10-K 0001821534-26-000009 (2026-03-11) vs 10-K 0000950170-25-034884 (2025-03-06)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 18,602 |
85.2% |
| MD&A | Item 7 | 5,409 |
84.0% |
| Legal Proceedings | Item 3, via Note 12 – Commitments and Contingencies | 398 |
100.0% |
| Accounting Policies | Item 8, Note 2 – Summary of Significant Accounting Policies | 6,217 |
91.5% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 112 words changed in this paragraph; it is 32% similar to last year's version.
Digital asset exchanges may be susceptible to “front-running,” which refers to the process whereby someone uses technology or market advantage to obtain information about upcoming transactions. Front-running is a frequent activity on centralized as well as decentralized exchanges. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those who conducted these transactions. The objective of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher price. Front-running happens via manipulations of gas prices or timestamps, also known as slow matching. To the extent that front-running occurs, it may result in investor frustrations and concerns as to the price integrity of digital asset exchanges and digital assets more generally.
Source: Item 1A, 10-K 0001821534-26-000009 vs Item 1A, 10-K 0000950170-25-034884
MD&A 94 words changed in this paragraph; it is 31% similar to last year's version.
In July 2024, Exodus announced the launch of Passkeys Wallet. The Passkeys Wallet is a self-custody multi-chain wallet that allows developers to embed a digital asset wallet into their dApp or platform. Passkeys allows users to create and fund their embedded wallet directly within the application they are using, without the need for cumbersome seed phrases, browser extensions, or email verifications and is designed to provide a frictionless and secure user experience to further accelerate Web3 onboarding and dApp integration. This integration is designed to simplify the process and elevate security for users, while providing a seamless multi-chain experience that supports Bitcoin, Polygon, Solana, Ethereum, Arbitrum One, Avalanche C-Chain, Base, BNB Chain, Mantle, and Optimism.
Source: Item 7, 10-K 0001821534-26-000009 vs Item 7, 10-K 0000950170-25-034884
Accounting Policies 93 words changed in this paragraph; it is 32% similar to last year's version.
The Company applies the provisions of ASC Topic 740, Income Taxes, (“Topic 740”). Under Topic 740, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and tax bases of assets and liabilities and are measured using the enacted tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. The Company records valuation allowances to reduce its deferred tax assets to the amount that is more likely than not be realized.
Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001821534-26-000009 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000950170-25-034884
Legal Proceedings New paragraph this year (22 words), with no similar paragraph last year.
uncertainties and there can be no assurance as to the outcome of the individual litigated matters. It is possible that certain of
Source: Item 3, via Note 12 – Commitments and Contingencies, 10-K 0001821534-26-000009 vs Item 3, via Note 11 – Commitments and Contingencies, 10-K 0000950170-25-034884
Every change, by type
Sentences and paragraphs of EXOD's Risk Factors and MD&A, 10-K 2026-03-11 against 10-K 2025-03-06.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Investing in or maintaining your investment in our common stock involves risk. You should carefully consider each of the
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AddedRisk Factors
risks and uncertainties set forth below as well as the other information contained in this report before deciding to invest in
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AddedRisk Factors
our securities. The following summarizes management’s beliefs and opinions as to the material factors that could make an
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AddedRisk Factors
investment in our common stock risky or speculative. We have grouped our Risk Factors under captions that we believe
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AddedRisk Factors
describe various categories of potential risk. For the reader’s convenience, we have not duplicated risk factors that could be
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AddedRisk Factors
included in more than one category. These risk factors do not describe all of the risks that we face, as we could also be
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AddedRisk Factors
impacted by factors that we currently consider to be immaterial, that are not presently known to us, or that are generally
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AddedRisk Factors
applicable to most companies. Any of the following risks and uncertainties could materially and adversely affect our
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AddedRisk Factors
business, financial condition, results of operations, liquidity and/or cash flows and the impact could lead to a decline in the
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AddedRisk Factors
trading price of our common stock or be compounded if multiple risks were to occur. Some of the factors, events and
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AddedRisk Factors
contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to
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AddedRisk Factors
whether or not the factors, events or contingencies have occurred in the past, and instead reflect our beliefs and opinions as
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RemovedRisk Factors
Investing in or maintaining your investment in our common stock involves risk. You should carefully consider each of the risks and uncertainties set forth below as well as the other information contained in this report before deciding to invest in our securities. We have grouped our Risk Factors under captions that we believe describe various categories of potential risk. For the reader’s convenience, we have not duplicated risk factors that could be included in more than one category. Any of the following risks and uncertainties could materially and adversely affect our business, financial condition, results of operations, liquidity and/or cash flows and the impact could be compounded if multiple risks were to occur. Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past, and instead reflect our beliefs and opinions as to the factors, events, or contingencies that could materially and adversely affect us in the future.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
•The platforms on which users trade digital assets are relatively new and, in some cases, largely unregulated or subject to regulation in a relevant jurisdiction but may not be in compliance, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of our business.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
•We have previously identified a material weakness in our internal control over financial reporting, which we have not fully remediated, and we may not be able to accurately or timely report our financial condition or results of operations.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
•Our tax information reporting obligations with respect to digital asset transactions are subject to change.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
•We are a remote company, meaning that our team members work remotely which poses a number of risks and challenges that can affect our business, operating results, and financial condition. We are increasingly dependent on technology in our operations and if our technology fails, our business could be adversely affected.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
The success of our business depends on our ability to attract and retain Exodus Platform users. To do so, we must demonstrate to potential and existing users that our platform offers significant advantages over those of our competitors. Market acceptance of the Exodus Platform is affected by a number of factors, many of which are beyond our control, including the timing of the release into the market of new products, features and functionality introduced by our competitors, the performance of third-party services offered through the Exodus Platform, user perceptions of the Exodus Platform’s security and reliability, acceptance and interest in digital assets and the growth or contraction of the market in which we compete.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
As the market for digital assets and related services continues to mature, we expect that an increased focus on user satisfaction will profoundly impact demand for the Exodus Platform. We believe that our users are increasingly looking for flexible and secure digital asset wallets that seamlessly integrate a range of applications and support a wide variety of digital assets, while streamlining the user experience and minimizing complexity. If we are unable to meet this demand, or if the Exodus Platform otherwise fails to achieve widespread market acceptance, our business, results of operations, financial condition and growth prospects may be adversely affected.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
We believe that maintaining our reputation as a leading provider of a self-custodial digital asset wallet with superior user support is critical to our relationship with our existing users and our ability to attract new users. The successful promotion of our brand will depend on several factors, including our ability to maintain a record of security, performance and reliability; our ability to continue to develop and integrate high-quality products and features for our platform through API agreements; and our ability to successfully differentiate our platform from competitive products and services. Independent industry and financial analysts often provide reviews of our platform, as well as those of our competitors. Perception of our offerings in the marketplace may be significantly influenced by these expert reviews. If reviews of our platform are negative or less positive than those of our competitors our brand may be adversely affected. The performance and reputation of our third-party API Providers may also affect our brand and reputation, particularly if users do not have a positive experience with our API Providers.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
Further promotion of our brand may require us to make increased expenditures and we anticipate that the expenditures will increase as our market becomes more competitive. Expenditures intended to maintain and enhance our brand may not be cost-effective or effective at all. If we do not successfully maintain and enhance our brand, we may experience reduced pricing power relative to our competitors, a decrease in existing users, failure to attract new users or an inability to expand offerings of new products to our existing users, all of which could materially and adversely affect our business, results of operations and financial condition.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
The success of third-party services on the Exodus Platform is affected by a number of factors, many of which are beyond our control, such as our ability to successfully integrate services into the Exodus Platform using third-party APIs, technological changes and developments, user preferences and technical support provided by the third party. Interruptions or delays in our cloud or internal infrastructure or third-party services and cybersecurity incidents such as attacks on our information systems by malicious actors could also affect our third-party services.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
There can be no assurance that these third-party services will continue to perform in a manner our users find adequate. In addition, if any of the agreements with our API Providers are terminated or suspended, whether due to a failure or breach of performance or otherwise, we could be forced to incur additional expenses in seeking replacements, may not be able to obtain replacements in a timely fashion, if at all, and such interruptions or discontinuations of service could interfere with our existing user relationships and make us less attractive to potential new users. Multiple terminations or suspensions in a short period of time could impair the functionality of the Exchange Aggregator, resulting in user dissatisfaction and revenue loss. Additionally, certain of our third-party API Providers deliver features and functionalities that, if no longer available to us, cannot be replaced easily or in a timely fashion, if at all. Users may attribute such interruptions or delays to the operations of our platform, leading to doubts about the efficiency or reliability of the Exodus Platform which could have an adverse effect on our reputation and financial condition.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedRisk Factors
Employee or service provider misconduct or error could subject us to legal liability, financial losses, and regulatory sanctions and could seriously harm our reputation and negatively affect our business. Such misconduct could include engaging in improper or unauthorized transactions or activities, insider trading and misappropriation of information, failing to supervise other employees or service providers, improperly using confidential information, as well as improper trading activity such as spoofing, layering, wash trading, manipulation and front-running. Additionally, our API Providers may misappropriate customer funds or digital assets. API Provider errors, include mistakes in executing, recording, or processing transactions for users. Although we have implemented processes and procedures and provide training to our employees to reduce the likelihood of misconduct and error and require our API Providers to make representations to us to their processes and procedures regarding the same, these efforts may not be successful. It is not always possible to deter misconduct, and the precautions we and our API Providers take to prevent and detect this activity may not be effective in all cases.
Read it in 10-K 2025-03-06 at sec.gov ↗
RewordedRisk Factors
Negative perception, a lack of stability in the digital asset trading markets and the closure or temporary shutdown of digital asset trading platforms due to fraud, business failure, hackers or malware, or government regulation may reduce confidence in the digital asset trading platforms and result in greater volatility in the prices of digital assets. these
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
In the scenario that an API Provider would experience insolvency or bankruptcy during the period of time in which a user’s assets are exposed to the API Provider’s platform, it is possible that such digital assets may be considered the property of a bankruptcy estate and subject to bankruptcy proceedings.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
Our information systems, and those of the third parties on which we rely, are subject to growing risks associated with cybersecurity threats which may include attacks from malicious third parties, viruses, ransomware and other malicious software, computer hacking, human error or malfeasance, and social engineering (including phishing attacks).
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
Holders of Class A common stock and Class B common stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law or our amended and restated certificate of incorporation.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
Provisions Certain provisions of our Certificate amended and restated certificate of Incorporation incorporation and our Bylaws amended and restated bylaws could discourage potential acquisition proposals and could deter or prevent a change in control.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
Regardless of the revenue structure for our Exchange Aggregator, we could be deemed a broker-dealer because certain digital assets on the Exodus Platform may currently be deemed to be securities, and we would likely experience difficulty in complying with the broker-dealer financial responsibility rules.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
We For example, we do not conduct diligence with respect to the exchanges, exchanges and market makers and other third parties with which our API Providers may contract with to conduct the services they provide to our users.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
We also expect that there will continue to be new proposed laws, regulations and standards relating to privacy and data protection in various jurisdictions, and we cannot determine the impact such laws, regulations and standards may have on our business.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
The market prices and trading volume Shares of our shares of Class A common stock may experience rapid and substantial price and trading volume volatility which could cause purchasers of our Class A common stock unrelated to incur substantial losses.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
In these scenarios, users may blame or become dissatisfied with the Exodus Platform as a result of these negative experiences, which could adversely affect our ability to access or sell our digital services and subject us to regulatory scrutiny, reputational harm and significant financial losses.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
We However, we do not independently conduct diligence with respect to the exchanges, market makers and other third parties with which our API Providers may contract with to conduct the services they provide to our users.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedRisk Factors
Because some digital assets may currently be considered securities by regulators, it is possible that our activities with respect to digital assets, including digital asset staking, would cause us to be viewed as a “broker” or “dealer” under federal or state law.
Read it in 10-K 2026-03-11 at sec.gov ↗
Quiet changesRisk Factors
Our international operations expose us to additional risks and failure to manage those risks could materially and adversely impact our business.
Read it in 10-K 2026-03-11 at sec.gov ↗
Quiet changesRisk Factors
We do not believe we have an obligation to register the platform as an exchange or alternative trading system, though a regulator may disagree.
Read it in 10-K 2026-03-11 at sec.gov ↗
Quiet changesRisk Factors
Failure to comply with anti-bribery and anti-corruption laws and similar laws, laws could subject us to penalties and other adverse consequences.
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Quiet changesRisk Factors
Privacy concerns and laws or other domestic or foreign regulations may reduce the effectiveness of our platform and adversely affect our business.
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AddedMD&A
with the consolidated financial statements and related notes included in this report. The following discussion contains
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AddedMD&A
forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Actual
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AddedMD&A
results may differ materially from those anticipated in these forward-looking statements as a result of various factors,
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AddedMD&A
including those set forth under “Risk Factors,” “Cautionary Note Regarding Forward Looking Statements,” and in other
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AddedMD&A
majority of our revenue being derived from services provided by API Providers to persons located outside the United
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AddedMD&A
of digital assets, the volume of transactions and the quality of our third-party relationships.
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AddedMD&A
•Bitcoin: Bitcoin is a digital asset that can be transferred among participants on the Bitcoin network on a peer-to-peer
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AddedMD&A
basis. Bitcoin is primarily used to pay for goods and services and is generally considered a substitute for gold, cash or
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AddedMD&A
forms of electronic payment. Unlike other means of electronic payments, it can be transferred without the use of a
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AddedMD&A
central party, making its management “decentralized.” A material characteristic of the digital asset is also its scarcity,
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AddedMD&A
as only 21 million Bitcoin will ever exist. Bitcoin is the most widely accepted cryptocurrency by merchants, although
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AddedMD&A
•Tether: Tether is a cryptocurrency and stablecoin intended to offer price stability in the cryptocurrency market and to
Read it in 10-K 2026-03-11 at sec.gov ↗
RemovedMD&A
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included in this Annual Report on Form 10-K. The following discussion contains forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors,” “Forward Looking Statements,” and in other parts of this Annual Report on Form 10-K.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
Bitcoin: Bitcoin is a digital asset that can be transferred among participants on the Bitcoin network on a peer-to-peer basis. Bitcoin is primarily used to pay for goods and services and is generally considered a substitute for gold, cash or forms of electronic payment. Unlike other means of electronic payments, it can be transferred without the use of a central party, making its management “decentralized.” A material characteristic of the digital asset is also its scarcity, as only 21 million Bitcoin will ever exist. Bitcoin is the most widely accepted cryptocurrency by merchants, although
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
Tether: Tether is a cryptocurrency and stablecoin intended to offer price stability in the cryptocurrency market and to hold stable value against certain fiat currencies, including the U.S. dollar, EURO and Mexican peso. Tether tokens are widely adopted across major exchanges and wallets, and the U.S. Dollar pegged coin is named USDT. Generally, stablecoins are backed by the value of a different asset to keep the price stable, including fiat currency, cryptocurrency or commodities like gold. Different stablecoins have adopted different methods of stabilization, but Tether is backed by cash equivalents and short-term deposits. Unlike Bitcoin and Ether, Tether is a centralized cryptocurrency managed and issued by Tether. While Tether is meant to maintain a stable value, it is not risk-free and is not immune to fluctuations in price. A range of factors may cause Tether to “depeg” from the pegged asset, including supply and demand, market volatility, market confidence and adoption, counterparty risk, liquidity risk and technology risk. As a result, it is possible for Tether to fluctuate significantly in value over time, particularly when the value of the U.S. dollar changes due to inflation.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
Ether: Ethereum is an open-source decentralized blockchain network that supports the creation of apps, custom tokens, and general programs using smart contracts. The primary cryptocurrency of the Ethereum blockchain is Ether (ETH), which is used to power the network. The Ethereum blockchain is home to thousands of fungible and non-fungible tokens, as well as many other decentralized apps focused on building out web3 - a decentralized internet.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
USDC: USDC is a cryptocurrency and stablecoin backed by fully reserved assets. It is intended to hold stable value against the U.S. dollar and is commonly used as a method of payment in the digital asset markets, including for Bitcoin. Unlike Bitcoin, USDC is a centralized cryptocurrency issued by the Centre Consortium (a group co-founded by Coinbase Global Inc. and Circle Internet Financial Limited). Similar to other stablecoins, USDC is subject to risk and price fluctuations.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
We contract with third parties to provide them with a connection to our Exchange Aggregator and, in turn, receive both transaction-based and subscription-based fees in accordance with our agreement with the applicable API Provider. For purposes of our API agreements, the API Provider does not make a distinction between the source of the user, meaning we earn transaction-based or subscription-based revenue, as applicable, from our API Providers in connection with both Exodus users and users sourced through XO Swap. For example, in September 2024, we announced our second XO Swap partnership with Ledger to introduce XO Swap to Ledger Live™. This partnership allows Ledger users to access our Exchange Aggregator directly from their Ledger self-custody wallets. As a result of this integration, Ledger users have access to all services offered and performed by our API Providers for over 21,000 digital assets, with any swapped digital assets delivered directly to the user’s Ledger wallet. Like transactions involving Exodus users, XO Swap transactions occur as on-chain transactions that are transparent and secure.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
In July 2024, Exodus announced the launch of Passkeys Wallet. The Passkeys Wallet is a self-custody multi-chain wallet that allows developers to embed a digital asset wallet into their dApp or platform. Passkeys allows users to create and fund their embedded wallet directly within the application they are using, without the need for cumbersome seed phrases, browser extensions, or email verifications and is designed to provide a frictionless and secure user experience to further accelerate Web3 onboarding and dApp integration. This integration is designed to simplify the process and elevate security for users, while providing a seamless multi-chain experience that supports Bitcoin, Polygon, Solana, Ethereum, Arbitrum One, Avalanche C-Chain, Base, BNB Chain, Mantle, and Optimism.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
When a user creates a Passkeys Wallet, a private key for the wallet is generated and encrypted with an encryption key. This encryption key is required to decrypt the private key and access the wallet. The encryption key is stored by the service used by the user in what is referred to as a “passkey.” Exodus does not store or have access to the passkey. For example, if a user has an Apple device, Apple storage infrastructure will store the user’s passkey whereas a user with a Google device will have its passkey stored using Google’s storage infrastructure. The passkey is secured with the same authentication method (Face ID, Touch ID, PIN, or password) that the user uses to unlock their device. Whenever a user wants to access their Passkeys Wallet, the user can access the Passkeys Wallet by using the same authentication method the user uses to unlock their device. This means users can create, connect, and access a digital asset wallet directly from a platform like a dApp without downloading and installing anything, without an account, without email or SMS verification, and without needing to remember or write down their private keys or 12-word secret recovery phrase.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
XO Swap – delivers our Exchange Aggregator technology to partner companies. Revenues generated from our business-to-business partnerships during 2024 grew from 2% of our revenue in the first quarter of 2024 to over 12% of revenue in the fourth quarter of 2024. We have built our Exchange Aggregator over the past decade and we believe these results have validated the value that it can provide partners as well. Over the next few years, we intend to develop more products to offer, leveraging
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
Passkeys Technology - We are actively building out our Passkeys Wallet technology. As of December 31, 2024, Passkeys Wallet boasts 0.2 million users. While we are still evaluating potential use cases for this technology, we believe that its frictionless onboarding capability provides Exodus with newfound integration potential in viral products and trends – even viral Web2 applications and trends. We plan to continue investing in this technology and expect future increases to our development costs as a result.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
Exodus did not acquire any companies in 2024. However, we have identified a pipeline of potential targets. While there can be no guarantees that we will be able to acquire any of the potential targets on acceptable terms or at all, we believe we are well positioned to successfully execute on our acquisition strategy by leveraging our scale, access to capital markets, and overall liquidity position. To that end, we have incurred transaction-related expenses already in early 2025 and expect that trend to continue in the near term.
Read it in 10-K 2025-03-06 at sec.gov ↗
RemovedMD&A
Investment in human capital - Costs related to investment in human capital (including recruiting costs, salary, incentive and compensation costs) increased $7.7 million for the year ended December 31, 2024, compared to the prior year. As the Exodus platform continues to expand, we anticipate the need to add more team members to accommodate the growth in our business, which is expected to materially increase both operating expenses as a result of the impact on the human capital costs described above. Human capital costs are also expected to increase due to the need to add additional team members to address compliance with the evolving regulatory environment, including as a publicly traded company.
Read it in 10-K 2025-03-06 at sec.gov ↗
RewordedMD&A
Because a majority of our revenue is derived from services provided by API Providers to persons located outside the United States pursuant to a transaction-based structure, our profitability is dependent on a number of factors including the pricing of digital assets, the volume of transactions and the quality of our third-party relationships.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
For U.S. federal tax purposes, digital asset transactions are treated accounted for tax purposes by recognizing a gain or loss when digital assets are exchanged, in the amount of the difference between the fair market value of the property received and the tax basis of the exchanged digital assets.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
The following table shows revenue earned from our API Providers in relation to our primary revenue driver, exchange aggregation, involving the digital assets shown in the table above, disaggregated by geography (based on the addresses of the Company’s API Providers).
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
The following tables show the Company’s holdings of digital assets and cash and cash equivalents (including treasury bills with a maturity date of less than three months), USDC, and treasury bills with a maturity date of greater than three months.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
Management’s Discussion The following discussion and Analysis analysis of Financial Condition our financial condition and Results results of Operations. operations should be read in conjunction
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
Management’s Discussion Our discussion and Analysis analysis of Financial Condition financial condition and Results results of Operations. operations are based upon our consolidated financial
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
These API agreements typically consist of transaction-based contracts and tiered subscription contracts where fees are generated based on transaction volume which is primarily driven by users interacting with the API providers.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
During the year ended December 31, 2024, 2025, the Company recognized net realized gains losses from exchange of digital assets of $7.7 million and net unrealized gains from remeasurement of digital assets of $88.4 million.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
During the year ended December 31, 2024, the Company recognized net realized gains from exchange of digital assets of $7.7 million and net unrealized gains from remeasurement of digital assets of $88.4 million.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
This was primarily driven by cash used for the repurchase of shares of our common stock to pay employee withholding taxes as a part of our 2019 and 2021 Plan.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
General and administrative expenses increased $21.0 $26.8 million, or 113%, 67.8%, for the year ended December 31, 2024, 2025, compared to the year ended December 31, 2023.
Read it in 10-K 2026-03-11 at sec.gov ↗
RewordedMD&A
We anticipate increased cloud infrastructure expenses as the platform continues to grow due to increased database capacity and new users.
Read it in 10-K 2026-03-11 at sec.gov ↗
