Equity-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Nonvested Stock Units Activity |
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Six Months Ended June 30, 2026 |
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Weighted Average
Grant Date
Fair Value
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Weighted Average
Grant Date
Fair Value
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Unvested at beginning of period |
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Unvested at end of period |
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Six Months Ended June 30, 2026 |
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Weighted Average
Grant Date
Fair Value
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Weighted Average
Grant Date
Fair Value
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Unvested at beginning of period |
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Unvested at end of period |
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Six Months Ended June 30, 2026 |
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Weighted Average
Grant Date
Fair Value
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Weighted Average
Grant Date
Fair Value
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Unvested at beginning of period |
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Unvested at end of period |
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| Summary of Stock Options Outstanding |
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Six Months Ended June 30, 2026 |
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Incentive Options
Weighted Average
Exercise Price
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Outstanding at beginning of period |
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Outstanding at end of period |
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1 As the Reload and Staking Options were one-time grants at the IPO, the weighted-average exercise price for any
movements in these awards will perpetually be $23.50. As such, the values are not presented in the table above.
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Six Months Ended June 30, 2026 |
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Reload Class C
Incentive Units
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Staking Class C
Incentive Units
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Class C Incentive
Units Weighted
Average
Participation
Threshold
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Unvested at beginning of period |
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Unvested at end of period |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The fair value of Incentive Options granted during the six months ended June 30, 2026, was determined using the Black- Scholes option pricing model with the following assumptions:
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| Summary of Aggregate Intrinsic Values and Weighted Average Remaining Contractual Terms of Stock Options Outstanding and Exercisable |
The aggregate intrinsic values and weighted-average remaining contractual terms of Stock
Options outstanding and exercisable as of June 30, 2026, were as follows:
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Aggregate intrinsic value ($ in thousands): |
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Reload Options outstanding |
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Reload Options exercisable |
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Staking Options outstanding |
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Staking Options exercisable |
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Incentive Options outstanding |
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Incentive Options exercisable |
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Weighted-average remaining contractual term (in years): |
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Reload Options outstanding |
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Reload Options exercisable |
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Staking Options outstanding |
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Staking Options exercisable |
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Incentive Options outstanding |
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Incentive Options exercisable |
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| Summary of Recognized and Unrecognized Equity-Based Compensation Costs |
The following table includes the equity-based compensation the Company recognized by award type:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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IPO RSUs and Staking Options |
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IPO RLUs and Staking Class C Incentive Units |
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Incremental Restricted Stock and Reload Options |
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Incremental Restricted Common Units and Reload
Class C Incentive Units
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Post-IPO incentive awards |
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Total equity-based compensation expense |
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As of June 30, 2026, the unrecognized equity-based compensation expense and the related weighted-average remaining
expense period, as applicable, related to the types of equity-based compensation awards described above were as follows:
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Weighted Average
Remaining Expense
Period (Years)
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Reload Class C Incentive Units |
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Staking Class C Incentive Units |
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Total unrecognized equity-based compensation expense |
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