initial investment, the Company may apply the pledged crypto collateral to satisfy the customer's obligations in accordance with the applicable agreements.

The Company is also required to pledge crypto assets as collateral to third party derivative exchanges in connection with short option transactions. Because the Company retains control of the pledged crypto assets under the applicable agreements, the collateral does not meet the derecognition criteria and continues to be recorded within Crypto assets held on the consolidated balance sheets.

Derivative futures

The Company enters into bitcoin and ether derivative future contracts for trading purposes. The contracts are executed through third party exchanges and are recorded at fair value using quoted prices in active markets. Derivative assets and derivative liabilities are presented on a gross basis and are not offset on the consolidated balance sheets. Derivative assets are included in Prepaid expenses and other current assets, and derivative liabilities are included in Other current liabilities on the consolidated balance sheets, each measured at fair value. Subsequent changes in fair value are recognized in Other income (expense), net on the consolidated statements of operations and comprehensive loss. Cash flows from derivative future contracts are reflected as adjustments to reconcile Net loss to Net cash used in operating activities in the consolidated statements of cash flows. The Company does not apply hedge accounting to these instruments and as such no offsetting is applied.

Related party loans and convertible notes

Related party crypto asset loans

The Company entered into crypto lending agreements with Winklevoss Capital Fund, LLC (“WCF”), a related party through common ownership, during the years ended December 31, 2025 and 2024. In addition, crypto lending agreements entered into with WCF in 2022 and 2023 remained outstanding as of December 31, 2025 and 2024. The principal balances of the crypto asset loans are denominated in bitcoin and ether and are fixed at the inception of each loan.

The terms of the Company’s crypto asset lending agreements specify the permitted uses of the borrowed crypto assets and the Company retains control within the scope of the agreements to transfer and pledge certain borrowed crypto assets as collateral to access operational liquidity with third parties, including holding such assets in satisfaction of regulatory capital reserve requirements. Accordingly, the borrowed bitcoin and ether held as of December 31, 2025 and 2024 is included in Crypto assets held on the consolidated balance sheets. The related obligations under these arrangements are reflected within Related party loans on the consolidated balance sheets. See Note 13. Related Party Loans and Convertible Notes for further details.

Related party term loans

The Company also entered into term loan agreements with WCF during the years ended December 31, 2025 and 2024. The principal balances of the term loans were denominated in USD and could be funded in cash, bitcoin and ether, with principal amounts fixed at the inception of each loan. The terms of the Company’s term loan lending agreements specified that the borrowed crypto assets could be used for general business purposes of the Company and its wholly owned subsidiaries.

In 2025, the Company entered into a term loan agreement with WCF that included a conversion feature, and during the same period, the Company amended its 2024 term loan agreement with WCF to add a comparable conversion feature. As permitted under ASC Topic 825, Financial Instruments (“ASC 825”), the Company elected to account for these convertible term loans, which met the required criteria, at fair value at inception. Subsequent changes in fair value were recorded as Change in fair value on related party loans on the consolidated statements of operations and comprehensive loss. The portion of total changes in fair value of the notes attributable to changes in instrument-specific credit risk were determined through specific measurement of periodic changes in the discount rate assumption exclusive of base market changes and were presented as a component of other comprehensive income (loss) in the accompanying consolidated statements of operations and comprehensive loss.

The related party term loans are included in Related party loans on the consolidated balance sheets. In connection with the Company's IPO, all outstanding related party term loans converted into shares of the Company's Class B common stock and are no longer outstanding. See Note 13. Related Party Loans and Convertible Notes for additional details.

Related party convertible notes

The Company entered into convertible note agreements with WCF in 2023 and 2024 that remained outstanding as of December 31, 2024. As permitted under ASC 825, the Company elected to account for its convertible notes, which met the required criteria, at fair value at inception. Convertible notes are included in Related party convertible notes on the consolidated balance sheets. Subsequent changes in fair value were recorded as Change in fair value on related party convertible notes on the consolidated statements of operations and comprehensive loss. The portion of total changes in fair value of the notes attributable to changes in instrument-specific credit risk were determined through specific measurement of periodic changes in the discount rate assumption exclusive of base market changes and were presented as a component of other comprehensive income

(loss) in the accompanying consolidated statements of operations and comprehensive loss. As a result of electing the fair value option, direct costs and fees related to the convertible notes were expensed as incurred. See Note 13. Related Party Loans and Convertible Notes for additional details.

Upon completion of the IPO in September 2025, all of the Company's outstanding related party convertible notes and related party convertible term loans (as described above) automatically converted into 31.1 million shares of Class B common stock.

Third party loans

The Company enters into financing arrangements with third party counterparties in the ordinary course of business, including loan agreements and sale and repurchase transactions that may be secured by the Company’s crypto assets or other collateral.

The Company evaluates such arrangements to determine whether they represent a sale of crypto assets or a secured borrowing. When the Company retains effective control over the underlying crypto assets, including the risks and rewards of ownership and the obligation to repurchase the assets at a determinable price, the transaction is accounted for as a secured borrowing rather than a sale. In such cases, the crypto assets pledged as collateral remain recorded within Crypto assets held, and the related obligation is recorded as a liability within Third party loans on the consolidated balance sheets.

When the Company does not retain effective control over transferred crypto assets, the transfer is accounted for as a sale and the crypto assets are derecognized, as further described in “Receivable, crypto assets pledged”.

Third party loans are initially recognized at their principal amount, net of issuance costs or discounts when applicable, and are subsequently measured at amortized cost. The Company does not elect the fair value option for these instruments. Interest expense, including the amortization of issuance costs and discounts, is recognized in Interest expense on third party loans in the consolidated statements of operations and comprehensive loss.

Third party loans that are payable on demand or contractually due within one year are classified as current liabilities on the consolidated balance sheets. See Note 14. Third Party Loans for additional details.

Funding debt

The Company enters into funding arrangements with third party counterparties, including revolving credit facilities, to finance specific business activities. Such arrangements are classified as Funding debt on the consolidated balance sheets. Funding debt is recognized as a liability at the amount of proceeds received upon drawdown, net of deferred financing costs when applicable, and is subsequently measured at amortized cost. Deferred financing costs related to revolving credit arrangements are recorded as assets and amortized over the term of the arrangement.

Funding debt may include variable or contingent interest rate features. The Company evaluates such features in accordance with ASC 815 and has determined that these features do not require bifurcation as embedded derivatives.

Interest expense is recognized in Interest expense on funding debt in the consolidated statements of operations and comprehensive loss.

Funding debt that is payable on demand, subject to acceleration, or contractually due within one year is classified as a current liability on the consolidated balance sheets. See Note 15. Funding Debt for additional details.

Revenue recognition

See Note 3. Revenue, for information on the Company’s accounting policies for revenue recognition.

Transaction processing

Transaction processing expense includes costs incurred to operate, secure and monitor the Company’s exchange platform, wallet services, staking services and other business lines. These costs include account payment processing fees, blockchain transaction and mining fees, rewards paid or credited to customers in connection with staking arrangements, and fees paid to other financial institutions for customer transaction activity.

Transaction losses

Transaction losses are expenses related to canceled or unfunded deposit transactions from retail customers, current expected losses related to credit card receivables and any other miscellaneous operational losses. Refer to the description of transaction losses in the Accounts receivable, net section above for further details.

Technology expense

Technology expense includes costs incurred to operate and maintain the Company’s exchange platform, technology infrastructure, and other technology-enabled business lines. These costs include amortization of intangible assets, software licenses, cloud computing and data hosting costs, cybersecurity and equipment costs necessary to operate and maintain the Company's exchange platform and other business lines.

Sales and marketing

Sales and marketing expense includes costs incurred to promote the Company’s brand, products, and services and to acquire, retain, and engage customers. These costs include advertising and promotional expenses, credit card rewards and customer incentive programs, sponsorships and partnerships, marketing campaigns, and other sales and marketing–related costs. Advertising costs are expensed as incurred.

During the years ended December 31, 2025, 2024, and 2023 advertising expense was $45.8 million, $9.9 million, and $3.4 million, respectively.

Other income (expense), net

Other income (expense), net primarily reflects market-driven valuation changes, including foreign currency translation gains and losses, gains and losses on derivatives, including changes in fair value of embedded derivatives. Other income (expense), net also includes changes in the fair value of strategic investments and warrants, gain on conversion of convertible notes and term loans, operating-related transactions such as sublease income and realized gains and losses related to customer liability settlement and accrued expenses. In addition, Other income (expense), net includes realized gains related to settlement matters as disclosed in Note 22. Commitments and Contingencies.

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 consolidated statements of operations and comprehensive loss. Bonus expense relating to Original Phantom Units is included in Salaries and compensation on the 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 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 elections to be treated as associations taxable as corporations 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 consolidated financial statements for activity subsequent to the IPO.

The Company accounts for income taxes using the asset and liability method whereby deferred tax asset and liability account balances are determined based on temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when management estimates that it is more likely than not that deferred tax assets will not be realized. Realization of deferred tax assets is dependent upon future pre-tax earnings, the reversal of temporary differences between book and tax income, and the expected tax rates in future periods.

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. Subsequent to the 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 in connection with and subsequent to 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.

Market risk factors

The Company is subject to the market risk factors listed below.

Crypto Assets Under Custody

The Company holds crypto assets under custody in a fiduciary or agency capacity for its customers. These are assets that the Company holds directly or indirectly on behalf of customers under a safekeeping or custody arrangement and are beneficially owned by the Company’s customers. In accordance with U.S. GAAP, these assets and liabilities are not included on the Company’s consolidated balance sheets.

Under the Company’s standard user agreement with customers, customers may deposit crypto assets that are transferred into the custody of the Company and held in one or more Gemini pooled digital wallets controlled and secured by the Company. Customers have a beneficial ownership interest in the crypto assets that are allocated to them on Gemini’s ledger. Crypto asset balances held in the customer deposit accounts are restricted from general use of the Company.

The Company engages Nakamoto, Ltd., an affiliated captive insurer, along with another carrier, to provide $25.0 million in crime insurance coverage for crypto assets held in Gemini's hot wallet, and various third party insurance carriers to provide $100.0 million in insurance specie coverage for crypto assets held in cold storage for the years ended December 31, 2025 and 2024, respectively. The hot wallet insurance coverage protects, subject to policy terms, against theft from a security breach, a fraudulent transfer, or employee theft. Should any losses not be covered by insurance, the Company may be required to use our own crypto assets held in reserve, or to acquire additional crypto assets, in order to make customers whole in the event of a loss of assets on the platform.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities, including crypto assets. Liquidity could be impaired by an inability to access adequate

sources of financing, access to crypto assets to cover customer obligations and by the inability to generate sufficient cash flow from operations. In the event the Company requires additional liquidity, there can be no guarantee the Company will be able to obtain such financing on reasonable terms or at all.

Based on the terms of the Company's user agreement, the structure of its crypto offerings, and applicable law, and after consultation with internal and external legal counsel, the Company believes that the cryptocurrency it holds in custody for users should be considered their property. Consequently, these assets should not be available to satisfy claims from the Company's general creditors in the unlikely event of bankruptcy. While the Company remains well-capitalized, users' concerns about the security of crypto assets in a platform bankruptcy may impact their willingness to hold cryptocurrencies in custodial accounts or their general interest in trading cryptocurrencies.

Bank Counterparty Risk

The Company's fiat banking relationships are concentrated in a limited number of financial institutions. Closure of any of these institutions could adversely impact the Company's business, operating results, and financial condition. The Company works with multiple banking partners to mitigate this risk but in the event of a banking counterparty's failure, the Company could experience interrupted service or financial loss.

Crypto Assets Risks

The Company’s operations are concentrated in relatively few crypto assets, primarily bitcoin and ether, and the Company is subject to related market, regulatory, and other risks. The vast majority of the Company’s revenues are earned from transaction fees on the trading of crypto assets. Investing in crypto assets is highly speculative and volatile. The price of crypto assets may be affected by global supply and demand, competition from other forms of cryptocurrency, or other independent factors. The process by which crypto asset transactions are settled is dependent on peer-to-peer networks and is subject to operational and market risk with regard to previously unknown technical vulnerabilities. Additionally, the volatility in crypto asset prices and limited history could influence the valuation of the Company’s and its customers’ crypto assets, potentially resulting in loss of value.

Crypto assets are controllable only by the possessor of a unique private cryptographic key controlling the address in which the crypto asset is held. The theft, loss or destruction of a private key required to access a crypto asset is irreversible, and such private keys would not be capable of being restored by the Company. The loss of private keys relating to digital wallets used to store crypto assets could result in the loss of the crypto assets and the Company and its customers could incur substantial, or even total, loss of capital. The Company must adapt to technological change in order to secure and safeguard client accounts. While the Company believes it has developed an appropriate proprietary security system reasonably designed to safeguard crypto assets from theft, loss, destruction or other issues relating to hackers and technological attack, such assessment is based upon known technology and threats.

Equity Investment Risks

The Company holds strategic investments in privately held companies in the form of equity investments without readily determinable fair values in which it does not have a controlling interest or significant influence. The strategic investments are subject to a variety of market-related risks that could substantially reduce or increase the carrying value of the portfolio. The Company records changes to the fair value of these strategic investments in Other income (expense), net on the consolidated statements of operations and comprehensive loss. The strategic investments are evaluated regularly for impairment. If indicators of impairment exist and the estimated fair value of an investment is below the carrying value, the investment is written down to fair value and the impairment is recorded in Other income (expense), net on the consolidated statements of operations and comprehensive loss.

Market Risk of Warrants

The Company holds warrants in a publicly held company. The warrants are measured and recorded at fair value, and may be subject to a variety of market-related volatility that could impact the value of the assets. The Company records changes to the fair value of these warrants in Other income (expense), net on the consolidated statements of operations and comprehensive loss.

Market Risk of Derivatives

The Company has exposure to derivatives measured and recorded at fair value. Market risk on derivatives is the exposure created by potential fluctuations in market prices and other factors and is a function of the type of derivative product, the volume of transactions, the tenor and terms of the agreement, and the underlying volatility.

Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) to allocate resources and assess performance. The Company’s Chief Executive Officer, President, Chief Financial Officer and Chief Operating Officer collectively function as the CODM and review operating results and financial performance on a consolidated basis. While the Company generates revenue from multiple products and customer types, management does not review discrete financial information by product or customer, and no measures of profitability at that level are prepared or used in resource allocation decisions. As a result, discrete segment financial information is not available for individual products or customer groups. Accordingly, the Company has determined that it operates as a single operating segment and a single reportable segment.

The primary measure of profit or loss regularly reviewed by the CODM is consolidated net income (loss), which is used to make key operating decisions, allocate resources, and evaluate overall financial performance. In addition, the CODM regularly reviews total segment expenses and total segment assets on a consolidated basis. These measures are consistent with those presented in the Company’s consolidated statements of operations and comprehensive loss and consolidated balance sheets, respectively.

Recent accounting pronouncements

Recently adopted accounting pronouncements

In December 2023, the FASB issued Accounting Standards Update 2023-08 (“ASU 2023-08”), Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60), which provides an update to existing crypto asset guidance and permits an entity to measure crypto assets at fair value. In addition, this guidance also outlines enhanced fair value footnote disclosures required once it is adopted. As of January 1, 2023, the Company has adopted ASU 2023-08 and reflects crypto assets held at fair value on the financial statements and includes the required expanded disclosures in Note 7. Crypto Assets Held. The Company’s adoption of this guidance also resulted in a $149.4 million decrease in Accumulated deficit on the consolidated statements of changes in convertible preferred units and stockholder's equity, as a result of the cumulative-effect adjustment upon adoption for the year ended December 31, 2023.

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 (i) the income tax rate reconciliation using both percentages and reporting currency amounts; (ii) specific categories within the income tax rate reconciliation; (iii) additional information for reconciling items that meet a quantitative threshold; (iv) the composition of state and local income taxes by jurisdiction; and (v) the amount of income taxes paid disaggregated by jurisdiction. The guidance is effective for annual periods beginning after December 15, 2024.

The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See Note 19. Income Taxes for additional information.

Accounting pronouncements pending adoption

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 permits entities to apply a practical expedient to estimate expected credit losses on accounts receivable and contract assets, which may reduce the complexity of applying forward-looking information in certain circumstances. 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 does not expect the adoption of ASU 2025-05 to have a material impact on its consolidated financial statements.

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 anticipates using a prospective transition approach and 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.

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

The Company's basic and diluted net loss per share calculation for Class A common stock and Class B common stock for the years ended December 31, 2025, 2024, and 2023 is presented below (in thousands, except per share amounts):


	Year Ended December 31,
	2025				2024				2023
	Class A common stock		Class B common stock		Class A common stock		Class B common stock		Class A common stock		Class B common stock
Numerator:
Net loss attributable to common stockholders	$	(187,550)	$	(395,263)	$	(10,289)	$	(148,257)	$	(14,980)	$	(304,695)

Denominator:
Weighted average common stock outstanding, basic and diluted(1)(2)	12,084		25,468		319		4,599		226		4,599

Net loss per share attributable to common stockholders:
Basic and diluted	$	(15.52)	$	(15.52)	$	(32.24)	$	(32.24)	$	(66.25)	$	(66.25)
__________________
(1) Prior to the IPO, the Common Units outstanding excludes 25,256,004 and 24,485,635 Common Units and 9,417,617 and 9,426,525 Catch Up Common Units that were issued and outstanding as profits interest units as of December 31, 2024 and 2023, respectively. 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 years ended December 31, 2024 and 2023. 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 computation of diluted shares outstanding as the effect would have been antidilutive (in thousands):


	Year Ended December 31,
	2025	2024	2023
Convertible Preferred Units	—	39,842	39,842

Unvested Service-Based Common Units	—	—	306
Unvested RSAs	3,180	—	—
Unvested RSUs	8,669	—	—
Outstanding stock options	6,847	—	—

Total	18,696	39,842	40,148

Common Units & Common Stock - Schedule of Debt Instruments Converted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Sep. 11, 2025	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
IPO
Class of Stock [Line Items]
Price per share resulting from converted debt (in dollars per share)	$ 22.40
Percentage of IPO price, resulting from converted debt	80.00%
Common Class A \| IPO
Class of Stock [Line Items]
Share price per share (in dollars per share)	$ 28.00
Convertible Notes
Class of Stock [Line Items]
Aggregate Amount Outstanding Before Conversion	$ 285,007	$ 200,000	$ 200,000	$ 200,000
Convertible Notes \| Common Class B
Class of Stock [Line Items]
Shares Converted (in shares)	10,179
Related party term loans
Class of Stock [Line Items]
Aggregate Amount Outstanding Before Conversion	$ 584,560	$ 475,000
Related party term loans \| Common Class B
Class of Stock [Line Items]
Shares Converted (in shares)	20,877
Price per share resulting from converted debt (in dollars per share)	$ 22.40
Percentage of IPO price, resulting from converted debt	80.00%

Crypto Assets Held - Schedule of Crypto Assets Held At Fair Value (Details) $ in Thousands	Dec. 31, 2025 USD ($) crypto_unit	Dec. 31, 2024 USD ($) crypto_unit	Dec. 31, 2023 USD ($)
Crypto Asset, Holding [Line Items]
Cost Basis	$ 256,638	$ 142,214
Fair Value	$ 439,622	$ 470,101	$ 327,866
Bitcoin
Crypto Asset, Holding [Line Items]
Units (in unit) \| crypto_unit	4,827	4,414
Cost Basis	$ 235,186	$ 117,005
Fair Value	$ 420,635	$ 412,115	295,320
Ether
Crypto Asset, Holding [Line Items]
Units (in unit) \| crypto_unit	2,741	5,301
Cost Basis	$ 9,590	$ 17,009
Fair Value	8,072	17,562	25,718
Other crypto assets
Crypto Asset, Holding [Line Items]
Cost Basis	11,862	8,200
Fair Value	$ 10,915	$ 40,424	$ 6,828

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (582,813)	$ (158,546)	$ (319,675)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	30,723	32,961	32,221
Impairment	650	376	21,403
Gain on conversion of convertible notes and term loans	(5,841)	0	0
Change in fair value on related party convertible notes	25,789	30,663	4,138
Change in fair value on related party loans	119,309	0	0
Realized and unrealized loss (gain) on crypto assets and receivable, crypto assets pledged	1,263	(462,886)	(368,091)
Realized and unrealized loss on related party crypto loans	32,142	417,335	355,354
Provision for transaction losses	21,341	19,915	27,613
Stock-based compensation	84,956	5,596	15,840
Crypto assets received as revenue	(30,813)	(15,664)	(8,759)
Crypto asset payments for expenses	52,592	98,413	9,706
Warrants received as revenue	(4,807)	0	0
Non-cash lease expense	4,427	1,417	2,321
Realized and unrealized loss (gain) on derivatives	4,114	(1,944)	0
Other operating activities, net	6,105	4,245	2,562
Changes in operating assets and liabilities:
Purchase of crypto assets	(240,068)	(62,390)	(35,562)
Disposal of crypto assets	323,352	87,390	25,975
Accounts receivable	(6,879)	(249)	(27,637)
Other assets	30,062	42,967	2,381
Accounts payable and accrued expenses	2,831	(143,765)	67,200
Payables due to related parties	28,365	34,674	(4,853)
Payables due to third parties	4,854	11,167	1,031
Payables due for funding debt	254	0	0
Lease liabilities	(5,987)	(2,282)	(3,599)
Other liabilities	(114,029)	(48,353)	(6,863)
Net cash used in operating activities	(218,108)	(108,960)	(207,294)
Cash flows from investing activities
Proceeds from disposal of crypto assets	122,565	145,488	56,544
Purchases of credit card receivables	(1,236,758)	(431,034)	(87,953)
Proceeds from repayments of credit card receivables	1,074,003	375,484	71,264
Capitalization of internally developed software costs	(5,682)	(4,753)	(6,207)
Purchase of software, property and equipment	(1,980)	(1,226)	(729)
Other investing activities, net	(81)	(350)	299
Net cash provided by (used in) investing activities	(47,933)	83,609	33,218
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	391,165	0	0
Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq	50,000	0	0
Custodial funds due to customers, net of redemptions	(45,232)	190,811	(698,368)
Proceeds from related party convertible notes	0	24,568	75,432
Proceeds from related party loans	15,100	0	0
Proceeds from third party loan, net of discount	74,250	10,000	106,500
Proceeds from funding debt	392,600	0	0
Repayment of funding debt	(238,480)	0	0
Repayment of third party loans	(116,500)	0
Net cash provided by (used in) financing activities	514,031	225,379	(521,436)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	247,990	200,028	(695,512)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period	646,858	446,830	1,142,342
Cash, cash equivalents, restricted cash and cash equivalents, end of period	894,848	646,858	446,830
Cash, cash equivalents, restricted cash and cash equivalents consisted of the following:
Cash and cash equivalents	252,215	42,847	32,769
Restricted cash and cash equivalents	115,279	28,383	30,834
Customer custodial funds	527,354	575,628	383,227
Total cash, cash equivalents, restricted cash and cash equivalents	894,848	646,858	446,830
Supplemental disclosure of cash flow information
Cash paid during the period for interest	35,286	21,678	29,763
Supplemental schedule of non-cash investing and financing activities
Conversion of convertible notes to common stock in connection with IPO	(869,567)	0	0
Conversion of convertible preferred units to common stock in connection with initial public offering	534,368	0	0
Related party loans received in crypto assets	418,458	200,259	203,583
Conversion of related party loans into related party convertible notes	246,245	0	0
Repayments of related party loans denominated in crypto assets	410,549	301,723	364,225
Credit card receivables posted as collateral for funding debt	188,754	0	0
Crypto assets posted as collateral for third party loans, net	242,707	109,179	101,975
Crypto asset collateral received (returned) for derivatives, net	(14,372)	15,275	0
Repayment of third party loan interest denominated in crypto	5,417	11,086	0
Change in fair value attributable to instrument-specific credit risk	0	1,906	664
Related party convertible notes received in crypto assets	0	45,329	54,671
NFT artist commissions and cross listings paid with crypto assets	0	0	5,851
Account receivable collections denominated in crypto assets	0	8,479	4,472
RSUs
Cash flows from financing activities
Payment of withholding taxes	(8,304)	0	0
Equity awards
Cash flows from financing activities
Payment of withholding taxes	$ (568)	$ 0	$ 0

Prepaid Expenses and Other Assets - Schedule of Measurement Alternative Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity Securities Without Readily Determinable Fair Value [Roll Forward]
Carrying amount, beginning balance	$ 10,638	$ 11,708
Net reductions
Net reductions	(1,271)	(1,021)
Upward adjustments	61	73
Impairments and downward adjustments	0	(122)
Carrying amount, ending balance	$ 9,428	$ 10,638

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Technology

^[1]

$ 77,127

$ 63,663

$ 55,036

General and administrative

^[2]

77,477

51,301

155,488

Related Party

Net revenue

2,500

2,200

1,000

Technology

800

700

1,700

General and administrative

$ 1,000

$ 0

$ 100

[1]	(2) Technology expenses includes related party amounts of $0.8 million, $0.7 million and $1.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, as outlined in Note 21. Related Party Transactions.
[2]	(3) General and administrative expenses includes related party amounts of $1.0 million, $0 and less than $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, as outlined in Note 21. Related Party Transactions.

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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Goodwill and Intangible Assets Disclosure [Abstract]

Crypto Assets Held (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2025
	Units	Cost Basis		Fair Value
Bitcoin	4,827	$	235,186	$	420,635
Ether	2,741	9,590		8,072
Other crypto assets	nm(1)	11,862		10,915
Total		$	256,638	$	439,622
__________________
(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 Roll-forward of Crypto Assets Measured at Fair Value

The following table presents a roll-forward of the Company's crypto assets held measured 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)	696,251		430,434		39,693		1,166,378
Disposition of crypto assets(4)(5)	(640,120)		(441,969)		(39,097)		(1,121,186)
Realized gain on crypto assets(2)	77,347		33,704		5,123		116,174
Realized loss on crypto assets	(15,066)		(29,589)		(2,045)		(46,700)
Unrealized gain (loss) on crypto assets(3)	(109,892)		(2,070)		(33,183)		(145,145)
Crypto assets held at December 31, 2025	$	420,635	$	8,072	$	10,915	$	439,622
__________________
(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 for further details. (2) Excludes realized gain on Receivable, crypto assets pledged of $117.4 million and $135.8 million as of December 31, 2025 and December 31, 2024, respectively. (3) Excludes unrealized loss on Receivable, crypto assets pledged of $43.0 million and $17.8 million as of December 31, 2025 and December 31, 2024, respectively. (4) Includes acquisitions of 1,434 Bitcoin and 86,321 Ether totaling $435.1 million and dispositions of 505 Bitcoin and 61,696 Ether totaling $192.4 million to manage collateral obligation under its loan agreements as of December 31, 2025. Refer to Note 2. Summary of Significant Accounting Policies 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 consolidated balance sheets. In prior periods, these assets were included in Prepaid expenses and other current assets on the consolidated balance sheets. Included in acquisitions is 132 Bitcoin totaling $11.5 million and in dispositions 5 Bitcoin and 1 Ether and Other crypto assets totaling $0.6 million related to customer collateral received under rehypothecation rights as of December 31, 2025.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value Measurements - Schedule of Roll-Forward of Level 3 Investments Measured on Recurring Basis (Details) - Level 3 - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 0	$ 0	$ 0
Additions		4,345	0	0
Unrealized loss attributable to change in fair value		(3,494)	0	0
Ending balance	$ 851	851	0	0
Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		248,783	134,928	0
Additions		11,310	85,098	131,454
OCI - Change in fair value attributable to instrument-specific credit risk		(875)	(1,906)	(664)
Unrealized loss attributable to change in fair value		25,789	30,663	4,138
Conversion of convertible notes to common stock in connection with IPO		(285,007)	0	0
Ending balance	0	0	$ 248,783	$ 134,928
Term Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	237,209
Additions	230,438
OCI - Change in fair value attributable to instrument-specific credit risk	(2,396)
Unrealized loss attributable to change in fair value	119,309
Conversion of convertible notes to common stock in connection with IPO	(584,560)
Ending balance	$ 0	$ 0

Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (609,696)	$ (146,955)	$ (320,956)
Foreign	20,896	(3,965)	(2,793)
Net loss before income taxes	$ (588,800)	$ (150,920)	$ (323,749)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Related Party Loans and Convertible Notes - Schedule of Crypto Asset Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) crypto_unit	Dec. 31, 2024 USD ($) 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	$ 200,259	$ 203,583
Amount Repaid	410,549	301,723	364,225
Crypto Asset Loans
Short Term Debt Abstract [Roll Forward]
Principal Outstanding as of 12.31.24	560,107	462,422
Amount Borrowed	220,798	94,313
Amount Repaid	410,549	413,962
Realized Gain (Loss)	(257,266)	(220,809)
Principal Outstanding as of 12.31.25	402,501	560,107	462,422
Unrealized Gain (Loss)	225,124	(196,526)
Interest Expense	24,197	21,099
Interest Payable	1,430	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	4,619	5,054
Crypto Asset Loans \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units) \| crypto_unit	0	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
Amount Borrowed	0	0
Amount Repaid	39,204	123,155
Realized Gain (Loss)	(32,663)	(91,991)
Principal Outstanding as of 12.31.25	237,077	290,929	211,948
Unrealized Gain (Loss)	$ 47,312	$ (110,146)
Interest Rate	4.00%	4.00%
Interest Expense	$ 11,619	$ 9,497
Interest Payable	$ 823	$ 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	395	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
Amount Borrowed	0	0
Amount Repaid	132,164	63,889
Realized Gain (Loss)	(106,357)	(42,689)
Principal Outstanding as of 12.31.25	0	102,516	84,779
Unrealized Gain (Loss)	$ 76,710	$ (38,938)
Interest Rate	4.00%	4.00%
Interest Expense	$ 3,220	$ 3,620
Interest Payable	$ 0	$ 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	1,098	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
Amount Borrowed	0	0
Amount Repaid	116,333	29,247
Realized Gain (Loss)	(72,828)	(15,571)
Principal Outstanding as of 12.31.25	0	88,234	80,378
Unrealized Gain (Loss)	$ 44,729	$ (21,532)
Interest Rate	4.00%	4.00%
Interest Expense	$ 2,442	$ 3,590
Interest Payable	$ 0	$ 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	26,629	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
Amount Borrowed	0	0
Amount Repaid	0	0
Realized Gain (Loss)	0	0
Principal Outstanding as of 12.31.25	43,571	46,683	21,195
Unrealized Gain (Loss)	$ 3,112	$ (25,488)
Interest Rate	4.00%	4.00%
Interest Expense	$ 2,031	$ 1,317
Interest Payable	$ 151	$ 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
Amount Borrowed	0	0
Amount Repaid	24,482	0
Realized Gain (Loss)	(16,892)	0
Principal Outstanding as of 12.31.25	10,748	31,745	14,412
Unrealized Gain (Loss)	$ 13,407	$ (17,332)
Interest Rate	5.00%	5.00%
Interest Expense	$ 1,546	$ 1,119
Interest Payable	$ 47	$ 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
Short Term Debt Abstract [Roll Forward]
Amount of crypto repaid (in units) \| crypto_unit	217
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 12.31.25	0	$ 0
Unrealized Gain (Loss)	$ 0
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 12.31.25	0	0
Unrealized Gain (Loss)	$ 0
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 12.31.25	0	0
Unrealized Gain (Loss)	$ 0
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 12.31.25	0	0
Unrealized Gain (Loss)	$ 0
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 12.31.25	0	0
Unrealized Gain (Loss)	$ 0
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 12.31.25	0	0
Unrealized Gain (Loss)	$ 0
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 12.31.25	0	0
Unrealized Gain (Loss)	$ 0
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 12.31.25	111,105	0
Unrealized Gain (Loss)	$ 39,854
Interest Rate	4.30%
Interest Expense	$ 2,538
Interest Payable	$ 409
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
Amount Borrowed		0
Amount Repaid		29,790
Realized Gain (Loss)		(18,990)
Principal Outstanding as of 12.31.25		0	$ 20,669
Unrealized Gain (Loss)		$ 9,868
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
Amount Borrowed		0
Amount Repaid		6,182
Realized Gain (Loss)		(3,553)
Principal Outstanding as of 12.31.25		0	$ 4,239
Unrealized Gain (Loss)		$ 1,610
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
Amount Borrowed		0
Amount Repaid		32,224
Realized Gain (Loss)		(12,853)
Principal Outstanding as of 12.31.25		0	24,802
Unrealized Gain (Loss)		$ 5,432
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
Amount Borrowed		13,962
Amount Repaid		16,286
Realized Gain (Loss)		(2,324)
Principal Outstanding as of 12.31.25		0	0
Unrealized Gain (Loss)		$ 0
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
Amount Borrowed		19,765
Amount Repaid		25,441
Realized Gain (Loss)		(5,676)
Principal Outstanding as of 12.31.25		0	0
Unrealized Gain (Loss)		$ 0
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
Amount Borrowed		14,006
Amount Repaid		22,007
Realized Gain (Loss)		(8,001)
Principal Outstanding as of 12.31.25		0	0
Unrealized Gain (Loss)		$ 0
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
Amount Borrowed		12,420
Amount Repaid		13,473
Realized Gain (Loss)		(1,054)
Principal Outstanding as of 12.31.25		0	0
Unrealized Gain (Loss)		$ 0
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
Amount Borrowed		17,663
Amount Repaid		30,038
Realized Gain (Loss)		(12,374)
Principal Outstanding as of 12.31.25		0	0
Unrealized Gain (Loss)		$ 0
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
Amount Borrowed		16,497
Amount Repaid		22,230
Realized Gain (Loss)		(5,733)
Principal Outstanding as of 12.31.25		0	$ 0
Unrealized Gain (Loss)		$ 0
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

Fair Value Measurements - Schedule of Estimated Fair Values of our Financial Assets and Financial Liabilities Measured At Amortized Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financial Assets:
Cash and cash equivalents	$ 21,242
Restricted cash and cash equivalents	1,674	$ 1,607
Accounts receivable, net:	(371)	307
Total assets	463,444	662,937
Financial Liabilities:
Related party loans:	188,576	413,700
Total liabilities	189,562	685,378
Level 1
Financial Assets:
Cash and cash equivalents	21,242
Restricted cash and cash equivalents	1,674	1,607
Accounts receivable, net:	0	0
Total assets	462,895	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:	(371)	307
Total assets	(302)	231,434
Financial Liabilities:
Related party loans:	188,576	413,700
Total liabilities	189,562	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	851	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	252,215	42,847
Restricted cash and cash equivalents	113,605	26,776
Customer custodial funds	527,354	575,628
Accounts receivable, net:	31,258	65,061
Total assets	924,432	710,312
Financial Liabilities:
Custodial funds due to customer	527,307	574,080
Third party loans	75,151	117,612
Related party loans:	215,355	385,671
Funding debt	154,374
Total liabilities	972,187	1,077,363
Portion at Other than Fair Value Measurement \| Level 1
Financial Assets:
Cash and cash equivalents	252,215	42,847
Restricted cash and cash equivalents	113,605	26,776
Customer custodial funds	527,354	575,628
Accounts receivable, net:	7,280	5,802
Total assets	900,454	651,053
Financial Liabilities:
Custodial funds due to customer	527,307	574,080
Third party loans	0	0
Related party loans:	0	0
Funding debt	0
Total liabilities	527,307	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	75,151	117,612
Related party loans:	215,355	385,671
Funding debt	154,374
Total liabilities	444,880	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:	23,978	59,258
Total assets	23,978	59,258
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 (Tables)

12 Months Ended

Dec. 31, 2025

Schedule Third Party Loans

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

Term Loans as of December 31, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of term loans 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 December 31, 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. These loans were converted into equity in connection with the IPO on 9/15/2025.

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 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 consolidated balance sheets as of December 31, 2024.

Third party loans with Galaxy as of December 31, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable		Collateral Type	Collateral Rate (Initial Collateral Level)
Loan 13	5/29/2024	Evergreen	—		11.0%	5,519		—		BTC	145%
Loan 14	5/29/2024	Evergreen	—		11.0%	5,806		—		ETH	155%
Loan 15	11/1/2024	Evergreen	—		12.0%	1,160		—		BTC	145%
Total			$	—		$	12,485	$	—

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 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 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 December 31, 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

154,120

7.0%

1,477

254

__________________

(1) As of December 31, 2025, the Company has pledged credit card receivables included in Credit card receivables pledged on the consolidated balance sheets. Total collateral associated with these loans as of December 31, 2025 was approximately $188.8 million.

(2) On December 26, 2025 the interest rate was increased from 6.5% to 7.0%.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the consolidated balance sheets as of December 31, 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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

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

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

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Total accounts receivable, net of allowance

$ (16,307)

$ (10,268)

$ (20,273)

$ (18,870)

^[1]

30,887

65,368

Credit card receivables

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

31,047

65,821

Accrued interest receivable

(7,069)

(6,563)

(4,251)

(48)

700

300

Retail receivables

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

9,682

4,402

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

(9,238)

(3,780)

(15,988)

(17,197)

Custody fees receivable

2,014

1,608

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

Staking fees receivable

1,270

936

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

Other fees receivable

3,181

2,869

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

$ (34)

$ (1,625)

In-transit receivables

$ 0

$ 1,800

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

Preferred Units & Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of 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

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, Net of Allowance

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


	December 31,
	2025		2024

Credit card receivables(1)(2)	$	31,047	$	65,821
Retail receivables	9,682		4,402
Custodial fees receivable	2,014		1,608
Staking fees receivable	1,270		936
Other fees receivable	3,181		2,869
Allowance for transaction losses	(16,307)		(10,268)
Total accounts receivable, net of allowance	$	30,887	$	65,368
__________________
(1) Credit card receivables includes $0 and $1.8 million of in-transit receivables as of December 31, 2025 and 2024, respectively. In-transit balances represent timing differences related to unsettled customer spending and payments. (2) Includes $0.7 million and $0.3 million of accrued interest receivable, net as of December 31, 2025 and 2024, respectively.

Schedule of Allowance for Transaction Losses

Allowance for transaction losses consisted of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Retail receivables		Custodial fees receivable		Staking fees receivable		Credit card receivables		Other fees receivable		Total
Ending balance at December 31, 2022	$	17,197	$	—	$	—	$	48	$	1,625	$	18,870
Provision for losses	13,204		—		—		11,437		2,972		27,613
Write-offs(1)	(14,413)		—		—		(7,234)		(4,563)		(26,210)
Ending balance at December 31, 2023	15,988		—		—		$	4,251	$	34	$	20,273
Provision for losses	4,727		84		165		12,820		2,119		19,915
Write-offs(1)	(16,935)		(84)		(165)		(10,508)		(2,228)		(29,920)
Ending balance at December 31, 2024	3,780		—		—		6,563		(75)		10,268
Provision for losses	9,715		—		525		9,823		1,278		21,341
Write-offs(1)	(4,257)		—		(525)		(9,317)		(1,203)		(15,302)
Ending balance at December 31, 2025	$	9,238	$	—	$	—	$	7,069	$	—	$	16,307
__________________
(1) Credit card receivable write-offs include $0.7 million, $0.1 million, and less than $0.1 million related to accrued interest receivable for the years ended December 31, 2025, 2024 and 2023, respectively.

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 8,277
2027	8,339
2028	7,735
2029	3,657
2030	1,216
Thereafter	1,760
Total undiscounted lease payments	30,984
Less: imputed interest	(3,607)
Total lease liabilities	$ 27,377

Third Party Loans - Schedule of Third Party Loans Transactions (Details) $ in Thousands		12 Months Ended
	Dec. 31, 2024 USD ($) crypto_unit	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Bitcoin \| Galaxy
Debt Instrument [Line Items]
Collateral Rate (Initial Collateral Level)	140.00%		140.00%
Crypto assets received (in units) \| crypto_unit	929
Total collateral associated with loan	$ 86,700		$ 86,700
Ether \| Galaxy
Debt Instrument [Line Items]
Collateral Rate (Initial Collateral Level)	149.00%		149.00%
Crypto assets received (in units) \| crypto_unit	24,625
Total collateral associated with loan	$ 81,600		$ 81,600
Galaxy
Debt Instrument [Line Items]
Principal Outstanding	116,500	$ 0	116,500
Interest Expense		12,485	12,198
Interest Payable	1,112	0	1,112
Galaxy \| 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 \| 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 \| 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 \| 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 \| 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 \| 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 \| 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 \| 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 \| 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 \| 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 \| 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 \| 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 \| Loan 13
Debt Instrument [Line Items]
Principal Outstanding	$ 51,900	$ 0	$ 51,900
Interest Rate	11.00%	11.00%	11.00%
Interest Expense		$ 5,519	$ 3,410
Interest Payable	$ 492	$ 0	$ 492
Collateral Rate (Initial Collateral Level)	145.00%	145.00%	145.00%
Galaxy \| Loan 14
Debt Instrument [Line Items]
Principal Outstanding	$ 54,600	$ 0	$ 54,600
Interest Rate	11.00%	11.00%	11.00%
Interest Expense		$ 5,806	$ 3,570
Interest Payable	$ 517	$ 0	$ 517
Collateral Rate (Initial Collateral Level)	155.00%	155.00%	155.00%
Galaxy \| Loan 15
Debt Instrument [Line Items]
Principal Outstanding	$ 10,000	$ 0	$ 10,000
Interest Rate	12.00%	12.00%	12.00%
Interest Expense		$ 1,160	$ 203
Interest Payable	$ 103	$ 0	$ 103
Collateral Rate (Initial Collateral Level)	145.00%	145.00%	145.00%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	21,242	$	—	$	—	$	21,242
Restricted cash equivalents:
Money market funds	1,674		—		—		1,674



Crypto assets held:
Bitcoin	420,635		—		—		420,635
Ether	8,072		—		—		8,072
Other crypto assets	10,915		—		—		10,915



Accounts receivable, net:
Derivative assets(1)	—		(371)		—		(371)
Prepaid expenses and other current assets:

Equity securities	357		—		—		357

Crypto asset options	—		69		—		69
Other non-current assets:
Warrants	—		—		851		851

Total assets	$	462,895	$	(302)	$	851	$	463,444
Liabilities
Related party loans:
Derivative liabilities (1)	$	—	$	188,576	$	—	$	188,576



Other current liabilities:
Crypto asset collateral payable	—		904		—		904
Crypto asset options	—		69		—		69
Crypto asset futures	—		13		—		13
Total liabilities	$	—	$	189,562	$	—	$	189,562
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of December 31, 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


	Year Ended December 31,
		2025		2024		2023
Beginning balance		$	—	$	—	$	—
Additions		4,345		—		—



Unrealized loss attributable to change in fair value		(3,494)		—		—
Ending balance		$	851	$	—	$	—

Level 3 Investments - Convertible Notes


	Year Ended December 31,
		2025		2024		2023
Beginning balance related party convertible notes		$	248,783	$	134,928	$	—
Additions		11,310		85,098		131,454



OCI - Change in fair value attributable to instrument-specific credit risk		(875)		(1,906)		(664)
Unrealized loss attributable to change in fair value		25,789		30,663		4,138
Conversion of convertible notes to common stock in connection with IPO		(285,007)		—		—
Ending balance related party convertible notes		$	—	$	248,783	$	134,928

Level 3 Investments - Term Loans


	Year Ended December 31,
		2025		2024(1)		2023(1)
Beginning balance related party term loans		$	237,209	$	—	$	—
Additions		230,438		—		—



OCI - Change in fair value attributable to instrument-specific credit risk		(2,396)		—		—
Unrealized loss attributable to change in fair value		119,309		—		—
Conversion of related party term loans to common stock in connection with IPO		(584,560)		—		—
Ending balance related party term loans		$	—	$	—	$	—
__________________
(1) The 2024 Term Loan was not yet amended to include a conversion option until January 23, 2025 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 are not required to be carried at fair value on a recurring basis, as of December 31, 2025 and 2024 (in thousands):


	December 31, 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	$	252,215	$	—	$	—	$	252,215
Restricted cash and cash equivalents	113,605		—		—		113,605
Customer custodial funds	527,354		—		—		527,354
Accounts receivable, net(2)	7,280		—		23,978		31,258
Total assets	$	900,454	$	—	$	23,978	$	924,432

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customer	$	527,307	$	—	$	—	$	527,307
Third party loans	—		75,151		—		75,151
Related party loans(2)	—		215,355		—		215,355
Funding debt	—		154,374		—		154,374
Total liabilities	$	527,307	$	444,880	$	—	$	972,187
__________________
(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 December 31, 2025 and are disclosed in the table above.


	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		—		59,258		65,061
Total Assets	$	651,053	$	—	$	59,258	$	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 December 31, 2024 and are disclosed in the table above.

Commitments and Contingencies (Details) - USD ($) $ in Millions							12 Months Ended
	Jan. 06, 2025	Jun. 20, 2024	Jun. 14, 2024	May 29, 2024	Mar. 11, 2024	Feb. 28, 2024	Dec. 31, 2024	Dec. 31, 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				$ 2,200.0
Line of Credit \| Warehouse Credit Agreement \| Related party term loans
Loss Contingencies [Line Items]
Credit card receivables							0.0	188.8
Credit card receivables
Loss Contingencies [Line Items]
Outstanding purchase commitments							$ 65.8	$ 219.8

Cover - shares	12 Months Ended
Cover - shares	Dec. 31, 2025	Mar. 30, 2026
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Entity Central Index Key	0002055592
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,858,608
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		75,126,784

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue:

Total revenue

$ 179,572

$ 142,165

$ 98,137

Operating expenses:

Salaries and compensation

225,872

130,487

140,757

Technology

^[1]

77,127

63,663

55,036

General and administrative

^[2]

77,477

51,301

155,488

Transaction losses

21,341

19,915

27,613

Sales and marketing

97,127

22,565

20,627

Transaction processing

26,284

20,059

10,211

Total operating expenses

525,228

307,990

409,732

Operating loss

(345,656)

(165,825)

(311,595)

Other income (expense):

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

(1,263)

462,886

368,091

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

(32,142)

(417,335)

(355,354)

Change in fair value on related party convertible notes

(25,789)

(30,663)

(4,138)

Change in fair value on related party loans

(119,309)

Interest expense on related party loans

(53,187)

(42,804)

(17,084)

Interest expense on third party loans

(15,670)

(12,198)

(8,857)

Interest expense on funding debt

(1,477)

Other income (expense), net

5,693

55,019

5,188

Total other income (expense), net

(243,144)

14,905

(12,154)

Net loss before income taxes

(588,800)

(150,920)

(323,749)

Income tax benefit (provision)

5,987

(7,626)

4,074

Net loss

$ (582,813)

$ (158,546)

$ (319,675)

Net loss per share attributable to common stockholders

Basic (in dollars per share)

$ (15.52)

$ (32.24)

$ (66.25)

Diluted (in dollars per share)

$ (15.52)

$ (32.24)

$ (66.25)

Weighted average shares outstanding - basic (in shares)

37,552

4,918

4,825

Weighted average shares outstanding - diluted (in shares)

37,552

4,918

4,825

Net loss

$ (582,813)

$ (158,546)

$ (319,675)

Other comprehensive income (loss):

Foreign currency translation, net of tax

470

(15)

600

Change in fair value attributable to instrument-specific credit risk

(2,570)

1,906

664

Total other comprehensive income (loss)

(2,100)

1,891

1,264

Comprehensive loss

(584,913)

(156,655)

(318,411)

Net revenue

Revenue:

Total revenue

^[3]

174,093

140,864

96,313

Other revenue

Revenue:

Total revenue

$ 5,479

$ 1,301

$ 1,824

[1]	(2) Technology expenses includes related party amounts of $0.8 million, $0.7 million and $1.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, as outlined in Note 21. Related Party Transactions.
[2]	(3) General and administrative expenses includes related party amounts of $1.0 million, $0 and less than $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, as outlined in Note 21. Related Party Transactions.
[3]	(1) Net revenue includes related party amounts of $2.5 million, $2.2 million and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, as outlined in Note 21. Related Party Transactions.

Related Party Loans and Convertible Notes - Convertible Notes (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		7 Months Ended	12 Months Ended
	Sep. 11, 2025	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering			$ 869,567	$ 0	$ 0
IPO
Debt Instrument [Line Items]
Price per share resulting from converted debt (in dollars per share)	$ 22.40
Percentage of IPO price, resulting from converted debt	80.00%
Common Class A \| IPO
Debt Instrument [Line Items]
Share price per share (in dollars per share)	$ 28.00
Convertible Notes
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 285,007	$ 200,000	200,000	$ 200,000
Interest rate		8.00%
Conversion price as a percentage of price paid by other investors in applicable transaction		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 \| Common Class B
Debt Instrument [Line Items]
Number of shares resulting from conversion of debt (in shares)	10,179

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Net Loss Per Share - Schedule of Potentially Diluted Units Not Included in Calculation of Diluted Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive units not included in calculation of diluted units outstanding (in shares)	18,696	39,842	40,148
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	39,842
Unvested Service-Based Common 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	0	306
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)	3,180	0	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)	8,669	0	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)	6,847	0	0

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

Dec. 31, 2025

Dec. 31, 2024

Accrued expenses:

Accrued loss contingencies

$ 51,042

$ 29,711

970

6,083

Accrued salaries and benefits

3,454

3,113

Total accrued expenses

^[1]

55,466

38,907

Other current liabilities:

Crypto asset collateral payable

904

15,275

Derivative liabilities

7,620

Current lease liabilities

$ 6,807

$ 4,737

Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Total other current liabilities

Commissions to NFT artists payable

$ 6,451

$ 1,896

Other current liabilities

1,253

1,513

Deferred tax liabilities

7,407

Unearned advisory fee revenue

6,031

Total other current liabilities

21,528

38,448

Total accrued expenses and other current liabilities

$ 76,994

$ 77,355

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

Description of Business	12 Months Ended
Description of Business	Dec. 31, 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, and has a fiscal year end of December 31. Pursuant to a reorganization that occurred concurrently with the initial public offering (“IPO”) in September 2025, 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 its businesses and affairs. 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 professional clients, a proprietary United States dollar-backed stablecoin, a crypto asset staking service, a credit card product that offers crypto asset rewards on customer purchases, and a regulated prediction markets platform. The Company operates in multiple jurisdictions and provides security solutions across all of its product offerings. Certain subsidiaries are regulated by, and/or subject to oversight or indirect impact from, various state, federal and self-regulatory organizational governing bodies, including the New York State Department of Financial Services (“NYSDFS”), the Financial Industry Regulatory Authority (“FINRA”), and the Commodity Futures Trading Commission (“CFTC”) Initial Public Offering and Concurrent Private Placement 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. 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, i) 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, ii) 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 iii) 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 December 31, 2025.

Related Party Loans and Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Crypto Asset Loans

Crypto asset loans as of December 31, 2025 (in thousands):


Loan(14)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (12)		Interest Payable(13)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	39,204	$	(32,663)	$	237,077	$	47,312	4.0%	$	11,619	$	823
2,000 BTC(2)	3/1/2023	102,516		—		132,164		(106,357)		—		76,710		4.0%	3,220		—
35,000 ETH(3)	3/1/2023	88,234		—		116,333		(72,828)		—		44,729		4.0%	2,442		—
500 BTC	5/11/2023	46,683		—		—		—		43,571		3,112		4.0%	2,031		151
340 BTC(4)	10/31/2023	31,745		—		24,482		(16,892)		10,748		13,407		5.0%	1,546		47
5,200 ETH(5)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(6)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(7)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(8)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(9)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(10)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(11)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		111,105		39,854		4.3%	2,538		409
Total		$	560,107	$	220,798	$	410,549	$	(257,266)	$	402,501	$	225,124		$	24,197	$	1,430
__________________
(1) 395 bitcoin ("BTC") was repaid during the year ended December 31, 2025. (2) 1,098 bitcoin was repaid during the year ended December 31, 2025. (3) 26,629 ether ("ETH") was repaid during the year ended December 31, 2025. (4) 217 bitcoin was repaid during the year ended December 31, 2025 (5) 5,200 ether was repaid during the year ended December 31, 2025. (6) 3,000 ether was repaid during the year ended December 31, 2025. (7) 5,280 ether was repaid during the year ended December 31, 2025. (8) 3,400 ether was repaid during the year ended December 31, 2025. (9) 86 bitcoin was repaid during the year ended December 31, 2025. (10) 2,500 ether was repaid during the year ended December 31, 2025. (11) 10,000 ether was repaid during the year ended December 31, 2025. (12) Prior year interest accrued of $2.1 million was paid during the year ended December 31, 2025. (13) Outstanding interest balances payable to WCF are included in Related party loans on the consolidated balance sheets as of December 31, 2025. (14) 4,619 bitcoin and 0 ether was outstanding as of the year ended December 31, 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 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 December 31, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)(3)	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. (3) These loans were converted to equity in connection with the IPO on 9/15/2025.

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 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 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

Term Loans as of December 31, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of term loans 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 December 31, 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. These loans were converted into equity in connection with the IPO on 9/15/2025.

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 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 consolidated balance sheets as of December 31, 2024.

Third party loans with Galaxy as of December 31, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable		Collateral Type	Collateral Rate (Initial Collateral Level)
Loan 13	5/29/2024	Evergreen	—		11.0%	5,519		—		BTC	145%
Loan 14	5/29/2024	Evergreen	—		11.0%	5,806		—		ETH	155%
Loan 15	11/1/2024	Evergreen	—		12.0%	1,160		—		BTC	145%
Total			$	—		$	12,485	$	—

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 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 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 December 31, 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

154,120

7.0%

1,477

254

__________________

(2) On December 26, 2025 the interest rate was increased from 6.5% to 7.0%.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the consolidated balance sheets as of December 31, 2025.

Third Party Loans

12 Months Ended

Dec. 31, 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 has entered into several crypto lending agreements with WCF. 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 December 31, 2025 (in thousands):


Loan(14)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (12)		Interest Payable(13)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	39,204	$	(32,663)	$	237,077	$	47,312	4.0%	$	11,619	$	823
2,000 BTC(2)	3/1/2023	102,516		—		132,164		(106,357)		—		76,710		4.0%	3,220		—
35,000 ETH(3)	3/1/2023	88,234		—		116,333		(72,828)		—		44,729		4.0%	2,442		—
500 BTC	5/11/2023	46,683		—		—		—		43,571		3,112		4.0%	2,031		151
340 BTC(4)	10/31/2023	31,745		—		24,482		(16,892)		10,748		13,407		5.0%	1,546		47
5,200 ETH(5)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(6)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(7)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(8)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(9)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(10)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(11)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		111,105		39,854		4.3%	2,538		409
Total		$	560,107	$	220,798	$	410,549	$	(257,266)	$	402,501	$	225,124		$	24,197	$	1,430
__________________
(1) 395 bitcoin ("BTC") was repaid during the year ended December 31, 2025. (2) 1,098 bitcoin was repaid during the year ended December 31, 2025. (3) 26,629 ether ("ETH") was repaid during the year ended December 31, 2025. (4) 217 bitcoin was repaid during the year ended December 31, 2025 (5) 5,200 ether was repaid during the year ended December 31, 2025. (6) 3,000 ether was repaid during the year ended December 31, 2025. (7) 5,280 ether was repaid during the year ended December 31, 2025. (8) 3,400 ether was repaid during the year ended December 31, 2025. (9) 86 bitcoin was repaid during the year ended December 31, 2025. (10) 2,500 ether was repaid during the year ended December 31, 2025. (11) 10,000 ether was repaid during the year ended December 31, 2025. (12) Prior year interest accrued of $2.1 million was paid during the year ended December 31, 2025. (13) Outstanding interest balances payable to WCF are included in Related party loans on the consolidated balance sheets as of December 31, 2025. (14) 4,619 bitcoin and 0 ether was outstanding as of the year ended December 31, 2025.

During the year ended December 31, 2025, the Company entered into multiple additional lending agreements with WCF. The Company primarily uses the crypto assets obtained 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 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 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.

During the years ended December 31, 2024 and 2023, the Company entered into multiple additional lending agreements with WCF. The Company primarily uses the crypto assets obtained from these agreements as collateral for third party loans. Refer to Note 14. Third Party Loans for additional information.

Convertible notes

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

Convertible notes as of December 31, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)(3)	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. (3) These loans were converted to equity in connection with the IPO on 9/15/2025.

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 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 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.

During the period from September 2023 through March 2024, the Company entered into a series of convertible note agreements with WCF (collectively, the “Convertible Notes”) pursuant to which the Company borrowed an aggregate principal amount of approximately $200 million, which was used for general operating purposes. The Convertible Notes were general unsecured obligations of the Company, accrued interest at a rate of 8.0%, per annum and were subordinate in right of payment to all existing and future borrowings owed by the Company and its affiliates to WCF, including borrowings denominated in BTC and ETH.

The Convertible Notes provided for conversion into equity upon the occurrence of certain financing, change-in-control, or public company events, generally at a price equal to 80% of the price paid by other investors in the applicable transaction. In connection with qualifying or non-qualifying financing events, the Convertible Notes were convertible into preferred units at the election of the holder or automatically upon meeting specified thresholds. Following maturity, the holder also had the right to convert outstanding principal and accrued interest into preferred

equity. Upon a change in control or public company event, the Convertible Notes were automatically converted into equity or settled in cash or equity at the holder’s election, based on the applicable transaction price.

In connection with the Company's IPO in September 2025, approximately $285 million in principal amount (plus accrued and unpaid interest thereon) and other adjustments under 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

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

Term Loans as of December 31, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of term loans 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 December 31, 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. These loans were converted into equity in connection with the IPO on 9/15/2025.

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 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 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 would 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 would 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) and other adjustments under 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, a single unrelated third party as outlined in the table found below. The aggregate principal amount of these agreements was used for general operating activities.

Third party loans with Galaxy as of December 31, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable		Collateral Type	Collateral Rate (Initial Collateral Level)
Loan 13	5/29/2024	Evergreen	—		11.0%	5,519		—		BTC	145%
Loan 14	5/29/2024	Evergreen	—		11.0%	5,806		—		ETH	155%
Loan 15	11/1/2024	Evergreen	—		12.0%	1,160		—		BTC	145%
Total			$	—		$	12,485	$	—

On October 8, 2025, the Company repaid the $116.5 million outstanding under its lending agreement with Galaxy using proceeds from its initial public offering, and all BTC and ETH collateral previously pledged was returned to the Company. The agreement remained in effect through December 15, 2025 solely to satisfy a contractual notice period and was fully settled as of December 31, 2025.

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 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 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. At inception, pursuant to the agreement, the Company 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%. The agreement requires the Company to maintain additional collateral coverage within specified thresholds and permits the Company to satisfy margin requirements through the transfer of additional BTC or cash and cash equivalents, such that the value of the collateral held by NYDIG in relation to the sale and repurchase agreement is maintained between 143% and 200% of the $75.0 million Purchase Price.

Repurchase agreement as of December 31, 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

(398)

8.5%

3,185

549

BTC

170%

__________________

(1) Outstanding interest balances payable to a third party are included in Third party loans on the consolidated balance sheets as of December 31, 2025.

(2) As of December 31, 2025, the Company had pledged 1,275 BTC, which is included in Crypto assets held on the consolidated balance sheets, and posted $16.4 million of cash and cash equivalents to satisfy margin requirements, which is included within Other current assets on the consolidated balance sheets. Total collateral associated with the repurchase agreement as of December 31, 2025 was approximately $127.5 million, representing collateralization of approximately 170% of the purchase price.

(3) Of the 1,275 BTC pledged, 13 BTC was subject to margin requirements as of December 31, 2025. If the value of the collateral held by NYDIG falls below the 143% buyer’s margin call requirement, the Company must transfer additional BTC or cash and cash equivalents to NYDIG to restore the required collateral level. If the value of the collateral (including BTC and cash posted as margin) held by NYDIG increases above the 200% seller’s margin call requirement, the Company may require NYDIG to return excess collateral, which may be satisfied through the transfer of BTC or the return of cash and cash equivalents previously deposited by the Company to satisfy margin requirements.

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 committed to lend the Company $75.0 million, with the commitment amount eligible to increase, subject to the attainment of certain agreed upon metrics, up to a maximum aggregate commitment amount of $150.0 million, prior to amendment. Ripple may 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 bears interest at a rate of 6.5%.

On December 26, 2025, the Company entered into a second amendment to the credit agreement with Ripple, which temporarily increases the lending commitment to $250.0 million through July 1, 2026. In connection with the temporary increase, the interest rate increased from 6.50% to 7.00%. The amendment requires the Company to pledge RLUSD collateral equal to at least 20% of the outstanding loan amount by January 31, 2026, subject to specified custody and control arrangements, and includes a covenant requiring the Company to maintain minimum RLUSD activity levels, with cash penalties and potential events of default for noncompliance. If the outstanding balance is not reduced to $150.0 million or less by July 2, 2026, the interest rate increases to 10.00% and the enhanced collateral and covenant requirements remain in effect until such reduction occurs.

During the year ended December 31, 2025, the Company drew $392.6 million and repaid $238.5 million under the warehouse credit agreement. Accordingly, as of December 31, 2025, the Company had $95.9 million of unused, available borrowing capacity from the credit agreement. Borrowings under the warehouse credit agreement are secured by substantially all credit card receivables purchased under the credit card program agreement. As of December 31, 2025, the Company pledged $188.8 million of credit card receivables as collateral associated with this credit agreement. Credit card receivables pledged are included in Credit card receivables pledged, net on the consolidated balance sheets. The securitized funding debt entered into by the Company is summarized below (in thousands).

Funding Debt as of December 31, 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

154,120

7.0%

1,477

254

__________________

(2) On December 26, 2025 the interest rate was increased from 6.5% to 7.0%.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the consolidated balance sheets as of December 31, 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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-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: 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 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Description of Business (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 11, 2025 USD ($) class $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Sep. 15, 2025 $ / shares shares
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Gross proceeds from stock issued and sold \| $		$ 50,000	$ 0	$ 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	0		20,000,000.0
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Number of classes of stock \| class	2
Common Class A
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
Common Class A \| 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
Common Class A \| Common Units
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares resulting from conversion of equity (in shares)	9,800,000
Common Class B
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
Common Class B \| Related Party
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares resulting from conversion of debt (in shares)	31,100,000
Common Class B \| 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
Common Class B \| 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 \| Common Class A
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 \| Common Class A
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Shares issued and sold (in shares)	300,000
Over-Allotment Option, Stockholders \| Common Class A
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 \| Common Class A
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

Related Party Loans and Convertible Notes - Crypto Asset Loans (Details) $ in Thousands		12 Months Ended
	Aug. 03, 2023 USD ($) crypto_unit	Dec. 31, 2025 USD ($) crypto_unit	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 [Line Items]
Proceeds from disposal of crypto assets \| $		$ 122,565	$ 145,488	$ 56,544
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 \| Bitcoin
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)		4,619	5,054
Crypto Asset Loans \| Bitcoin \| 5,000 BTC December 29, 2022
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)		395	1,884
Crypto Asset Loans \| Bitcoin \| 500 BTC May 11, 2023
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 \| Bitcoin \| 340 BTC October 31, 2023
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)		340	340		340
Amount of crypto assets loaned, that were repaid during the period (in units)		217
Crypto Asset Loans \| Ether
Short-Term Debt [Line Items]
Amount of crypto loaned (in units)		0	26,629
Crypto Asset Loans \| Ether \| 30,000 ETH, December 29, 2022
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

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Upon the consummation of the Company's IPO, all of the Company's pre-IPO Common Units were reclassified to Class A common stock and Class B common stock. The Company has retroactively adjusted the weighted average shares outstanding prior to the IPO to reflect this reclassification. Accordingly, the consolidated financial statements present all references to common stock and per share data as if the conversion of Common Units into common stock had occurred at the beginning of all periods presented.


	Year Ended December 31,
	2025				2024				2023
	Class A common stock		Class B common stock		Class A common stock		Class B common stock		Class A common stock		Class B common stock
Numerator:
Net loss attributable to common stockholders	$	(187,550)	$	(395,263)	$	(10,289)	$	(148,257)	$	(14,980)	$	(304,695)

Denominator:
Weighted average common stock outstanding, basic and diluted(1)(2)	12,084		25,468		319		4,599		226		4,599

Net loss per share attributable to common stockholders:
Basic and diluted	$	(15.52)	$	(15.52)	$	(32.24)	$	(32.24)	$	(66.25)	$	(66.25)
__________________
(1) Prior to the IPO, the Common Units outstanding excludes 25,256,004 and 24,485,635 Common Units and 9,417,617 and 9,426,525 Catch Up Common Units that were issued and outstanding as profits interest units as of December 31, 2024 and 2023, respectively. 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 years ended December 31, 2024 and 2023. 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.

When calculating diluted net loss per share, the Company determined no adjustments to basic net loss per share were required. Prior to the Company's IPO, potentially dilutive securities included Convertible Preferred Units, Convertible Notes and Service-Based Common Units, which could be settled in the Company's Common Units. Following the IPO, potentially dilutive securities that may be settled in the Company's Class A common stock include stock-based awards. For the periods presented, these potentially dilutive securities were excluded from the computation of diluted net loss per share for because their effect would have been anti-dilutive, as the Company reported a net loss. Accordingly, the Company did not apply the if-converted method to outstanding Convertible Preferred Units and Convertible Notes or the treasury stock method to the outstanding Service-Based Common Units and stock-based awards. For additional information, please refer to Note 13. Related Party Loans and Convertible Notes, Note 17. Preferred Units & Preferred Stock and Note 18. Stock-Based Compensation.

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


	Year Ended December 31,
	2025	2024	2023
Convertible Preferred Units	—	39,842	39,842

Unvested Service-Based Common Units	—	—	306
Unvested RSAs	3,180	—	—
Unvested RSUs	8,669	—	—
Outstanding stock options	6,847	—	—

Total	18,696	39,842	40,148

As of December 31, 2024, the Company had Convertible Notes with a fair value of $248.8 million, which were convertible, at the option of the holder upon maturity, into Series B Units at a price equal to 80% of the lowest original issue price per unit of the Series B Units. The underlying Series B Units were subsequently convertible into Common Units on a one-for-one basis. Please refer to Note 13. Related Party Loans and Convertible Notes for additional information. Upon the consummation of the IPO, all Convertible Notes were fully converted into shares of Class B common stock and are no longer outstanding.

Leases - Schedule Of Other Information Related to Operating Leases (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 1 month 6 days	5 years
Weighted-average discount rate	6.20%	6.00%

Third Party Loans (Tables)

12 Months Ended

Dec. 31, 2025

Schedule Third Party Loans

Term Loans as of December 31, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of term loans 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 December 31, 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. These loans were converted into equity in connection with the IPO on 9/15/2025.

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 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 consolidated balance sheets as of December 31, 2024.

Third party loans with Galaxy as of December 31, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable		Collateral Type	Collateral Rate (Initial Collateral Level)
Loan 13	5/29/2024	Evergreen	—		11.0%	5,519		—		BTC	145%
Loan 14	5/29/2024	Evergreen	—		11.0%	5,806		—		ETH	155%
Loan 15	11/1/2024	Evergreen	—		12.0%	1,160		—		BTC	145%
Total			$	—		$	12,485	$	—

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 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 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 December 31, 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

154,120

7.0%

1,477

254

__________________

(2) On December 26, 2025 the interest rate was increased from 6.5% to 7.0%.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the consolidated balance sheets as of December 31, 2025.

Schedule of Repurchase Agreements

Repurchase agreement as of December 31, 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

(398)

8.5%

3,185

549

BTC

170%

__________________

(1) Outstanding interest balances payable to a third party are included in Third party loans on the consolidated balance sheets as of December 31, 2025.

Fair Value Measurements

12 Months Ended

Dec. 31, 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):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	21,242	$	—	$	—	$	21,242
Restricted cash equivalents:
Money market funds	1,674		—		—		1,674



Crypto assets held:
Bitcoin	420,635		—		—		420,635
Ether	8,072		—		—		8,072
Other crypto assets	10,915		—		—		10,915



Accounts receivable, net:
Derivative assets(1)	—		(371)		—		(371)
Prepaid expenses and other current assets:

Equity securities	357		—		—		357

Crypto asset options	—		69		—		69
Other non-current assets:
Warrants	—		—		851		851

Total assets	$	462,895	$	(302)	$	851	$	463,444
Liabilities
Related party loans:
Derivative liabilities (1)	$	—	$	188,576	$	—	$	188,576



Other current liabilities:
Crypto asset collateral payable	—		904		—		904
Crypto asset options	—		69		—		69
Crypto asset futures	—		13		—		13
Total liabilities	$	—	$	189,562	$	—	$	189,562
__________________
(1) Excludes the related host contracts which are not measured and recorded at fair value as of December 31, 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 above.

During the year ended December 31, 2025, the Company made a transfer into level 3 of the fair value hierarchy. The Company's term loans were previously classified as Level 2 investments. However, during the year ended December 31, 2025, the 2024 Term Loan was amended to include a conversion option until January 23, 2025, which introduced significant unobservable inputs into the valuation. As a result, the 2024 Term Loan was classified as a Level 3 investment.

During the years ended December 31, 2024 and 2023, the Company did not make any transfers in or out of level 3 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


	Year Ended December 31,
		2025		2024		2023
Beginning balance		$	—	$	—	$	—
Additions		4,345		—		—



Unrealized loss attributable to change in fair value		(3,494)		—		—
Ending balance		$	851	$	—	$	—

Level 3 Investments - Convertible Notes


	Year Ended December 31,
		2025		2024		2023
Beginning balance related party convertible notes		$	248,783	$	134,928	$	—
Additions		11,310		85,098		131,454



OCI - Change in fair value attributable to instrument-specific credit risk		(875)		(1,906)		(664)
Unrealized loss attributable to change in fair value		25,789		30,663		4,138
Conversion of convertible notes to common stock in connection with IPO		(285,007)		—		—
Ending balance related party convertible notes		$	—	$	248,783	$	134,928

Level 3 Investments - Term Loans


	Year Ended December 31,
		2025		2024(1)		2023(1)
Beginning balance related party term loans		$	237,209	$	—	$	—
Additions		230,438		—		—



OCI - Change in fair value attributable to instrument-specific credit risk		(2,396)		—		—
Unrealized loss attributable to change in fair value		119,309		—		—
Conversion of related party term loans to common stock in connection with IPO		(584,560)		—		—
Ending balance related party term loans		$	—	$	—	$	—
__________________
(1) The 2024 Term Loan was not yet amended to include a conversion option until January 23, 2025 and was classified as a Level 2 investment.

Prior to the IPO, the Company fair valued its convertible notes and convertible term loans utilizing a scenario-based approach that considered various conversion and repayment scenarios, along with a discounted cash flow analysis, which was 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 the years ended December 31, 2025, 2024 and 2023.

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 December 31, 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


	December 31, 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	$	252,215	$	—	$	—	$	252,215
Restricted cash and cash equivalents	113,605		—		—		113,605
Customer custodial funds	527,354		—		—		527,354
Accounts receivable, net(2)	7,280		—		23,978		31,258
Total assets	$	900,454	$	—	$	23,978	$	924,432

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value
Custodial funds due to customer	$	527,307	$	—	$	—	$	527,307
Third party loans	—		75,151		—		75,151
Related party loans(2)	—		215,355		—		215,355
Funding debt	—		154,374		—		154,374
Total liabilities	$	527,307	$	444,880	$	—	$	972,187
__________________
(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 December 31, 2025 and are disclosed in the table above.


	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		—		59,258		65,061
Total Assets	$	651,053	$	—	$	59,258	$	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 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, the Company estimates their fair value using the current expected loss model, which incorporates unobservable inputs. Accordingly, 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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Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 230,706	$ 230,706
Accumulated Amortization	(90,901)	(68,563)
Intangible Assets, Net	139,805	162,143
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	178,005	178,005
Accumulated Amortization	(48,457)	(36,590)
Intangible Assets, Net	129,548	141,415
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,781	50,781
Accumulated Amortization	(40,887)	(30,779)
Intangible Assets, Net	9,894	20,002
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,250	1,250
Accumulated Amortization	(1,000)	(750)
Intangible Assets, Net	250	500
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	670	670
Accumulated Amortization	(557)	(444)
Intangible Assets, Net	$ 113	$ 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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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Crypto Assets Held - Narrative (Details) $ in Millions	12 Months Ended
Crypto Assets Held - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) crypto_unit	Dec. 31, 2024 USD ($) crypto_unit
Bitcoin
Crypto Asset, Holding [Line Items]
Number of crypto assets designated as collateral to insurance providers (in units) \| crypto_unit	623
Fair value of crypto assets designed as collateral \| $	$ 54.3
Restricted For Regulatory Capital Requirements
Crypto Asset, Holding [Line Items]
Number of restricted crypto assets held (in units) \| crypto_unit	2,721	3,116
Fair value of restricted crypto assets held \| $	$ 237.1	$ 290.9
Restricted For Collateral Requirements
Crypto Asset, Holding [Line Items]
Number of restricted crypto assets held (in units) \| crypto_unit	1,275	0
Fair value of restricted crypto assets held \| $	$ 111.1	$ 0.0

Net Loss Per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Denominator:
Weighted average common stock outstanding, basic (in shares)	37,552,000	4,918,000	4,825,000
Weighted average common stock outstanding, diluted (in shares)	37,552,000	4,918,000	4,825,000
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (15.52)	$ (32.24)	$ (66.25)
Diluted (in dollars per share)	$ (15.52)	$ (32.24)	$ (66.25)
Common units, issued (in shares)	0	50,761,000
Common units, outstanding (in shares)	0	50,761,000
Common Class A
Numerator:
Net loss attributable to common stockholders, basic	$ (187,550)	$ (10,289)	$ (14,980)
Net loss attributable to common stockholders, diluted	$ (187,550)	$ (10,289)	$ (14,980)
Denominator:
Weighted average common stock outstanding, basic (in shares)	12,084,000	319,000	226,000
Weighted average common stock outstanding, diluted (in shares)	12,084,000	319,000	226,000
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (15.52)	$ (32.24)	$ (66.25)
Diluted (in dollars per share)	$ (15.52)	$ (32.24)	$ (66.25)
Common Class B
Numerator:
Net loss attributable to common stockholders, basic	$ (395,263)	$ (148,257)	$ (304,695)
Net loss attributable to common stockholders, diluted	$ (395,263)	$ (148,257)	$ (304,695)
Denominator:
Weighted average common stock outstanding, basic (in shares)	25,468,000	4,599,000	4,599,000
Weighted average common stock outstanding, diluted (in shares)	25,468,000	4,599,000	4,599,000
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (15.52)	$ (32.24)	$ (66.25)
Diluted (in dollars per share)	$ (15.52)	$ (32.24)	$ (66.25)
Common Units
Net loss per share attributable to common stockholders:
Common units, issued (in shares)		25,256,004	24,485,635
Common units, outstanding (in shares)		25,256,004	24,485,635
Catch Up Common Units
Net loss per share attributable to common stockholders:
Common units, issued (in shares)		9,417,617	9,426,525
Common units, outstanding (in shares)		9,417,617	9,426,525

Prepaid Expenses and Other Assets

12 Months Ended

Dec. 31, 2025

Prepaid Expenses and Other Assets

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


	December 31,
	2025		2024

Prepaid expenses and other current assets
Crypto asset collateral held	$	—	$	15,275
Cash collateral pledged	16,400		—
Prepaid expenses	14,164		7,232
Stablecoin	12,491		1,964
Prefunded clearing advance	4,500		—
Equity securities	357		219
Derivative assets	69		6,354
Other	4,159		6,090
Total prepaid expenses and other current assets	$	52,140	$	37,134

Other non-current assets
Lease right-of-use assets	$	18,559	$	14,512
Strategic investments	9,428		10,638
Warrant derivative(1)	851		—
Warrant receivable(2)	6,493		—
Other	5,377		1,722
Total other non-current assets	$	40,708	$	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 December 31, 2025, $4.3 million had vested, resulting in a remaining contract asset of $6.5 million.

Prepaid expenses and other current assets include cash collateral pledged in connection with certain sale and repurchase transactions, which is restricted from general corporate use, as well as prefunded clearing advances maintained with third-party clearing organizations to facilitate prediction market settlement activity

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 are accounted for under the measurement alternative are presented below (in thousands):


	Year Ended December 31,
	2025		2024
Carrying amount, beginning balance	$	10,638	$	11,708
Net reductions(1)	(1,271)		(1,021)
Upward adjustments	61		73
Impairments and downward adjustments	—		(122)
Carrying amount, ending balance	$	9,428	$	10,638
__________________
(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 December 31, 2025 and December 31, 2024. Cumulative impairments and downward adjustments were $1.2 million as of both December 31, 2025 and December 31, 2024. Upward adjustments, impairments, and downward adjustments are included in Other income (expense), net on the consolidated statements of operations and comprehensive loss.

Preferred Units & Preferred Stock

12 Months Ended

Dec. 31, 2025

Preferred Units & Preferred Stock

Common Units & Common Stock

The following equity instruments were converted to Class A and Class B common stock upon IPO (in thousands):


Equity Instrument	Shares Outstanding Before Conversion	Shares Converted - Class A common stock	Shares Converted - Class B common stock
Basic Common Units	1,050	321	—
Capital Common A Units	15,038	—	4,599
Incentive Units (inclusive of phantom units)(1)	55,170	9,441	42
Convertible preferred units(2)	39,842	15,111	39,430
__________________
(1) 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.
(2) Conversion of convertible preferred units is pursuant to the conversion ratio as described in Note 17. Preferred Units & Preferred Stock.

In addition, the following debt instruments were converted to Class B common stock upon IPO (in thousands):

Debt Instrument(1)

Aggregate Amount Outstanding Before Conversion(2)

Shares Converted - Class B common stock

Convertible Notes

285,007

10,179

Related party term loans

584,560

20,877

__________________

(2) Includes accrued and unpaid interest.

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.

Revenue from Contract with Customer [Abstract]

Revenue

12 Months Ended

Dec. 31, 2025

Revenue

Revenue recognition

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”) through the following steps:

•identification of the contract, or contracts, with the customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of the revenue when, or as, the Company satisfies the performance obligation.

Revenue is recognized when control of the promised goods or services is transferred to the customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The majority of revenue generated by the Company is through transaction fees charged on the Company's exchange platform.

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


	Year Ended December 31,
		2025		2024		2023
Net revenue
Transaction revenue
Exchange		$	93,426	$	95,827	$	56,364
OTC		4,013		2,370		1,531
Other transaction revenue		581		879		2,617
Total transaction revenue		98,020		99,076		60,512
Services revenue
Credit card revenue		33,120		11,632		5,808
Staking revenue		16,774		11,480		823
Custodial fee revenue		8,739		7,004		4,104
Advisory fee revenue		4,808		—		—
Other services revenue		1,198		—		—
Total services revenue		64,639		30,116		10,735
Total net revenue from contracts with customers		162,659		129,192		71,247
Other revenue
Other		375		293		322
Total other revenue		375		293		322

Revenue not from contracts with customers(1)
Interest income		11,434		11,672		25,066
Corporate interest		5,104		1,008		1,502
Total revenue not from contracts with customers		16,538		12,680		26,568
Total revenue		$	179,572	$	142,165	$	98,137
__________________
(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 consolidated statements of operations and comprehensive loss.

Transaction revenue

Transaction revenue represents transaction fees earned from retail and institutional customers, including wealth and asset managers, public and private companies, and other entities designated as investment vehicles.

The Company's performance obligation is to provide a crypto asset matching service that enables customers to buy, sell, or trade crypto assets on the Company's platform. This performance obligation is satisfied at a point in time, when a transaction is executed and processed, at which time the Company recognizes revenues.

Contracts with customers are generally open-ended and cancellable by either party without penalty prior to execution. Accordingly, contracts are defined at the transaction level and do not extend beyond the service already provided.

Transaction fees are generally calculated as a percentage of the transaction value and vary based on factors, such as transaction size and the customer's trading volume processed over the previous thirty-day period. The Company has concluded that its volume-based pricing approach does not constitute a future material right as the discount is within a range typically offered to a group of customers with similar volume. Certain instant orders also incur a convenience fee, which is calculated at a rate around 100 basis points above the prevailing market price. In certain instances, the transaction fee can be collected in crypto assets, primarily bitcoin and ether, with revenue measured based on the fair value of the underlying crypto assets at the time the transaction is executed, which represents the point of contract inception.

Transaction revenue also includes commission-based revenue earned from over-the-counter (“OTC”) trading services. Through its OTC trading desk the Company facilitates crypto asset transactions for certain institutions and high-net worth individuals who wish to trade outside of the exchange. Revenue from OTC transactions is recognized at the time the trade is executed, based on the agreed-upon commission.

Other transaction revenue primarily includes revenue earned from customer's using the Company's legacy Nifty Gateway platform. The Company’s service as it relates to Nifty Gateway consisted of a single performance obligation to provide a non-fungible token (“NFT”) matching service when customers bought or sold NFTs on the platform. The Company generally earned fees equal to approximately 20% of the proceeds from primary market NFT sales and approximately 5% of the proceeds from secondary market NFT sales. Revenue from Nifty Gateway was not material for the year ended December 31, 2025. In January 2026, the Company discontinued the Nifty Gateway marketplace and does not expect to generate revenue from this activity in future periods.

In recording Transaction revenue, the Company evaluates whether it is the principal or the agent in transactions between customers and, based on that determination, evaluates whether the presentation of revenue should be on a gross or net basis. This evaluation is based on whether the Company controls the crypto or NFT assets before they are transferred to customers (gross) or whether the Company acts as an agent by providing a matching service for customers on the platform to provide the crypto or NFT assets to other customers (net). The Company does not control the crypto or NFT asset before it is transferred to the buyer, does not have inventory risk related to the crypto or NFT asset, and is not responsible for the fulfillment of the crypto or NFT asset. The Company also does not set the price for the crypto asset as the price is established by market rates. As a result, the Company acts as an agent in facilitating its customers’ ability to purchase crypto or NFT assets from another customer and revenue for the fees earned on a net basis.

Credit card revenue

The Company offers a credit card product that provides customers with access to an electronic form of payment through a multi-rail payment network supported by Mastercard. Crypto asset rewards are issued to customers after each credit card purchase is executed.

The Gemini Credit Card program generates interest, fees and interchange income related to credit card activity. The Company earns interest and fees for all credit card receivables that it purchases from the Issuing Bank and holds on its consolidated balance sheets. In addition, the Company earns interchange revenue for each credit card transaction, net of revenue-sharing agreements with the Issuing Bank.

The Company has evaluated the credit card arrangement in accordance with ASC 606, and determined that it acts as an agent on behalf of the Issuing Bank with respect to credit card transaction processing. Accordingly, the Company recognizes net credit card revenue, reflecting its share of interest, fees, and interchange revenue net of

amounts remitted to the Issuing Bank and other bank settlement fees, within Net revenue on the consolidated statements of operations and comprehensive loss.

Staking revenue

The Company offers customers a feature allowing transfers of specific assets for staking and, as a result, the opportunity to receive staking rewards from the associated blockchain network. The Company acts as a facilitator introducing customers to the staking pool. In exchange for these staking services, the Company earns a fee from the customer that is calculated based on the amount of crypto assets the customer earns through staking. Staking fees are collected in crypto assets by the Company with the type of asset received dependent on the underlying blockchain network, Ether, Solana, or Polygon. Staking revenue is measured based on the fair value of the underlying crypto assets at the time the staking awards are earned, which represents the point of contract inception.

For Ether staking, the Company provides staking services using staking validators that it operates and controls on its own platform. The Company has determined it is the principal in Ether staking transactions, as it controls the staking service and is primarily responsible for fulfilling the performance obligation to the customers. Accordingly, staking revenue related to Ether is recognized on a gross basis, representing the total staking rewards earned. Amounts paid or credited to customers in connection with Ether staking are recorded within Transaction processing on the consolidated statements of operations and comprehensive loss.

For Solana and Polygon staking, the Company uses a third-party staking validator. The Company has determined that it acts as the agent in these arrangements, as it does not control the staking services provided by the validator, is not responsible for fulfilling the staking performance obligation, and does not determine of the staking rewards generated by the pool. Accordingly, staking revenue related to Solana and Polygon is recognized on a net basis, representing the Company's fee retained after amounts attributable to customers and third-party validators. The Polygon staking service was discontinued by the Company in June 2025.

Custodial fee revenue

The Company provides customers with a proprietary cold storage custody solution that enables the secure, offline storage of crypto assets. In exchange for these custody services, the Company earns a custody fee calculated as a contractual percentage of the daily value of assets under custody, which accrues on a daily basis. Custody services represent a single performance obligation that is satisfied over time, as customers simultaneously receive and consume the benefits of the services as they are provided. Custody agreements may be terminated by customers at any time without penalty. Accordingly, custody revenue is recognized over the period the services are provided, based on the daily value of assets under custody.

In certain instances, custody fees can be collected in crypto assets, primarily bitcoin and ether, and revenue is measured based on the fair value of the underlying crypto assets at the time of the transaction. Any applicable blockchain network transaction fees are borne by the customer.

Advisory fee revenue

The Company received stock warrants from Empery as non-cash consideration for providing asset management and crypto custody services. These warrants provide the Company with the right to purchase Empery common shares and vest in stages based on the achievement of specified stock price performance conditions. Advisory fee revenue related to the warrants is recognized over the one-year service period, based on the grant-date fair value of the warrants, and is included in Net revenue in the consolidated statements of operations and comprehensive loss.

Interest income and corporate interest

Customer custodial funds, cash and cash equivalents, and restricted cash and cash equivalents are held at third-party banks and earn interest. Interest income is calculated using the interest method and is not within the scope of ASC 606. Interest earned on customer custodial funds is included in interest income within Services revenue on the consolidated statements of operations and comprehensive loss. Interest earned on cash and cash equivalents and restricted cash and cash equivalents is included in corporate interest within Other revenue on the consolidated statements of operations and comprehensive loss.

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):


	Year Ended December 31,
		2025		2024		2023

U.S.		$	155,663	$	119,862	$	82,261
International(1)		23,909		22,303		15,876
Total revenue(2)		$	179,572	$	142,165	$	98,137
__________________
(1) No country, outside the U.S., accounted for more than 10% of Total revenue. (2) Total revenue includes $16.5 million, $12.7 million, and $26.6 million for the years ended December 31, 2025, 2024 and 2023, respectively, that is not recognized within the scope of ASC 606 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

Schedule of Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

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


	December 31,
	2025		2024

Accrued expenses:
Accrued expenses	$	51,042	$	29,711
Accrued loss contingencies	970		6,083
Accrued salaries and benefits	3,454		3,113
Total accrued expenses	55,466		38,907

Other current liabilities:
Crypto asset collateral payable	904		15,275
Derivative liabilities	82		7,620
Current lease liabilities	6,807		4,737
Commissions to NFT artists payable	6,451		1,896
Other current liabilities	1,253		1,513
Deferred tax liabilities	—		7,407
Unearned advisory fee revenue	6,031		—
Total other current liabilities	21,528		38,448
Total accrued expenses and other current liabilities	$	76,994	$	77,355

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Interest income	$ 11,434	$ 11,672	$ 25,066
Corporate interest	5,104	1,008	1,502
Total revenue not from contracts with customers	16,538	12,680	26,568
Total revenue	179,572	142,165	98,137
Transaction And Service Revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	162,659	129,192	71,247
Transaction revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	98,020	99,076	60,512
Exchange
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	93,426	95,827	56,364
OTC
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	4,013	2,370	1,531
Other transaction revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	581	879	2,617
Services revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	64,639	30,116	10,735
Credit card revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	33,120	11,632	5,808
Staking revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	16,774	11,480	823
Custodial fee revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	8,739	7,004	4,104
Advisory fee revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	4,808	0	0
Other services revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	1,198	0	0
Other revenue
Disaggregation of Revenue [Line Items]
Total net revenue from contracts with customers	$ 375	$ 293	$ 322

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, NY

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a cybersecurity program designed to safeguard the confidentiality, integrity, and availability of our information systems and the information maintained on those systems, including information relating to customers, employees, partners, and third-party service providers. Our cybersecurity risk management program implements our defense-in-depth strategies to address cybersecurity risks across our business, including risks associated with operating a digital asset exchange and custody platform, and is integrated into our broader enterprise risk management framework, which incorporates a three line of defense model where business and operational teams own and manage risk as the first line of defense, dedicated risk and compliance functions provide independent oversight as the second line of defense, and internal audit provides independent assurance as the third line of defense. Our program aligns with the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”) and other applicable industry frameworks and operates through an information security management system that establishes governance, risk assessment, control implementation, monitoring, and continuous improvement. We maintain formal cybersecurity policies, procedures, standards, and processes to ensure a consistent, risk-based approach throughout our organization. Additionally, we continuously monitor our computing environments, products, and services for vulnerabilities and signs of compromise, and we utilize our security products to combat cybersecurity threats. We integrate security into our computing environments, products, and services leveraging our Security Development principles and standards. Gemini engages external service providers, as appropriate, to support its cybersecurity program, including independent security assessments, testing, and vulnerability management. Our cybersecurity program includes, but is not limited to, the following: 1.An information security management system that governs risk assessment, control implementation, and monitoring. 2.Cybersecurity policies, procedures, standards, and processes supporting a consistent, risk-based approach. 3.Periodic risk assessments and continuous monitoring to identify, evaluate, and address cybersecurity threats. 4.Administrative, technical, and physical safeguards to protect critical systems, digital asset custody infrastructure, customer-facing applications, and our broader IT environment, including, but not limited to, encryption of sensitive data in transit and at rest. 5.An incident response plan designed to support timely detection, assessment, containment, response, remediation, and reporting of incidents, including annual tabletop exercises. 6.Business continuity and operational resilience planning to support availability of critical services, including business impact analysis and disaster recovery testing. 7.Cybersecurity awareness training for employees and contractors during onboarding and on an ongoing basis. 8.Third-party and supply chain risk management processes, including initial vendor due diligence, on-going monitoring, ability to satisfy rigorous contractual obligations, inclusive of cybersecurity risk management standards and timely notification of cyber events. As of the date of this Annual Report on Form 10-K, we have not identified any known cybersecurity threats or incidents that have materially affected, or are likely to materially affect, our business strategy, operations, or financial condition. Nevertheless, because cybersecurity threats evolve continuously, we cannot guarantee that future incidents will not occur or have material impacts. To understand our cybersecurity risks and their potential business impacts, please refer to the “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a cybersecurity program designed to safeguard the confidentiality, integrity, and availability of our information systems and the information maintained on those systems, including information relating to customers, employees, partners, and third-party service providers. Our cybersecurity risk management program implements our defense-in-depth strategies to address cybersecurity risks across our business, including risks associated with operating a digital asset exchange and custody platform, and is integrated into our broader enterprise risk management framework, which incorporates a three line of defense model where business and operational teams own and manage risk as the first line of defense, dedicated risk and compliance functions provide independent oversight as the second line of defense, and internal audit provides independent assurance as the third line of defense.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors has oversight responsibilities inclusive of cybersecurity and technology risks as part of its overall supervisory activities and has delegated primary oversight of cybersecurity and information technology risks to the Audit and Risk Committee. The Audit and Risk Committee meets at least quarterly and receives periodic updates from management and the independent Risk Management and Internal Audit teams, including, but not limited to, updates on cybersecurity risk assessments, threat response preparedness, program maturity assessments, risk mitigation progress, and the current and emerging threat landscape. Our interim-Chief Information Security Officer (“CISO”) reports directly to the Chief Executive Officer and is principally responsible for implementing our information security strategy and overseeing our cybersecurity risk management processes, inclusive of incident response planning. Our CISO leads a dedicated Security Team responsible for monitoring, detecting, and responding to cybersecurity threats. Our CISO’s experience includes over twenty years of working in the cybersecurity field in various industries, including the financial services industry.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors has oversight responsibilities inclusive of cybersecurity and technology risks as part of its overall supervisory activities and has delegated primary oversight of cybersecurity and information technology risks to the Audit and Risk Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit and Risk Committee meets at least quarterly and receives periodic updates from management and the independent Risk Management and Internal Audit teams, including, but not limited to, updates on cybersecurity risk assessments, threat response preparedness, program maturity assessments, risk mitigation progress, and the current and emerging threat landscape.
Cybersecurity Risk Role of Management [Text Block]	We maintain an independent Risk Management team responsible for identifying, assessing, responding to, and communicating risks related to our products and operations, including cybersecurity risks, to senior management, the Audit and Risk Committee, and the Board of Directors. The Risk Management team conducts risk assessments for new products, services, processes, and digital assets, and the results of independent audits are presented to the appropriate board committees. These processes are designed to support timely oversight and informed decision-making regarding cybersecurity risk management and disclosure considerations. In addition, the independent Internal Audit team performs risk-based internal audits over the cybersecurity program that test the design and operating effectiveness of key controls. Results, including any issues identified and associated remediation activities, are reported to senior management and the Audit and Risk Committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our interim-Chief Information Security Officer (“CISO”) reports directly to the Chief Executive Officer and is principally responsible for implementing our information security strategy and overseeing our cybersecurity risk management processes, inclusive of incident response planning. Our CISO leads a dedicated Security Team responsible for monitoring, detecting, and responding to cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO’s experience includes over twenty years of working in the cybersecurity field in various industries, including the financial services industry.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We maintain an independent Risk Management team responsible for identifying, assessing, responding to, and communicating risks related to our products and operations, including cybersecurity risks, to senior management, the Audit and Risk Committee, and the Board of Directors. The Risk Management team conducts risk assessments for new products, services, processes, and digital assets, and the results of independent audits are presented to the appropriate board committees. These processes are designed to support timely oversight and informed decision-making regarding cybersecurity risk management and disclosure considerations. In addition, the independent Internal Audit team performs risk-based internal audits over the cybersecurity program that test the design and operating effectiveness of key controls. Results, including any issues identified and associated remediation activities, are reported to senior management and the Audit and Risk Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 4,966	$ 4,140	$ 4,598
Short-term lease expense	398	285	1,005
Total lease expense	$ 5,364	$ 4,425	$ 5,603

Intangible Assets, Net - Schedule of Expected Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 22,124
2027	11,867
2028	11,867
2029	11,867
2030	11,867
Thereafter	70,213
Intangible Assets, Net	$ 139,805	$ 162,143

Common Units & Common Stock (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Equity Instruments Converted

The following equity instruments were converted to Class A and Class B common stock upon IPO (in thousands):


Equity Instrument	Shares Outstanding Before Conversion	Shares Converted - Class A common stock	Shares Converted - Class B common stock
Basic Common Units	1,050	321	—
Capital Common A Units	15,038	—	4,599
Incentive Units (inclusive of phantom units)(1)	55,170	9,441	42
Convertible preferred units(2)	39,842	15,111	39,430
__________________
(1) 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.
(2) Conversion of convertible preferred units is pursuant to the conversion ratio as described in Note 17. Preferred Units & Preferred Stock.

Schedule of Debt Instruments Converted

In addition, the following debt instruments were converted to Class B common stock upon IPO (in thousands):

Debt Instrument(1)

Aggregate Amount Outstanding Before Conversion(2)

Shares Converted - Class B common stock

Convertible Notes

285,007

10,179

Related party term loans

584,560

20,877

__________________

(2) Includes accrued and unpaid interest.

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 11, 2025 plan shares	Jan. 31, 2022 acquistion	Dec. 31, 2025 USD ($) tranche segment $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2020 shares	Sep. 10, 2025 class	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer custodial funds related to GUSD			$ 46,600	$ 58,700
Customer custodial funds due to customers related to GUSD			45,600	58,400
Advertising expense			45,800	9,900	$ 3,400
Number of equity incentive plans \| plan	2
Number of classes of common units \| class							3
Number of asset acquisitions \| acquistion		2
Assets held by insurance regulators			$ 25,000	100,000
Number of reportable segments \| segment			1
Decrease in Accumulated deficit on consolidated statement of changes in convertible preferred units and stockholder's equity			$ (540,873)	795,362	644,303				$ 491,092
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in Accumulated deficit on consolidated statement of changes in convertible preferred units and stockholder's equity									(149,360)
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in Accumulated deficit on consolidated statement of changes in convertible preferred units and stockholder's equity			$ 2,043,253	$ 1,460,440	$ 1,301,894				1,131,579
Accumulated Deficit \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in Accumulated deficit on consolidated statement of changes in convertible preferred units and stockholder's equity									$ (149,360)
Accumulated Deficit \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2023-08
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in Accumulated deficit on consolidated statement of changes in convertible preferred units and stockholder's equity								$ 149,400
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) \| 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) \| 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
Common Class A \| Common Units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares resulting from conversion of equity (in shares) \| shares	9,800,000
Common Class B \| Related Party
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares resulting from conversion of debt (in shares) \| shares	31,100,000
Common Class B \| Common Units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares resulting from conversion of equity (in shares) \| 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) \| shares			900,000
Exercise price of warrants (in dollars per share) \| $ / shares			$ 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%
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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Related Party Transactions On January 1, 2026, the Company entered into a services agreement with WCM, a related party through common ownership, to provide executive security services to the Company. Nifty Gateway On January 23, 2026, the Company publicly announced the discontinuation of its Nifty Gateway NFT marketplace. The Company had initiated an orderly wind-down of Nifty Gateway in December 2025, and such wind-down activities did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2025. Earn-Related Litigation Final paperwork for the resolution of this action, in which the parties agreed to dismiss the case without any monetary settlement or other relief of any kind, was filed on January 23, 2026. On January 28, 2026, the SEC dismissed its action against GTC. The parties reached a resolution under which the action was dismissed without any payment by GTC, and the court ordered the matter closed. Exit and Wind-Down Plan On February 4, 2026, Company approved a plan to exit and wind down its operations in the United Kingdom, the European Union and other European jurisdictions, and Australia (the “Plan”). The Company’s operations will continue in the United States and Singapore. The Plan was approved as part of an initiative to reduce operating expenses and support the Company’s path to profitability. The Plan is expected to include a reduction in force of up to approximately 200 employees. The Company expects the Plan to be substantially completed in the first half of 2026, subject to applicable local law and consultation requirements. In connection with the Plan, the Company currently estimates that it will incur pre-tax restructuring and related charges of approximately $10.9 million, substantially all of which are expected to result in cash expenditures. The Company expects to recognize substantially all of these charges in the first quarter of 2026. Actual amounts and timing may differ due to local law and consultation requirements and other factors. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 17, 2026, the Company announced that Marshall Beard, Chief Operating Officer, Dan Chen, Chief Financial Officer, and Tyler Meade, Chief Legal Officer, ceased serving in their respective roles, effective February 17, 2026. In addition, Mr. Beard resigned from the Company’s Board of Directors effective as of such date. Effective February 17, 2026, the Board of Directors appointed Danijela Stojanovic as Interim Chief Financial Officer. On March 29, 2026, in connection with the terminations by the Company, which were not for cause, the Company entered into separation agreements with Messrs. Beard, Chen, and Meade. These agreements waive any rights under the applicable Executive Employment Agreement, the Senior Executive Severance Plan, and the Executive Severance Plan, and provide for continued base salary and vesting of time-based equity awards for three months with respect to Messrs. Beard and Meade and one month for Mr. Chen. The Company will recognize the financial impact of these arrangements in the period in which the agreements were executed. Crypto Asset Loan On March 5, 2026, following approval from the New York Department of Financial Services to release a portion of the Company's crypto assets maintained for regulatory capital purposes, the Company received notices of partial repayment demands from WCF demanding repayment of 1,750 BTC under the 5,000 BTC loan agreement. The Company completed repayments by the end of the following business day, as stated per the terms of the notice. These loans are disclosed in Note 13. Related Party Loans and Convertible Notes. Subsequently, on March 18, 2026, the Company borrowed 822 BTC from WCF and pledged as collateral in connection with margin requirements on the third party loan with NYDIG, which reduced the amount of cash collateral required. Securities Class Action Litigation On March 18, 2026, a putative securities class action complaint was filed in the U.S. District Court for the Southern District of New York against the Company, certain of its current and former officers, and its directors. The complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933, as amended, and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, based on alleged materially false or misleading statements and omissions in the Company’s registration statement and prospectus issued in connection with its initial public offering, as well as certain subsequent public disclosures. The plaintiff seeks, among other relief, compensatory damages, pre- and post-judgment interest, and attorneys’ fees and costs. The Company intends to vigorously defend against the claims. Based on the preliminary stage of the proceeding, the Company is unable to predict the outcome of this matter.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has operating leases for office facilities with remaining terms of less than a year 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. These leases primarily relate to office space in the United States and the United Kingdom and generally require fixed monthly payments, some of which include rent-free periods and contractual rent escalations.

At lease commencement, the Company records a right-of-use asset and a corresponding lease liability based on the present value of lease payments over the lease term, using an incremental borrowing rate determined at lease commencement. All of the Company’s leases are classified as operating leases under FASB ASC Topic 842, Leases (“ASC 842”).

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


	Year Ended December 31,
		2025		2024		2023
Operating lease expense		$	4,966	$	4,140	$	4,598
Short-term lease expense		398		285		1,005
Total lease expense		$	5,364	$	4,425	$	5,603

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


	December 31,
	2025		2024

Weighted-average remaining lease term (in years)	4.1		5.0
Weighted-average discount rate	6.2	%	6.0	%

Maturities of operating lease liabilities as of December 31, 2025 were as follows:


2026	$	8,277
2027	8,339
2028	7,735
2029	3,657
2030	1,216
Thereafter	1,760
Total undiscounted lease payments	30,984
Less: imputed interest	(3,607)
Total lease liabilities	$	27,377

Common Units & Common Stock - Schedule of Equity Instruments Converted (Details) shares in Thousands	Sep. 11, 2025 shares
Basic Common Units
Class of Stock [Line Items]
Shares Outstanding Before Conversion (in shares)	1,050
Basic Common Units \| Common Class A
Class of Stock [Line Items]
Shares Converted (in shares)	321
Basic Common Units \| Common Class B
Class of Stock [Line Items]
Shares Converted (in shares)	0
Capital Common A Units
Class of Stock [Line Items]
Shares Outstanding Before Conversion (in shares)	15,038
Capital Common A Units \| Common Class A
Class of Stock [Line Items]
Shares Converted (in shares)	0
Capital Common A Units \| Common Class B
Class of Stock [Line Items]
Shares Converted (in shares)	4,599
Incentive Units (inclusive of phantom units)
Class of Stock [Line Items]
Shares Outstanding Before Conversion (in shares)	55,170
Incentive Units (inclusive of phantom units) \| Common Class A
Class of Stock [Line Items]
Shares Converted (in shares)	9,441
Incentive Units (inclusive of phantom units) \| Common Class B
Class of Stock [Line Items]
Shares Converted (in shares)	42
Incentive Units (inclusive of phantom units) \| Common Class B \| Maximum
Class of Stock [Line Items]
Shares Converted (in shares)	100
Convertible Preferred Units
Class of Stock [Line Items]
Shares Outstanding Before Conversion (in shares)	39,842
Convertible Preferred Units \| Common Class A
Class of Stock [Line Items]
Shares Converted (in shares)	15,111
Convertible Preferred Units \| Common Class B
Class of Stock [Line Items]
Shares Converted (in shares)	39,430

Derivatives - Schedule of Breakdown of Crypto Asset Collateral Associated with Derivative Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Crypto assets pledged as collateral not meeting the derecognition criteria	$ 2,791	$ 4,616
Recognition Criteria, Met
Derivative [Line Items]
Crypto assets held as collateral	904	15,275
Recognition Criteria, Not Met
Derivative [Line Items]
Crypto assets held as collateral	$ 0	$ 4,875

Income Taxes - Schedule of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 0	$ 0	$ 0
State	970	0	0
Foreign	721	597	646
Total current	1,691	597	646
Deferred
Federal	(7,254)	6,609	(4,962)
State	(473)	470	109
Foreign	49	(50)	133
Total deferred	(7,678)	7,029	(4,720)
Total (benefit from) provision for income taxes	$ (5,987)	$ 7,626	$ (4,074)

Leases - Narrative (Details)	Dec. 31, 2025
Minimum
Operating Leased Assets [Line Items]
Remaining lease term	1 year
Maximum
Operating Leased Assets [Line Items]
Remaining lease term	9 years

Preferred Units & Preferred Stock - Schedule Of Convertible Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 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

Revenue - Narrative (Details) - Other transaction revenue	12 Months Ended
	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Percentage of primary market proceeds from NFT sales	20.00%
Percentage of secondary market proceeds from NFT sales	5.00%

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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Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 its customers. Under the terms of the program agreement, the Company is required to purchase from the Issuing Bank all credit card receivables originated under the program and offered for sale to the Company. The Company may also be required to repurchase certain receivables in the event of identity theft or other fraud and receivables that become more than 90 days delinquent, subject to the terms of the agreement. Credit card receivables purchased under this arrangement are recorded on the Company’s consolidated balance sheets upon transfer. As of December 31, 2025 and 2024, the Company had purchased all credit card receivables of $219.8 million and $65.8 million, respectively, from the Issuing Bank. Certain credit card receivables are pledged as collateral under Company's Ripple Credit Agreement (see Note 15. Funding Debt). As of December 31, 2025 and 2024, the carrying value of pledged credit card receivables was $188.8 million and $0, respectively. The agreement creates an ongoing commitment for the Company to purchase future receivables as they are originated. The amount of future purchases will fluctuate based on customer activity, credit card usage, and credit performance. The Company believes it maintains sufficient liquidity to fund these purchases as they become due. Legal and regulatory matters The Company is subject to, and may in the future be involved in, various litigation matters, legal claims, investigations, and regulatory proceedings arising in the ordinary course of business. In accordance with applicable accounting guidance, the Company accrues for loss contingencies when management determines that it is both probable that losses have been incurred and that the losses can be reasonably estimable. The Company accrued $1.0 million and $6.1 million in estimated loss contingencies as of December 31, 2025 and 2024, respectively, which are included in Accrued expenses on the consolidated balance sheets. These estimated loss contingencies relate to any unsettled matters in which management has determined that a loss is probable and reasonably estimable. 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 available information. The Company disputes these claims and intends 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. On December 15, 2025, the parties filed another status report requesting a continuation of the stay due to the government shutdown, and suggesting that the parties would file paperwork for the resolution by January 26, 2026. See Note 23. Subsequent Events for further details. 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 consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024. There is corresponding activity recorded in the statement of cash flows for the year ended December 31, 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 $2.2 billion 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 is unable to reasonably estimate a possible range of loss, if any. While the outcome of these matters is inherently uncertain and adverse decisions or settlements may occur from time to time, the Company does not currently believe that the ultimate resolution of any such matters will have a material adverse effect on its consolidated results of operations, financial position, or liquidity. However, the resolution of one or more of these matters could be material to the Company’s operating results for a particular reporting period, and the Company cannot provide assurance regarding their ultimate outcome.

Common Units & Common Stock - Narrative (Details)	Sep. 11, 2025 $ / shares shares	Dec. 31, 2025 vote $ / shares shares	Sep. 15, 2025 $ / shares shares	Sep. 10, 2025 class	Dec. 31, 2024 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
Common Class A
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
Common stock, shares issued (in shares)		42,329,262			0
Common stock, shares outstanding (in shares)		42,329,262			0
Number of votes for each share of common stock held \| vote		1
Common Class B
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
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			1
Common Class B \| Founders
Class of Stock [Line Items]
Minimum percentage of outstanding common stock held, triggering automatic conversion of stock		20.00%
IPO \| Common Class A
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 \| Common Class A
Class of Stock [Line Items]
Shares issued and sold (in shares)	300,000
Over-Allotment Option, Stockholders \| Common Class A
Class of Stock [Line Items]
Shares issued and sold (in shares)	500,000
Private Placement \| Common Class A
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

Income Taxes - Schedule of Components of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforward	$ 34,478	$ 12,051
Unrealized losses	2,326	0
Equity-based compensation	16,011	0
Capitalized costs	1,902	0
Allowance/provision for losses	5,994	0
Deferred rent	2,276	0
Other	311	617
Gross deferred tax assets	63,298	12,668
Less: valuation allowance	(40,879)	(8,555)
Total deferred tax assets	22,419	4,113
Deferred tax liabilities:
Unrealized gains	0	(7,246)
Intangibles	(22,032)	0
Other	(105)	(4,274)
Total deferred tax liabilities	(22,137)	(11,520)
Net deferred tax asset (liability)	$ 282
Net deferred tax asset (liability)		$ (7,407)

Revenue - Schedule of Revenues Disaggregated by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 179,572	$ 142,165	$ 98,137
Total revenue not from contracts with customers	16,538	12,680	26,568
U.S.
Disaggregation of Revenue [Line Items]
Total revenue	155,663	119,862	82,261
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 23,909	$ 22,303	$ 15,876

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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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Stock-Based Compensation - Narrative (Details) - USD ($)		8 Months Ended	12 Months Ended
	Sep. 11, 2025	Sep. 10, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 12, 2025	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense			$ 85,000,000.0	$ 5,600,000	$ 15,800,000
Income tax benefit (expense) related to stock-based compensation expense			$ 0	$ 0	0
Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)			7,215,444
Common Class A \| IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price per share (in dollars per share)	$ 28.00
RSUs and Options \| Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)			17,887,577
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
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual bonus arrangement							$ 15,100,000
Equity awards issued, vested and outstanding (in shares)	538,612
Remaining unrecognized expense			$ 152,200,000
Weighted-average recognition period for unrecognized compensation expense			2 years 7 months 6 days
Aggregate fair value for awards vested			$ 54,500,000
Awards granted (in shares)			11,206,000
Awards granted (in dollars per share)			$ 19.87
Unvested units (in shares)			8,669,000	0
Awards forfeited (in shares)			166,000
RSUs \| Unvested Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)	4,730,917
RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining unrecognized expense			$ 6,300,000
Weighted-average recognition period for unrecognized compensation expense			1 year 6 months
Aggregate fair value for awards vested			$ 26,900,000
Awards granted (in shares)	4,399,544
Unvested units (in shares)			3,180,000	0
Awards forfeited (in shares)			260,000
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
Time-Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining unrecognized expense			$ 8,100,000
Weighted-average recognition period for unrecognized compensation expense			3 years 8 months 12 days
Expected dividend yield			0.00%
Time-Based Stock Options \| Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)			482,142
Market-Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining unrecognized expense			$ 114,700,000
Weighted-average recognition period for unrecognized compensation expense			3 years 8 months 12 days
Expected dividend yield			0.00%
Market-Based Stock Options \| Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share available for future issuance (in shares)			6,365,462
Service-Based Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate fair value for awards vested				$ 5,400,000	$ 16,700,000
Awards granted (in shares)		18,731,000
Awards granted (in dollars per share)		$ 0.45		$ 0.97	$ 1.72
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	34,673,621
Awards forfeited (in shares)		1,769,000
Service-Based Incentive Units \| Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units exchanged (in shares)	4,699,140
Performance-Based Incentive Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)			0
Units vested and outstanding (in shares)	677,750		0	677,750
Awards forfeited (in shares)			0
Performance-Based Incentive Units \| Common Class A
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]
Aggregate fair value for awards vested				$ 100,000	$ 100,000
Awards granted (in shares)		2,508,000
Awards granted (in dollars per share)		$ 0.45		$ 0.90	$ 1.56
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	406,600
Awards forfeited (in shares)		154,000
Phantom Units \| Common Class A
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]
Aggregate fair value for awards vested				$ 8,600,000	$ 7,000,000.0
Awards granted (in shares)			0
Units vested and outstanding (in shares)	1,050,270		0	553,867
Awards forfeited (in shares)			0
Service-Based Common Units \| Common Class A
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	755,729
Liability recognized as service conditions were considered probable			$ 1,200,000	$ 1,300,000
Original Phantom Units \| Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units exchanged (in shares)	64,144

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 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, pursuant to which WCM provided management and consulting services to the Company (the “Services Agreement”). Fees under the Services Agreement were based on an allocation of WCM employee compensation proportional to WCM employee time spent providing services to the Company. The Company incurred expenses of $1.0 million, $0, and less than $0.1 million under this agreement during the years ended December 31, 2025, 2024 and 2023, respectively. These expenses were classified as General and administrative on the consolidated statements of operations and comprehensive loss. The Services Agreement was terminated in August 2025. There were no outstanding amounts related to WCM included in Accrued expenses as of both December 31, 2025 and 2024 on the consolidated balance sheets. Computer services and storage facilities In 2017, the Company entered into an agreement with Elysian Networks, LLC (“Elysian”), a related party through common ownership, pursuant to which Elysian provided equipment leasing, cloud based servers, data storage and computer processing services to the Company. The Company incurred expenses of $0.8 million, $0.7 million, and $1.7 million under this agreement during the years ended December 31, 2025, 2024 and 2023, respectively. These expenses were classified as Technology on the consolidated statements of operations and comprehensive loss. Amounts outstanding of $0 and $0.1 million were included in Accrued expenses as of December 31, 2025 and 2024, respectively, on the consolidated balance sheets. The agreement with Elysian was terminated in August 2025, and no further expenses have been incurred or payments made pursuant to the agreement thereafter. In 2017, the Company also entered into an agreement with Salient Systems, LLC (“Salient”), a related party through common ownership, pursuant to which Salient provided data center leased space, cloud based computing and internet connectivity services to the Company. The Company did not incur any expenses under this agreement during the years ended December 31, 2025 and 2024, respectively. The Company incurred expenses of less than $0.1 million under this agreement during the year ended December 31, 2023. These expenses were classified as General and administrative on the consolidated statements of operations and comprehensive loss. The agreement was terminated during the year ended December 31, 2024 and no amounts were outstanding related to Salient as of December 31, 2025 and 2024. Related party revenue WCF, a related party through common ownership, accounted for $2.5 million, $2.2 million, and $1.0 million of the Company’s revenue during the years ended December 31, 2025, 2024 and 2023, respectively. WCF accounted for $0.1 million and $0.2 million of the Company’s Accounts receivable, net, for the years ended December 31, 2025 and 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Components of Lease Expense and Other Information

Summary of Significant Accounting Policies - Estimated Useful Lives of Software, Property and Equipment (Details)	Dec. 31, 2025
Software
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	7 years

Accounts Receivable, Net - Schedule of Allowance for Transaction Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 10,268	$ 20,273	$ 18,870
Provision for losses	21,341	19,915	27,613
Write-offs	(15,302)	(29,920)	(26,210)
Ending Balance	16,307	10,268	20,273
Retail receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	3,780	15,988	17,197
Provision for losses	9,715	4,727	13,204
Write-offs	(4,257)	(16,935)	(14,413)
Ending Balance	9,238	3,780	15,988
Custodial fees receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	0	0	0
Provision for losses	0	84	0
Write-offs	0	(84)	0
Ending Balance	0	0	0
Staking fees receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	0	0	0
Provision for losses	525	165	0
Write-offs	(525)	(165)	0
Ending Balance	0	0	0
Credit card receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	6,563	4,251	48
Provision for losses	9,823	12,820	11,437
Write-offs	(9,317)	(10,508)	(7,234)
Ending Balance	7,069	6,563	4,251
Accrued interest receivable included in write-offs	700	100	100
Other fees receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(75)	34	1,625
Provision for losses	1,278	2,119	2,972
Write-offs	(1,203)	(2,228)	(4,563)
Ending Balance	$ 0	$ (75)	$ 34

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

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


	Year Ended December 31,
		2025		2024		2023
Operating lease expense		$	4,966	$	4,140	$	4,598
Short-term lease expense		398		285		1,005
Total lease expense		$	5,364	$	4,425	$	5,603

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


	December 31,
	2025		2024

Weighted-average remaining lease term (in years)	4.1		5.0
Weighted-average discount rate	6.2	%	6.0	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2025 were as follows:


2026	$	8,277
2027	8,339
2028	7,735
2029	3,657
2030	1,216
Thereafter	1,760
Total undiscounted lease payments	30,984
Less: imputed interest	(3,607)
Total lease liabilities	$	27,377

Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 December 31, 2025 (in thousands):


	December 31, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	3,268	$	69	$	(69)
Crypto asset futures	9,328		—		(13)
Total			$	69	$	(82)
__________________
(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 December 31, 2025 (in thousands):


	December 31, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	3,268	$	69	$	(69)
Crypto asset futures	9,328		—		(13)
Total			$	69	$	(82)
__________________
(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 consolidated statements of operations and comprehensive loss were as follows (in thousands):


	Year Ended December 31,
		2025		2024
Derivative assets
Crypto asset options		768		22,094
Crypto asset futures		(1,828)		(26,673)
Total		$	(1,060)	$	(4,579)

Derivative liabilities
Crypto asset options		$	(4,930)	$	(16,804)
Crypto asset futures		1,876		23,327
Total		$	(3,054)	$	6,523

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):


	December 31, 2025		December 31, 2024
Crypto assets held as collateral meeting the recognition criteria	$	904	$	15,275
Crypto assets held as collateral not meeting the recognition criteria	$	—	$	4,875
Crypto assets pledged as collateral not meeting the derecognition criteria	$	2,791	$	4,616

Related Party Loans and Convertible Notes - Schedule of Term Loans (Details) $ in Thousands		12 Months Ended
	Sep. 11, 2025 USD ($)	Dec. 31, 2025 USD ($) crypto_unit	Dec. 31, 2024 USD ($) crypto_unit	Dec. 31, 2023 USD ($)	May 16, 2025	Jan. 23, 2025 USD ($)	May 16, 2024 USD ($)
Debt Instrument [Line Items]
Unrealized loss		$ 119,309	$ 0	$ 0
Conversion of term loans to common stock in connection with IPO		(869,567)	0	$ 0
Crypto assets held		$ 439,622	$ 470,101
Bitcoin
Debt Instrument [Line Items]
Number of crypto assets held (in units) \| crypto_unit		4,827	4,414
Ether
Debt Instrument [Line Items]
Number of crypto assets held (in units) \| crypto_unit		2,741	5,301
Related party term loans
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 584,560	$ 475,000
Fair value of Principal Outstanding			$ 230,704
Amounts Drawn/Borrowed		212,758
Principal outstanding		443,500
Unrealized loss		119,309
Change in fair value attributable to instrument-specific credit risk		(2,396)
Conversion of term loans to common stock in connection with IPO	$ (585,000)	(584,560)
Interest Expense		17,680
Interest Payable		0
Cash received for issuance of long term debt		$ 26,900
Related party term loans \| Bitcoin
Debt Instrument [Line Items]
Crypto assets received in issuance of long-term debt (in units) \| crypto_unit		4,841
Related party term loans \| Ether
Debt Instrument [Line Items]
Crypto assets received in issuance of long-term debt (in units) \| crypto_unit		9,000
Related party term loans \| Minimum
Debt Instrument [Line Items]
Interest Rate		4.00%
Related party term loans \| Maximum
Debt Instrument [Line Items]
Interest Rate		16.00%
Related party term loans \| 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 term loans to common stock in connection with IPO		(369,146)
Interest Expense		13,811	6,505
Interest Payable		$ 0	$ 6,505
Blended interest rate		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
Related party term loans \| 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
Related party term loans \| 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
Related party term loans \| Term Loan 2024 \| Minimum
Debt Instrument [Line Items]
Interest Rate			4.00%		4.00%
Related party term loans \| Term Loan 2024 \| Maximum
Debt Instrument [Line Items]
Interest Rate			16.00%		16.00%
Related party term loans \| 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 term loans to common stock in connection with IPO		(215,414)
Interest Expense		3,869
Interest Payable		$ 0
Blended interest rate		7.30%
Related party term loans \| Term Loan 2025 \| Minimum
Debt Instrument [Line Items]
Interest Rate						4.00%
Related party term loans \| Term Loan 2025 \| Maximum
Debt Instrument [Line Items]
Interest Rate						16.00%

Stock-Based Compensation - Schedule of Share-Based Payment Award Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Related Party Loans and Convertible Notes

12 Months Ended

Dec. 31, 2025

Crypto asset loans

Crypto asset loans as of December 31, 2025 (in thousands):


Loan(14)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (12)		Interest Payable(13)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	39,204	$	(32,663)	$	237,077	$	47,312	4.0%	$	11,619	$	823
2,000 BTC(2)	3/1/2023	102,516		—		132,164		(106,357)		—		76,710		4.0%	3,220		—
35,000 ETH(3)	3/1/2023	88,234		—		116,333		(72,828)		—		44,729		4.0%	2,442		—
500 BTC	5/11/2023	46,683		—		—		—		43,571		3,112		4.0%	2,031		151
340 BTC(4)	10/31/2023	31,745		—		24,482		(16,892)		10,748		13,407		5.0%	1,546		47
5,200 ETH(5)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(6)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(7)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(8)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(9)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(10)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(11)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		111,105		39,854		4.3%	2,538		409
Total		$	560,107	$	220,798	$	410,549	$	(257,266)	$	402,501	$	225,124		$	24,197	$	1,430
__________________
(1) 395 bitcoin ("BTC") was repaid during the year ended December 31, 2025. (2) 1,098 bitcoin was repaid during the year ended December 31, 2025. (3) 26,629 ether ("ETH") was repaid during the year ended December 31, 2025. (4) 217 bitcoin was repaid during the year ended December 31, 2025 (5) 5,200 ether was repaid during the year ended December 31, 2025. (6) 3,000 ether was repaid during the year ended December 31, 2025. (7) 5,280 ether was repaid during the year ended December 31, 2025. (8) 3,400 ether was repaid during the year ended December 31, 2025. (9) 86 bitcoin was repaid during the year ended December 31, 2025. (10) 2,500 ether was repaid during the year ended December 31, 2025. (11) 10,000 ether was repaid during the year ended December 31, 2025. (12) Prior year interest accrued of $2.1 million was paid during the year ended December 31, 2025. (13) Outstanding interest balances payable to WCF are included in Related party loans on the consolidated balance sheets as of December 31, 2025. (14) 4,619 bitcoin and 0 ether was outstanding as of the year ended December 31, 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 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 previously entered into by the Company are summarized below (in thousands). The aggregate principal amount of these notes was used for general operating activities.

Convertible notes as of December 31, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)(3)	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. (3) These loans were converted to equity in connection with the IPO on 9/15/2025.

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 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 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.

Term Loans as of December 31, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of term loans 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 December 31, 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. These loans were converted into equity in connection with the IPO on 9/15/2025.

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 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 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 December 31, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable		Collateral Type	Collateral Rate (Initial Collateral Level)
Loan 13	5/29/2024	Evergreen	—		11.0%	5,519		—		BTC	145%
Loan 14	5/29/2024	Evergreen	—		11.0%	5,806		—		ETH	155%
Loan 15	11/1/2024	Evergreen	—		12.0%	1,160		—		BTC	145%
Total			$	—		$	12,485	$	—

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 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 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 December 31, 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

(398)

8.5%

3,185

549

BTC

170%

__________________

(1) Outstanding interest balances payable to a third party are included in Third party loans on the consolidated balance sheets as of December 31, 2025.

Funding Debt

Funding Debt as of December 31, 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

154,120

7.0%

1,477

254

__________________

(2) On December 26, 2025 the interest rate was increased from 6.5% to 7.0%.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the consolidated balance sheets as of December 31, 2025.

Convertible preferred units, shares authorized (in shares)

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

Dec. 31, 2025

Dec. 31, 2024

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)

284,000

^[1]

$ 30,887

$ 65,368

^[2]

55,466

38,907

Related Party

100

200

Common stock, par value (in dollars per share)

$ 0

$ 100

Common Class A

$ 0.001

Common stock, shares authorized (in shares)

1,000,000,000

Common stock, shares issued (in shares)

42,329,262

Common stock, shares outstanding (in shares)

42,329,262

Common Class B

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 $0.1 million and $0.2 million in Accounts receivable, net as of December 31, 2025 and December 31, 2024, respectively, 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 December 31, 2025 and December 31, 2024, respectively, as outlined in Note 21. Related Party Transactions.

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents:	$ 21,242
Restricted cash equivalents:	1,674	$ 1,607
Crypto assets held:	439,622	470,101	$ 327,866
Accounts receivable, net:	(371)	307
Crypto asset collateral held		15,275
Equity securities	357	219
Corporate bonds		774
Crypto asset options	69	6,354
Warrants	851
Total assets	463,444	662,937
Liabilities
Related party loans:	188,576	413,700
Convertible notes		248,783
Crypto asset collateral payable	904	15,275
Derivative liability	82	7,620
Total liabilities	189,562	685,378
Crypto asset options
Assets
Crypto asset options	69	6,354
Liabilities
Derivative liability	69	6,371
Crypto asset futures
Assets
Crypto asset options	0	0
Liabilities
Derivative liability	13	1,249
Bitcoin
Assets
Crypto assets held:	420,635	412,115	295,320
Receivable, crypto assets pledged:		86,708
Ether
Assets
Crypto assets held:	8,072	17,562	25,718
Receivable, crypto assets pledged:		81,592
Other crypto assets
Assets
Crypto assets held:	10,915	40,424	$ 6,828
Level 1
Assets
Cash and cash equivalents:	21,242
Restricted cash equivalents:	1,674	1,607
Accounts receivable, net:	0	0
Crypto asset collateral held		0
Equity securities	357	219
Corporate bonds		0
Warrants	0
Total assets	462,895	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:	420,635	412,115
Receivable, crypto assets pledged:		0
Level 1 \| Ether
Assets
Crypto assets held:	8,072	17,562
Receivable, crypto assets pledged:		0
Level 1 \| Other crypto assets
Assets
Crypto assets held:	10,915	0
Level 2
Assets
Cash and cash equivalents:	0
Restricted cash equivalents:	0	0
Accounts receivable, net:	(371)	307
Crypto asset collateral held		15,275
Equity securities	0	0
Corporate bonds		774
Warrants	0
Total assets	(302)	231,434
Liabilities
Related party loans:	188,576	413,700
Convertible notes		0
Crypto asset collateral payable	904	15,275
Total liabilities	189,562	436,595
Level 2 \| Crypto asset options
Assets
Crypto asset options	69	6,354
Liabilities
Derivative liability	69	6,371
Level 2 \| Crypto asset futures
Liabilities
Derivative liability	13	1,249
Level 2 \| Bitcoin
Assets
Crypto assets held:	0	0
Receivable, crypto assets pledged:		86,708
Level 2 \| Ether
Assets
Crypto assets held:	0	0
Receivable, crypto assets pledged:		81,592
Level 2 \| Other crypto assets
Assets
Crypto assets held:	0	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	851
Total assets	851	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
Level 3 \| Ether
Assets
Crypto assets held:	0	0
Receivable, crypto assets pledged:		0
Level 3 \| Other crypto assets
Assets
Crypto assets held:	$ 0	$ 0

Related Party Loans and Convertible Notes - Schedule of Convertible Notes (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 11, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) crypto_unit	Dec. 31, 2023 USD ($)	Mar. 01, 2024 USD ($)	Dec. 27, 2023 USD ($)	Nov. 22, 2023 USD ($)	Sep. 15, 2023 USD ($)
Debt Instrument [Line Items]
Amount Drawn			$ 0	$ 24,568	$ 75,432
Unrealized Loss			25,789	30,663	4,138
Conversion of convertible notes to common stock in connection with IPO			(869,567)	0	0
Crypto assets held:			439,622	470,101	327,866
Bitcoin
Debt Instrument [Line Items]
Crypto assets held:			420,635	412,115	295,320
Convertible Notes
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 285,007	$ 200,000	200,000	200,000
Fair value of Principal Outstanding				230,567	133,577
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	$ 18,216
Effective interest rate			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				57,641	51,335
Amount Drawn			$ 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	5,450
Convertible Notes \| November Note (BTC)
Debt Instrument [Line Items]
Aggregate Principal Amount								$ 54,671
Fair value of Principal Outstanding				63,027	56,131
Amount Drawn			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	5,295
Convertible Notes \| December Note (USD)
Debt Instrument [Line Items]
Aggregate Principal Amount							$ 50,000
Fair value of Principal Outstanding				57,642	26,111
Amount Drawn			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	4,163
Convertible Notes \| March Note (BTC)
Debt Instrument [Line Items]
Aggregate Principal Amount						$ 45,329
Fair value of Principal Outstanding				52,257	$ 0
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	$ 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

Statement of Shareholders' Consolidated Statements of Changes in Convertible Preferred Units and Stockholders' Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08

Indicates amendment to accounting standards.

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Reference 69: http://www.xbrl.org/2003/role/disclosureRef
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Reference 87: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147476151/220-40-65-1

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

Crypto Assets Held - Schedule of Roll-forward of Crypto Assets Measured at Fair Value (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) crypto_unit	Dec. 31, 2025 USD ($) 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		1,166,378	743,034
Disposition of crypto assets		(1,121,186)	(945,632)
Realized gain on crypto assets		116,174	177,528
Realized loss on crypto assets		(46,700)	(1,764)
Unrealized gain (loss) on crypto assets		(145,145)	169,069
Crypto assets held, ending balance		439,622	470,101
Crypto assets acquired	$ 11,500	435,100	384,300
Disposition	$ 600	192,400	275,100
Realized gain on receivable, crypto assets pledged		117,400	135,800
Unrealized loss on receivable, crypto assets pledged		43,000	17,800
Bitcoin
Crypto Asset [Roll Forward]
Crypto assets held beginning balance		412,115	295,320
Addition of crypto assets		696,251	431,487
Disposition of crypto assets		(640,120)	(608,225)
Realized gain on crypto assets		77,347	149,878
Realized loss on crypto assets		(15,066)	(610)
Unrealized gain (loss) on crypto assets		(109,892)	144,265
Crypto assets held, ending balance		$ 420,635	$ 412,115
Number of crypto assets acquired (in units) \| crypto_unit	132	1,434	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		430,434	299,660
Disposition of crypto assets		(441,969)	(327,979)
Realized gain on crypto assets		33,704	26,555
Realized loss on crypto assets		(29,589)	(545)
Unrealized gain (loss) on crypto assets		(2,070)	(5,847)
Crypto assets held, ending balance		$ 8,072	$ 17,562
Number of crypto assets acquired (in units) \| crypto_unit		86,321	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		39,693	11,887
Disposition of crypto assets		(39,097)	(9,428)
Realized gain on crypto assets		5,123	1,095
Realized loss on crypto assets		(2,045)	(609)
Unrealized gain (loss) on crypto assets		(33,183)	30,651
Crypto assets held, ending balance		$ 10,915	$ 40,424

Prepaid Expenses and Other Assets (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Prepaid Expenses and Other Assets

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


	December 31,
	2025		2024

Prepaid expenses and other current assets
Crypto asset collateral held	$	—	$	15,275
Cash collateral pledged	16,400		—
Prepaid expenses	14,164		7,232
Stablecoin	12,491		1,964
Prefunded clearing advance	4,500		—
Equity securities	357		219
Derivative assets	69		6,354
Other	4,159		6,090
Total prepaid expenses and other current assets	$	52,140	$	37,134

Other non-current assets
Lease right-of-use assets	$	18,559	$	14,512
Strategic investments	9,428		10,638
Warrant derivative(1)	851		—
Warrant receivable(2)	6,493		—
Other	5,377		1,722
Total other non-current assets	$	40,708	$	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 December 31, 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 are accounted for under the measurement alternative are presented below (in thousands):


	Year Ended December 31,
	2025		2024
Carrying amount, beginning balance	$	10,638	$	11,708
Net reductions(1)	(1,271)		(1,021)
Upward adjustments	61		73
Impairments and downward adjustments	—		(122)
Carrying amount, ending balance	$	9,428	$	10,638
__________________
(1) Includes additions from purchases, reductions due to exits of securities and reclassifications due to changes to capital structure.

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Finite-lived intangible assets are recorded at fair value, net of accumulated amortization and are amortized on a straight-line basis over their estimated useful lives.


Intangible Assets						Useful life
Patents						Fifteen years
Developed technology						Five years
Assembled workforce						Five years
Customer relationships						Five years

Intangible assets consisted of the following as of December 31, 2025 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Amortizing intangible assets
Patents	$	178,005	$	(48,457)	$	129,548
Developed technology	50,781		(40,887)		9,894
Customer relationships	1,250		(1,000)		250
Assembled workforce	670		(557)		113
	$	230,706	$	(90,901)	$	139,805

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 December 31, 2025 is as follows (in thousands):


2026	$	22,124
2027	11,867
2028	11,867
2029	11,867
2030	11,867
Thereafter	70,213
Total expected future amortization expense	$	139,805

Prepaid Expenses and Other Assets - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Cumulative upward adjustments for strategic investments	$ 4.5	$ 4.5
Cumulative impairments and downward adjustments	$ 1.2	$ 1.2

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity for the year ended December 31, 2025 (in thousands):


	Number of RSUs	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2024	—	$	—
Granted	11,206	19.87
Vested	(2,371)	22.98
Forfeited	(166)	22.16
Unvested at December 31, 2025	8,669	$	18.97

Schedule of Restricted Stock Award Activity

The following table summarizes RSA activity for the year ended December 31, 2025 (in thousands):


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

Vested	(960)	28.00
Forfeited	(260)	28.00
Unvested at December 31, 2025	3,180	$	28.00

Schedule of Stock Option Activity

The following table summarizes stock options activity for the year ended December 31, 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 December 31, 2025	482	$	28.00	9.7	$	—
Exercisable at December 31, 2025	—	—		—	$	—

The following table summarizes stock options activity for the year ended December 31, 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 December 31, 2025	6,365	$	28.00	9.7	$	—
Exercisable at December 31, 2025	—			—	$	—

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

The Company used the Black-Scholes-Merton option pricing model to estimate the fair value of the time-based stock options with the following assumptions as of December 31, 2025:


	December 31,
Assumptions	2025
Expected term in years	6.1
Volatility	70	%
Risk-free rate	3.7	%
Dividend Yield	0.0	%

The Company used a Monte Carlo Simulation Model (a binomial lattice-based valuation model) to estimate the fair value of the market-based stock options with the following assumptions as of December 31, 2025:


	December 31,
Assumptions	2025
Expected term in years	10.0
Volatility	70	%
Risk-free rate	4.0	%
Dividend Yield	0.0	%

Schedule of Service-Based Incentive Units Activity

The following table summarizes Service-Based Incentive Units activity for the year ended December 31, 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 year ended December 31, 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

Income Taxes - Schedule of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
$
Provision for income taxes at U.S. federal statutory rate	$ (123,648)
State and local income taxes, net of federal benefit	497
Effect of cross-border tax laws:
Global Intangible Low-Taxed Income ("GILTI")	5,913
Foreign Tax Effects	(2,865)
Tax credits:
Research and development ("R&D") credits	(470)
Foreign tax credits	(715)
Valuation allowance	24,985
Non-taxable or non-deductible items:
Non-deductible compensation	4,582
Income taxed at the partner level	75,552
Other:
Change in Tax Status	9,057
Other	1,125
Total (benefit from) provision for income taxes	$ (5,987)	$ 7,626	$ (4,074)
%
Provision for income taxes at U.S. federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	(0.08%)	(0.25%)	0.07%
Income not subject to income taxes		(23.07%)	(19.55%)
Provision to return		0.21%	0.29%
Foreign rate differential		(0.75%)	(0.12%)
Effect of cross-border tax laws:
Global Intangible Low-Taxed Income ("GILTI")	(1.00%)
Foreign Tax Effects	0.49%
Tax credits:
Research and development ("R&D") credits	0.12%
Foreign tax credits	0.08%
Valuation allowance	(4.24%)	(2.17%)	(0.18%)
Non-taxable or non-deductible items:
Non-deductible compensation	(0.78%)
Income taxed at the partner level	(12.83%)
Other:
Change in Tax Status	(1.55%)
Other	(0.19%)	(0.02%)	(0.25%)
Total (benefit from) provision for income taxes and effective tax rate	1.02%	(5.05%)	1.26%

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	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Units	Common Units Conversion of Common Units to common stock in connection with IPO	Common Units Cumulative Effect, Period of Adoption, Adjusted Balance	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	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance	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	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (491,092)						$ 149,360	$ (341,732)	$ 0		$ 0	$ 0						$ 0	$ 0	$ 0	$ 640,655						$ 640,655	$ (168)	$ (168)	$ (1,131,579)	$ 149,360	$ (982,219)
Beginning balance (in shares) at Dec. 31, 2022	39,842							39,842
Beginning balance at Dec. 31, 2022	$ 534,368							$ 534,368
Ending balance (in shares) at Dec. 31, 2023	39,842
Ending balance at Dec. 31, 2023	$ 534,368
Beginning common balance (in shares) at Dec. 31, 2022									52,462		52,462	0						0
Beginning treasury balance (in shares) at Dec. 31, 2022																			0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Units due to equity awards granted, net of forfeitures (in shares)									(2,768)
Stock-based compensation	15,840																				15,840
Net loss	(319,675)																													(319,675)
Other comprehensive income	1,264																											1,264
Ending common balance (in shares) at Dec. 31, 2023									49,694			0
Ending treasury balance (in shares) at Dec. 31, 2023																			0
Ending balance at Dec. 31, 2023	(644,303)								$ 0			$ 0							$ 0		656,495							1,096		(1,301,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (644,303)								$ 0			$ 0							$ 0		656,495							1,096		(1,301,894)
Ending balance (in shares) at Dec. 31, 2024	39,842
Ending balance at Dec. 31, 2024	$ 534,368
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Units due to equity awards granted, net of forfeitures (in shares)									1,067
Stock-based compensation	5,596																				5,596
Net loss	(158,546)																													(158,546)
Other comprehensive income	$ 1,891																											1,891
Ending common balance (in shares) at Dec. 31, 2024									50,761			0
Ending treasury balance (in shares) at Dec. 31, 2024	0																		0
Ending balance at Dec. 31, 2024	$ (795,362)								$ 0			$ 0							$ 0		662,091							2,987		(1,460,440)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (795,362)								$ 0			$ 0							$ 0		662,091							2,987		(1,460,440)
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 Dec. 31, 2025	0
Ending balance at Dec. 31, 2025	$ 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					$ 391,165	$ 50,000										$ 15	$ 2								$ 391,150	$ 49,998
Conversion in connection with IPO (in shares)										(71,258)			54,541	31,056	14,403
Conversion in connection with IPO		$ 534,368	$ 869,567	$ (36)									$ 55	$ 31	$ 15							$ 534,313	$ 869,536	$ (51)
Issuance of common stock upon settlement of stock awards, net of shares withheld (in shares)												356
Issuance of common stock upon settlement of stock awards, net of shares withheld	(8,304)																				(8,304)
Shares withheld for employee tax withholdings (in shares)																			(23)
Shares withheld for employee tax withholdings	(568)																		$ (568)
Forfeiture of unvested restricted shares (in shares)																			(261)
Stock-based compensation	84,956																				84,956
Net loss	(582,813)																													(582,813)
Other comprehensive income	$ (2,100)																											(2,100)
Ending common balance (in shares) at Dec. 31, 2025									0			117,740
Ending treasury balance (in shares) at Dec. 31, 2025	(284)																		(284)
Ending balance at Dec. 31, 2025	$ 540,873								$ 0			$ 118							$ (568)		2,583,689							887		(2,043,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 540,873								$ 0			$ 118							$ (568)		$ 2,583,689							$ 887		$ (2,043,253)

Fair Value Measurements - Narrative (Details) - Measurement Input, Discount Rate - Convertible Debt And Loans Payable	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Significant input utilized in analysis	0.195	0.195	0.195
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Significant input utilized in analysis	0.217	0.217	0.217

Third Party Loans - Narrative (Details) $ in Thousands	Oct. 08, 2025 USD ($)	Jul. 25, 2025 USD ($) crypto_unit	Dec. 31, 2025 USD ($)
NYDIG
Repurchase Agreement Counterparty [Line Items]
Repurchase agreement		$ 75,000	$ 75,000
Cash proceeds		$ 75,000
Interest Rate		8.50%	8.50%
Collateral rate			170.00%
NYDIG \| Minimum
Repurchase Agreement Counterparty [Line Items]
Collateral rate		143.00%
NYDIG \| Maximum
Repurchase Agreement Counterparty [Line Items]
Collateral rate		200.00%
NYDIG \| Bitcoin
Repurchase Agreement Counterparty [Line Items]
Transferred amount (in units) \| crypto_unit		1,078
Nominal value		$ 125,250
Related Party Crypto Loans \| Galaxy
Repurchase Agreement Counterparty [Line Items]
Outstanding debt repaid	$ 116,500

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 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)	9 years 8 months 12 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)	9 years 8 months 12 days
Aggregate intrinsic value of options outstanding	$ 0	$ 0
Aggregate intrinsic value of options exercisable	$ 0

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	$ 32,300,000	$ 3,500,000
Unrecognized tax benefits	0
US federal
Operating Loss Carryforwards [Line Items]
Net operating losses	118,800,000
US state and local
Operating Loss Carryforwards [Line Items]
Net operating losses	90,300,000
Non-US
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 1,900,000

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Software, Property and Equipment

The estimated useful lives of the Company’s software, property and equipment are reassessed on an ongoing basis and are generally as follows:


Software, property and equipment						Useful life
Software						Three years
Leasehold improvements						Lesser of useful life or remaining lease term
Computer equipment						Three years
Furniture and fixtures						Seven years

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


	December 31,
	2025		2024

Software	$	48,665	$	43,821
Leasehold improvements	12,620		12,652
Furniture and fixtures	3,695		3,303
Computers and other equipment	3,008		2,584
Total	67,988		62,360
Accumulated amortization and depreciation	(52,905)		(45,208)

Software, property and equipment, net	$	15,083	$	17,152

Schedule of Estimated Useful Lives of Finite-Lived Intangible Assets

Finite-lived intangible assets are recorded at fair value, net of accumulated amortization and are amortized on a straight-line basis over their estimated useful lives.


Intangible Assets						Useful life
Patents						Fifteen years
Developed technology						Five years
Assembled workforce						Five years
Customer relationships						Five years

Intangible assets consisted of the following as of December 31, 2025 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Amortizing intangible assets
Patents	$	178,005	$	(48,457)	$	129,548
Developed technology	50,781		(40,887)		9,894
Customer relationships	1,250		(1,000)		250
Assembled workforce	670		(557)		113
	$	230,706	$	(90,901)	$	139,805

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

Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets consisted of the following as of December 31, 2025 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Amortizing intangible assets
Patents	$	178,005	$	(48,457)	$	129,548
Developed technology	50,781		(40,887)		9,894
Customer relationships	1,250		(1,000)		250
Assembled workforce	670		(557)		113
	$	230,706	$	(90,901)	$	139,805

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 $22.3 million, $22.8 million, and $21.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. Amortization expense attributable to patents and developed technology is reflected in Technology on the consolidated statements of operations and comprehensive loss. Amortization expense attributable to customer relationships and assembled workforce is reflected in General and administrative on the consolidated statements of operations and comprehensive loss.

The expected future amortization expense for intangible assets as of December 31, 2025 is as follows (in thousands):


2026	$	22,124
2027	11,867
2028	11,867
2029	11,867
2030	11,867
Thereafter	70,213
Total expected future amortization expense	$	139,805

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	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Assets	$ 69	$ 6,354
Liabilities	(82)	(7,620)
Crypto asset options
Derivatives, Fair Value [Line Items]
Gross Notional	3,268	229,546
Assets	69	6,354
Liabilities	(69)	(6,371)
Crypto asset futures
Derivatives, Fair Value [Line Items]
Gross Notional	9,328	11,671
Assets	0	0
Liabilities	$ (13)	$ (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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Funding Debt

12 Months Ended

Dec. 31, 2025

Funding Debt

Related Party Loans and Convertible Notes

Crypto asset loans

Crypto asset loans as of December 31, 2025 (in thousands):


Loan(14)	Draw Date	Principal Outstanding as of 12.31.24		Amount Borrowed		Amount Repaid		Realized Gain (Loss)		Principal Outstanding as of 12.31.25		Unrealized Gain (Loss)		Interest Rate	Interest Expense (12)		Interest Payable(13)
5,000 BTC(1)	12/29/2022	$	290,929	$	—	$	39,204	$	(32,663)	$	237,077	$	47,312	4.0%	$	11,619	$	823
2,000 BTC(2)	3/1/2023	102,516		—		132,164		(106,357)		—		76,710		4.0%	3,220		—
35,000 ETH(3)	3/1/2023	88,234		—		116,333		(72,828)		—		44,729		4.0%	2,442		—
500 BTC	5/11/2023	46,683		—		—		—		43,571		3,112		4.0%	2,031		151
340 BTC(4)	10/31/2023	31,745		—		24,482		(16,892)		10,748		13,407		5.0%	1,546		47
5,200 ETH(5)	1/27/2025	—		16,544		19,493		(2,949)		—		—		4.3%	251		—
3,000 ETH(6)	2/7/2025	—		7,867		11,369		(3,502)		—		—		4.3%	141		—
5,280 ETH(7)	2/28/2025	—		11,696		19,271		(7,575)		—		—		4.3%	192		—
3,400 ETH(8)	3/10/2025	—		6,338		8,417		(2,079)		—		—		4.3%	51		—
86 BTC(9)	3/11/2025	—		7,130		8,871		(1,740)		—		—		4.3%	60		—
2,500 ETH(10)	3/28/2025	—		4,739		6,189		(1,450)		—		—		4.3%	27		—
10,000 ETH(11)	4/7/2025	—		15,525		24,756		(9,231)		—		—		4.0%	79		—
1,275 BTC	7/24/2025	—		150,959		—		—		111,105		39,854		4.3%	2,538		409
Total		$	560,107	$	220,798	$	410,549	$	(257,266)	$	402,501	$	225,124		$	24,197	$	1,430
__________________
(1) 395 bitcoin ("BTC") was repaid during the year ended December 31, 2025. (2) 1,098 bitcoin was repaid during the year ended December 31, 2025. (3) 26,629 ether ("ETH") was repaid during the year ended December 31, 2025. (4) 217 bitcoin was repaid during the year ended December 31, 2025 (5) 5,200 ether was repaid during the year ended December 31, 2025. (6) 3,000 ether was repaid during the year ended December 31, 2025. (7) 5,280 ether was repaid during the year ended December 31, 2025. (8) 3,400 ether was repaid during the year ended December 31, 2025. (9) 86 bitcoin was repaid during the year ended December 31, 2025. (10) 2,500 ether was repaid during the year ended December 31, 2025. (11) 10,000 ether was repaid during the year ended December 31, 2025. (12) Prior year interest accrued of $2.1 million was paid during the year ended December 31, 2025. (13) Outstanding interest balances payable to WCF are included in Related party loans on the consolidated balance sheets as of December 31, 2025. (14) 4,619 bitcoin and 0 ether was outstanding as of the year ended December 31, 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 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 previously entered into by the Company are summarized below (in thousands). The aggregate principal amount of these notes was used for general operating activities.

Convertible notes as of December 31, 2025 (in thousands):


Loan(1)	Draw Date	Maturity Date(2)(3)	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. (3) These loans were converted to equity in connection with the IPO on 9/15/2025.

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 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 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.

Term Loans as of December 31, 2025 (in thousands):


Loan(1)(2)	Draw Date	Maturity Date(3)	Aggregate Principal Amount		Fair value of Principal Outstanding as of 12.31.24		2025 Amounts Drawn(4)		Unrealized loss		Change in fair value attributable to instrument-specific credit risk		Conversion of term loans 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 December 31, 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. These loans were converted into equity in connection with the IPO on 9/15/2025.

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 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 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 December 31, 2025 (in thousands):


Loan	Loan Date	Maturity Date	Principal Outstanding		Interest Rate	Interest Expense		Interest Payable		Collateral Type	Collateral Rate (Initial Collateral Level)
Loan 13	5/29/2024	Evergreen	—		11.0%	5,519		—		BTC	145%
Loan 14	5/29/2024	Evergreen	—		11.0%	5,806		—		ETH	155%
Loan 15	11/1/2024	Evergreen	—		12.0%	1,160		—		BTC	145%
Total			$	—		$	12,485	$	—

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 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 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 December 31, 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

(398)

8.5%

3,185

549

BTC

170%

__________________

(1) Outstanding interest balances payable to a third party are included in Third party loans on the consolidated balance sheets as of December 31, 2025.

Funding Debt

Funding Debt as of December 31, 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

154,120

7.0%

1,477

254

__________________

(2) On December 26, 2025 the interest rate was increased from 6.5% to 7.0%.

(3) Outstanding interest balances payable for the securitized debt are included in Funding debt on the consolidated balance sheets as of December 31, 2025.

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

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


	December 31,
	2025		2024

Accrued expenses:
Accrued expenses	$	51,042	$	29,711
Accrued loss contingencies	970		6,083
Accrued salaries and benefits	3,454		3,113
Total accrued expenses	55,466		38,907

Other current liabilities:
Crypto asset collateral payable	904		15,275
Derivative liabilities	82		7,620
Current lease liabilities	6,807		4,737
Commissions to NFT artists payable	6,451		1,896
Other current liabilities	1,253		1,513
Deferred tax liabilities	—		7,407
Unearned advisory fee revenue	6,031		—
Total other current liabilities	21,528		38,448
Total accrued expenses and other current liabilities	$	76,994	$	77,355

Summary of Significant Accounting Policies - Estimated Useful Lives of Finite-Lived Intangible Assets (Details)	Dec. 31, 2025
Patents
Property, Plant and Equipment [Line Items]
Useful life	15 years
Developed technology
Property, Plant and Equipment [Line Items]
Useful life	5 years
Assembled workforce
Property, Plant and Equipment [Line Items]
Useful life	5 years
Customer relationships
Property, Plant and Equipment [Line Items]
Useful life	5 years

Derivatives

12 Months Ended

Dec. 31, 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 December 31, 2025 (in thousands):


	December 31, 2025
	Gross Notional(1)		Assets		Liabilities
Crypto asset options	$	3,268	$	69	$	(69)
Crypto asset futures	9,328		—		(13)
Total			$	69	$	(82)
__________________
(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 years ended December 31, 2025 and 2024, the change in fair value of the embedded derivatives decreased by $0.7 million and increased by $0.3 million, respectively.


	Year Ended December 31,
		2025		2024
Derivative assets
Crypto asset options		768		22,094
Crypto asset futures		(1,828)		(26,673)
Total		$	(1,060)	$	(4,579)

Derivative liabilities
Crypto asset options		$	(4,930)	$	(16,804)
Crypto asset futures		1,876		23,327
Total		$	(3,054)	$	6,523

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


	December 31, 2025		December 31, 2024
Crypto assets held as collateral meeting the recognition criteria	$	904	$	15,275
Crypto assets held as collateral not meeting the recognition criteria	$	—	$	4,875
Crypto assets pledged as collateral not meeting the derecognition criteria	$	2,791	$	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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Accounts Receivable, Net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable, Net

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


	December 31,
	2025		2024

Credit card receivables(1)(2)	$	31,047	$	65,821
Retail receivables	9,682		4,402
Custodial fees receivable	2,014		1,608
Staking fees receivable	1,270		936
Other fees receivable	3,181		2,869
Allowance for transaction losses	(16,307)		(10,268)
Total accounts receivable, net of allowance	$	30,887	$	65,368
__________________
(1) Credit card receivables includes $0 and $1.8 million of in-transit receivables as of December 31, 2025 and 2024, respectively. In-transit balances represent timing differences related to unsettled customer spending and payments. (2) Includes $0.7 million and $0.3 million of accrued interest receivable, net as of December 31, 2025 and 2024, respectively.

Credit card receivables include both pledged and unpledged receivables. Credit card receivables pledged as collateral under the Company’s warehouse credit agreement are presented separately as Credit card receivables pledged, net on the consolidated balance sheets.

Allowance for transaction losses consisted of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Retail receivables		Custodial fees receivable		Staking fees receivable		Credit card receivables		Other fees receivable		Total
Ending balance at December 31, 2022	$	17,197	$	—	$	—	$	48	$	1,625	$	18,870
Provision for losses	13,204		—		—		11,437		2,972		27,613
Write-offs(1)	(14,413)		—		—		(7,234)		(4,563)		(26,210)
Ending balance at December 31, 2023	15,988		—		—		$	4,251	$	34	$	20,273
Provision for losses	4,727		84		165		12,820		2,119		19,915
Write-offs(1)	(16,935)		(84)		(165)		(10,508)		(2,228)		(29,920)
Ending balance at December 31, 2024	3,780		—		—		6,563		(75)		10,268
Provision for losses	9,715		—		525		9,823		1,278		21,341
Write-offs(1)	(4,257)		—		(525)		(9,317)		(1,203)		(15,302)
Ending balance at December 31, 2025	$	9,238	$	—	$	—	$	7,069	$	—	$	16,307
__________________
(1) Credit card receivable write-offs include $0.7 million, $0.1 million, and less than $0.1 million related to accrued interest receivable for the years ended December 31, 2025, 2024 and 2023, respectively.

For all accounts receivable, the Company evaluates collectability at each reporting date and writes off unsecured balances when they are outstanding for more than 180 days or when the balances are otherwise deemed to be uncollectible. The provision for transaction losses is recorded in Transaction losses on the consolidated statements of operations and comprehensive loss.

In assessing credit quality of the credit card receivable portfolio, the Company considers delinquency status as a key indicator. As of December 31, 2025 and 2024, 96.9% and 89.2%, respectively, of the Company's receivables were current or less than 30 days past due.

Stock-Based Compensation - Schedule of Various Equity Classified Award Activity (Details) - $ / shares		8 Months Ended	12 Months Ended
	Sep. 11, 2025	Sep. 10, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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)			11,206,000
Vested (in shares)			(2,371,000)
Forfeited (in shares)			(166,000)
Unvested ending balance			8,669,000	0
Weighted-Average Grant Date Fair Value per Share
Unvested beginning balance (in dollars per share)		$ 0	$ 0
Granted (in dollars per share)			19.87
Vested (in dollars per share)			22.98
Forfeited (in dollars per share)			22.16
Unvested ending balance (in dollars per share)			$ 18.97	$ 0
RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested beginning balance		0	0
Conversion upon IPO (in shares)			4,400,000
Granted (in shares)	4,399,544
Vested (in shares)			(960,000)
Forfeited (in shares)			(260,000)
Unvested ending balance			3,180,000	0
Weighted-Average Grant Date Fair Value per Share
Unvested beginning balance (in dollars per share)		$ 0	$ 0
Conversion upon IPO (in dollars per share)			28.00
Vested (in dollars per share)			28.00
Forfeited (in dollars per share)			28.00
Unvested ending balance (in dollars per share)			$ 28.00	$ 0
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		2,729,000
Weighted-Average Grant Date Fair Value per Share
Unvested beginning balance (in dollars per share)	$ 0.58	$ 1.82	$ 1.82
Granted (in dollars per share)		0.45		$ 0.97	$ 1.72
Vested (in dollars per share)		0.77
Forfeited (in dollars per share)		0.56
Unvested ending balance (in dollars per share)		$ 0.58		$ 1.82
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		376,000
Weighted-Average Grant Date Fair Value per Share
Unvested beginning balance (in dollars per share)	$ 0.50	$ 0.94	$ 0.94
Granted (in dollars per share)		0.45		$ 0.90	$ 1.56
Vested (in dollars per share)		0.57
Forfeited (in dollars per share)		0.45
Unvested ending balance (in dollars per share)		$ 0.50		$ 0.94

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 22.3	$ 22.8	$ 21.7

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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Foreign currency transactions

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

Reclassification

Use of estimates

Fair value measurements

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Cash and cash equivalents

Restricted cash and cash equivalents and Customer custodial funds and custodial funds due to customers

Restricted cash and cash equivalents

Customer custodial funds and custodial funds due to customers

Credit card receivables pledged, net

Retail receivables

Custodial fees receivable and staking fees receivable

Credit card receivables

Other fees receivable

Prefunded clearing advance

Cash collateral pledged

Stablecoin

Concentration of credit risk

Crypto assets held

token. The Company accounts for such assets by analogizing to applicable accounting guidance for nonreciprocal transfers of nonmonetary assets.

Receivable, crypto assets pledged

Software, property and equipment, net


Software, property and equipment						Useful life
Software						Three years
Leasehold improvements						Lesser of useful life or remaining lease term
Computer equipment						Three years
Furniture and fixtures						Seven years

Intangible assets, net


Intangible Assets						Useful life
Patents						Fifteen years
Developed technology						Five years
Assembled workforce						Five years
Customer relationships						Five years

Leases

Impairment of long-lived assets

Investments

Related party crypto asset loans

Related party term loans

Related party convertible notes

Warrants

Cash flows from revenue related to warrants are recognized as adjustments to reconcile Net loss to Net cash used in operating activities in the consolidated statements of cash flows.

Derivatives

Embedded derivatives

Derivative options

Crypto collateral related to derivative options

Derivative futures

Third party loans

Third party loans that are payable on demand or contractually due within one year are classified as current liabilities on the consolidated balance sheets.

Funding debt

Interest expense is recognized in Interest expense on funding debt in the consolidated statements of operations and comprehensive loss.

Funding debt that is payable on demand, subject to acceleration, or contractually due within one year is classified as a current liability on the consolidated balance sheets.

Transaction processing

Transaction losses

Technology expense

Sales and marketing

Other income (expense), net

Stock-based compensation

Stock plans

The Equity Plan

ESPP

Types of Awards

Stock options

RSUs

Restricted Stock Awards (“RSAs”)

Valuation of Awards

•The Company uses historical exercise information and contractual terms of options to estimate the expected term.

•The expected dividend yield assumption is based on the Company’s history and expectation of no dividend payouts.

Expense Attribution

Historical Awards

Common Units

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.

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.

Income taxes

Net loss per share

Market risk factors

The Company is subject to the market risk factors listed below.

Crypto Assets Under Custody

Liquidity Risk

Bank Counterparty Risk

Crypto Assets Risks

Equity Investment Risks

Market Risk of Warrants

Market Risk of Derivatives

Segment Reporting

Recent accounting pronouncements

Recently adopted accounting pronouncements

The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See Note 19. Income Taxes for additional information.

Accounting pronouncements pending adoption

Revenue recognition

•identification of the contract, or contracts, with the customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of the revenue when, or as, the Company satisfies the performance obligation.

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 252,215

$ 42,847

Restricted cash and cash equivalents

115,279

28,383

Customer custodial funds

527,354

575,628

Crypto assets held

439,622

470,101

Receivable, crypto assets pledged

168,300

Credit card receivables pledged, net

^[1]

30,887

65,368

188,754

Prepaid expenses and other current assets

52,140

37,134

Total current assets

1,606,251

1,387,761

Software, property and equipment, net

15,083

17,152

Intangible assets, net

139,805

162,143

Other non-current assets

40,708

26,872

Total assets

1,801,847

1,593,928

Current liabilities:

Custodial funds due to customers

527,307

574,080

Accounts payable

2,647

17,568

Other current liabilities

^[2]

55,466

38,907

Third party loans

75,151

117,612

Related party loans

403,931

562,162

Funding debt

154,374

21,528

38,448

Total current liabilities

1,240,404

1,348,777

Non-current liabilities:

Lease liabilities

20,570

20,153

Related party convertible notes

248,783

Related party loans

237,209

Total non-current liabilities

20,570

506,145

Total liabilities

1,260,974

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 December 31, 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 December 31, 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 December 31, 2025

Treasury stock at cost; 0 and 284 shares as of December 31, 2024 and December 31, 2025, respectively

(568)

Additional paid-in capital

2,583,689

662,091

Accumulated other comprehensive income

887

2,987

Accumulated deficit

(2,043,253)

(1,460,440)

Total stockholders’ equity (deficit)

540,873

(795,362)

Total liabilities, convertible units, and stockholders’ equity

1,801,847

1,593,928

Common Class A

Stockholders' equity:

Common stock

Common Class B

Stockholders' equity:

Common stock

$ 75

$ 0

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

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Plan

The Company's 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, restricted stock units (“RSUs”), and restricted stock awards (“RSAs”) to employees, directors, and consultants. As of December 31, 2025, there were 17,887,577 shares of Class A common stock subject to issued and outstanding RSUs and stock options under the Equity Plan. As of December 31, 2025, the Company had 7,215,444 shares available for future issuance under the Equity Plan.

Employee Stock Purchase Plan (“ESPP”)

The Company's 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 year ended December 31, 2025, no shares were purchased under the ESPP. As of December 31, 2025, all 7,383,241 shares remained available for future issuance under the ESPP. The Company did not recognize any stock-based compensation expense or liability related to the ESPP for the year ended December 31, 2025.

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 and vested, based on the IPO price of $28.00 per share,

and became outstanding. The Company recognized the related stock-based compensation expense in full upon completion of the IPO.

In addition to the bonus RSUs, upon the completion of the IPO, 4,730,917 shares of Class A common stock were issuable upon the vesting and settlement of RSUs, granted under the Equity Plan to certain executive officers, other employees and members of the board of directors. In November 2025, the Company also granted RSUs to certain employees as part of its ongoing compensation programs, which vest over the applicable service periods in accordance with the terms of the awards.

The following table summarizes RSU activity for the year ended December 31, 2025 (in thousands):


	Number of RSUs	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2024	—	$	—
Granted	11,206	19.87
Vested	(2,371)	22.98
Forfeited	(166)	22.16
Unvested at December 31, 2025	8,669	$	18.97

As of December 31, 2025, total unrecognized compensation expense related to RSUs amounted to $152.2 million. The unrecognized expense for the RSUs is expected to be recognized over a weighted-average period of 2.6 years, subject to continued vesting.

The aggregate fair value for the RSUs which vested during the year ended December 31, 2025 was $54.5 million.

RSAs

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

The following table summarizes RSA activity for the year ended December 31, 2025 (in thousands):


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

Vested	(960)	28.00
Forfeited	(260)	28.00
Unvested at December 31, 2025	3,180	$	28.00

As of December 31, 2025, total unrecognized compensation expense related to RSAs amounted to $6.3 million. The unrecognized expense for the RSAs is expected to be recognized over a weighted-average period of 1.5 years, subject to continued vesting.

The aggregate fair value for the RSAs which vested during the year ended December 31, 2025 was $26.9 million.

Time-Based Stock Options

As of December 31, 2025, 482,142 shares of Class A common stock were 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 year ended December 31, 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 December 31, 2025	482	$	28.00	9.7	$	—
Exercisable at December 31, 2025	—	—		—	$	—

As of December 31, 2025, total unrecognized compensation expense related to stock options amounted to $8.1 million. The unrecognized expense for the stock options is expected to be recognized over a weighted-average period of 3.7 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 the Black-Scholes-Merton option pricing model to estimate the fair value of the time-based stock options with the following assumptions as of December 31, 2025:


	December 31,
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, as there is limited trading history for the Company's common stock. 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 December 31, 2025, 6,365,462 shares of Class A common stock were issuable upon the exercise of stock options granted under the Equity Plan to the Company's founders.

The following table summarizes stock options activity for the year ended December 31, 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 December 31, 2025	6,365	$	28.00	9.7	$	—
Exercisable at December 31, 2025	—			—	$	—

As of December 31, 2025, total unrecognized compensation expense related to market-based stock options amounted to $114.7 million. The unrecognized expense for the stock options is expected to be recognized over a weighted-average period of 3.7 years, subject to continued vesting.

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 a Monte Carlo Simulation Model (a binomial lattice-based valuation model) to estimate the fair value of the market-based stock options with the following assumptions as of December 31, 2025:


	December 31,
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.

Volatility - The expected volatility is based on the volatility of peer companies, as there is limited trading history for the Company’s common stock. Management believes this is the best estimate of the expected volatility over the expected life of the market-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.

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 year ended December 31, 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

During the years ended December 31, 2024 and 2023, the weighted average grant date fair value per Service-Based Incentive Unit granted was $0.97 and $1.72, respectively.

The aggregate fair value for the Service-Based Incentive Units which vested during the years ended December 31, 2024 and 2023 was $5.4 million and $16.7 million, respectively.

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 further above. As of December 31, 2025 and 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 December 31, 2025 and 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 year ended December 31, 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 year ended December 31, 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

During the years ended December 31, 2024 and 2023, the weighted average grant date fair value per Phantom Units granted was $0.90 and $1.56, respectively.

The aggregate fair value for the Phantom Units which vested during both the years ended December 31, 2024 and 2023 was less than $0.1 million.

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 December 31, 2025 and 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 December 31, 2025 and 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 year ended December 31, 2025. All Service-Based Common Units were fully vested as of December 31, 2024.

The aggregate fair value for the Service-Based Incentive Units that vested during the years ended December 31, 2024 and 2023 was $8.6 million and $7.0 million, respectively.

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 December 31, 2025 and 2024, respectively. Prior to the IPO, the Original Phantom Units were classified as a liability in Accrued expenses on the consolidated balance sheets due to the cash settlement requirements. As the service conditions were considered probable, the Company recognized a liability of $1.2 million and $1.3 million as of December 31, 2025 and December 31, 2024, respectively.

The Company recognized stock-based compensation expense of $85.0 million, $5.6 million, and $15.8 million for the years ended December 31, 2025 and 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recognized an income tax benefit (provision) of $0 related to stock-based compensation expense. Stock-based compensation expense is classified within Salaries and compensation in the consolidated statements of operations and comprehensive loss.

Funding Debt - Funding Debt (Details) - Line of Credit - Warehouse Credit Agreement - Related party term loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 26, 2025	Dec. 25, 2025	Jul. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal Outstanding	$ 154,120
Interest Rate	7.00%	7.00%	6.50%	6.50%
Interest Expense	$ 1,477
Interest Payable	254
Credit card receivables	$ 188,800				$ 0

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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-Name Accounting Standards Codification
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-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

General and administrative expense

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[1]

$ 77,477

$ 51,301

$ 155,488

Technology expense

^[2]

77,127

63,663

55,036

^[3]

55,466

38,907

General and administrative expense

^[4]

30,887

65,368

1,000

100

Technology expense

800

700

1,700

100

Revenue

2,500

2,200

1,000

General and administrative expense

100

200

$ 0

$ 100

[1]	(3) General and administrative expenses includes related party amounts of $1.0 million, $0 and less than $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, as outlined in Note 21. Related Party Transactions.
[2]	(2) Technology expenses includes related party amounts of $0.8 million, $0.7 million and $1.7 million for the years ended December 31, 2025, 2024 and 2023, 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 December 31, 2025 and December 31, 2024, respectively, as outlined in Note 21. Related Party Transactions.
[4]	(1) Includes related party amounts of $0.1 million and $0.2 million in Accounts receivable, net as of December 31, 2025 and December 31, 2024, respectively, 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
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-Publisher FASB
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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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-SubTopic 10
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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Third Party Loans - Schedule of Repurchase Agreements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) crypto_unit	Jul. 25, 2025 USD ($)	Dec. 31, 2024 USD ($)
Repurchase Agreement Counterparty [Line Items]
Cash collateral pledged	$ 16,400		$ 0
NYDIG
Repurchase Agreement Counterparty [Line Items]
Principal Outstanding	75,000	$ 75,000
Discount	$ (398)
Interest Rate	8.50%	8.50%
Interest Expense	$ 3,185
Interest Payable	$ 549
Collateral Rate	170.00%
Cash collateral pledged	$ 16,400
Collateral amount	$ 127,500
NYDIG \| 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	13

Net Loss Per Share - Narrative (Details) $ in Millions	12 Months Ended
Net Loss Per Share - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023	Dec. 31, 2025
Common Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock conversion ratio	1		1
Convertible Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Fair value of convertible debt	$ 248.8
Price of conversion as a percentage of the lowest original issue price at option of holder upon maturity	80.00%	80.00%

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.