Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Revenue and reserve income | |||||||
| Reserve income | $ 634,274 | $ 423,263 | $ 1,192,185 | $ 782,902 | $ 1,661,084 | $ 1,430,606 | $ 735,885 |
| Other revenue | 23,804 | 6,767 | 44,466 | 12,222 | 15,169 | 19,860 | 36,167 |
| Total revenue and reserve income | 658,078 | 430,030 | 1,236,651 | 795,124 | 1,676,253 | 1,450,466 | 772,052 |
| Distribution, transaction and other costs | |||||||
| Distribution and transaction costs | 406,472 | 246,901 | 753,784 | 449,643 | 1,010,811 | 719,806 | 286,953 |
| Other costs | 470 | 1,476 | 805 | 5,471 | 6,553 | 7,918 | 22,401 |
| Total distribution, transaction and other costs | 406,942 | 248,377 | 754,589 | 455,114 | 1,017,364 | 727,724 | 309,354 |
| Operating expenses | |||||||
| Compensation expenses | 503,392 | 67,604 | 579,012 | 128,753 | 263,410 | 296,055 | 212,961 |
| General and administrative expenses | 43,140 | 35,729 | 73,824 | 66,246 | 137,283 | 100,128 | 82,272 |
| Depreciation and amortization expenses | 14,209 | 12,632 | 28,089 | 24,225 | 50,854 | 34,887 | 13,277 |
| IT infrastructure costs | 8,760 | 6,875 | 16,432 | 13,209 | 27,109 | 20,722 | 11,835 |
| Marketing expenses | 7,910 | 5,638 | 11,770 | 6,456 | 17,326 | 36,544 | 78,839 |
| Gain on sale of intangible assets | 0 | (21,634) | 0 | ||||
| Merger termination expenses | 0 | 0 | 44,194 | ||||
| Digital assets (gains) losses | (693) | 2,929 | 5,577 | (1,444) | (4,251) | (13,488) | 57,436 |
| Total operating expenses | 576,718 | 131,407 | 714,704 | 237,445 | 491,731 | 453,214 | 500,814 |
| Operating income (loss) from continuing operations | (325,582) | 50,246 | (232,642) | 102,565 | 167,158 | 269,528 | (38,116) |
| Other (expense) income, net | (160,421) | 1,921 | (163,524) | 22,478 | 54,416 | 49,421 | (720,393) |
| Net income (loss) from continuing operations before income taxes | (486,003) | 52,167 | (396,166) | 125,043 | 221,574 | 318,949 | (758,509) |
| Income tax (benefit) expense | (3,903) | 19,244 | 21,143 | 43,481 | 64,583 | 47,400 | 3,263 |
| Net income (loss) from continuing operations | (482,100) | 32,923 | (417,309) | 81,562 | 156,991 | 271,549 | (761,772) |
| Net loss from discontinued operations | (1,324) | (3,987) | (7,075) | ||||
| Net income (loss) | $ (482,100) | $ 32,923 | $ (417,309) | $ 81,562 | $ 155,667 | $ 267,562 | $ (768,847) |
| Earnings (loss) per share | |||||||
| Continuing operations, Basic | $ 0.33 | $ 0.95 | $ (16.33) | ||||
| Discontinued operations, Basic | 0 | 0 | (0.15) | ||||
| Earnings (loss) per share attributable to common stockholders, Basic | $ (4.48) | $ 0 | $ (5.04) | $ 0 | 0.33 | 0.95 | (16.48) |
| Continuing operations, Diluted | 0.3 | 0.78 | (16.33) | ||||
| Discontinued operations, Diluted | 0 | 0 | (0.15) | ||||
| Earnings (loss) per share attributable to common stockholders, Diluted | $ (4.48) | $ 0 | $ (5.04) | $ 0 | $ 0.3 | $ 0.78 | $ (16.48) |
| Weighted-average shares used in computing earnings (loss) per share attributable to common stockholders, Basic | 107,514 | 54,396 | 82,877 | 54,186 | 54,413 | 47,265 | 46,663 |
| Weighted-average shares used in computing earnings (loss) per share attributable to common stockholders, Diluted | 107,514 | 70,416 | 82,877 | 72,976 | 73,042 | 67,549 | 46,663 |
| X | ||||||||||
- Definition Compensation expenses. No definition available.
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- Definition Digital assets gains losses. No definition available.
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- Definition Distribution and transaction costs. No definition available.
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- Definition Distribution transaction and other costs. No definition available.
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- Definition IT infrastructure costs. No definition available.
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- Definition Reserve income. No definition available.
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- Definition Revenue and reserve income. No definition available.
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- Definition Revenue and reserve income. No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation. No definition available.
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- Definition Per diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation. No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of intangible assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition 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. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Expenditures for planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. Costs of public relations and corporate promotions are typically considered to be marketing costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Other costs incurred during the reporting period related to other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of regulated other operating revenues recognized during the period. No definition available.
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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