Goodwill, Intangible Assets, net and Digital Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Intangible Assets, net and Digital Assets

7. Goodwill, Intangible Assets, net and Digital Assets

Goodwill

There were no changes in the carrying amount of goodwill for the three and six months ended June 30, 2025. As of June 30, 2025, there was no goodwill impairment. Refer to Note 22. Acquisitions for more information.

Intangible Assets, Net

Identifiable intangible assets, net consist of the following:

	As of June 30,							As of December 31,
	2025							2024
(in thousands)	Cost		Accumulated Amortization			Net Book Value		Cost		Accumulated Amortization			Net Book Value
Internal-use software	$	6,248	$	(6,101	)	$	147	$	6,248	$	(5,649	)	$	599
Developed technology		1,400		(328	)		1,072		1,400		(213	)		1,187
Customer related		4,000		(616	)		3,384		4,000		(398	)		3,602
Trademark and trade name		800		(126	)		674		800		(82	)		718
Total identifiable intangible assets	$	12,448	$	(7,171	)	$	5,277	$	12,448	$	(6,342	)	$	6,106

Amortization expense amounted to $0.4 million and $0.7 million for each of the three months ended June 30, 2025 and 2024, respectively. Amortization expense amounted to $0.8 million and $1.4 million for each of the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and 2024, there was no intangible asset impairment.

As of June 30, 2025, estimated annual amortization expense for each of the next five fiscal years is as follows:

Fiscal Years Ending December 31,
(in thousands)
2025 (remaining)		448
2026		703
2027		598
2028		537
2029		531
Thereafter		2,460
Total	$	5,277

Digital Assets

During the three and six months ended June 30, 2025, the Company paid approximately $45.0 million in cash in return for approximately 29.6 million FET tokens and 25.0 million Tether stablecoins. As of June 30, 2025, the Company's holdings in digital assets consisted exclusively of FET and Tether. The Company recognizes changes in the fair value of its digital assets as gains or losses in change in fair value of digital assets on the Company's condensed consolidated statements of operations during the period in which they occur. The details of the activity related to the Company’s digital assets as of June 30, 2025 and December 31, 2024, are as follows:

(in thousands)	Tether Units		Tether Fair Value		FET Units		FET Fair Value		Total Units		Total Fair Value
Digital assets at December 31, 2024		—	$	—		—	$	—		—	$	—
Additions		25,000		25,000		29,609		20,000		54,609		45,000
Change in fair value of digital assets		—		—		—		125		—		125
Digital assets at June 30, 2025		25,000	$	25,000		29,609	$	20,125		54,609	$	45,125