Exodus Movement (EXOD) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	EXOD
Entity File Number	000-56643
Entry Registrant Name	Exodus Movement, Inc.
Entity Central Index Key	0001821534
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3548560
Entity Address, Address Line One	15418 Weir St.
Entity Address, Address Line Two	#333
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68137
City Area Code	833
Local Phone Number	992-2566
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,878,884
Entity Interactive Data Current	Yes
Title of 12(b) Security	Class A Common Stock, par value $0.000001 per share.
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 21,034	$ 11,376
U.S. dollar coin ($500 restricted as of both periods March 31, 2024 and December 31, 2023)	560	517
Treasury bills	43,813	43,151
Accounts receivable	6,605	3,240
Prepaid expenses	1,331	1,440
Other current assets		5
Total current assets	73,343	59,729
OTHER ASSETS
Fixed assets, net	414	317
Digital assets	141,540	35,010
Software assets, net	8,036	8,051
Other long term asset	40
Indefinite-lived assets	1,945	1,945
Other investments	100	100
Deferred tax assets		6,567
Total other assets	152,075	51,990
TOTAL ASSETS	225,418	111,719
CURRENT LIABILITIES
Accounts payable	1,770	1,061
Other current liabilities	8,998	6,485
Total current liabilities	10,768	7,546
LONG-TERM LIABILITIES
Other long term liabilities	424	412
Deferred tax liability	15,152
Total long-term liabilities	15,576	412
Total liabilities	26,344	7,958
STOCKHOLDERS' EQUITY
ADDITIONAL PAID IN CAPITAL	124,127	122,558
ACCUMULATED OTHER COMPREHENSIVE LOSS	(774)	(1,477)
RETAINED EARNINGS (ACCUMULATED DEFICIT)	75,721	(17,320)
Total stockholders’ equity	199,074	103,761
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 225,418	$ 111,719

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restricted U.S dollar coins	$ 500	$ 500
Preferred stock, par value	$ 0.000001	$ 0.000001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Shares
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, shares authorized	32,500,000	32,500,000
Common stock, shares issued	4,793,590	4,320,005
Common stock, shares outstanding	4,793,590	4,320,005
Class B Shares
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, shares authorized	27,500,000	27,500,000
Common stock, shares issued	21,520,469	21,760,855
Common stock, shares outstanding	21,520,469	21,760,855

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING REVENUES	$ 29,060	$ 13,345
COST OF REVENUES	10,704	6,857
GROSS PROFIT	18,356	6,488
OPERATING EXPENSES
General and administrative	8,055	5,972
Gain on digital assets, net	(56,799)	(441)
Total operating (income) expenses	(48,744)	5,531
Income from operations	67,100	957
OTHER INCOME
Staking and other income	150	16
Unrealized (loss) gain on investments	(244)	104
Interest income	947	403
Total other income	853	523
Income before income taxes	67,953	1,480
INCOME TAX EXPENSE	(13,166)	(707)
NET INCOME	54,787	773
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	703	(50)
COMPREHENSIVE INCOME	$ 55,490	$ 723
Common Class A [Member]
Net income per share
Basic net income per share of common stock	$ 2.09	$ 0.03
Diluted income per share of common stock	$ 1.75	$ 0.02
Weighted average number of shares and share equivalents outstanding
Weighted average number of shares used in basic computation	4,589	3,632
Weighted average number of shares used in diluted computation	7,539	7,185
Common Class B [Member]
Net income per share
Basic net income per share of common stock	$ 2.09	$ 0.03
Diluted income per share of common stock	$ 1.75	$ 0.02
Weighted average number of shares and share equivalents outstanding
Weighted average number of shares used in basic computation	21,620	21,833
Weighted average number of shares used in diluted computation	23,776	24,022

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Class A Shares	Common Stock Class B Shares	Additional Paid In Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment
BALANCES at Dec. 31, 2022	$ 85,844				$ 116,644	$ (694)	$ (30,106)
BALANCES, Shares at Dec. 31, 2022			3,544,000	21,798,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,326				2,326
Exercised options	$ 1				1
Exercised options (in shares)	300			1,000
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes	$ (152)				(152)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes (in shares)			160,000
Foreign currency translation adjustment	(50)					(50)
Net Income (Loss)	773						773
BALANCES (unaudited) at Mar. 31, 2023	88,742				118,819	(744)	(29,333)
BALANCES (unaudited), Shares at Mar. 31, 2023			3,704,000	21,799,000
BALANCES at Dec. 31, 2023	103,761	$ 38,254			122,558	(1,477)	(17,320)	$ 38,254
BALANCES, Shares at Dec. 31, 2023			4,320,000	21,760,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,903				1,903
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes	$ (334)				(334)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes (in shares)			234,000
Conversion from Class B to Class A			240,000	(240,000)
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]							Accounting Standards Update 2023-08 [Member]
Foreign currency translation adjustment	$ 703					703
Net Income (Loss)	54,787						54,787
BALANCES (unaudited) at Mar. 31, 2024	$ 199,074				$ 124,127	$ (774)	$ 75,721	$ 38,300
BALANCES (unaudited), Shares at Mar. 31, 2024			4,794,000	21,520,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 54,787		$ 773
Adjustments to reconcile net income to Net cash provided by operating activities
Depreciation and amortization	1,243		987
Deferred tax expense	11,298
Impairment of digital assets	0		827
Gain on digital assets, net	(56,799)		(1,268)
Accrued interest income	(756)		(261)
Unrealized loss (gain) on investments	244		(104)
Stock based compensation	1,674		1,882
Other operating activities settled in digital assets and USDC	(13,923)	[1]	(3,768)
Change in operating assets and liabilities:
Prepaid expenses	129		1,141
Other current assets	5		20
Long term assets	(40)
Accounts payable	718		340
Other current liabilities	1,858		731
Other long term liabilities	12
Net cash provided by operating activities	450		1,300
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(150)		(11)
Purchase of treasury bills	(29,800)		(21,978)
Redemption of treasury bills	29,649		18,200
Purchases of digital assets	(2,031)
Disposal of digital assets held	11,884
Net cash provided by (used in) investing activities	9,552		(3,789)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares to pay employee withholding taxes	(344)		(152)
Exercise of stock options			1
Net cash used in financing activities	(344)		(151)
Change in cash and cash equivalents	9,658		(2,640)
Cash and cash equivalents
Beginning of period	11,376		20,494
End of period	21,034		17,854
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash issuance of stock	10
Non-cash capitalized software costs settled in digital assets (including stock based compensation of $229 and $444 respectively)	$ (1,155)		(1,860)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes			$ (2)
[1] See Note 5, "Intangible Assets".

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock based compensation	$ 1,903	$ 2,326
Software
Stock based compensation	$ 229	$ 444

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 54,787	$ 773

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Exodus Movement, Inc., incorporated in Delaware in July 2016, and its wholly owned subsidiaries, Proper Trust AG, a Swiss corporation, 3ZERO, LLC, a Delaware limited liability company, and Osmium, LLC, a Delaware limited liability company (collectively, “ Exodus ” or the “ Company ” or “ we ”), is a technology company that has developed the Exodus Platform, an un-hosted and self-custodial cryptocurrency software wallet for multiple types of digital assets. The Company has created a self-custodial digital asset wallet (meaning Exodus never has any access to wallet holders’ digital assets) and partnered with third parties to provide various services that utilize our wallet through our digital asset platform. Exodus earns revenue from providers of these services, which include digital asset to digital asset swaps, and the ability to earn rewards on staked crypto assets. Exodus operates in the blockchain and digital asset industry. The Exodus Platform can currently be downloaded from the exodus.io website, the iOS app store, the Google Play store, and the Chrome Web Store.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements of the Company are unaudited. These unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“ GAAP ”) on the same basis as the audited consolidated financial statements and in management’s opinion, reflect all the adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair statement of the Company’s condensed consolidated financial statements for the periods presented. The unaudited condensed consolidated results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year or any other period. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Form 10 for the year ended December 31, 2023. There were no changes to the significant accounting policies or recent accounting pronouncements that were disclosed in Note 2 Summary of Significant Accounting Policies to the audited consolidated financial statements included in the Form 10, other than the adoption of ASU 2023-08 Intangibles, Goodwill and Other - Crypto Assets (" ASU 2023-08 "), as discussed below. Correction of Previously Issued Financial Statements Subsequent to the issuance of the Company’s interim condensed consolidated financial statements as of and for the three months ended March 31, 2023, the Company identified an error in the calculation of earnings per share due to the undistributed earnings not being appropriately allocated to each class of common shares and an error in the disclosure of operating activities settled in digital assets and USDC in Note 5. The effects of the correction on the prior periods are included below. Three Months Ended Originally Adjustment As Basic net income per share - Class A $ 0.21 $ 0.18 $ 0.03 Basic net income per share - Class B $ 0.04 $ 0.01 $ 0.03 Diluted net income per share - Class A $ 0.11 $ 0.09 $ 0.02 Diluted net income per share - Class B $ 0.03 $ 0.01 $ 0.02 Three Months Ended Originally Adjustment As Digital assets expense $ 9,000 $ ( 4,034 ) $ 4,966 Conversion of digital assets and USDC to cash $ - $ 4,034 $ 4,034 Concentration of Credit Risk The Company maintains its cash and cash equivalents in checking accounts, various investment grade institutional money market accounts, bank term deposits and licensed digital asset exchanges. Deposited funds held with financial institutions may exceed the $250,000 limit insured by the Federal Deposit Insurance Corporation (“ FDIC ”). Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit. The Company has not experienced any losses on funds deposited to these accounts and, therefore, does not believe it is exposed to any significant credit risk with respect to these accounts. The Company also holds cash at digital asset trading venues and performs a regular assessment of these trading venues as part of its risk management process. Operating revenue from major API providers exceeding 10 % of the total operating revenues for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended Three Months Ended Exchange revenue Company A $ 6,700 $ 1,702 Company B 5,657 2,328 Company C 4,734 2,138 Company D 4,115 2,888 Company E (1) - 2,192 (1) Company did not have over 10 % of revenue during the three months ended March 31, 2024. Digital Assets As of March 31, 2024, the Company held $ 141.5 million of digital assets at fair value. The Company presents digital assets separately from other intangible assets, recorded as digital assets on the condensed consolidated balance sheets. The net activity from remeasurement of digital assets at fair value is reflected in the condensed consolidated statements of operations and comprehensive income within operating (income) expense. Digital assets that are received as noncash consideration in our revenue arrangements and sold for cash within seven days are presented as cash flows from operating activities, while other digital asset activity held longer than seven days is reflected as cash flows from investing activities in the consolidated statements of cash flows. The Company uses a mix of non-custodial and custodial services at multiple locations that are geographically dispersed to store its digital assets. The company has performed an analysis of the principal market. Refer to Note 5, Digital Assets, and Note 12, Fair Value Measurements, for additional information. The Company has ownership of and control over its digital assets. The cost basis is calculated on a first-in first-out basis. Fair Value Measurements Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted. Subsequent to the adoption of ASU 2023-08, the fair value of each digital asset is based on quoted (unadjusted) prices in the principal market for each digital asset. Such prices are based on Level 1 inputs in accordance with ASC 820. Recent Accounting Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. This guidance will not impact our consolidated financial statements. Improvements to Crypto Assets Disclosures On December 13, 2023, the FASB issued ASU 2023-08 w hich provides an update to existing crypto asset guidance and requires an entity to measure certain crypto assets at fair value. In addition, this guidance requires additional disclosures related to crypto assets once it is adopted. As of January 1, 2024, the Company has adopted ASU 2023-08. The Company has adopted the amendments prescribed in ASU 2023-08 . As a result of adopting the amendments, the Company’s cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period, or as of January 1, 2024, amounted to $ 38.3 million, which consisted of a $ 48.7 million of fair value adjustments offset by a $ 10.4 million tax impact related to the fair value adjustments. As of March 31, 2024, the Company held $ 141.5 million of digital assets at fair market value, which are presented separately from other intangible assets in the consolidated balance sheets. During the three months ended March 31, 2024, the Company recognized net realized gains from exchange of digital assets and net unrealized gains from remeasurement of digital assets of $ 4.0 million and $ 52.8 million, respectively. The company included realized and unrealized gains and losses in net income for the period ended March 31, 2024, which is presented separately from changes in the carrying amount of other intangible assets Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. This guidance only impacts footnote disclosures and will not impact our consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	3. Revenue Recognition The following table presents the Company’s operating revenues disaggregated by geography, based on the addresses of the Company’s API providers (in thousands, except percentages): Three Months Ended 2024 2023 Republic of the Marshall Islands $ 8,849 30.4 % $ 5,026 37.6 % British Virgin Islands - - 3,197 24.0 Seychelles 6,700 23.1 1,734 13.0 Hong Kong 6,009 20.7 2,321 17.4 Other (1) 7,502 25.8 1,067 8.0 Operating revenues $ 29,060 100.0 % $ 13,345 100.0 % (1) No other individual country accounted for more than 10% of total revenue. The following table presents the Company’s operating revenues disaggregated by products and services (in thousands, except percentages): Three Months Ended 2024 2023 Exchange aggregation $ 26,750 92.1 % $ 12,630 94.7 % Fiat onboarding 1,011 3.5 527 3.9 Staking 645 2.2 158 1.2 Other 604 2.0 5 - Wallet as a service 25 0.1 - - Consulting 25 0.1 25 0.2 Operating revenues $ 29,060 100.0 % $ 13,345 100.0 % The following table presents the Company's contract balances as of March 31, 2024 and December 31, 2023 (in thousands): Balance January 1, 2023 $ - Contract liability 1,000 Performance obligation satisfied ( 273 ) Balance December 31, 2023 727 Contract liability - Performance obligation satisfied - Balance March 31, 2024 $ 727 Cumulative revenue recognized related to the performance obligations was $ 0.3 million through March 31, 2024. The remaining future performance obligations of $ 0.7 million will be satisfied after March 31, 2024 .

Prepaid Expenses

Prepaid Expenses	3 Months Ended
	Mar. 31, 2024
Prepaid Expense, Current [Abstract]
Prepaid Expenses	4. Prepaid Expenses The Company prepays certain expenses due to the nature of the service provided or to capture certain discounts. The table below shows a breakout of these prepaid expenses for the periods presented (in thousands): March 31, 2024 December 31, 2023 Prepaid software $ 686 $ 281 Prepaid cloud services 448 413 Accounting, consulting, and legal services 182 688 Prepaid insurance 15 58 Prepaid expenses $ 1,331 $ 1,440

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	5. Intangible Assets Indefinite-Lived Asset Indefinite-lived assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Domain name $ 1,945 $ 1,945 Indefinite-lived assets, net $ 1,945 $ 1,945 The Company purchased the exodus.com domain name in the first quarter of 2021 for $ 1.9 million. The Company considers this asset to be indefinite-lived assets resulting in no recognition of amortization. Digital Assets The table below outlines the value of our digital assets based on publicly available rates as of the dates presented as well as the book value (in thousands, except units and market values): Units Cost Basis Fair Value As of March 31, 2024 Bitcoin 1,792 $ 52,203 $ 127,646 Ethereum 2,550 4,648 9,284 Other 4,662,140 6,516 4,610 Digital assets, net $ 63,367 $ 141,540 For the three months ended March 31, 2024, the Company recognized realized gains from exchange of digital assets of $ 4.3 million and realized losses of $ 0.3 million w hich is included on the condensed consolidated statements of operations and comprehensive income. The Company recognized unrealized gains from remeasurement of digital assets of $ 52.8 million and unrealized losses from remeasurement of digital assets of less than $ 0.1 million which is included on the condensed consolidated statements of operations and comprehensive income. For the three months ended March 31, 2024, there were no digital assets held with contractual sale restrictions. The following table summarizes other operating activities settled in digital assets and USDC (in thousands): Three Months Ended 2024 2023 Revenue $ ( 25,695 ) $ ( 13,345 ) Expenses 5,207 4,968 Conversion to cash 8,571 4,033 Accounts receivable ( 3,365 ) ( 302 ) Payroll liabilities 656 928 Currency translation 703 ( 50 ) Other operating activities settled in digital assets and USDC $ ( 13,923 ) $ ( 3,768 ) The following table summarizes the digital asset activities as of March 31, 2024 and December 31, 2023 (in thousands, except units): BTC ETH Other* Units Value Units Value Units Value Balance, December 31, 2023 1,787 32,262 2,538 $ 2,022 4,625,187 $ 726 Adoption of ASU 2023-08 - 43,162 - 3,764 - 1,750 Balance, January 1, 2024 1,787 75,424 2,538 5,786 4,625,187 2,476 Additions (1) 390 20,244 12 39 143,003 544 Disposals (2) ( 385 ) ( 19,545 ) - - ( 106,050 ) ( 227 ) Gains (3) - 51,832 - 3,460 - 1,825 Losses (3) - ( 309 ) - ( 1 ) - ( 8 ) Balance, March 31, 2024 1,792 $ 127,646 2,550 $ 9,284 4,662,140 $ 4,610 (1) A dditions primarily relate to revenue generated from customers and staked assets for the three months ended March 31, 2024. (2) Disposals primarily relate to payment of liabilities pertaining to vendor invoices and payroll payments. Disposals of digital assets to cash are primarily used for operational purposes. (3) T he Company recognized cumulative realized gains from exchange of digital assets of $ 4.3 million and cumulative realized losses of $ 0.3 million w hich is included on the condensed consolidated statements of operations and comprehensive income .

Fixed Assets Net

Fixed Assets Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment, Net [Abstract]
Fixed Assets, Net	6. Fixed Assets, Net Fixed assets, net, consisted of the following (in thousands): March 31, 2024 December 31, 2023 Computer equipment $ 966 $ 870 Vehicles 237 256 Furniture and fixtures 21 21 Fixed assets, gross 1,224 1,147 Less: accumulated depreciation ( 810 ) ( 830 ) Fixed assets, net $ 414 $ 317 Depreciation expense was $ 0.1 million for the three months ended March 31, 2024 and 2023 for both periods.

Software Assets, Net

Software Assets, Net	3 Months Ended
	Mar. 31, 2024
Finite Lived Intangible Assets Disclosure [Abstract]
Software Assets, Net	7. Software Assets, Net Software assets, net, consisted of the following (in thousands): March 31, 2024 December 31, 2023 Internal use software $ 15,645 $ 16,208 Less: accumulated amortization ( 7,609 ) ( 8,157 ) Software assets, net $ 8,036 $ 8,051 The following summarizes the future amortization expense (in thousands): 12 Months Ending March 31, Nine months ending December 31, 2024 $ 3,663 2025 3,013 2026 1,225 2027 135 $ 8,036 Amortization expense was $ 1.2 million and $ 0.7 million for the three months ended March 31, 2024 and 2023, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share . Each share of Class B common stock is entitled to ten votes per share and is convertible into one share of Class A common stock. In April 2024, our Class A Common Stock was listed for quotation on the OTCQX under the symbol “EXOD”. OTC Markets approval was received in April 2024. In January 2024, our Class A Common Stock was listed for quotation on the OTCQB under the symbol “EXOD”. OTC Markets approval was received in January 2024 and in January the initial qualifying deposit was made and initial trades have occurred. In December 2023, our Class A Common Stock ceased trading on tZERO Markets, LLC ( "tZERO" ), an alternative trading system that had the ability to support trades of our Class A Common Stock and transfers of our Common Stock Tokens. Our Class A Common Stock previously traded on tZERO under the symbol “EXOD”. In October 2023, our Class A Common Stock ceased trading on Securitize Markets, an alternative trading system that had the ability to support trades of our Class A Common Stock and transfers of our Common Stock Tokens. Our Class A Common Stock previously traded on Securitize Markets under the symbol “EXOD”. Stock-Based Compensation Options and Equity Grants Issued The 2019 Equity Incentive Plan adopted in September 2019 (the “ 2019 Plan ”) permitted the Company to grant non-statutory stock options, incentive stock options, and other equity awards to Exodus team members, directors, and consultants. The exercise price for options issued under the 2019 Plan is determined by the board of directors, but will be (i) in the case of an incentive stock option granted to an employee or consultant who owns stock representing more than 10% of the voting power of all classes of stock of Exodus, no less than 110% of the fair market value per share on the date of grant; or (ii) granted to any other employee or consultant, no less than 100% of the fair market value per share on the date of grant. The contractual life for all options issued under the 2019 Plan is 10 years. The 2019 Plan authorized grants to issue up to 3,000,000 options (prior to the 2021 Employee Equity Redemption Plan) that are convertible into shares of authorized but unissued Class B common stock. As of March 31, 2024, there were 2,156,330 shares of Class B common stock options outstanding. In August 2021, the Company also adopted the 2021 Equity Incentive Plan (the “ 2021 Plan ”). The 2021 Plan permits the Company to grant non-statutory stock options, incentive stock options and other equity awards, such as restricted stock awards, to Exodus team members, directors, and consultants. The exercise price for options issued under the 2021 Plan is determined by the board of directors, but will be (i) in the case of an incentive stock option granted to an employee who owns stock representing more than 10% of the voting power of all classes of stock of Exodus, no less than 110% of the fair market value per share on the date of grant; or (ii) granted to any other employee or consultant, no less than 100% of the fair market value per share on the date of grant. The contractual life for all options issued under the 2021 Plan is 10 years. The 2021 Plan initially authorized grants to issue up to 2,780,000 awards that are convertible into shares of authorized but unissued Class A common stock. Pursuant to the terms of the 2021 Plan, the Company may increase our share pool by 5 % of our total shares of capital stock each year. In 2023 and 2022, the total shares of our Class A common stock reserved for issuance increased by 1,875,000 shares for both periods for a total of 6,530,000 shares of Class A common stock reserved under the 2021 Plan. As of March 31, 2024, there were 4,104,043 restricted stock units that are authorized and outstanding with a fair value of $ 32.9 million and 446 restricted stock units were vested but not yet issued. Upon the approval of the 2021 Plan, the Company can no longer grant non-statutory stock options, incentive stock options, or other equity awards to Exodus employees, directors, or consultants under the 2019 Plan. Terms of our share-based compensation are governed by the plan in which awards were issued. The following table summarizes stock option activities for the three months ended March 31, 2024 and 2023: Weighted Average Exercise Price Options Price Outstanding as of January 1, 2023 2,190,979 $ 2.40 Exercised ( 300 ) 2.55 Forfeited ( 13,961 ) 2.50 Outstanding as of March 31, 2023 2,176,718 $ 2.40 Outstanding as of January 1, 2024 2,156,632 2.40 Forfeited ( 302 ) 2.39 Outstanding as of March 31, 2024 2,156,330 $ 2.40 Vested and exercisable as of March 31, 2024 2,141,656 $ 2.40 We recognized stock-based compensation related to options and restricted stock units of $ 1.9 million and 2.3 million for the three months ended March 31, 2024 and 2023, respectively. Stock-based compensation is recorded on the Company’s condensed consolidated statements of operations and comprehensive income as follows (in thousands): Three Months Ended 2024 2023 Cost of revenues $ 805 $ 965 General and administrative 1,098 1,361 Stock-based compensation $ 1,903 $ 2,326 As of March 31, 2024, total unrecognized stock-based compensation expense was $ 1.4 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes At the end of each interim period, the Company records income taxes by applying an estimated annualized effective tax rate to the current period income or loss before income taxes. The Company's annualized effective tax rate is based on pre-tax earnings, enacted U.S. statutory tax rates, non-deductible expenses, certain tax rate differences between U.S. and foreign jurisdictions, and specific events that are discretely recognized entirely within the interim period in which they occur. Exodus’ foreign subsidiary files an income tax return in Switzerland. During the three months ended March 31, 2024 and 2023, the Company recorded an income tax expense of $ 13.2 million and $ 0.7 million, on pre-tax income of $ 68.0 million and $ 1.5 million, resulting in effective tax rates of 19.3 % and 40.0 %, respectively. The three months ended March 31, 2024 effective tax rate was primarily impacted by the change in permanent differences including the tax benefit from the foreign derived intangible income, and discrete items including stock-based compensation and the tax effect of realized and unrealized digital asset gains and losses during the period. For the three months ending March 31, 2024, realized gains or losses related to digital assets are recorded to the Company’s current taxes payable and unrealized gains and losses related to digital assets are recorded to the deferred tax liability. The three months ended March 31, 2023 effective tax rate was primarily impacted by the change in permanent differences and discrete items, including the tax effect of digital asset gains and losses, specifically recognized in the period. Changes in tax laws We operate in various jurisdictions and are subject to changes in applicable tax laws, treaties or regulations in those jurisdictions. A material change in the tax laws, treaties or regulations, or their interpretation, of any jurisdiction with which we do business, or in which we have significant operations, could adversely affect us. For example, the new Pillar 2 approach, which came into effect in 2023 in certain jurisdictions, will establish a global minimum tax rate of 15%, such that multinational enterprises with an effective tax rate in a jurisdiction below this minimum rate will need to pay additional tax. While many aspects of the application of Pillar 2 remain to be clarified, including how the jurisdictions in which we operate, and those in which we and our subsidiaries are based, choose to implement the Organization for Economic Cooperation and Development’s approach in their tax treaties and domestic tax laws, we do not expect the impact of Pillar 2 to be material in 2024.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Proceedings The Co mpany is subject to a number of claims and proceedings that generally arise in the ordinary course of business, the outcome of which cannot be predicted with certainty. The Company does not believe that the liabilities from such ordinary course claims and proceedings will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. If the Company believes the losses are probable and can be reasonably estimated, reserves will be established. For matters where a reserve has not been established, the ultimate outcome or resolution cannot be predicted at this time or the amount of ultimate loss, if any, cannot be reasonably estimated. Litigation is subject to many uncertainties and there can be no assurance as to the outcome of the individual litigated matters. It is possible that certain of the actions, claims, inquiries or proceedings could be decided unfavorably to the Company or any of its subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to the Company’s consolidated financial condition, results of operations or cash flows in any particular reporting period.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. Fair Value Measurements The Company’s financial assets are summarized below as of March 31, 2024 and December 31, 2023, with fair values shown according to the fair value hierarchy (in thousands): Carrying Quoted Significant Significant March 31, 2024 BTC $ 127,646 $ 127,646 $ - $ - Treasury bills 46,014 46,014 - - Money market mutual funds 8,582 8,582 - - ETH 9,284 9,284 - - Other digital assets 4,610 4,610 - - Security token group investment 100 (A) - - $ 196,236 December 31, 2023 Money market mutual funds $ 8,477 $ 8,477 $ - $ - Treasury bills 45,463 45,463 - - Security token group investment 100 (A) - - $ 54,040 (A) This investment is recorded at cost. The Company invests in held to maturity treasury bills. Discount rates ranged from 0.8 % to 2.6 % and 0.4 % to 2.6 % as of March 31, 2024 and December 31, 2023, respectively. The Company held treasury bills with a maturity of greater than three months in other current assets in the amount of $ 43.8 million and $ 43.2 million as of March 31, 2024 and December 31, 2023, respectively. The Company held treasury bills with a maturity of less than three months in cash and cash equivalents in the amount of $ 2.2 million and $ 2.3 million as of March 31, 2024 and December 31, 2023, respectively. Assets and Liabilities Not Measured and Recorded at Fair Value The Company’s financial instruments, including USDC, are carried at cost, which approximates their fair value. If these financial instruments were recorded at fair value, they would be based on Level 1 inputs.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	12. Earnings Per Share The following table sets forth the computation of basic and diluted net income per share of common stock (in thousands, except per share amounts): Three Months Ended 2024 2023 Basic net income per share: Numerator Net income, basic and diluted $ 54,787 $ 773 Denominator Weighted-average number of shares used in per share 4,589 3,632 Weighted-average number of shares used in per share 21,620 21,833 Basic net income per share - Class A $ 2.09 $ 0.03 Basic net income per share - Class B $ 2.09 $ 0.03 Diluted net income per share: Denominator Weighted-average number of shares used in diluted 7,539 7,185 Weighted-average number of shares used in diluted 23,776 24,022 Diluted net income per share - Class A $ 1.75 $ 0.02 Diluted net income per share - Class B $ 1.75 $ 0.02

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions For the three months ended March 31, 2024 and 2023, related party transactions included: Exodus signed an Application Development and Technology Agreement (the “Technology Agreement”) with tZERO Technologies, LLC (“tZERO”) in May of 2021. tZERO is a software technology company that provides its technology to tZERO Markets, LLC to enable it to provide licensed, efficient and automated securities brokerage services to its retail customers (the “tZERO Technology”). Pursuant to the Technology Agreement, Exodus integrated certain APIs of tZERO to create a tZERO application within the Exodus Platform that allows investors to open a securities brokerage account and submit orders to purchase and sell securities via the tZERO Technology. • Less than $ 0.1 million of unrealized loss on investments was recorded on the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2023. This amount reflects the market adjustment of the shares held during the three months ended March 31, 2023. • The Company’s relationship with tZERO ended on December 11, 2023 .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On April 25, 2024, the Company approved the Amended and Restated Certificate of Incorporation of the Company to increase the amount of authorized shares of Class A Common Stock, par value $ 0.000001 per share, 300,000,000 shares.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Correction of Previously Issued Financial Statements	Correction of Previously Issued Financial Statements Subsequent to the issuance of the Company’s interim condensed consolidated financial statements as of and for the three months ended March 31, 2023, the Company identified an error in the calculation of earnings per share due to the undistributed earnings not being appropriately allocated to each class of common shares and an error in the disclosure of operating activities settled in digital assets and USDC in Note 5. The effects of the correction on the prior periods are included below. Three Months Ended Originally Adjustment As Basic net income per share - Class A $ 0.21 $ 0.18 $ 0.03 Basic net income per share - Class B $ 0.04 $ 0.01 $ 0.03 Diluted net income per share - Class A $ 0.11 $ 0.09 $ 0.02 Diluted net income per share - Class B $ 0.03 $ 0.01 $ 0.02 Three Months Ended Originally Adjustment As Digital assets expense $ 9,000 $ ( 4,034 ) $ 4,966 Conversion of digital assets and USDC to cash $ - $ 4,034 $ 4,034
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains its cash and cash equivalents in checking accounts, various investment grade institutional money market accounts, bank term deposits and licensed digital asset exchanges. Deposited funds held with financial institutions may exceed the $250,000 limit insured by the Federal Deposit Insurance Corporation (“ FDIC ”). Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit. The Company has not experienced any losses on funds deposited to these accounts and, therefore, does not believe it is exposed to any significant credit risk with respect to these accounts. The Company also holds cash at digital asset trading venues and performs a regular assessment of these trading venues as part of its risk management process. Operating revenue from major API providers exceeding 10 % of the total operating revenues for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended Three Months Ended Exchange revenue Company A $ 6,700 $ 1,702 Company B 5,657 2,328 Company C 4,734 2,138 Company D 4,115 2,888 Company E (1) - 2,192 (1) Company did not have over 10 % of revenue during the three months ended March 31, 2024.
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted. Subsequent to the adoption of ASU 2023-08, the fair value of each digital asset is based on quoted (unadjusted) prices in the principal market for each digital asset. Such prices are based on Level 1 inputs in accordance with ASC 820.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. This guidance will not impact our consolidated financial statements. Improvements to Crypto Assets Disclosures On December 13, 2023, the FASB issued ASU 2023-08 w hich provides an update to existing crypto asset guidance and requires an entity to measure certain crypto assets at fair value. In addition, this guidance requires additional disclosures related to crypto assets once it is adopted. As of January 1, 2024, the Company has adopted ASU 2023-08. The Company has adopted the amendments prescribed in ASU 2023-08 . As a result of adopting the amendments, the Company’s cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period, or as of January 1, 2024, amounted to $ 38.3 million, which consisted of a $ 48.7 million of fair value adjustments offset by a $ 10.4 million tax impact related to the fair value adjustments. As of March 31, 2024, the Company held $ 141.5 million of digital assets at fair market value, which are presented separately from other intangible assets in the consolidated balance sheets. During the three months ended March 31, 2024, the Company recognized net realized gains from exchange of digital assets and net unrealized gains from remeasurement of digital assets of $ 4.0 million and $ 52.8 million, respectively. The company included realized and unrealized gains and losses in net income for the period ended March 31, 2024, which is presented separately from changes in the carrying amount of other intangible assets Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. This guidance only impacts footnote disclosures and will not impact our consolidated financial statements.
Digital Assets
Accounting Policies [Abstract]
Digital Assets	Digital Assets As of March 31, 2024, the Company held $ 141.5 million of digital assets at fair value. The Company presents digital assets separately from other intangible assets, recorded as digital assets on the condensed consolidated balance sheets. The net activity from remeasurement of digital assets at fair value is reflected in the condensed consolidated statements of operations and comprehensive income within operating (income) expense. Digital assets that are received as noncash consideration in our revenue arrangements and sold for cash within seven days are presented as cash flows from operating activities, while other digital asset activity held longer than seven days is reflected as cash flows from investing activities in the consolidated statements of cash flows. The Company uses a mix of non-custodial and custodial services at multiple locations that are geographically dispersed to store its digital assets. The company has performed an analysis of the principal market. Refer to Note 5, Digital Assets, and Note 12, Fair Value Measurements, for additional information. The Company has ownership of and control over its digital assets. The cost basis is calculated on a first-in first-out basis.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The effects of the correction on the prior periods are included below. Three Months Ended Originally Adjustment As Basic net income per share - Class A $ 0.21 $ 0.18 $ 0.03 Basic net income per share - Class B $ 0.04 $ 0.01 $ 0.03 Diluted net income per share - Class A $ 0.11 $ 0.09 $ 0.02 Diluted net income per share - Class B $ 0.03 $ 0.01 $ 0.02 Three Months Ended Originally Adjustment As Digital assets expense $ 9,000 $ ( 4,034 ) $ 4,966 Conversion of digital assets and USDC to cash $ - $ 4,034 $ 4,034
Schedule of Operating Revenue	Operating revenue from major API providers exceeding 10 % of the total operating revenues for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended Three Months Ended Exchange revenue Company A $ 6,700 $ 1,702 Company B 5,657 2,328 Company C 4,734 2,138 Company D 4,115 2,888 Company E (1) - 2,192 (1) Company did not have over 10 % of revenue during the three months ended March 31, 2024.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Operating Revenue Disaggregated by Geography	The following table presents the Company’s operating revenues disaggregated by geography, based on the addresses of the Company’s API providers (in thousands, except percentages): Three Months Ended 2024 2023 Republic of the Marshall Islands $ 8,849 30.4 % $ 5,026 37.6 % British Virgin Islands - - 3,197 24.0 Seychelles 6,700 23.1 1,734 13.0 Hong Kong 6,009 20.7 2,321 17.4 Other (1) 7,502 25.8 1,067 8.0 Operating revenues $ 29,060 100.0 % $ 13,345 100.0 % (1) No other individual country accounted for more than 10% of total revenue.
Schedule of Operating Revenue Disaggregated by Products and Services	The following table presents the Company’s operating revenues disaggregated by products and services (in thousands, except percentages): Three Months Ended 2024 2023 Exchange aggregation $ 26,750 92.1 % $ 12,630 94.7 % Fiat onboarding 1,011 3.5 527 3.9 Staking 645 2.2 158 1.2 Other 604 2.0 5 - Wallet as a service 25 0.1 - - Consulting 25 0.1 25 0.2 Operating revenues $ 29,060 100.0 % $ 13,345 100.0 %
Schedule of Contract Balances	The following table presents the Company's contract balances as of March 31, 2024 and December 31, 2023 (in thousands): Balance January 1, 2023 $ - Contract liability 1,000 Performance obligation satisfied ( 273 ) Balance December 31, 2023 727 Contract liability - Performance obligation satisfied - Balance March 31, 2024 $ 727

Prepaid Expenses - (Tables)

Prepaid Expenses - (Tables)	3 Months Ended
	Mar. 31, 2024
Prepaid Expense, Current [Abstract]
Schedule of Prepaid Expenses Breakout	The table below shows a breakout of these prepaid expenses for the periods presented (in thousands): March 31, 2024 December 31, 2023 Prepaid software $ 686 $ 281 Prepaid cloud services 448 413 Accounting, consulting, and legal services 182 688 Prepaid insurance 15 58 Prepaid expenses $ 1,331 $ 1,440

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Indefinite-lived Assets	Indefinite-lived assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Domain name $ 1,945 $ 1,945 Indefinite-lived assets, net $ 1,945 $ 1,945
Summary of Digital Assets	The table below outlines the value of our digital assets based on publicly available rates as of the dates presented as well as the book value (in thousands, except units and market values): Units Cost Basis Fair Value As of March 31, 2024 Bitcoin 1,792 $ 52,203 $ 127,646 Ethereum 2,550 4,648 9,284 Other 4,662,140 6,516 4,610 Digital assets, net $ 63,367 $ 141,540
Summary of Other Operating Activities Settled in Digital Assets and USDC	The following table summarizes other operating activities settled in digital assets and USDC (in thousands): Three Months Ended 2024 2023 Revenue $ ( 25,695 ) $ ( 13,345 ) Expenses 5,207 4,968 Conversion to cash 8,571 4,033 Accounts receivable ( 3,365 ) ( 302 ) Payroll liabilities 656 928 Currency translation 703 ( 50 ) Other operating activities settled in digital assets and USDC $ ( 13,923 ) $ ( 3,768 )
Summary Of Digital Asset Activities	The following table summarizes the digital asset activities as of March 31, 2024 and December 31, 2023 (in thousands, except units): BTC ETH Other* Units Value Units Value Units Value Balance, December 31, 2023 1,787 32,262 2,538 $ 2,022 4,625,187 $ 726 Adoption of ASU 2023-08 - 43,162 - 3,764 - 1,750 Balance, January 1, 2024 1,787 75,424 2,538 5,786 4,625,187 2,476 Additions (1) 390 20,244 12 39 143,003 544 Disposals (2) ( 385 ) ( 19,545 ) - - ( 106,050 ) ( 227 ) Gains (3) - 51,832 - 3,460 - 1,825 Losses (3) - ( 309 ) - ( 1 ) - ( 8 ) Balance, March 31, 2024 1,792 $ 127,646 2,550 $ 9,284 4,662,140 $ 4,610 (1) A dditions primarily relate to revenue generated from customers and staked assets for the three months ended March 31, 2024. (2) Disposals primarily relate to payment of liabilities pertaining to vendor invoices and payroll payments. Disposals of digital assets to cash are primarily used for operational purposes. (3) T he Company recognized cumulative realized gains from exchange of digital assets of $ 4.3 million and cumulative realized losses of $ 0.3 million w hich is included on the condensed consolidated statements of operations and comprehensive income .

Fixed Assets Net - (Tables)

Fixed Assets Net - (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment, Net [Abstract]
Schedule of Fixed Assets, Net	Fixed assets, net, consisted of the following (in thousands): March 31, 2024 December 31, 2023 Computer equipment $ 966 $ 870 Vehicles 237 256 Furniture and fixtures 21 21 Fixed assets, gross 1,224 1,147 Less: accumulated depreciation ( 810 ) ( 830 ) Fixed assets, net $ 414 $ 317

Software Assets, Net (Tables)

Software Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Finite Lived Intangible Assets Disclosure [Abstract]
Schedule of Software Assets, Net	Software assets, net, consisted of the following (in thousands): March 31, 2024 December 31, 2023 Internal use software $ 15,645 $ 16,208 Less: accumulated amortization ( 7,609 ) ( 8,157 ) Software assets, net $ 8,036 $ 8,051
Summary of Future Amortization Expense	The following summarizes the future amortization expense (in thousands): 12 Months Ending March 31, Nine months ending December 31, 2024 $ 3,663 2025 3,013 2026 1,225 2027 135 $ 8,036

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes stock option activities for the three months ended March 31, 2024 and 2023: Weighted Average Exercise Price Options Price Outstanding as of January 1, 2023 2,190,979 $ 2.40 Exercised ( 300 ) 2.55 Forfeited ( 13,961 ) 2.50 Outstanding as of March 31, 2023 2,176,718 $ 2.40 Outstanding as of January 1, 2024 2,156,632 2.40 Forfeited ( 302 ) 2.39 Outstanding as of March 31, 2024 2,156,330 $ 2.40 Vested and exercisable as of March 31, 2024 2,141,656 $ 2.40
Schedule of Stock Based Compensation	Stock-based compensation is recorded on the Company’s condensed consolidated statements of operations and comprehensive income as follows (in thousands): Three Months Ended 2024 2023 Cost of revenues $ 805 $ 965 General and administrative 1,098 1,361 Stock-based compensation $ 1,903 $ 2,326

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Assets According to Fair Value Hierarchy	The Company’s financial assets are summarized below as of March 31, 2024 and December 31, 2023, with fair values shown according to the fair value hierarchy (in thousands): Carrying Quoted Significant Significant March 31, 2024 BTC $ 127,646 $ 127,646 $ - $ - Treasury bills 46,014 46,014 - - Money market mutual funds 8,582 8,582 - - ETH 9,284 9,284 - - Other digital assets 4,610 4,610 - - Security token group investment 100 (A) - - $ 196,236 December 31, 2023 Money market mutual funds $ 8,477 $ 8,477 $ - $ - Treasury bills 45,463 45,463 - - Security token group investment 100 (A) - - $ 54,040 (A) This investment is recorded at cost.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Income per Share of Common Stock	The following table sets forth the computation of basic and diluted net income per share of common stock (in thousands, except per share amounts): Three Months Ended 2024 2023 Basic net income per share: Numerator Net income, basic and diluted $ 54,787 $ 773 Denominator Weighted-average number of shares used in per share 4,589 3,632 Weighted-average number of shares used in per share 21,620 21,833 Basic net income per share - Class A $ 2.09 $ 0.03 Basic net income per share - Class B $ 2.09 $ 0.03 Diluted net income per share: Denominator Weighted-average number of shares used in diluted 7,539 7,185 Weighted-average number of shares used in diluted 23,776 24,022 Diluted net income per share - Class A $ 1.75 $ 0.02 Diluted net income per share - Class B $ 1.75 $ 0.02

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policy [Line Items]
Stockholder equity	$ 199,074	$ 88,742	$ 103,761	$ 85,844
Digital assets fair value	141,500
Net realized gains from exchange of digital assets	4,000
Net unrealized gains from remeasurement of digital assets	$ 52,800
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]
Change in accounting principle, accounting standards update, adopted	true
Common Class A [Member]
Significant Accounting Policy [Line Items]
Basic net income per share of common stock	$ 2.09	$ 0.03
Diluted income per share of common stock	1.75	0.02
Common Class A [Member] | Originally Reported
Significant Accounting Policy [Line Items]
Basic net income per share of common stock		0.21
Diluted income per share of common stock		0.11
Common Class B [Member]
Significant Accounting Policy [Line Items]
Basic net income per share of common stock	2.09	0.03
Diluted income per share of common stock	$ 1.75	0.02
Common Class B [Member] | Originally Reported
Significant Accounting Policy [Line Items]
Basic net income per share of common stock		0.04
Diluted income per share of common stock		$ 0.03
Retained Earnings
Significant Accounting Policy [Line Items]
Stockholder equity	$ 75,721	$ (29,333)	(17,320)	$ (30,106)
Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policy [Line Items]
Stockholder equity			38,254
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Significant Accounting Policy [Line Items]
Stockholder equity	38,300		$ 38,254
Fair value adjustments offset	48,700
Tax impact related to fair value adjustments	$ 10,400
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Digital assets expense		$ 4,966
Conversion of digital assets and USDC to cash		4,034
Originally Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Digital assets expense		9,000
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Digital assets expense		(4,034)
Conversion of digital assets and USDC to cash		$ 4,034
Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income per share	$ 2.09	$ 0.03
Diluted net income per share	1.75	0.02
Class A | Originally Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income per share		0.21
Diluted net income per share		0.11
Class A | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income per share		0.18
Diluted net income per share		0.09
Class B
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income per share	2.09	0.03
Diluted net income per share	$ 1.75	0.02
Class B | Originally Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income per share		0.04
Diluted net income per share		0.03
Class B | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income per share		0.01
Diluted net income per share		$ 0.01

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Operating Revenue (Details) - Concentration of credit risk - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Company A
Revenue, Major Customer [Line Items]
Revenue		$ 6,700	$ 1,702
Company B
Revenue, Major Customer [Line Items]
Revenue		5,657	2,328
Company C
Revenue, Major Customer [Line Items]
Revenue		4,734	2,138
Company D
Revenue, Major Customer [Line Items]
Revenue		$ 4,115	2,888
Company E
Revenue, Major Customer [Line Items]
Revenue	[1]		$ 2,192
[1] Company did not have over 10 % of revenue during the three months ended March 31, 2024.

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Operating Revenue (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Minimum | Total Operating Revenue | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10%	10%

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Operating Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 29,060	$ 13,345
Republic of the Marshall Islands
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	8,849	5,026
British Virgin Islands
Disaggregation of Revenue [Line Items]
OPERATING REVENUES		3,197
Seychelles
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	6,700	1,734
Hong Kong
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	6,009	2,321
Other
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 7,502	$ 1,067
API Providers | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%
API Providers | Republic of the Marshall Islands | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	30.40%	37.60%
API Providers | British Virgin Islands | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		24%
API Providers | Seychelles | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23.10%	13%
API Providers | Hong Kong | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20.70%	17.40%
API Providers | Other | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	25.80%	8%

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Operating Revenue Disaggregated by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 29,060	$ 13,345
Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%
Exchange Aggregation
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 26,750	$ 12,630
Exchange Aggregation | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	92.10%	94.70%
Fiat Onboarding
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 1,011	$ 527
Fiat Onboarding | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	3.50%	3.90%
Staking
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 645	$ 158
Staking | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	2.20%	1.20%
Other
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 604	$ 5
Other | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	2%
Wallet as a Service
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 25
Wallet as a Service | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	0.10%
Consulting
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 25	$ 25
Consulting | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	0.10%	0.20%

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Balance at Beginning	$ 727	$ 0
Contract liability	0	1,000
Performance obligation satisfied	0	(273)
Balance at End	$ 727	$ 727

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Cumulative revenue recognized	$ 0.3

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining future performance obligations	$ 0.7
Remaining future performance obligations period

Prepaid Expenses - Schedule of

Prepaid Expenses - Schedule of Prepaid Expenses Breakout (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense, Current [Abstract]
Prepaid software	$ 686	$ 281
Prepaid cloud services	448	413
Accounting, consulting, and legal services	182	688
Prepaid insurance	15	58
Prepaid expenses	$ 1,331	$ 1,440

Intangible Assets - Summary of

Intangible Assets - Summary of Indefinite-lived Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived assets, net	$ 1,945	$ 1,945
Domain Name
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived assets, net	$ 1,945	$ 1,945

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2021
Indefinite-Lived Intangible Assets [Line Items]
Realized gains from exchange of digital assets	$ 4,300,000
Realized losses from exchange of digital assets	300,000
Unrealized gains from remeasurement of digital assets	52,800,000
Digital assets held with contractual sale restrictions	0
Maximum
Indefinite-Lived Intangible Assets [Line Items]
Unrealized losses from remeasurement of digital assets	$ 100,000
Domain Name
Indefinite-Lived Intangible Assets [Line Items]
Purchase of intangible assets		$ 1,900,000

Intangible Assets - Summary o_2

Intangible Assets - Summary of Digital Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($) Unit	Dec. 31, 2023 Unit
Indefinite-Lived Intangible Assets [Line Items]
Fair value	$ 141,500
Bitcoin
Indefinite-Lived Intangible Assets [Line Items]
Units | Unit	1,792	1,787
Cost Basis	$ 52,203
Fair value	$ 127,646
Ethereum
Indefinite-Lived Intangible Assets [Line Items]
Units | Unit	2,550	2,538
Cost Basis	$ 4,648
Fair value	$ 9,284
Other
Indefinite-Lived Intangible Assets [Line Items]
Units | Unit	4,662,140	4,625,187
Cost Basis	$ 6,516
Fair value	4,610
Digital Assets
Indefinite-Lived Intangible Assets [Line Items]
Cost Basis	63,367
Fair value	$ 141,540

Intangible Assets - Summary o_3

Intangible Assets - Summary of Other Operating Activities Settled in Digital Assets and USDC (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Revenue	$ (25,695)		$ (13,345)
Expenses	5,207		4,968
Conversion to cash	8,571		4,033
Accounts receivable	(3,365)		(302)
Payroll liabilities	656		928
Currency translation	703		(50)
Other operating activities settled in digital assets and USDC	$ (13,923)	[1]	$ (3,768)
[1] See Note 5, "Intangible Assets".

Intangible Assets - Summary O_4

Intangible Assets - Summary Of Digital Assets Activities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Unit
BTC
Indefinite-Lived Intangible Assets [Line Items]
Beginning Balance Of Units | Unit	1,787
Beginning Balance Of Value	$ 32,262
Beginning Balance Of Value After Adoption	$ 75,424
Additions, Units | Unit	390	[1]
Additions, Value	$ 20,244	[1]
Disposals, Units | Unit	(385)	[2]
Disposals, Value	$ (19,545)	[2]
Gains	51,832	[3]
Losses	$ (309)	[3]
Ending Balance Of Units | Unit	1,792
Ending Balance Of Value	$ 127,646
BTC | Adoption of ASU 2023-08
Indefinite-Lived Intangible Assets [Line Items]
Beginning Balance Of Value	$ 43,162
ETH
Indefinite-Lived Intangible Assets [Line Items]
Beginning Balance Of Units | Unit	2,538
Beginning Balance Of Value	$ 2,022
Beginning Balance Of Value After Adoption	$ 5,786
Additions, Units | Unit	12	[1]
Additions, Value	$ 39	[1]
Gains	3,460	[3]
Losses	$ (1)	[3]
Ending Balance Of Units | Unit	2,550
Ending Balance Of Value	$ 9,284
ETH | Adoption of ASU 2023-08
Indefinite-Lived Intangible Assets [Line Items]
Beginning Balance Of Value	$ 3,764
Other
Indefinite-Lived Intangible Assets [Line Items]
Beginning Balance Of Units | Unit	4,625,187
Beginning Balance Of Value	$ 726
Beginning Balance Of Value After Adoption	$ 2,476
Additions, Units | Unit	143,003	[1]
Additions, Value	$ 544	[1]
Disposals, Units | Unit	(106,050)	[2]
Disposals, Value	$ (227)	[2]
Gains	1,825	[3]
Losses	$ (8)	[3]
Ending Balance Of Units | Unit	4,662,140
Ending Balance Of Value	$ 4,610
Other | Adoption of ASU 2023-08
Indefinite-Lived Intangible Assets [Line Items]
Beginning Balance Of Value	$ 1,750
[1] A dditions primarily relate to revenue generated from customers and staked assets for the three months ended March 31, 2024. Disposals primarily relate to payment of liabilities pertaining to vendor invoices and payroll payments. Disposals of digital assets to cash are primarily used for operational purposes. T he Company recognized cumulative realized gains from exchange of digital assets of $ 4.3 million and cumulative realized losses of $ 0.3 million w hich is included on the condensed consolidated statements of operations and comprehensive income .

Intangible Assets - Summary O_5

Intangible Assets - Summary Of Digital Assets Activities (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Cumulative realized gains from exchange of digital assets	$ 4.3
Cumulative realized losses from exchange of digital assets	$ 0.3

Fixed Assets, Net - Schedule of

Fixed Assets, Net - Schedule of Fixed Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 1,224	$ 1,147
Less: accumulated depreciation	(810)	(830)
Fixed assets, net	414	317
Computer Equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	966	870
Vehicles
Property, Plant and Equipment [Line Items]
Fixed assets, gross	237	256
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 21	$ 21

Fixed Assets, Net - Additional

Fixed Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment, Net [Abstract]
Depreciation expense	$ 0.1	$ 0.1

Software Assets, Net - Schedule

Software Assets, Net - Schedule of Software Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (7,609)	$ (8,157)
Software assets, net	8,036	8,051
Internal Use Software
Finite-Lived Intangible Assets [Line Items]
Software assets, gross	$ 15,645	$ 16,208

Software Assets, Net - Summary

Software Assets, Net - Summary of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Nine months ending December 31, 2024	$ 3,663
2025	3,013
2026	1,225
2027	135
Software assets, net	$ 8,036	$ 8,051

Software Assets, Net - Addition

Software Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite Lived Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.2	$ 0.7

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Aug. 31, 2021	Sep. 30, 2019	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock option			2,156,330	2,176,718	2,156,632	2,190,979
Stock based compensation			$ 1,903	$ 2,326
Unrecognized stock-based compensation expense			$ 1,400
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock voting rights, description			one vote per share
Shares issued upon conversion			1
Class B Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock voting rights, description			ten votes per share
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Payment Award, Description			The exercise price for options issued under the 2019 Plan is determined by the board of directors, but will be (i) in the case of an incentive stock option granted to an employee or consultant who owns stock representing more than 10% of the voting power of all classes of stock of Exodus, no less than 110% of the fair market value per share on the date of grant; or (ii) granted to any other employee or consultant, no less than 100% of the fair market value per share on the date of grant.
Contractual life for options issued		10 years
2019 Equity Incentive Plan | Class B Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock option			2,156,330
2019 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized shares		3,000,000
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Payment Award, Description			The exercise price for options issued under the 2021 Plan is determined by the board of directors, but will be (i) in the case of an incentive stock option granted to an employee who owns stock representing more than 10% of the voting power of all classes of stock of Exodus, no less than 110% of the fair market value per share on the date of grant; or (ii) granted to any other employee or consultant, no less than 100% of the fair market value per share on the date of grant.
Contractual life for options issued	10 years
Percentage of increase in share pool	5%
2021 Equity Incentive Plan | Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in stock reserved for issuance					1,875,000	1,875,000
Common stock reserved for future issuance					6,530,000
2021 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized shares	2,780,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value			$ 32,900
RSUs | 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized shares			4,104,043
Number of vested shares, but not issued			446
Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation			$ 1,900	$ 2,300

Stockholders' Equity- Schedule

Stockholders' Equity- Schedule of Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Options Outstanding
Outstanding	2,156,632	2,190,979
Exercised		(300)
Forfeited	(302)	(13,961)
Outstanding	2,156,330	2,176,718
Weighted Average Exercise Price Price
Outstanding	$ 2.4	$ 2.4
Exercised		2.55
Forfeited	2.39	2.5
Outstanding	$ 2.4	$ 2.4
Options, Vested and exercisable	2,141,656
Weighted Average Exercise Price, Vested and exercisable	$ 2.4

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation	$ 1,903	$ 2,326
Cost of Revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation	805	965
General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation	$ 1,098	$ 1,361

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	19.30%	40%
Income before income taxes	$ 67,953	$ 1,480
income tax expense	$ 13,166	$ 707

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets According to Fair Value Hierarchy (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		$ 196,236	$ 54,040
Carrying Value | Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		8,582	8,477
Carrying Value | Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		46,014	45,463
Carrying Value | Security Token Group Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	[1]	100	100
Carrying Value | BTC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		127,646
Carrying Value | ETH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		9,284
Carrying Value | Other Digital Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		4,610
Level 1 | Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		8,582	8,477
Level 1 | Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		46,014	$ 45,463
Level 1 | BTC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		127,646
Level 1 | ETH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		9,284
Level 1 | Other Digital Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		$ 4,610
[1] This investment is recorded at cost.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills held in other current assets	$ 43,813	$ 43,151
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate of treasury bills held to maturity	0.80%	0.40%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate of treasury bills held to maturity	2.60%	2.60%
Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills held in other current assets	$ 43,800	$ 43,200
Treasury bills with a maturity in cash and cash equivalents	$ 2,200	$ 2,300

Earnings Per Share - Summary of

Earnings Per Share - Summary of Computation of Basic and Diluted Net Income per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic net income per share, Numerator
Net income, basic and diluted	$ 54,787	$ 773
Common Class A [Member]
Basic net income per share, Denominator
Weighted average number of shares used in basic computation	4,589	3,632
Basic net income per share	$ 2.09	$ 0.03
Diluted net income per share, Denominator
Weighted average number of shares used in diluted computation	7,539	7,185
Diluted net income per share	$ 1.75	$ 0.02
Common Class B [Member]
Basic net income per share, Denominator
Weighted average number of shares used in basic computation	21,620	21,833
Basic net income per share	$ 2.09	$ 0.03
Diluted net income per share, Denominator
Weighted average number of shares used in diluted computation	23,776	24,022
Diluted net income per share	$ 1.75	$ 0.02

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Unrealized loss on investments		$ (244)	$ 104
Technology Agreement | tZERO Technologies, LLC
Related Party Transaction [Line Items]
Related party description		Exodus signed an Application Development and Technology Agreement (the “Technology Agreement”) with tZERO Technologies, LLC (“tZERO”) in May of 2021. tZERO is a software technology company that provides its technology to tZERO Markets, LLC to enable it to provide licensed, efficient and automated securities brokerage services to its retail customers (the “tZERO Technology”).
Related party, expiration date	Dec. 11, 2023
Technology Agreement | Maximum | tZERO Technologies, LLC
Related Party Transaction [Line Items]
Unrealized loss on investments			$ 100

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Common Class A [Member] - $ / shares	Apr. 25, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, par value		$ 0.000001	$ 0.000001
Common stock, shares authorized		32,500,000	32,500,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, par value	$ 0.000001
Common stock, shares authorized	300,000,000