Cost of Revenue

6 Months Ended

Jun. 30, 2025

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization [Abstract]

Cost of Revenue

(7) Cost of Revenue (Excluding Depreciation and Amortization)

The following table presents cost of revenue (excluding depreciation and amortization) by category (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cryptocurrency expenses	$	123,263	$	121,759	$	240,508	$	230,223
Floorspace lease expenses		9,813		9,120		19,130		17,656
Kiosk operations expenses		6,306		5,829		10,835		10,116
Total Cost of Revenue (excluding depreciation and amortization reported separately)	$	139,382	$	136,708	$	270,473	$	257,995

The following table presents the components of cryptocurrency expenses (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of cryptocurrency (1) - BTM Kiosk	$	123,174	$	121,252	$	240,332	$	229,309
Other cryptocurrency expenses		89		507		176		914
Total cryptocurrency expenses	$	123,263	$	121,759	$	240,508	$	230,223

(1)Prior to the adoption of ASC 2023-08, Cost of Cryptocurrency ("ASU 2023-08") included impairment losses recognized on cryptocurrencies net of any gains recognized from sales of cryptocurencies on an exchange. Impairment charges of $2.0 million and $4.1 million were included in Cost of Cryptocurrency during the three and six months ended June 30, 2024, respectively. Subsequent to the adoption of ASU 2023-08 on January 1, 2025, realized and unrealized gains and losses on cryptocurrencies during the three and six months ended June 30, 2025 included in Cost of Cryptocurrency were immaterial.

The following table reconciles amounts excluded from the cost of revenue (excluding depreciation and amortization) caption in the Consolidated Statements of Income included in total depreciation and amortization expense in the Consolidated Statements of Income for the period presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Depreciation of owned BTM kiosks	$	1,131	$	1,293	$	2,277	$	2,535
Depreciation of leased BTM kiosks		354		1,328		725		2,589
Amortization of intangible assets		377		355		751		733
Total depreciation and amortization excluded from cost of revenue	$	1,862	$	2,976	$	3,753	$	5,857
Other depreciation and amortization included in operating expenses		7		16		13		82
Total depreciation and amortization	$	1,869	$	2,992	$	3,766	$	5,939