Prepaid expenses and other current assets (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets includes the following (in thousands):


Table 20.1 Details of Prepaid Expenses and Other Current Assets
		June 30, 2025				December 31, 2024
Reserve income receivable		$	187,897			$	138,889
Prepaid expenses			19,027				15,602
Deferred offering costs			—				4,235
Digital financial assets			532				14,328
Income tax receivable			1,567				8,507
Other			7,581				5,967

Total prepaid expenses and other current assets		$	216,604			$	187,528

Table 21. Details of Prepaid Expenses and Other Current Assets


		December 31, 2024				December 31, 2023
Reserve income receivable		$	138,889			$	101,190
Income tax receivable			8,507				25,647
Prepaid expenses			15,602				14,394
Digital financial assets			14,328				—
Deferred offering costs			4,235				782
Other			5,967				4,632

Total prepaid expenses and other current assets		$	187,528			$	146,645