Exodus Movement (EXOD) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		6,567,199
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		Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents		$ 26,547	$ 11,376
Restricted cash and cash equivalents	[1]	83
U.S. dollar coin ($0 and $500 USDC restricted as of September 30, 2024 and December 31, 2023 respectively)		5	517
Treasury bills		43,200	43,151
Accounts receivable		3,014	3,240
Prepaid expenses		3,232	1,440
Other current assets		771	5
Total current assets		76,852	59,729
OTHER ASSETS
Fixed assets, net		379	317
Digital assets		124,867	35,010
Software assets, net		7,315	8,051
Other long term asset		40
Indefinite-lived assets		2,096	1,945
Other investments		100	100
Deferred tax assets			6,567
Total other assets		134,797	51,990
TOTAL ASSETS		211,649	111,719
CURRENT LIABILITIES
Accounts payable		1,600	1,061
Other current liabilities		7,841	6,485
Total current liabilities		9,441	7,546
LONG-TERM LIABILITIES
Other long-term liabilities		447	412
Deferred tax liability		10,607
Total long-term liabilities		11,054	412
Total liabilities		20,495	7,958
STOCKHOLDERS' EQUITY
ADDITIONAL PAID IN CAPITAL		125,642	122,558
ACCUMULATED OTHER COMPREHENSIVE LOSS		(1,446)	(1,477)
RETAINED EARNINGS (ACCUMULATED DEFICIT)		66,958	(17,320)
Total stockholders’ equity		191,154	103,761
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 211,649	$ 111,719
[1] Restriction represents future contractual milestone payments and will be removed by December 31, 2024.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Restricted cash and cash equivalents	[1]	$ 83,000
Restricted U.S dollar coins		$ 0	$ 500,000
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		300,000,000	300,000,000
Common stock, shares issued		6,484,434	4,320,005
Common stock, shares outstanding		6,484,434	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		20,337,375	21,760,855
Common stock, shares outstanding		20,337,375	21,760,855
[1] Restriction represents future contractual milestone payments and will be removed by December 31, 2024.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
OPERATING REVENUES	$ 20,117	$ 11,980	$ 71,485	$ 37,730
COST OF REVENUES	11,333	7,738	32,804	21,730
GROSS PROFIT	8,784	4,242	38,681	16,000
OPERATING EXPENSES
General and administrative	8,466	4,598	25,575	14,585
Loss (gain) on digital assets, net	370	357	(39,197)	(285)
Total operating expense (income)	8,836	4,955	(13,622)	14,300
(Loss) income from operations	(52)	(713)	52,303	1,700
OTHER INCOME
Staking and other income	146		701
Unrealized (loss) gain on investments	(133)	(171)	(219)	18
Loss on disposal of fixed assets	(36)		(36)
Interest income	1,026	811	2,668	1,715
Total other income	1,003	640	3,114	1,733
Income (loss) before income taxes	951	(73)	55,417	3,433
INCOME TAX BENEFIT (EXPENSE)	108	(178)	(9,393)	(1,042)
NET INCOME (LOSS)	843	(251)	46,024	2,391
OTHER COMPREHENSIVE(LOSS) INCOME
Foreign currency translation adjustment	(637)	121	31	(129)
COMPREHENSIVE INCOME (LOSS)	$ 206	$ (130)	$ 46,055	$ 2,262
Common Class A [Member]
Net income (loss) per share
Basic net income (loss) per share of common stock	$ 0.03	$ (0.01)	$ 1.74	$ 0.09
Diluted net income (loss) per share of common stock	$ 0.03	$ (0.01)	$ 1.44	$ 0.08
Weighted average number of shares and share equivalents outstanding
Weighted average number of shares used in basic computation	6,396	4,060	5,314	3,804
Weighted average number of shares used in diluted computation	9,840	4,060	8,733	7,291
Common Class B [Member]
Net income (loss) per share
Basic net income (loss) per share of common stock	$ 0.03	$ (0.01)	$ 1.74	$ 0.09
Diluted net income (loss) per share of common stock	$ 0.03	$ (0.01)	$ 1.44	$ 0.08
Weighted average number of shares and share equivalents outstanding
Weighted average number of shares used in basic computation	20,337	21,799	21,161	21,799
Weighted average number of shares used in diluted computation	22,485	21,799	23,314	23,799

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)				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, 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]
Exercised options (in shares)	300
Foreign currency translation adjustment	$ (129)
Net Income (Loss)	2,391
BALANCES (unaudited) at Sep. 30, 2023	93,007				121,545	(823)	(27,715)
BALANCES (unaudited), Shares at Sep. 30, 2023			4,086,000	21,799,000
BALANCES at Mar. 31, 2023	88,742				118,819	(744)	(29,333)
BALANCES, Shares at Mar. 31, 2023			3,704,000	21,799,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,736				1,736
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes	(172)				(172)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes (in shares)			176,000
Foreign currency translation adjustment	(200)					(200)
Net Income (Loss)	1,869						1,869
BALANCES (unaudited) at Jun. 30, 2023	91,975				120,383	(944)	(27,464)
BALANCES (unaudited), Shares at Jun. 30, 2023			3,880,000	21,799,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,333				1,333
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes	(171)				(171)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes (in shares)			206,000
Foreign currency translation adjustment	121					121
Net Income (Loss)	(251)						(251)
BALANCES (unaudited) at Sep. 30, 2023	93,007				121,545	(823)	(27,715)
BALANCES (unaudited), Shares at Sep. 30, 2023			4,086,000	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]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]							Accounting Standards Update 2023-08 [Member]
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)
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
BALANCES (unaudited), Shares at Mar. 31, 2024			4,794,000	21,520,000
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]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]							Accounting Standards Update 2023-08 [Member]
Exercised options (in shares)	10,726
Foreign currency translation adjustment	$ 31
Net Income (Loss)	46,024
BALANCES (unaudited) at Sep. 30, 2024	191,154				125,642	(1,446)	66,958	$ 38,300
BALANCES (unaudited), Shares at Sep. 30, 2024			6,484,000	20,337,000
BALANCES at Mar. 31, 2024	199,074				124,127	(774)	75,721
BALANCES, Shares at Mar. 31, 2024			4,794,000	21,520,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,256				2,256
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes	(883)				(883)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes (in shares)			250,000
Foreign currency translation adjustment	(35)					(35)
Net Income (Loss)	(9,606)						(9,606)
BALANCES (unaudited) at Jun. 30, 2024	190,806				125,500	(809)	66,115
BALANCES (unaudited), Shares at Jun. 30, 2024			5,044,000	21,520,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,599				1,599
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes	(1,457)				(1,457)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes (in shares)			248,000
Exercised options, non-cash (in shares)				9,000
Conversion from Class B to Class A			1,192,000	(1,192,000)
Foreign currency translation adjustment	(637)					(637)
Net Income (Loss)	843						843
BALANCES (unaudited) at Sep. 30, 2024	$ 191,154				$ 125,642	$ (1,446)	$ 66,958	$ 38,300
BALANCES (unaudited), Shares at Sep. 30, 2024			6,484,000	20,337,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)		$ 46,024	$ 2,391
Adjustments to reconcile net income to Net cash (used in) provided by operating activities
Depreciation and amortization		3,862	3,353
Deferred tax expense		6,752
Gain on digital assets, net		(39,197)	(285)
Staking and other income		(701)
Unrealized loss (gain) on investments		219	(18)
Loss on disposal of assets		36
Stock based compensation		5,252	4,682
Accrued interest income		(1,824)	(889)
Other operating activities settled in digital assets and USDC	[1]	(23,774)	(9,614)
Change in operating assets and liabilities:
Accounts receivable		(89)
Prepaid expenses		(1,610)	1,460
Other current assets		(765)	16
Other long-term asset		(40)
Accounts payable		549	708
Other current liabilities		(1,532)	1,118
Other long term liabilities		35
Net cash (used in) provided by operating activities		(6,803)	2,922
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of domain name		(151)
Purchases of fixed assets		(228)	(25)
Purchase of treasury bills		(73,262)	(69,273)
Redemption of treasury bills		74,819	58,795
Purchases of digital assets		(2,534)
Disposal of digital assets held		26,097
Net cash provided by (used in) investing activities		24,741	(10,503)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares to pay employee withholding taxes		(2,684)	(515)
Exercise of stock options			1
Net cash used in financing activities		(2,684)	(514)
Change in cash and cash equivalents, and restricted cash and cash equivalents		15,254	(8,095)
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period		11,376	20,494
End of period		26,630	12,399
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash issuance of stock		10	20
Non-cash capitalized software costs settled in digital assets (including stock based compensation of $506 and $713 respectively)		(2,959)	(3,930)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes		$ (4,300)	$ (918)
[1] See Note 5, “Intangible Assets”.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stock based compensation	$ 5,758	$ 5,395
Software
Stock based compensation	$ 506	$ 713

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 843	$ (9,606)	$ 54,787	$ (251)	$ 1,869	$ 773	$ 46,024	$ 2,391

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Exodus Movement, Inc. (“Exodus” or “the Company” or “we”) was incorporated in Delaware in July 2016. The Company operates in the FinTech subsector of the greater blockchain and digital asset industry. The Company has developed an un-hosted self-custodial digital asset wallet on the Exodus Platform and contracts with third parties to provide various services to users that utilize the Company’s wallet through the platform.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 Form 10. 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 and nine months ended September 30, 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 Nine Months Ended Originally Adjustment As Originally Adjustment As Basic net income per share - Class A $ ( 0.06 ) $ 0.05 $ ( 0.01 ) $ 0.63 $ ( 0.54 ) $ 0.09 Basic net income per share - Class B $ ( 0.01 ) $ - $ ( 0.01 ) $ 0.11 $ ( 0.02 ) $ 0.09 Diluted net income per share - Class A $ ( 0.06 ) $ 0.05 $ ( 0.01 ) $ 0.33 $ ( 0.25 ) $ 0.08 Diluted net income per share - Class B $ ( 0.01 ) $ - $ ( 0.01 ) $ 0.10 $ ( 0.02 ) $ 0.08 Nine Months Ended Originally Adjustment As Digital assets expense $ 26,371 $ ( 12,947 ) $ 13,424 Conversion of digital assets and USDC to cash $ - $ 12,947 $ 12,947 Concentration of Revenue Operating revenue from Application Programming Interface Providers (“API Providers”) exceeding 10 % of total operating revenues for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Company A $ 3,692 $ 2,306 $ 14,224 $ 6,354 Company B 4,157 2,763 14,443 7,602 Company C 3,418 2,302 12,512 6,436 Company D 2,574 1,278 9,402 6,064 Company E (1) - 1,442 - 5,619 (1) Company E did not have over 10 % of revenue during the three and nine months ended September 30, 2024. Digital Assets As of September 30, 2024, the Company he ld $ 124.9 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 (loss) 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, Intangible Assets, and Note 11, 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 Standards 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 only impacts footnote disclosures and will not impact our consolidated financial statements. Improvements to Crypto Assets Disclosures On December 13, 2023, the FASB issued ASU 2023-08 which 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. The Company includes realized and unrealized gains and losses in net income on the consolidated financial statements 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Republic of the Marshall Islands $ 5,993 29.8 % $ 3,579 30.0 % $ 21,914 30.7 % $ 12,500 33.1 % British Virgin Islands (1) - - 2,233 18.6 - - 8,069 21.4 Seychelles 3,692 18.4 2,306 19.2 14,224 19.9 6,372 16.9 Hong Kong 4,687 23.3 2,785 23.2 15,590 21.8 7,628 20.2 Other (2) 5,745 28.5 1,077 9.0 19,757 27.6 3,161 8.4 Operating revenues $ 20,117 100.0 % $ 11,980 100.0 % $ 71,485 100.0 % $ 37,730 100.0 % (1) British Virgin Islands no longer exceeds 10% in 2024 and is now included in Other. (2) 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 Nine Months Ended 2024 2023 2024 2023 Exchange aggregation $ 18,124 90.1 % $ 11,221 93.7 % $ 64,816 90.7 % $ 35,474 94.0 % Fiat onboarding 852 4.2 572 4.8 2,816 3.9 1,660 4.4 Staking 488 2.4 168 1.4 1,655 2.3 527 1.4 Consulting 307 1.5 - - 853 1.2 25 0.1 Other (1) 346 1.8 19 0.1 1,345 1.9 44 0.1 Operating revenues $ 20,117 100.0 % $ 11,980 100.0 % $ 71,485 100.0 % $ 37,730 100.0 % (1) Other inclu des $ 0.3 million and $ 1.2 mill ion related to non-fungible token revenue for the three and nine months ended September 30, 2024, respectively. The following table presents the Company's contract balances as of September 30, 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 100 Performance obligation satisfied ( 664 ) Balance September 30, 2024 $ 163 Revenue recognized during the nine months ended September 30, 2024 related to deferred revenue at the beginning of the period was $ 0.7 million. The remaining future performance obligations of $ 0.2 million will be satisfied before September 30, 202 5 .

Prepaid Expenses

Prepaid Expenses	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Prepaid cloud services $ 996 $ 413 Prepaid software 865 281 Accounting, consulting, and legal services 604 688 Marketing 551 - Partner fees 123 - Prepaid insurance 93 58 Prepaid expenses $ 3,232 $ 1,440

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	5. Intangible Assets Indefinite-Lived Asset Indefinite-lived assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Domain names $ 2,096 $ 1,945 Indefinite-lived assets $ 2,096 $ 1,945 The Company purchased the exodus.com domain name in the first quarter of 2021 for $ 1.9 million. In the second quarter of 2024, the Company purchased a domain name for $ 0.2 million. The Company considers these assets to be indefinite-lived, resulting in no recognition of amortization. Digital Assets The table below outlines the fair value of our digital assets based on publicly available rates as of the dates presented as well as the cost (in thousands, except units): Units Cost Basis Fair Value As of September 30, 2024 Bitcoin 1,800 $ 53,194 $ 114,030 Ethereum 2,617 4,849 6,813 Other 13,954,492 7,339 4,024 Digital assets $ 65,382 $ 124,867 F or the three and nine months ended September 30, 2024, the Company recognized realized gains from exchange of digital assets of $ 0.3 million and $ 6.5 million, respectively, and realized losses of $ 1.0 million and $ 1.4 million, respectively, which is included on the condensed consolidated statements of operations and comprehensive income (loss). For the three and nine months ended September 30, 2024, the Company recognized unrealized gains from remeasurement of digital assets of $ 11.9 million and $ 76.2 million, respectively, and unrealized losses from remeasurement of digital assets of $ 11.5 million and $ 42.1 million, respectively, which is included on the condensed consolidated statements of operations and comprehensive income (loss). For the three and nine months ended September 30, 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): Nine Months Ended 2024 2023 Revenue $ ( 70,864 ) $ ( 37,731 ) Expenses 16,744 13,424 Conversion to cash 27,112 12,947 Accounts receivable 315 298 Payroll liabilities 2,888 1,577 Currency translation 31 ( 129 ) Other operating activities settled in digital assets and USDC $ ( 23,774 ) $ ( 9,614 ) The following table summarizes the digital asset activities as of September 30, 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 Additions (1) 241 15,813 30 101 132,460 614 Disposals (2) ( 239 ) ( 15,844 ) - - ( 91,685 ) ( 197 ) Gains (3) - 10,734 - 1,925 - 759 Losses (3) - ( 25,933 ) - ( 2,453 ) - ( 2,261 ) Balance, June 30, 2024 1,794 112,416 2,580 8,857 4,702,915 3,525 Additions (1) 214 13,297 37 99 11,433,136 472 Disposals (2) ( 208 ) ( 13,021 ) - - ( 2,181,559 ) ( 89 ) Gains (3) - 10,969 - 242 - 940 Losses (3) - ( 9,312 ) - ( 2,385 ) - ( 824 ) Currency translation adjustment - ( 319 ) - - - - Balance, September 30, 2024 1,800 114,030 2,617 6,813 13,954,492 4,024 (1) Additions primarily relate to revenue generated from customers and staked assets. (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) The Company recognized cumulative realized gains from exchange of digital assets of $ 0.3 million and $ 6.5 million for the three and nine months ended September 30, 2024, respectively and cumulative realized losses of $ 1.0 million and $ 1.4 million for both three and nine months ended September 30, 2024 which is included on the condensed consolidated statements of operations and comprehensive income (loss).

Fixed Assets Net

Fixed Assets Net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment, Net [Abstract]
Fixed Assets, Net	6. Fixed Assets, Net Fixed assets, net, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Computer equipment $ 1,025 $ 870 Vehicles 237 256 Furniture and fixtures 21 21 Fixed assets, gross 1,283 1,147 Less: accumulated depreciation ( 904 ) ( 830 ) Fixed assets, net $ 379 $ 317 Depreciation expense was less than $ 0.1 million and $ 0.2 million for the three and nine months ended September 30, 2024, respectively and $ 0.1 million and $ 0.3 m illion for the three and nine months ended September 30, 2023, respectively.

Software Assets, Net

Software Assets, Net	9 Months Ended
	Sep. 30, 2024
Finite Lived Intangible Assets Disclosure [Abstract]
Software Assets, Net	7. Software Assets, Net Software assets, net, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Internal use software $ 17,168 $ 16,208 Less: accumulated amortization ( 9,853 ) ( 8,157 ) Software assets, net $ 7,315 $ 8,051 The following summarizes the future amortization expense as of September 30, 2024 (in thousands): Three months ending December 31, 2024 $ 1,236 2025 3,615 2026 1,827 2027 637 $ 7,315 Amortization expense was $ 1.3 million and $ 3.7 million for the three and nine months ended September 30, 2024, respectively, and $ 1.1 million and $ 3.1 million for the thre e and nine months ended September 30, 2023, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 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. We have applied to list our Class A common stock on the NYSE American. Our listing is pending the SEC’s completion of its review of the Form 10. 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”. There is currently no public market for our Common Stock Tokens and we do not believe one will develop in the foreseeable future. Common Stock Tokens cannot be traded on the OTC market or any national securities exchange. 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 team member 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 September 30, 2024, there were 2,145,604 s hares 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 team member 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 outstanding 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 and 132,936 shares in 2024 for a total of 6,662,936 shares of Class A common stock reserved under the 2021 Plan. As of September 30, 2024, there were 3,256,917 restricted stock units that are authorized and outstanding with a fair value of $ 49.2 million and 457 restricted stock units w ere 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 team members, 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 nine months ended September 30, 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 ( 22,628 ) 2.52 Outstanding as of September 30, 2023 2,168,051 $ 2.40 Outstanding as of January 1, 2024 2,156,632 2.40 Exercised ( 10,726 ) 2.39 Forfeited ( 302 ) 2.39 Outstanding as of September 30, 2024 2,145,604 $ 2.40 Vested and exercisable as of September 30, 2024 2,145,330 $ 2.40 We recognized stock-based compensation related to options and restricted stock units of $ 1.6 million and $ 5.8 million for the three and nine months ended September 30, 2024, respectively, and $ 1.3 million and $ 5.4 million for the three and n ine months ended September 30, 2023, respectively. Stock-based compensation is recorded on the Company’s condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cost of revenues $ 561 $ 643 $ 2,290 $ 2,339 General and administrative 1,038 690 3,468 3,056 Stock-based compensation $ 1,599 $ 1,333 $ 5,758 $ 5,395 As of September 30, 2024, total unrecognized stock-based compensation expense was $ 4.4 million.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 subsidiaries Proper Trust AG files an income tax return in Switzerland and Osmium Europe B.V. will file in the Netherlands. For the nine months ended September 30, 2024 and September 30, 2023, the Company recorded an income tax expense of $ 9.4 million and $ 1.0 million, on pre-tax income of approximately $ 55.4 million and $ 3.4 million, resulting in effective tax rates of 16.9 % and 29.1 %, respectively. Our effective tax rate for the nine months ended September 30, 2024 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 tax effect of realized and unrealized digital asset gains and losses during the period. For purposes of recording the discrete tax expense related to digital assets, for the nine months ending September 30, 2024, realized gains or losses are recorded to the Company’s current taxes payable and unrealized gains and losses are recorded to the deferred tax liability based on current period activity. The effective tax rate for the nine months ended September 30, 2024 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 Pillar 2 to apply in 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Proceedings The Company 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	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. Fair Value Measurements The Company’s financial assets are summarized below as of September 30, 2024 and December 31, 2023, with fair values shown according to the fair value hierarchy (in thousands): Carrying Quoted Significant Significant September 30, 2024 BTC $ 114,030 $ 114,030 $ - $ - Treasury bills 45,768 45,768 - - Money market mutual funds 10,289 10,289 - - ETH 6,813 6,813 - - Other digital assets 4,024 4,024 - - Security token group investment 100 (A) - - $ 181,024 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 1.2 % to 2.5 % and 0.4 % to 2.6 % a s of September 30, 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 $ 43.2 million for both periods as of September 30, 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 $ 2.6 million and $ 2.3 million as of September 30, 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Basic net income (loss) per share: Numerator Net income (loss), basic and diluted $ 843 $ ( 251 ) $ 46,024 $ 2,391 Denominator Weighted-average number of shares used in per share 6,396 4,060 5,314 3,804 Weighted-average number of shares used in per share 20,337 21,799 21,161 21,799 Basic net income (loss) per share - Class A $ 0.03 $ ( 0.01 ) $ 1.74 $ 0.09 Basic net income (loss) per share - Class B $ 0.03 $ ( 0.01 ) $ 1.74 $ 0.09 Diluted net income (loss) per share: Denominator Weighted-average number of shares used in diluted 9,840 4,060 8,733 7,291 Weighted-average number of shares used in diluted 22,485 21,799 23,314 23,799 Diluted net income (loss) per share - Class A $ 0.03 $ ( 0.01 ) $ 1.44 $ 0.08 Diluted net income (loss) per share - Class B $ 0.03 $ ( 0.01 ) $ 1.44 $ 0.08

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions The company had no related party transactions for the nine months ended September 30, 2024. For the nine months ended September 30, 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. • $ 0.1 million of unrealized loss on investments was recorded on the condensed consolidated statements of operations and compreh ensive income (loss) for both of the three and nine months ended September 30, 2023. This amount reflects the market adjustment of the shares held during the three and nine months ended September 30, 2023. • The Company’s relationship with tZERO ended on December 11, 2023 .

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	14. Supplemental Disclosures of Cash Flow Information The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands): September 30, 2024 2023 Cash and cash equivalents $ 26,547 $ 12,399 Restricted cash and cash equivalents (1) 83 - Total cash, cash equivalents, and restricted cash and cash equivalents $ 26,630 $ 12,399 (1) Restriction represents future contractual milestone payments and will be removed by December 31, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 and nine months ended September 30, 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 Nine Months Ended Originally Adjustment As Originally Adjustment As Basic net income per share - Class A $ ( 0.06 ) $ 0.05 $ ( 0.01 ) $ 0.63 $ ( 0.54 ) $ 0.09 Basic net income per share - Class B $ ( 0.01 ) $ - $ ( 0.01 ) $ 0.11 $ ( 0.02 ) $ 0.09 Diluted net income per share - Class A $ ( 0.06 ) $ 0.05 $ ( 0.01 ) $ 0.33 $ ( 0.25 ) $ 0.08 Diluted net income per share - Class B $ ( 0.01 ) $ - $ ( 0.01 ) $ 0.10 $ ( 0.02 ) $ 0.08 Nine Months Ended Originally Adjustment As Digital assets expense $ 26,371 $ ( 12,947 ) $ 13,424 Conversion of digital assets and USDC to cash $ - $ 12,947 $ 12,947
Concentration of Revenue	Concentration of Revenue Operating revenue from Application Programming Interface Providers (“API Providers”) exceeding 10 % of total operating revenues for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Company A $ 3,692 $ 2,306 $ 14,224 $ 6,354 Company B 4,157 2,763 14,443 7,602 Company C 3,418 2,302 12,512 6,436 Company D 2,574 1,278 9,402 6,064 Company E (1) - 1,442 - 5,619 (1) Company E did not have over 10 % of revenue during the three and nine months ended September 30, 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 Standards 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 only impacts footnote disclosures and will not impact our consolidated financial statements. Improvements to Crypto Assets Disclosures On December 13, 2023, the FASB issued ASU 2023-08 which 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. The Company includes realized and unrealized gains and losses in net income on the consolidated financial statements 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
Digital Assets	Digital Assets As of September 30, 2024, the Company he ld $ 124.9 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 (loss) 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, Intangible Assets, and Note 11, 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)	9 Months Ended
	Sep. 30, 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 Nine Months Ended Originally Adjustment As Originally Adjustment As Basic net income per share - Class A $ ( 0.06 ) $ 0.05 $ ( 0.01 ) $ 0.63 $ ( 0.54 ) $ 0.09 Basic net income per share - Class B $ ( 0.01 ) $ - $ ( 0.01 ) $ 0.11 $ ( 0.02 ) $ 0.09 Diluted net income per share - Class A $ ( 0.06 ) $ 0.05 $ ( 0.01 ) $ 0.33 $ ( 0.25 ) $ 0.08 Diluted net income per share - Class B $ ( 0.01 ) $ - $ ( 0.01 ) $ 0.10 $ ( 0.02 ) $ 0.08 Nine Months Ended Originally Adjustment As Digital assets expense $ 26,371 $ ( 12,947 ) $ 13,424 Conversion of digital assets and USDC to cash $ - $ 12,947 $ 12,947
Schedule of Operating Revenue	Operating revenue from Application Programming Interface Providers (“API Providers”) exceeding 10 % of total operating revenues for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands): Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Company A $ 3,692 $ 2,306 $ 14,224 $ 6,354 Company B 4,157 2,763 14,443 7,602 Company C 3,418 2,302 12,512 6,436 Company D 2,574 1,278 9,402 6,064 Company E (1) - 1,442 - 5,619 (1) Company E did not have over 10 % of revenue during the three and nine months ended September 30, 2024.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Republic of the Marshall Islands $ 5,993 29.8 % $ 3,579 30.0 % $ 21,914 30.7 % $ 12,500 33.1 % British Virgin Islands (1) - - 2,233 18.6 - - 8,069 21.4 Seychelles 3,692 18.4 2,306 19.2 14,224 19.9 6,372 16.9 Hong Kong 4,687 23.3 2,785 23.2 15,590 21.8 7,628 20.2 Other (2) 5,745 28.5 1,077 9.0 19,757 27.6 3,161 8.4 Operating revenues $ 20,117 100.0 % $ 11,980 100.0 % $ 71,485 100.0 % $ 37,730 100.0 % (1) British Virgin Islands no longer exceeds 10% in 2024 and is now included in Other. (2) 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 Nine Months Ended 2024 2023 2024 2023 Exchange aggregation $ 18,124 90.1 % $ 11,221 93.7 % $ 64,816 90.7 % $ 35,474 94.0 % Fiat onboarding 852 4.2 572 4.8 2,816 3.9 1,660 4.4 Staking 488 2.4 168 1.4 1,655 2.3 527 1.4 Consulting 307 1.5 - - 853 1.2 25 0.1 Other (1) 346 1.8 19 0.1 1,345 1.9 44 0.1 Operating revenues $ 20,117 100.0 % $ 11,980 100.0 % $ 71,485 100.0 % $ 37,730 100.0 % (1) Other inclu des $ 0.3 million and $ 1.2 mill ion related to non-fungible token revenue for the three and nine months ended September 30, 2024, respectively.
Schedule of Contract Balances	The following table presents the Company's contract balances as of September 30, 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 100 Performance obligation satisfied ( 664 ) Balance September 30, 2024 $ 163

Prepaid Expenses - (Tables)

Prepaid Expenses - (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expense, Current [Abstract]
Schedule of Prepaid Expenses Breakout	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): September 30, 2024 December 31, 2023 Prepaid cloud services $ 996 $ 413 Prepaid software 865 281 Accounting, consulting, and legal services 604 688 Marketing 551 - Partner fees 123 - Prepaid insurance 93 58 Prepaid expenses $ 3,232 $ 1,440

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Indefinite-lived Assets	Indefinite-lived assets consisted of the following (in thousands): September 30, 2024 December 31, 2023 Domain names $ 2,096 $ 1,945 Indefinite-lived assets $ 2,096 $ 1,945
Summary of Digital Assets	The table below outlines the fair value of our digital assets based on publicly available rates as of the dates presented as well as the cost (in thousands, except units): Units Cost Basis Fair Value As of September 30, 2024 Bitcoin 1,800 $ 53,194 $ 114,030 Ethereum 2,617 4,849 6,813 Other 13,954,492 7,339 4,024 Digital assets $ 65,382 $ 124,867
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): Nine Months Ended 2024 2023 Revenue $ ( 70,864 ) $ ( 37,731 ) Expenses 16,744 13,424 Conversion to cash 27,112 12,947 Accounts receivable 315 298 Payroll liabilities 2,888 1,577 Currency translation 31 ( 129 ) Other operating activities settled in digital assets and USDC $ ( 23,774 ) $ ( 9,614 )
Summary Of Digital Asset Activities	The following table summarizes the digital asset activities as of September 30, 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 Additions (1) 241 15,813 30 101 132,460 614 Disposals (2) ( 239 ) ( 15,844 ) - - ( 91,685 ) ( 197 ) Gains (3) - 10,734 - 1,925 - 759 Losses (3) - ( 25,933 ) - ( 2,453 ) - ( 2,261 ) Balance, June 30, 2024 1,794 112,416 2,580 8,857 4,702,915 3,525 Additions (1) 214 13,297 37 99 11,433,136 472 Disposals (2) ( 208 ) ( 13,021 ) - - ( 2,181,559 ) ( 89 ) Gains (3) - 10,969 - 242 - 940 Losses (3) - ( 9,312 ) - ( 2,385 ) - ( 824 ) Currency translation adjustment - ( 319 ) - - - - Balance, September 30, 2024 1,800 114,030 2,617 6,813 13,954,492 4,024 (1) Additions primarily relate to revenue generated from customers and staked assets. (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) The Company recognized cumulative realized gains from exchange of digital assets of $ 0.3 million and $ 6.5 million for the three and nine months ended September 30, 2024, respectively and cumulative realized losses of $ 1.0 million and $ 1.4 million for both three and nine months ended September 30, 2024 which is included on the condensed consolidated statements of operations and comprehensive income (loss).

Fixed Assets Net - (Tables)

Fixed Assets Net - (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment, Net [Abstract]
Schedule of Fixed Assets, Net	Fixed assets, net, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Computer equipment $ 1,025 $ 870 Vehicles 237 256 Furniture and fixtures 21 21 Fixed assets, gross 1,283 1,147 Less: accumulated depreciation ( 904 ) ( 830 ) Fixed assets, net $ 379 $ 317

Software Assets, Net (Tables)

Software Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Finite Lived Intangible Assets Disclosure [Abstract]
Schedule of Software Assets, Net	Software assets, net, consisted of the following (in thousands): September 30, 2024 December 31, 2023 Internal use software $ 17,168 $ 16,208 Less: accumulated amortization ( 9,853 ) ( 8,157 ) Software assets, net $ 7,315 $ 8,051
Summary of Future Amortization Expense	The following summarizes the future amortization expense as of September 30, 2024 (in thousands): Three months ending December 31, 2024 $ 1,236 2025 3,615 2026 1,827 2027 637 $ 7,315

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes stock option activities for the nine months ended September 30, 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 ( 22,628 ) 2.52 Outstanding as of September 30, 2023 2,168,051 $ 2.40 Outstanding as of January 1, 2024 2,156,632 2.40 Exercised ( 10,726 ) 2.39 Forfeited ( 302 ) 2.39 Outstanding as of September 30, 2024 2,145,604 $ 2.40 Vested and exercisable as of September 30, 2024 2,145,330 $ 2.40
Schedule of Stock Based Compensation	Stock-based compensation is recorded on the Company’s condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cost of revenues $ 561 $ 643 $ 2,290 $ 2,339 General and administrative 1,038 690 3,468 3,056 Stock-based compensation $ 1,599 $ 1,333 $ 5,758 $ 5,395

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Assets According to Fair Value Hierarchy	The Company’s financial assets are summarized below as of September 30, 2024 and December 31, 2023, with fair values shown according to the fair value hierarchy (in thousands): Carrying Quoted Significant Significant September 30, 2024 BTC $ 114,030 $ 114,030 $ - $ - Treasury bills 45,768 45,768 - - Money market mutual funds 10,289 10,289 - - ETH 6,813 6,813 - - Other digital assets 4,024 4,024 - - Security token group investment 100 (A) - - $ 181,024 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)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Basic net income (loss) per share: Numerator Net income (loss), basic and diluted $ 843 $ ( 251 ) $ 46,024 $ 2,391 Denominator Weighted-average number of shares used in per share 6,396 4,060 5,314 3,804 Weighted-average number of shares used in per share 20,337 21,799 21,161 21,799 Basic net income (loss) per share - Class A $ 0.03 $ ( 0.01 ) $ 1.74 $ 0.09 Basic net income (loss) per share - Class B $ 0.03 $ ( 0.01 ) $ 1.74 $ 0.09 Diluted net income (loss) per share: Denominator Weighted-average number of shares used in diluted 9,840 4,060 8,733 7,291 Weighted-average number of shares used in diluted 22,485 21,799 23,314 23,799 Diluted net income (loss) per share - Class A $ 0.03 $ ( 0.01 ) $ 1.44 $ 0.08 Diluted net income (loss) per share - Class B $ 0.03 $ ( 0.01 ) $ 1.44 $ 0.08

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents	The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands): September 30, 2024 2023 Cash and cash equivalents $ 26,547 $ 12,399 Restricted cash and cash equivalents (1) 83 - Total cash, cash equivalents, and restricted cash and cash equivalents $ 26,630 $ 12,399 (1) Restriction represents future contractual milestone payments and will be removed by December 31, 2024.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Significant Accounting Policy [Line Items]
Stockholder equity	$ 199,074	$ 191,154	$ 190,806	$ 103,761	$ 93,007	$ 91,975	$ 88,742	$ 85,844
Digital assets fair value		$ 124,900
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]	Accounting Standards Update 2023-08 [Member]
Change in accounting principle, accounting standards update, adopted		true
Retained Earnings
Significant Accounting Policy [Line Items]
Stockholder equity	$ 75,721	$ 66,958	$ 66,115	(17,320)	$ (27,715)	$ (27,464)	$ (29,333)	$ (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]	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Digital assets expense				$ 13,424
Conversion of digital assets and USDC to cash				12,947
Originally Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Digital assets expense				26,371
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Digital assets expense				(12,947)
Conversion of digital assets and USDC to cash				$ 12,947
Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income (loss) per share	$ 0.03	$ (0.01)	$ 1.74	$ 0.09
Diluted net income (loss) per share	0.03	(0.01)	1.44	0.08
Class A | Originally Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income (loss) per share		(0.06)		0.63
Diluted net income (loss) per share		(0.06)		0.33
Class A | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income (loss) per share		0.05		(0.54)
Diluted net income (loss) per share		0.05		(0.25)
Class B
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income (loss) per share	0.03	(0.01)	1.74	0.09
Diluted net income (loss) per share	$ 0.03	(0.01)	$ 1.44	0.08
Class B | Originally Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income (loss) per share		(0.01)		0.11
Diluted net income (loss) per share		$ (0.01)		0.1
Class B | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Basic net income (loss) per share				(0.02)
Diluted net income (loss) per share				$ (0.02)

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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Company A
Revenue, Major Customer [Line Items]
Revenue		$ 3,692	$ 2,306	$ 14,224	$ 6,354
Company B
Revenue, Major Customer [Line Items]
Revenue		4,157	2,763	14,443	7,602
Company C
Revenue, Major Customer [Line Items]
Revenue		3,418	2,302	12,512	6,436
Company D
Revenue, Major Customer [Line Items]
Revenue		$ 2,574	1,278	$ 9,402	6,064
Company E
Revenue, Major Customer [Line Items]
Revenue	[1]		$ 1,442		$ 5,619
[1] Company E did not have over 10 % of revenue during the three and nine months ended September 30, 2024.

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Operating Revenue (Parenthetical) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Minimum | Total Operating Revenue | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10%	10%	10%	10%

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Operating Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 20,117	$ 11,980	$ 71,485	$ 37,730
Republic of the Marshall Islands
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	5,993	3,579	21,914	12,500
British Virgin Islands
Disaggregation of Revenue [Line Items]
OPERATING REVENUES		2,233		8,069
Seychelles
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	3,692	2,306	14,224	6,372
Hong Kong
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	4,687	2,785	15,590	7,628
Other
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 5,745	$ 1,077	$ 19,757	$ 3,161
API Providers | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
API Providers | Republic of the Marshall Islands | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	29.80%	30%	30.70%	33.10%
API Providers | British Virgin Islands | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		18.60%		21.40%
API Providers | Seychelles | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.40%	19.20%	19.90%	16.90%
API Providers | Hong Kong | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23.30%	23.20%	21.80%	20.20%
API Providers | Other | Total Operating Revenue | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28.50%	9%	27.60%	8.40%

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Operating Revenue Disaggregated by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 20,117	$ 11,980	$ 71,485	$ 37,730
Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
Exchange Aggregation
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 18,124	$ 11,221	$ 64,816	$ 35,474
Exchange Aggregation | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	90.10%	93.70%	90.70%	94%
Fiat Onboarding
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 852	$ 572	$ 2,816	$ 1,660
Fiat Onboarding | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	4.20%	4.80%	3.90%	4.40%
Staking
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 488	$ 168	$ 1,655	$ 527
Staking | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	2.40%	1.40%	2.30%	1.40%
Consulting
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 307		$ 853	$ 25
Consulting | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	1.50%		1.20%	0.10%
Other
Disaggregation of Revenue [Line Items]
OPERATING REVENUES	$ 346	$ 19	$ 1,345	$ 44
Other | Total Operating Revenue | Products and Services Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	1.80%	0.10%	1.90%	0.10%

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Operating Revenue Disaggregated by Products and Services (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 20,117	$ 11,980	$ 71,485	$ 37,730
Non-Fungible Token Revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 300		$ 1,200

Revenue Recognition - Schedul_4

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Balance at Beginning	$ 727	$ 0
Contract liability	100	1,000
Performance obligation satisfied	(664)	(273)
Balance at End	$ 163	$ 727

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 0.7

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining future performance obligations	$ 0.2
Remaining future performance obligations period

Prepaid Expenses - Schedule of

Prepaid Expenses - Schedule of Prepaid Expenses Breakout (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense, Current [Abstract]
Prepaid cloud services	$ 996	$ 413
Prepaid software	865	281
Accounting, consulting, and legal services	604	688
Marketing	551
Partner fees	123
Prepaid insurance	93	58
Prepaid expenses	$ 3,232	$ 1,440

Intangible Assets - Summary of

Intangible Assets - Summary of Indefinite-lived Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived assets	$ 2,096	$ 1,945
Domain Names
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived assets	$ 2,096	$ 1,945

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2021	Sep. 30, 2024
Indefinite-Lived Intangible Assets [Line Items]
Realized gains from exchange of digital assets	$ 300,000			$ 6,500,000
Realized losses from exchange of digital assets	1,000,000			1,400,000
Unrealized gains from remeasurement of digital assets	11,900,000			76,200,000
Unrealized losses from remeasurement of digital assets	11,500,000			42,100,000
Digital assets held with contractual sale restrictions	$ 0			$ 0
Domain Name
Indefinite-Lived Intangible Assets [Line Items]
Purchase of intangible assets		$ 200,000	$ 1,900,000

Intangible Assets - Summary o_2

Intangible Assets - Summary of Digital Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($) Unit	Jun. 30, 2024 Unit	Mar. 31, 2024 Unit	Dec. 31, 2023 Unit
Indefinite-Lived Intangible Assets [Line Items]
Fair value	$ 124,900
Bitcoin
Indefinite-Lived Intangible Assets [Line Items]
Units | Unit	1,800	1,794	1,792	1,787
Cost Basis	$ 53,194
Fair value	$ 114,030
Ethereum
Indefinite-Lived Intangible Assets [Line Items]
Units | Unit	2,617	2,580	2,550	2,538
Cost Basis	$ 4,849
Fair value	$ 6,813
Other
Indefinite-Lived Intangible Assets [Line Items]
Units | Unit	13,954,492	4,702,915	4,662,140	4,625,187
Cost Basis	$ 7,339
Fair value	4,024
Digital Assets
Indefinite-Lived Intangible Assets [Line Items]
Cost Basis	65,382
Fair value	$ 124,867

Intangible Assets - Summary o_3

Intangible Assets - Summary of Other Operating Activities Settled in Digital Assets and USDC (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Revenue		$ (70,864)	$ (37,731)
Expenses		16,744	13,424
Conversion to cash		27,112	12,947
Accounts receivable		315	298
Payroll liabilities		2,888	1,577
Currency translation		31	(129)
Other operating activities settled in digital assets and USDC	[1]	$ (23,774)	$ (9,614)
[1] See Note 5, “Intangible Assets”.

Intangible Assets - Summary O_4

Intangible Assets - Summary Of Digital Assets Activities (Details) $ in Thousands		3 Months Ended
		Sep. 30, 2024 USD ($) Unit	Jun. 30, 2024 USD ($) Unit	Mar. 31, 2024 USD ($) Unit
BTC
Indefinite-Lived Intangible Assets [Line Items]
Beginning Balance Of Units | Unit		1,794	1,792	1,787
Beginning Balance Of Value		$ 112,416	$ 127,646	$ 32,262
Beginning Balance Of Value After Adoption				$ 75,424
Additions, Units | Unit	[1]	214	241	390
Additions, Value	[1]	$ 13,297	$ 15,813	$ 20,244
Disposals, Units | Unit	[2]	(208)	(239)	(385)
Disposals, Value	[2]	$ (13,021)	$ (15,844)	$ (19,545)
Gains	[3]	10,969	10,734	51,832
Losses	[3]	(9,312)	$ (25,933)	$ (309)
Currency translation adjustment		$ (319)
Ending Balance Of Units | Unit		1,800	1,794	1,792
Ending Balance Of Value		$ 114,030	$ 112,416	$ 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		2,580	2,550	2,538
Beginning Balance Of Value		$ 8,857	$ 9,284	$ 2,022
Beginning Balance Of Value After Adoption				$ 5,786
Additions, Units | Unit	[1]	37	30	12
Additions, Value	[1]	$ 99	$ 101	$ 39
Gains	[3]	242	1,925	3,460
Losses	[3]	$ (2,385)	$ (2,453)	$ (1)
Ending Balance Of Units | Unit		2,617	2,580	2,550
Ending Balance Of Value		$ 6,813	$ 8,857	$ 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		4,702,915	4,662,140	4,625,187
Beginning Balance Of Value		$ 3,525	$ 4,610	$ 726
Beginning Balance Of Value After Adoption				$ 2,476
Additions, Units | Unit	[1]	11,433,136	132,460	143,003
Additions, Value	[1]	$ 472	$ 614	$ 544
Disposals, Units | Unit	[2]	(2,181,559)	(91,685)	(106,050)
Disposals, Value	[2]	$ (89)	$ (197)	$ (227)
Gains	[3]	940	759	1,825
Losses	[3]	$ (824)	$ (2,261)	$ (8)
Ending Balance Of Units | Unit		13,954,492	4,702,915	4,662,140
Ending Balance Of Value		$ 4,024	$ 3,525	$ 4,610
Other | Adoption of ASU 2023-08
Indefinite-Lived Intangible Assets [Line Items]
Beginning Balance Of Value				$ 1,750
[1] Additions primarily relate to revenue generated from customers and staked assets. 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. The Company recognized cumulative realized gains from exchange of digital assets of $ 0.3 million and $ 6.5 million for the three and nine months ended September 30, 2024, respectively and cumulative realized losses of $ 1.0 million and $ 1.4 million for both three and nine months ended September 30, 2024 which is included on the condensed consolidated statements of operations and comprehensive income (loss).

Intangible Assets - Summary O_5

Intangible Assets - Summary Of Digital Assets Activities (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Cumulative realized gains from exchange of digital assets	$ 0.3	$ 6.5
Cumulative realized losses from exchange of digital assets	$ 1	$ 1.4

Fixed Assets, Net - Schedule of

Fixed Assets, Net - Schedule of Fixed Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 1,283	$ 1,147
Less: accumulated depreciation	(904)	(830)
Fixed assets, net	379	317
Computer Equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	1,025	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 0.1	$ 0.2	$ 0.3
Maximum
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 0.1

Software Assets, Net - Schedule

Software Assets, Net - Schedule of Software Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (9,853)	$ (8,157)
Software assets, net	7,315	8,051
Internal Use Software
Finite-Lived Intangible Assets [Line Items]
Software assets, gross	$ 17,168	$ 16,208

Software Assets, Net - Summary

Software Assets, Net - Summary of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Three months ending December 31, 2024	$ 1,236
2025	3,615
2026	1,827
2027	637
Software assets, net	$ 7,315	$ 8,051

Software Assets, Net - Addition

Software Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite Lived Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.3	$ 1.1	$ 3.7	$ 3.1

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2021	Sep. 30, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock option			2,145,604	2,168,051	2,145,604	2,168,051	2,156,632	2,190,979
Stock based compensation			$ 1,599	$ 1,333	$ 5,758	$ 5,395
Unrecognized stock-based compensation expense			$ 4,400		$ 4,400
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 team member 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			2,145,604		2,145,604
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 team member 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					132,936		1,875,000	1,875,000
Common stock reserved for future issuance							6,662,936
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					$ 49,200
RSUs | 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized shares			3,256,917		3,256,917
Number of vested shares, but not issued					457
Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation			$ 1,600	$ 1,300	$ 5,800	$ 5,400

Stockholders' Equity- Schedule

Stockholders' Equity- Schedule of Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Options Outstanding
Outstanding	2,156,632	2,190,979
Exercised	(10,726)	(300)
Forfeited	(302)	(22,628)
Outstanding	2,145,604	2,168,051
Weighted Average Exercise Price Price
Outstanding	$ 2.4	$ 2.4
Exercised	2.39	2.55
Forfeited	2.39	2.52
Outstanding	$ 2.4	$ 2.4
Options, Vested and exercisable	2,145,330
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation	$ 1,599	$ 1,333	$ 5,758	$ 5,395
Cost of Revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation	561	643	2,290	2,339
General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation	$ 1,038	$ 690	$ 3,468	$ 3,056

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate			16.90%	29.10%
Income before income taxes	$ 951	$ (73)	$ 55,417	$ 3,433
Income tax expense	$ (108)	$ 178	$ 9,393	$ 1,042

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets According to Fair Value Hierarchy (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		$ 181,024	$ 54,040
Carrying Value | Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		10,289	8,477
Carrying Value | Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		45,768	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		114,030
Carrying Value | ETH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		6,813
Carrying Value | Other Digital Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		4,024
Level 1 | Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		10,289	8,477
Level 1 | Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		45,768	$ 45,463
Level 1 | BTC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		114,030
Level 1 | ETH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		6,813
Level 1 | Other Digital Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		$ 4,024
[1] This investment is recorded at cost.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills held in other current assets	$ 43,200	$ 43,151
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate of treasury bills held to maturity	1.20%	0.40%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate of treasury bills held to maturity	2.50%	2.60%
Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills held in other current assets	$ 43,200	$ 43,200
Treasury bills with a maturity in cash and cash equivalents	$ 2,600	$ 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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic net income (loss) per share, Numerator
Net income (loss), basic and diluted	$ 843	$ (9,606)	$ 54,787	$ (251)	$ 1,869	$ 773	$ 46,024	$ 2,391
Common Class A [Member]
Basic net income (loss) per share, Denominator
Weighted average number of shares used in basic computation	6,396			4,060			5,314	3,804
Basic net income (loss) per share	$ 0.03			$ (0.01)			$ 1.74	$ 0.09
Diluted net income (loss) per share, Denominator
Weighted average number of shares used in diluted computation	9,840			4,060			8,733	7,291
Diluted net income (loss) per share	$ 0.03			$ (0.01)			$ 1.44	$ 0.08
Common Class B [Member]
Basic net income (loss) per share, Denominator
Weighted average number of shares used in basic computation	20,337			21,799			21,161	21,799
Basic net income (loss) per share	$ 0.03			$ (0.01)			$ 1.74	$ 0.09
Diluted net income (loss) per share, Denominator
Weighted average number of shares used in diluted computation	22,485			21,799			23,314	23,799
Diluted net income (loss) per share	$ 0.03			$ (0.01)			$ 1.44	$ 0.08

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Unrealized loss on investments		$ (133)	$ (171)	$ (219)	$ 18
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		$ 100

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information - Summary of reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents		$ 26,547	$ 11,376	$ 12,399
Restricted cash and cash equivalents	[1]	83
Total cash, cash equivalents, and restricted cash and cash equivalents		$ 26,630	$ 11,376	$ 12,399	$ 20,494
[1] Restriction represents future contractual milestone payments and will be removed by December 31, 2024.