What changed: r5 to r6
Added reserve-rate/distribution scenarios, separate ARC recognition/receipt bridge and employee equity cash.
Retrieval clocks and internal hashes are excluded. Changed source or accounting definitions are not automatically an economic restatement. The authored reason describes the destination revision.
| Field | Before | After |
|---|---|---|
| /business/description | Our mission is to raise global economic prosperity through the frictionless exchange of value. We were founded in 2013 on the belief that we could connect the world more deeply by building a new global economic system on the foundation of the internet, and facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications. Financial services are undergoing a transition analogous to the internet’s evolution from closed networks to open, standardized infrastructure that enabled new applications, business models, and network effects. While the incumbent financial system has enabled substantial global economic activity and societal advancement, it remains constrained by legacy infrastructure and fragmented, intermediated networks that pass on excessive cost, slow settlement, limit interoperability, and create barriers to access. At the same time, these constraints create a significant opportunity to modernize how value moves — unlocking faster. | Circle earns reserve income on stablecoin assets and revenue from financial infrastructure services. Distribution partners receive a significant share of reserve economics. Corporate cash generation also depends on software investment, equity compensation and the timing of token-sale receipts and revenue recognition. |
| /business/drivers/0 | The value of our platform grows as more companies and developers connect into our network and build upon our infrastructure, creating products and services. | Average stablecoin circulation, reserve yield and retained margin |
| /business/drivers/1 | While we historically have been most closely associated with payment stablecoins and our revenue is primarily driven by reserve income earned on the assets. | Recurring infrastructure revenue versus ARC presale recognition |
| /business/drivers/2 | Thousands of companies participate on our platform, providing products and services that integrate with our stablecoin network in a variety of ways, including. | Software investment, cash payroll and employee withholding |
| /estimates/basis | not yet estimated | Desk base scenario from the operating model; not consensus. Revenue basis: Revenue and reserve income ($M). |
| /estimates/rows/2026Q3/as_of | None | 2026-09-19 |
| /estimates/rows/2026Q3/basis | None | Desk base scenario. Revenue basis: Revenue and reserve income ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| /estimates/rows/2026Q3/class | None | estimate |
| /estimates/rows/2026Q3/period | None | 2026Q3 |
| /estimates/rows/2026Q3/revenue | None | 809689534.37577 |
| /estimates/rows/2026Q4/as_of | None | 2026-09-19 |
| /estimates/rows/2026Q4/basis | None | Desk base scenario. Revenue basis: Revenue and reserve income ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| /estimates/rows/2026Q4/class | None | estimate |
| /estimates/rows/2026Q4/period | None | 2026Q4 |
| /estimates/rows/2026Q4/revenue | None | 641133464.6161426 |
| /estimates/rows/2027Q1/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q1/basis | None | Desk base scenario. Revenue basis: Revenue and reserve income ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| /estimates/rows/2027Q1/class | None | estimate |
| /estimates/rows/2027Q1/period | None | 2027Q1 |
| /estimates/rows/2027Q1/revenue | None | 765936743.6546515 |
| /estimates/rows/2027Q2/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q2/basis | None | Desk base scenario. Revenue basis: Revenue and reserve income ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| /estimates/rows/2027Q2/class | None | estimate |
| /estimates/rows/2027Q2/period | None | 2027Q2 |
| /estimates/rows/2027Q2/revenue | None | 749570790.1162658 |
| /meta/business_authored | False | True |
| /meta/extract_accession | 0001876042-26-000062 | None |
| /meta/extract_filed | 2026-03-09 | None |
| /meta/extract_form | 10-K | None |
| /meta/extract_source | filing | authored |
| /meta/extract_url | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000062/crcl-20251231.htm | None |
| /meta/research_reviewed_at | None | 2026-09-19 |
| /meta/research_stage | None | operating_scenarios |
| /meta/revision | 5 | 6 |
| /meta/skeleton | True | False |
| /model/quarters/2025-03-31/fiscal_label | 2026Q1 | 2025Q2 |
| /operating_model/cells/base_2026q3_adj_ebitda:base/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/base_2026q3_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2026q3_adj_ebitda:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_adj_ebitda:base/formula/refs/0 | None | base_2026q3_rldc |
| /operating_model/cells/base_2026q3_adj_ebitda:base/formula/refs/1 | None | base_2026q3_adjusted_opex |
| /operating_model/cells/base_2026q3_adj_ebitda:base/id | None | base_2026q3_adj_ebitda |
| /operating_model/cells/base_2026q3_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2026q3_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2026q3_adj_ebitda:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_adj_ebitda:base/value | None | 255.75117501566308 |
| /operating_model/cells/base_2026q3_adjusted_opex:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_adjusted_opex:base/case | None | base |
| /operating_model/cells/base_2026q3_adjusted_opex:base/id | None | base_2026q3_adjusted_opex |
| /operating_model/cells/base_2026q3_adjusted_opex:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_adjusted_opex:base/label | None | Adjusted operating expense |
| /operating_model/cells/base_2026q3_adjusted_opex:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_adjusted_opex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_adjusted_opex:base/value | None | 145.0 |
| /operating_model/cells/base_2026q3_average_usdc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_average_usdc:base/case | None | base |
| /operating_model/cells/base_2026q3_average_usdc:base/id | None | base_2026q3_average_usdc |
| /operating_model/cells/base_2026q3_average_usdc:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_average_usdc:base/label | None | Average USDC circulation |
| /operating_model/cells/base_2026q3_average_usdc:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_average_usdc:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_average_usdc:base/value | None | 75000.0 |
| /operating_model/cells/base_2026q3_award_withholding:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_award_withholding:base/case | None | base |
| /operating_model/cells/base_2026q3_award_withholding:base/id | None | base_2026q3_award_withholding |
| /operating_model/cells/base_2026q3_award_withholding:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_award_withholding:base/label | None | Employee award settlement cash |
| /operating_model/cells/base_2026q3_award_withholding:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_award_withholding:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_award_withholding:base/value | None | 70.0 |
| /operating_model/cells/base_2026q3_capex:base/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/base_2026q3_capex:base/case | None | base |
| /operating_model/cells/base_2026q3_capex:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_capex:base/formula/refs/0 | None | base_2026q3_software |
| /operating_model/cells/base_2026q3_capex:base/formula/refs/1 | None | base_2026q3_ppe |
| /operating_model/cells/base_2026q3_capex:base/id | None | base_2026q3_capex |
| /operating_model/cells/base_2026q3_capex:base/kind | None | derived |
| /operating_model/cells/base_2026q3_capex:base/label | None | Cash PP&E and software |
| /operating_model/cells/base_2026q3_capex:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_capex:base/value | None | 28.0 |
| /operating_model/cells/base_2026q3_cash_adjustments:base/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/base_2026q3_cash_adjustments:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_cash_adjustments:base/formula/refs/0 | None | base_2026q3_token_revenue |
| /operating_model/cells/base_2026q3_cash_adjustments:base/formula/refs/1 | None | base_2026q3_payroll |
| /operating_model/cells/base_2026q3_cash_adjustments:base/formula/refs/2 | None | base_2026q3_legal |
| /operating_model/cells/base_2026q3_cash_adjustments:base/formula/refs/3 | None | base_2026q3_integration |
| /operating_model/cells/base_2026q3_cash_adjustments:base/formula/refs/4 | None | base_2026q3_cash_tax |
| /operating_model/cells/base_2026q3_cash_adjustments:base/formula/refs/5 | None | base_2026q3_working_capital_use |
| /operating_model/cells/base_2026q3_cash_adjustments:base/id | None | base_2026q3_cash_adjustments |
| /operating_model/cells/base_2026q3_cash_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cash_adjustments:base/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/base_2026q3_cash_adjustments:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_adjustments:base/value | None | 217.0 |
| /operating_model/cells/base_2026q3_cash_after_claims:base/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/base_2026q3_cash_after_claims:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_after_claims:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_cash_after_claims:base/formula/refs/0 | None | base_2026q3_fcf |
| /operating_model/cells/base_2026q3_cash_after_claims:base/formula/refs/1 | None | base_2026q3_award_withholding |
| /operating_model/cells/base_2026q3_cash_after_claims:base/id | None | base_2026q3_cash_after_claims |
| /operating_model/cells/base_2026q3_cash_after_claims:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cash_after_claims:base/label | None | Cash after employee withholding |
| /operating_model/cells/base_2026q3_cash_after_claims:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_after_claims:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_after_claims:base/value | None | -25.04882498433693 |
| /operating_model/cells/base_2026q3_cash_before_uses:base/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/base_2026q3_cash_before_uses:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_before_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_cash_before_uses:base/formula/refs/0 | None | base_2026q3_adj_ebitda |
| /operating_model/cells/base_2026q3_cash_before_uses:base/formula/refs/1 | None | base_2026q3_corporate_interest |
| /operating_model/cells/base_2026q3_cash_before_uses:base/formula/refs/2 | None | presale_receivable |
| /operating_model/cells/base_2026q3_cash_before_uses:base/id | None | base_2026q3_cash_before_uses |
| /operating_model/cells/base_2026q3_cash_before_uses:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cash_before_uses:base/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/base_2026q3_cash_before_uses:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_before_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_before_uses:base/value | None | 289.95117501566307 |
| /operating_model/cells/base_2026q3_cash_tax:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_cash_tax:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_tax:base/id | None | base_2026q3_cash_tax |
| /operating_model/cells/base_2026q3_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_cash_tax:base/label | None | Cash income tax |
| /operating_model/cells/base_2026q3_cash_tax:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_tax:base/value | None | 15.0 |
| /operating_model/cells/base_2026q3_cfo:base/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/base_2026q3_cfo:base/case | None | base |
| /operating_model/cells/base_2026q3_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_cfo:base/formula/refs/0 | None | base_2026q3_cash_before_uses |
| /operating_model/cells/base_2026q3_cfo:base/formula/refs/1 | None | base_2026q3_cash_adjustments |
| /operating_model/cells/base_2026q3_cfo:base/id | None | base_2026q3_cfo |
| /operating_model/cells/base_2026q3_cfo:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2026q3_cfo:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cfo:base/value | None | 72.95117501566307 |
| /operating_model/cells/base_2026q3_circulation_index:base/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/base_2026q3_circulation_index:base/case | None | base |
| /operating_model/cells/base_2026q3_circulation_index:base/formula/op | None | divide |
| /operating_model/cells/base_2026q3_circulation_index:base/formula/refs/0 | None | base_2026q3_average_usdc |
| /operating_model/cells/base_2026q3_circulation_index:base/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/base_2026q3_circulation_index:base/id | None | base_2026q3_circulation_index |
| /operating_model/cells/base_2026q3_circulation_index:base/kind | None | derived |
| /operating_model/cells/base_2026q3_circulation_index:base/label | None | Average circulation / Q2 |
| /operating_model/cells/base_2026q3_circulation_index:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_circulation_index:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_circulation_index:base/value | None | 0.980084679316293 |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/case | None | base |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/formula/refs/0 | None | base_2026q3_net_reserve |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/formula/refs/1 | None | base_2026q3_other_revenue |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/id | None | base_2026q3_contribution_before_other_cost |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/kind | None | derived |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/label | None | Retained reserve plus other revenue |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_contribution_before_other_cost:base/value | None | 405.7511750156631 |
| /operating_model/cells/base_2026q3_corporate_interest:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_corporate_interest:base/case | None | base |
| /operating_model/cells/base_2026q3_corporate_interest:base/id | None | base_2026q3_corporate_interest |
| /operating_model/cells/base_2026q3_corporate_interest:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_corporate_interest:base/label | None | Corporate cash interest income |
| /operating_model/cells/base_2026q3_corporate_interest:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_corporate_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_corporate_interest:base/value | None | 14.0 |
| /operating_model/cells/base_2026q3_da:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_da:base/case | None | base |
| /operating_model/cells/base_2026q3_da:base/id | None | base_2026q3_da |
| /operating_model/cells/base_2026q3_da:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_da:base/label | None | D&A including software amortization |
| /operating_model/cells/base_2026q3_da:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_da:base/value | None | 32.0 |
| /operating_model/cells/base_2026q3_fcf:base/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/base_2026q3_fcf:base/case | None | base |
| /operating_model/cells/base_2026q3_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_fcf:base/formula/refs/0 | None | base_2026q3_cfo |
| /operating_model/cells/base_2026q3_fcf:base/formula/refs/1 | None | base_2026q3_capex |
| /operating_model/cells/base_2026q3_fcf:base/id | None | base_2026q3_fcf |
| /operating_model/cells/base_2026q3_fcf:base/kind | None | derived |
| /operating_model/cells/base_2026q3_fcf:base/label | None | CFO less PP&E and software |
| /operating_model/cells/base_2026q3_fcf:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_fcf:base/value | None | 44.95117501566307 |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/case | None | base |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/0 | None | base_2026q3_sbc |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/1 | None | base_2026q3_payroll |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/2 | None | base_2026q3_da |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/3 | None | base_2026q3_legal |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/4 | None | base_2026q3_integration |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/id | None | base_2026q3_gaap_adjustments |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/label | None | Adjusted expense exclusions |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_gaap_adjustments:base/value | None | 114.0 |
| /operating_model/cells/base_2026q3_integration:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_integration:base/case | None | base |
| /operating_model/cells/base_2026q3_integration:base/id | None | base_2026q3_integration |
| /operating_model/cells/base_2026q3_integration:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_integration:base/label | None | Cash integration expense |
| /operating_model/cells/base_2026q3_integration:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_integration:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_integration:base/value | None | 5.0 |
| /operating_model/cells/base_2026q3_legal:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_legal:base/case | None | base |
| /operating_model/cells/base_2026q3_legal:base/id | None | base_2026q3_legal |
| /operating_model/cells/base_2026q3_legal:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_legal:base/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/base_2026q3_legal:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_legal:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_legal:base/value | None | 9.0 |
| /operating_model/cells/base_2026q3_net_reserve:base/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/base_2026q3_net_reserve:base/case | None | base |
| /operating_model/cells/base_2026q3_net_reserve:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_net_reserve:base/formula/refs/0 | None | base_2026q3_reserve_income |
| /operating_model/cells/base_2026q3_net_reserve:base/formula/refs/1 | None | base_2026q3_retained_margin |
| /operating_model/cells/base_2026q3_net_reserve:base/id | None | base_2026q3_net_reserve |
| /operating_model/cells/base_2026q3_net_reserve:base/kind | None | derived |
| /operating_model/cells/base_2026q3_net_reserve:base/label | None | Reserve income after distribution costs |
| /operating_model/cells/base_2026q3_net_reserve:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_net_reserve:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_net_reserve:base/value | None | 203.75117501566308 |
| /operating_model/cells/base_2026q3_operating_income:base/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/base_2026q3_operating_income:base/case | None | base |
| /operating_model/cells/base_2026q3_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_operating_income:base/formula/refs/0 | None | base_2026q3_adj_ebitda |
| /operating_model/cells/base_2026q3_operating_income:base/formula/refs/1 | None | base_2026q3_gaap_adjustments |
| /operating_model/cells/base_2026q3_operating_income:base/id | None | base_2026q3_operating_income |
| /operating_model/cells/base_2026q3_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2026q3_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2026q3_operating_income:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_operating_income:base/value | None | 141.75117501566308 |
| /operating_model/cells/base_2026q3_other_direct_cost:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_other_direct_cost:base/case | None | base |
| /operating_model/cells/base_2026q3_other_direct_cost:base/id | None | base_2026q3_other_direct_cost |
| /operating_model/cells/base_2026q3_other_direct_cost:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_other_direct_cost:base/label | None | Other direct transaction/services cost |
| /operating_model/cells/base_2026q3_other_direct_cost:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_other_direct_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_other_direct_cost:base/value | None | 5.0 |
| /operating_model/cells/base_2026q3_other_revenue:base/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/base_2026q3_other_revenue:base/case | None | base |
| /operating_model/cells/base_2026q3_other_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_other_revenue:base/formula/refs/0 | None | base_2026q3_recurring_other |
| /operating_model/cells/base_2026q3_other_revenue:base/formula/refs/1 | None | base_2026q3_token_revenue |
| /operating_model/cells/base_2026q3_other_revenue:base/id | None | base_2026q3_other_revenue |
| /operating_model/cells/base_2026q3_other_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q3_other_revenue:base/label | None | Other revenue |
| /operating_model/cells/base_2026q3_other_revenue:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_other_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_other_revenue:base/value | None | 202.0 |
| /operating_model/cells/base_2026q3_payroll:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_payroll:base/case | None | base |
| /operating_model/cells/base_2026q3_payroll:base/id | None | base_2026q3_payroll |
| /operating_model/cells/base_2026q3_payroll:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_payroll:base/label | None | Employer payroll tax on equity |
| /operating_model/cells/base_2026q3_payroll:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_payroll:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_payroll:base/value | None | 8.0 |
| /operating_model/cells/base_2026q3_ppe:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_ppe:base/case | None | base |
| /operating_model/cells/base_2026q3_ppe:base/id | None | base_2026q3_ppe |
| /operating_model/cells/base_2026q3_ppe:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_ppe:base/label | None | Cash PP&E |
| /operating_model/cells/base_2026q3_ppe:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_ppe:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_ppe:base/value | None | 6.0 |
| /operating_model/cells/base_2026q3_recurring_other:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_recurring_other:base/case | None | base |
| /operating_model/cells/base_2026q3_recurring_other:base/id | None | base_2026q3_recurring_other |
| /operating_model/cells/base_2026q3_recurring_other:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_recurring_other:base/label | None | Services and transaction revenue |
| /operating_model/cells/base_2026q3_recurring_other:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_recurring_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_recurring_other:base/value | None | 42.0 |
| /operating_model/cells/base_2026q3_reserve_income:base/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/base_2026q3_reserve_income:base/case | None | base |
| /operating_model/cells/base_2026q3_reserve_income:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_reserve_income:base/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/base_2026q3_reserve_income:base/formula/refs/1 | None | base_2026q3_circulation_index |
| /operating_model/cells/base_2026q3_reserve_income:base/formula/refs/2 | None | base_2026q3_yield_index |
| /operating_model/cells/base_2026q3_reserve_income:base/id | None | base_2026q3_reserve_income |
| /operating_model/cells/base_2026q3_reserve_income:base/kind | None | derived |
| /operating_model/cells/base_2026q3_reserve_income:base/label | None | Reserve income |
| /operating_model/cells/base_2026q3_reserve_income:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_reserve_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_reserve_income:base/value | None | 607.68953437577 |
| /operating_model/cells/base_2026q3_reserve_rate:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_reserve_rate:base/case | None | base |
| /operating_model/cells/base_2026q3_reserve_rate:base/id | None | base_2026q3_reserve_rate |
| /operating_model/cells/base_2026q3_reserve_rate:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_reserve_rate:base/label | None | Annual reserve return rate |
| /operating_model/cells/base_2026q3_reserve_rate:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_reserve_rate:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_reserve_rate:base/value | None | 0.0325 |
| /operating_model/cells/base_2026q3_retained_margin:base/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/base_2026q3_retained_margin:base/case | None | base |
| /operating_model/cells/base_2026q3_retained_margin:base/id | None | base_2026q3_retained_margin |
| /operating_model/cells/base_2026q3_retained_margin:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_retained_margin:base/label | None | Retained reserve margin |
| /operating_model/cells/base_2026q3_retained_margin:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_retained_margin:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_retained_margin:base/value | None | 0.33528827384687493 |
| /operating_model/cells/base_2026q3_revenue:base/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/base_2026q3_revenue:base/case | None | base |
| /operating_model/cells/base_2026q3_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_revenue:base/formula/refs/0 | None | base_2026q3_reserve_income |
| /operating_model/cells/base_2026q3_revenue:base/formula/refs/1 | None | base_2026q3_other_revenue |
| /operating_model/cells/base_2026q3_revenue:base/id | None | base_2026q3_revenue |
| /operating_model/cells/base_2026q3_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q3_revenue:base/label | None | Total revenue and reserve income |
| /operating_model/cells/base_2026q3_revenue:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_revenue:base/value | None | 809.68953437577 |
| /operating_model/cells/base_2026q3_rldc:base/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/base_2026q3_rldc:base/case | None | base |
| /operating_model/cells/base_2026q3_rldc:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_rldc:base/formula/refs/0 | None | base_2026q3_contribution_before_other_cost |
| /operating_model/cells/base_2026q3_rldc:base/formula/refs/1 | None | base_2026q3_other_direct_cost |
| /operating_model/cells/base_2026q3_rldc:base/id | None | base_2026q3_rldc |
| /operating_model/cells/base_2026q3_rldc:base/kind | None | derived |
| /operating_model/cells/base_2026q3_rldc:base/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/base_2026q3_rldc:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_rldc:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_rldc:base/value | None | 400.7511750156631 |
| /operating_model/cells/base_2026q3_sbc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_sbc:base/case | None | base |
| /operating_model/cells/base_2026q3_sbc:base/id | None | base_2026q3_sbc |
| /operating_model/cells/base_2026q3_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_sbc:base/label | None | SBC expense |
| /operating_model/cells/base_2026q3_sbc:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_sbc:base/value | None | 60.0 |
| /operating_model/cells/base_2026q3_software:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_software:base/case | None | base |
| /operating_model/cells/base_2026q3_software:base/id | None | base_2026q3_software |
| /operating_model/cells/base_2026q3_software:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_software:base/label | None | Cash capitalized software |
| /operating_model/cells/base_2026q3_software:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_software:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_software:base/value | None | 22.0 |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/case | None | base |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/formula/refs/0 | None | presale_total |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/formula/refs/1 | None | base_2026q3_token_revenue |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/id | None | base_2026q3_token_deferred_ending |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/kind | None | derived |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/label | None | Unrecognized original presale revenue |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_token_deferred_ending:base/value | None | 82.19999999999999 |
| /operating_model/cells/base_2026q3_token_revenue:base/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/base_2026q3_token_revenue:base/case | None | base |
| /operating_model/cells/base_2026q3_token_revenue:base/id | None | base_2026q3_token_revenue |
| /operating_model/cells/base_2026q3_token_revenue:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_token_revenue:base/label | None | ARC presale recognition |
| /operating_model/cells/base_2026q3_token_revenue:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_token_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_token_revenue:base/value | None | 160.0 |
| /operating_model/cells/base_2026q3_working_capital_use:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q3_working_capital_use:base/case | None | base |
| /operating_model/cells/base_2026q3_working_capital_use:base/id | None | base_2026q3_working_capital_use |
| /operating_model/cells/base_2026q3_working_capital_use:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_working_capital_use:base/label | None | Other operating cash use |
| /operating_model/cells/base_2026q3_working_capital_use:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_working_capital_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_working_capital_use:base/value | None | 20.0 |
| /operating_model/cells/base_2026q3_yield_index:base/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/base_2026q3_yield_index:base/case | None | base |
| /operating_model/cells/base_2026q3_yield_index:base/formula/op | None | divide |
| /operating_model/cells/base_2026q3_yield_index:base/formula/refs/0 | None | base_2026q3_reserve_rate |
| /operating_model/cells/base_2026q3_yield_index:base/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/base_2026q3_yield_index:base/id | None | base_2026q3_yield_index |
| /operating_model/cells/base_2026q3_yield_index:base/kind | None | derived |
| /operating_model/cells/base_2026q3_yield_index:base/label | None | Reserve rate / Q2 |
| /operating_model/cells/base_2026q3_yield_index:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_yield_index:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_yield_index:base/value | None | 0.9285714285714285 |
| /operating_model/cells/base_2026q4_adj_ebitda:base/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/base_2026q4_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2026q4_adj_ebitda:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_adj_ebitda:base/formula/refs/0 | None | base_2026q4_rldc |
| /operating_model/cells/base_2026q4_adj_ebitda:base/formula/refs/1 | None | base_2026q4_adjusted_opex |
| /operating_model/cells/base_2026q4_adj_ebitda:base/id | None | base_2026q4_adj_ebitda |
| /operating_model/cells/base_2026q4_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2026q4_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2026q4_adj_ebitda:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_adj_ebitda:base/value | None | 87.96654155388362 |
| /operating_model/cells/base_2026q4_adjusted_opex:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_adjusted_opex:base/case | None | base |
| /operating_model/cells/base_2026q4_adjusted_opex:base/id | None | base_2026q4_adjusted_opex |
| /operating_model/cells/base_2026q4_adjusted_opex:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_adjusted_opex:base/label | None | Adjusted operating expense |
| /operating_model/cells/base_2026q4_adjusted_opex:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_adjusted_opex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_adjusted_opex:base/value | None | 150.443 |
| /operating_model/cells/base_2026q4_average_usdc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_average_usdc:base/case | None | base |
| /operating_model/cells/base_2026q4_average_usdc:base/id | None | base_2026q4_average_usdc |
| /operating_model/cells/base_2026q4_average_usdc:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_average_usdc:base/label | None | Average USDC circulation |
| /operating_model/cells/base_2026q4_average_usdc:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_average_usdc:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_average_usdc:base/value | None | 80000.0 |
| /operating_model/cells/base_2026q4_award_withholding:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_award_withholding:base/case | None | base |
| /operating_model/cells/base_2026q4_award_withholding:base/id | None | base_2026q4_award_withholding |
| /operating_model/cells/base_2026q4_award_withholding:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_award_withholding:base/label | None | Employee award settlement cash |
| /operating_model/cells/base_2026q4_award_withholding:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_award_withholding:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_award_withholding:base/value | None | 75.0 |
| /operating_model/cells/base_2026q4_capex:base/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/base_2026q4_capex:base/case | None | base |
| /operating_model/cells/base_2026q4_capex:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_capex:base/formula/refs/0 | None | base_2026q4_software |
| /operating_model/cells/base_2026q4_capex:base/formula/refs/1 | None | base_2026q4_ppe |
| /operating_model/cells/base_2026q4_capex:base/id | None | base_2026q4_capex |
| /operating_model/cells/base_2026q4_capex:base/kind | None | derived |
| /operating_model/cells/base_2026q4_capex:base/label | None | Cash PP&E and software |
| /operating_model/cells/base_2026q4_capex:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_capex:base/value | None | 31.0 |
| /operating_model/cells/base_2026q4_cash_adjustments:base/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/base_2026q4_cash_adjustments:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_cash_adjustments:base/formula/refs/0 | None | base_2026q4_token_revenue |
| /operating_model/cells/base_2026q4_cash_adjustments:base/formula/refs/1 | None | base_2026q4_payroll |
| /operating_model/cells/base_2026q4_cash_adjustments:base/formula/refs/2 | None | base_2026q4_legal |
| /operating_model/cells/base_2026q4_cash_adjustments:base/formula/refs/3 | None | base_2026q4_integration |
| /operating_model/cells/base_2026q4_cash_adjustments:base/formula/refs/4 | None | base_2026q4_cash_tax |
| /operating_model/cells/base_2026q4_cash_adjustments:base/formula/refs/5 | None | base_2026q4_working_capital_use |
| /operating_model/cells/base_2026q4_cash_adjustments:base/id | None | base_2026q4_cash_adjustments |
| /operating_model/cells/base_2026q4_cash_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cash_adjustments:base/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/base_2026q4_cash_adjustments:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_adjustments:base/value | None | 63.0 |
| /operating_model/cells/base_2026q4_cash_after_claims:base/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/base_2026q4_cash_after_claims:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_after_claims:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_cash_after_claims:base/formula/refs/0 | None | base_2026q4_fcf |
| /operating_model/cells/base_2026q4_cash_after_claims:base/formula/refs/1 | None | base_2026q4_award_withholding |
| /operating_model/cells/base_2026q4_cash_after_claims:base/id | None | base_2026q4_cash_after_claims |
| /operating_model/cells/base_2026q4_cash_after_claims:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cash_after_claims:base/label | None | Cash after employee withholding |
| /operating_model/cells/base_2026q4_cash_after_claims:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_after_claims:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_after_claims:base/value | None | -67.03345844611638 |
| /operating_model/cells/base_2026q4_cash_before_uses:base/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/base_2026q4_cash_before_uses:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_before_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_cash_before_uses:base/formula/refs/0 | None | base_2026q4_adj_ebitda |
| /operating_model/cells/base_2026q4_cash_before_uses:base/formula/refs/1 | None | base_2026q4_corporate_interest |
| /operating_model/cells/base_2026q4_cash_before_uses:base/formula/refs/2 | None | base_2026q4_presale_receipt |
| /operating_model/cells/base_2026q4_cash_before_uses:base/id | None | base_2026q4_cash_before_uses |
| /operating_model/cells/base_2026q4_cash_before_uses:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cash_before_uses:base/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/base_2026q4_cash_before_uses:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_before_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_before_uses:base/value | None | 101.96654155388362 |
| /operating_model/cells/base_2026q4_cash_tax:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_cash_tax:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_tax:base/id | None | base_2026q4_cash_tax |
| /operating_model/cells/base_2026q4_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_cash_tax:base/label | None | Cash income tax |
| /operating_model/cells/base_2026q4_cash_tax:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_tax:base/value | None | 17.0 |
| /operating_model/cells/base_2026q4_cfo:base/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/base_2026q4_cfo:base/case | None | base |
| /operating_model/cells/base_2026q4_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_cfo:base/formula/refs/0 | None | base_2026q4_cash_before_uses |
| /operating_model/cells/base_2026q4_cfo:base/formula/refs/1 | None | base_2026q4_cash_adjustments |
| /operating_model/cells/base_2026q4_cfo:base/id | None | base_2026q4_cfo |
| /operating_model/cells/base_2026q4_cfo:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2026q4_cfo:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cfo:base/value | None | 38.966541553883616 |
| /operating_model/cells/base_2026q4_circulation_index:base/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/base_2026q4_circulation_index:base/case | None | base |
| /operating_model/cells/base_2026q4_circulation_index:base/formula/op | None | divide |
| /operating_model/cells/base_2026q4_circulation_index:base/formula/refs/0 | None | base_2026q4_average_usdc |
| /operating_model/cells/base_2026q4_circulation_index:base/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/base_2026q4_circulation_index:base/id | None | base_2026q4_circulation_index |
| /operating_model/cells/base_2026q4_circulation_index:base/kind | None | derived |
| /operating_model/cells/base_2026q4_circulation_index:base/label | None | Average circulation / Q2 |
| /operating_model/cells/base_2026q4_circulation_index:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_circulation_index:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_circulation_index:base/value | None | 1.045423657937379 |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/case | None | base |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/formula/refs/0 | None | base_2026q4_net_reserve |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/formula/refs/1 | None | base_2026q4_other_revenue |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/id | None | base_2026q4_contribution_before_other_cost |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/kind | None | derived |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/label | None | Retained reserve plus other revenue |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_contribution_before_other_cost:base/value | None | 243.40954155388363 |
| /operating_model/cells/base_2026q4_corporate_interest:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_corporate_interest:base/case | None | base |
| /operating_model/cells/base_2026q4_corporate_interest:base/id | None | base_2026q4_corporate_interest |
| /operating_model/cells/base_2026q4_corporate_interest:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_corporate_interest:base/label | None | Corporate cash interest income |
| /operating_model/cells/base_2026q4_corporate_interest:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_corporate_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_corporate_interest:base/value | None | 14.0 |
| /operating_model/cells/base_2026q4_da:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_da:base/case | None | base |
| /operating_model/cells/base_2026q4_da:base/id | None | base_2026q4_da |
| /operating_model/cells/base_2026q4_da:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_da:base/label | None | D&A including software amortization |
| /operating_model/cells/base_2026q4_da:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_da:base/value | None | 34.0 |
| /operating_model/cells/base_2026q4_fcf:base/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/base_2026q4_fcf:base/case | None | base |
| /operating_model/cells/base_2026q4_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_fcf:base/formula/refs/0 | None | base_2026q4_cfo |
| /operating_model/cells/base_2026q4_fcf:base/formula/refs/1 | None | base_2026q4_capex |
| /operating_model/cells/base_2026q4_fcf:base/id | None | base_2026q4_fcf |
| /operating_model/cells/base_2026q4_fcf:base/kind | None | derived |
| /operating_model/cells/base_2026q4_fcf:base/label | None | CFO less PP&E and software |
| /operating_model/cells/base_2026q4_fcf:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_fcf:base/value | None | 7.966541553883616 |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/case | None | base |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/0 | None | base_2026q4_sbc |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/1 | None | base_2026q4_payroll |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/2 | None | base_2026q4_da |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/3 | None | base_2026q4_legal |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/4 | None | base_2026q4_integration |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/id | None | base_2026q4_gaap_adjustments |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/label | None | Adjusted expense exclusions |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_gaap_adjustments:base/value | None | 121.0 |
| /operating_model/cells/base_2026q4_integration:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_integration:base/case | None | base |
| /operating_model/cells/base_2026q4_integration:base/id | None | base_2026q4_integration |
| /operating_model/cells/base_2026q4_integration:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_integration:base/label | None | Cash integration expense |
| /operating_model/cells/base_2026q4_integration:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_integration:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_integration:base/value | None | 5.0 |
| /operating_model/cells/base_2026q4_legal:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_legal:base/case | None | base |
| /operating_model/cells/base_2026q4_legal:base/id | None | base_2026q4_legal |
| /operating_model/cells/base_2026q4_legal:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_legal:base/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/base_2026q4_legal:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_legal:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_legal:base/value | None | 9.0 |
| /operating_model/cells/base_2026q4_net_reserve:base/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/base_2026q4_net_reserve:base/case | None | base |
| /operating_model/cells/base_2026q4_net_reserve:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_net_reserve:base/formula/refs/0 | None | base_2026q4_reserve_income |
| /operating_model/cells/base_2026q4_net_reserve:base/formula/refs/1 | None | base_2026q4_retained_margin |
| /operating_model/cells/base_2026q4_net_reserve:base/id | None | base_2026q4_net_reserve |
| /operating_model/cells/base_2026q4_net_reserve:base/kind | None | derived |
| /operating_model/cells/base_2026q4_net_reserve:base/label | None | Reserve income after distribution costs |
| /operating_model/cells/base_2026q4_net_reserve:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_net_reserve:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_net_reserve:base/value | None | 200.61654155388362 |
| /operating_model/cells/base_2026q4_operating_income:base/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/base_2026q4_operating_income:base/case | None | base |
| /operating_model/cells/base_2026q4_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_operating_income:base/formula/refs/0 | None | base_2026q4_adj_ebitda |
| /operating_model/cells/base_2026q4_operating_income:base/formula/refs/1 | None | base_2026q4_gaap_adjustments |
| /operating_model/cells/base_2026q4_operating_income:base/id | None | base_2026q4_operating_income |
| /operating_model/cells/base_2026q4_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2026q4_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2026q4_operating_income:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_operating_income:base/value | None | -33.033458446116384 |
| /operating_model/cells/base_2026q4_other_direct_cost:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_other_direct_cost:base/case | None | base |
| /operating_model/cells/base_2026q4_other_direct_cost:base/id | None | base_2026q4_other_direct_cost |
| /operating_model/cells/base_2026q4_other_direct_cost:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_other_direct_cost:base/label | None | Other direct transaction/services cost |
| /operating_model/cells/base_2026q4_other_direct_cost:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_other_direct_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_other_direct_cost:base/value | None | 5.0 |
| /operating_model/cells/base_2026q4_other_revenue:base/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/base_2026q4_other_revenue:base/case | None | base |
| /operating_model/cells/base_2026q4_other_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_other_revenue:base/formula/refs/0 | None | base_2026q4_recurring_other |
| /operating_model/cells/base_2026q4_other_revenue:base/formula/refs/1 | None | base_2026q4_token_revenue |
| /operating_model/cells/base_2026q4_other_revenue:base/id | None | base_2026q4_other_revenue |
| /operating_model/cells/base_2026q4_other_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q4_other_revenue:base/label | None | Other revenue |
| /operating_model/cells/base_2026q4_other_revenue:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_other_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_other_revenue:base/value | None | 42.793 |
| /operating_model/cells/base_2026q4_payroll:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_payroll:base/case | None | base |
| /operating_model/cells/base_2026q4_payroll:base/id | None | base_2026q4_payroll |
| /operating_model/cells/base_2026q4_payroll:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_payroll:base/label | None | Employer payroll tax on equity |
| /operating_model/cells/base_2026q4_payroll:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_payroll:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_payroll:base/value | None | 9.0 |
| /operating_model/cells/base_2026q4_ppe:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_ppe:base/case | None | base |
| /operating_model/cells/base_2026q4_ppe:base/id | None | base_2026q4_ppe |
| /operating_model/cells/base_2026q4_ppe:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_ppe:base/label | None | Cash PP&E |
| /operating_model/cells/base_2026q4_ppe:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_ppe:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_ppe:base/value | None | 7.0 |
| /operating_model/cells/base_2026q4_presale_receipt:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_presale_receipt:base/case | None | base |
| /operating_model/cells/base_2026q4_presale_receipt:base/id | None | base_2026q4_presale_receipt |
| /operating_model/cells/base_2026q4_presale_receipt:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_presale_receipt:base/label | None | Additional original presale collection |
| /operating_model/cells/base_2026q4_presale_receipt:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_presale_receipt:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_presale_receipt:base/value | None | 0.0 |
| /operating_model/cells/base_2026q4_recurring_other:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_recurring_other:base/case | None | base |
| /operating_model/cells/base_2026q4_recurring_other:base/id | None | base_2026q4_recurring_other |
| /operating_model/cells/base_2026q4_recurring_other:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_recurring_other:base/label | None | Services and transaction revenue |
| /operating_model/cells/base_2026q4_recurring_other:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_recurring_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_recurring_other:base/value | None | 42.793 |
| /operating_model/cells/base_2026q4_reserve_income:base/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/base_2026q4_reserve_income:base/case | None | base |
| /operating_model/cells/base_2026q4_reserve_income:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_reserve_income:base/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/base_2026q4_reserve_income:base/formula/refs/1 | None | base_2026q4_circulation_index |
| /operating_model/cells/base_2026q4_reserve_income:base/formula/refs/2 | None | base_2026q4_yield_index |
| /operating_model/cells/base_2026q4_reserve_income:base/id | None | base_2026q4_reserve_income |
| /operating_model/cells/base_2026q4_reserve_income:base/kind | None | derived |
| /operating_model/cells/base_2026q4_reserve_income:base/label | None | Reserve income |
| /operating_model/cells/base_2026q4_reserve_income:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_reserve_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_reserve_income:base/value | None | 598.3404646161426 |
| /operating_model/cells/base_2026q4_reserve_rate:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_reserve_rate:base/case | None | base |
| /operating_model/cells/base_2026q4_reserve_rate:base/id | None | base_2026q4_reserve_rate |
| /operating_model/cells/base_2026q4_reserve_rate:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_reserve_rate:base/label | None | Annual reserve return rate |
| /operating_model/cells/base_2026q4_reserve_rate:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_reserve_rate:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_reserve_rate:base/value | None | 0.03 |
| /operating_model/cells/base_2026q4_retained_margin:base/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/base_2026q4_retained_margin:base/case | None | base |
| /operating_model/cells/base_2026q4_retained_margin:base/id | None | base_2026q4_retained_margin |
| /operating_model/cells/base_2026q4_retained_margin:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_retained_margin:base/label | None | Retained reserve margin |
| /operating_model/cells/base_2026q4_retained_margin:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_retained_margin:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_retained_margin:base/value | None | 0.33528827384687493 |
| /operating_model/cells/base_2026q4_revenue:base/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/base_2026q4_revenue:base/case | None | base |
| /operating_model/cells/base_2026q4_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_revenue:base/formula/refs/0 | None | base_2026q4_reserve_income |
| /operating_model/cells/base_2026q4_revenue:base/formula/refs/1 | None | base_2026q4_other_revenue |
| /operating_model/cells/base_2026q4_revenue:base/id | None | base_2026q4_revenue |
| /operating_model/cells/base_2026q4_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q4_revenue:base/label | None | Total revenue and reserve income |
| /operating_model/cells/base_2026q4_revenue:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_revenue:base/value | None | 641.1334646161426 |
| /operating_model/cells/base_2026q4_rldc:base/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/base_2026q4_rldc:base/case | None | base |
| /operating_model/cells/base_2026q4_rldc:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_rldc:base/formula/refs/0 | None | base_2026q4_contribution_before_other_cost |
| /operating_model/cells/base_2026q4_rldc:base/formula/refs/1 | None | base_2026q4_other_direct_cost |
| /operating_model/cells/base_2026q4_rldc:base/id | None | base_2026q4_rldc |
| /operating_model/cells/base_2026q4_rldc:base/kind | None | derived |
| /operating_model/cells/base_2026q4_rldc:base/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/base_2026q4_rldc:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_rldc:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_rldc:base/value | None | 238.40954155388363 |
| /operating_model/cells/base_2026q4_sbc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_sbc:base/case | None | base |
| /operating_model/cells/base_2026q4_sbc:base/id | None | base_2026q4_sbc |
| /operating_model/cells/base_2026q4_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_sbc:base/label | None | SBC expense |
| /operating_model/cells/base_2026q4_sbc:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_sbc:base/value | None | 64.0 |
| /operating_model/cells/base_2026q4_software:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_software:base/case | None | base |
| /operating_model/cells/base_2026q4_software:base/id | None | base_2026q4_software |
| /operating_model/cells/base_2026q4_software:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_software:base/label | None | Cash capitalized software |
| /operating_model/cells/base_2026q4_software:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_software:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_software:base/value | None | 24.0 |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/case | None | base |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/formula/refs/0 | None | base_2026q3_token_deferred_ending |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/formula/refs/1 | None | base_2026q4_token_revenue |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/id | None | base_2026q4_token_deferred_ending |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/kind | None | derived |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/label | None | Unrecognized original presale revenue |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_token_deferred_ending:base/value | None | 82.19999999999999 |
| /operating_model/cells/base_2026q4_token_revenue:base/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/base_2026q4_token_revenue:base/case | None | base |
| /operating_model/cells/base_2026q4_token_revenue:base/id | None | base_2026q4_token_revenue |
| /operating_model/cells/base_2026q4_token_revenue:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_token_revenue:base/label | None | ARC presale recognition |
| /operating_model/cells/base_2026q4_token_revenue:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_token_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_token_revenue:base/value | None | 0.0 |
| /operating_model/cells/base_2026q4_working_capital_use:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2026q4_working_capital_use:base/case | None | base |
| /operating_model/cells/base_2026q4_working_capital_use:base/id | None | base_2026q4_working_capital_use |
| /operating_model/cells/base_2026q4_working_capital_use:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_working_capital_use:base/label | None | Other operating cash use |
| /operating_model/cells/base_2026q4_working_capital_use:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_working_capital_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_working_capital_use:base/value | None | 23.0 |
| /operating_model/cells/base_2026q4_yield_index:base/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/base_2026q4_yield_index:base/case | None | base |
| /operating_model/cells/base_2026q4_yield_index:base/formula/op | None | divide |
| /operating_model/cells/base_2026q4_yield_index:base/formula/refs/0 | None | base_2026q4_reserve_rate |
| /operating_model/cells/base_2026q4_yield_index:base/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/base_2026q4_yield_index:base/id | None | base_2026q4_yield_index |
| /operating_model/cells/base_2026q4_yield_index:base/kind | None | derived |
| /operating_model/cells/base_2026q4_yield_index:base/label | None | Reserve rate / Q2 |
| /operating_model/cells/base_2026q4_yield_index:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_yield_index:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_yield_index:base/value | None | 0.857142857142857 |
| /operating_model/cells/base_2027q1_adj_ebitda:base/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/base_2027q1_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q1_adj_ebitda:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_adj_ebitda:base/formula/refs/0 | None | base_2027q1_rldc |
| /operating_model/cells/base_2027q1_adj_ebitda:base/formula/refs/1 | None | base_2027q1_adjusted_opex |
| /operating_model/cells/base_2027q1_adj_ebitda:base/id | None | base_2027q1_adj_ebitda |
| /operating_model/cells/base_2027q1_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q1_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2027q1_adj_ebitda:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_adj_ebitda:base/value | None | 184.71244283754783 |
| /operating_model/cells/base_2027q1_adjusted_opex:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_adjusted_opex:base/case | None | base |
| /operating_model/cells/base_2027q1_adjusted_opex:base/id | None | base_2027q1_adjusted_opex |
| /operating_model/cells/base_2027q1_adjusted_opex:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_adjusted_opex:base/label | None | Adjusted operating expense |
| /operating_model/cells/base_2027q1_adjusted_opex:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_adjusted_opex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_adjusted_opex:base/value | None | 159.0 |
| /operating_model/cells/base_2027q1_average_usdc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_average_usdc:base/case | None | base |
| /operating_model/cells/base_2027q1_average_usdc:base/id | None | base_2027q1_average_usdc |
| /operating_model/cells/base_2027q1_average_usdc:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_average_usdc:base/label | None | Average USDC circulation |
| /operating_model/cells/base_2027q1_average_usdc:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_average_usdc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_average_usdc:base/value | None | 85000.0 |
| /operating_model/cells/base_2027q1_award_withholding:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_award_withholding:base/case | None | base |
| /operating_model/cells/base_2027q1_award_withholding:base/id | None | base_2027q1_award_withholding |
| /operating_model/cells/base_2027q1_award_withholding:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_award_withholding:base/label | None | Employee award settlement cash |
| /operating_model/cells/base_2027q1_award_withholding:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_award_withholding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_award_withholding:base/value | None | 75.0 |
| /operating_model/cells/base_2027q1_capex:base/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/base_2027q1_capex:base/case | None | base |
| /operating_model/cells/base_2027q1_capex:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_capex:base/formula/refs/0 | None | base_2027q1_software |
| /operating_model/cells/base_2027q1_capex:base/formula/refs/1 | None | base_2027q1_ppe |
| /operating_model/cells/base_2027q1_capex:base/id | None | base_2027q1_capex |
| /operating_model/cells/base_2027q1_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q1_capex:base/label | None | Cash PP&E and software |
| /operating_model/cells/base_2027q1_capex:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_capex:base/value | None | 34.0 |
| /operating_model/cells/base_2027q1_cash_adjustments:base/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/base_2027q1_cash_adjustments:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_cash_adjustments:base/formula/refs/0 | None | base_2027q1_token_revenue |
| /operating_model/cells/base_2027q1_cash_adjustments:base/formula/refs/1 | None | base_2027q1_payroll |
| /operating_model/cells/base_2027q1_cash_adjustments:base/formula/refs/2 | None | base_2027q1_legal |
| /operating_model/cells/base_2027q1_cash_adjustments:base/formula/refs/3 | None | base_2027q1_integration |
| /operating_model/cells/base_2027q1_cash_adjustments:base/formula/refs/4 | None | base_2027q1_cash_tax |
| /operating_model/cells/base_2027q1_cash_adjustments:base/formula/refs/5 | None | base_2027q1_working_capital_use |
| /operating_model/cells/base_2027q1_cash_adjustments:base/id | None | base_2027q1_cash_adjustments |
| /operating_model/cells/base_2027q1_cash_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cash_adjustments:base/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/base_2027q1_cash_adjustments:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_adjustments:base/value | None | 151.2 |
| /operating_model/cells/base_2027q1_cash_after_claims:base/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/base_2027q1_cash_after_claims:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_after_claims:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_cash_after_claims:base/formula/refs/0 | None | base_2027q1_fcf |
| /operating_model/cells/base_2027q1_cash_after_claims:base/formula/refs/1 | None | base_2027q1_award_withholding |
| /operating_model/cells/base_2027q1_cash_after_claims:base/id | None | base_2027q1_cash_after_claims |
| /operating_model/cells/base_2027q1_cash_after_claims:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cash_after_claims:base/label | None | Cash after employee withholding |
| /operating_model/cells/base_2027q1_cash_after_claims:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_after_claims:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_after_claims:base/value | None | -61.48755716245216 |
| /operating_model/cells/base_2027q1_cash_before_uses:base/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/base_2027q1_cash_before_uses:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_before_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_cash_before_uses:base/formula/refs/0 | None | base_2027q1_adj_ebitda |
| /operating_model/cells/base_2027q1_cash_before_uses:base/formula/refs/1 | None | base_2027q1_corporate_interest |
| /operating_model/cells/base_2027q1_cash_before_uses:base/formula/refs/2 | None | base_2027q1_presale_receipt |
| /operating_model/cells/base_2027q1_cash_before_uses:base/id | None | base_2027q1_cash_before_uses |
| /operating_model/cells/base_2027q1_cash_before_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cash_before_uses:base/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/base_2027q1_cash_before_uses:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_before_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_before_uses:base/value | None | 198.71244283754783 |
| /operating_model/cells/base_2027q1_cash_tax:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_cash_tax:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_tax:base/id | None | base_2027q1_cash_tax |
| /operating_model/cells/base_2027q1_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_cash_tax:base/label | None | Cash income tax |
| /operating_model/cells/base_2027q1_cash_tax:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_tax:base/value | None | 19.0 |
| /operating_model/cells/base_2027q1_cfo:base/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/base_2027q1_cfo:base/case | None | base |
| /operating_model/cells/base_2027q1_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_cfo:base/formula/refs/0 | None | base_2027q1_cash_before_uses |
| /operating_model/cells/base_2027q1_cfo:base/formula/refs/1 | None | base_2027q1_cash_adjustments |
| /operating_model/cells/base_2027q1_cfo:base/id | None | base_2027q1_cfo |
| /operating_model/cells/base_2027q1_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2027q1_cfo:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cfo:base/value | None | 47.51244283754784 |
| /operating_model/cells/base_2027q1_circulation_index:base/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/base_2027q1_circulation_index:base/case | None | base |
| /operating_model/cells/base_2027q1_circulation_index:base/formula/op | None | divide |
| /operating_model/cells/base_2027q1_circulation_index:base/formula/refs/0 | None | base_2027q1_average_usdc |
| /operating_model/cells/base_2027q1_circulation_index:base/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/base_2027q1_circulation_index:base/id | None | base_2027q1_circulation_index |
| /operating_model/cells/base_2027q1_circulation_index:base/kind | None | derived |
| /operating_model/cells/base_2027q1_circulation_index:base/label | None | Average circulation / Q2 |
| /operating_model/cells/base_2027q1_circulation_index:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_circulation_index:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_circulation_index:base/value | None | 1.1107626365584653 |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/case | None | base |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/formula/refs/0 | None | base_2027q1_net_reserve |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/formula/refs/1 | None | base_2027q1_other_revenue |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/id | None | base_2027q1_contribution_before_other_cost |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/label | None | Retained reserve plus other revenue |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_contribution_before_other_cost:base/value | None | 349.7124428375478 |
| /operating_model/cells/base_2027q1_corporate_interest:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_corporate_interest:base/case | None | base |
| /operating_model/cells/base_2027q1_corporate_interest:base/id | None | base_2027q1_corporate_interest |
| /operating_model/cells/base_2027q1_corporate_interest:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_corporate_interest:base/label | None | Corporate cash interest income |
| /operating_model/cells/base_2027q1_corporate_interest:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_corporate_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_corporate_interest:base/value | None | 14.0 |
| /operating_model/cells/base_2027q1_da:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_da:base/case | None | base |
| /operating_model/cells/base_2027q1_da:base/id | None | base_2027q1_da |
| /operating_model/cells/base_2027q1_da:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_da:base/label | None | D&A including software amortization |
| /operating_model/cells/base_2027q1_da:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_da:base/value | None | 36.0 |
| /operating_model/cells/base_2027q1_fcf:base/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/base_2027q1_fcf:base/case | None | base |
| /operating_model/cells/base_2027q1_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_fcf:base/formula/refs/0 | None | base_2027q1_cfo |
| /operating_model/cells/base_2027q1_fcf:base/formula/refs/1 | None | base_2027q1_capex |
| /operating_model/cells/base_2027q1_fcf:base/id | None | base_2027q1_fcf |
| /operating_model/cells/base_2027q1_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q1_fcf:base/label | None | CFO less PP&E and software |
| /operating_model/cells/base_2027q1_fcf:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_fcf:base/value | None | 13.512442837547837 |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/case | None | base |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/0 | None | base_2027q1_sbc |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/1 | None | base_2027q1_payroll |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/2 | None | base_2027q1_da |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/3 | None | base_2027q1_legal |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/4 | None | base_2027q1_integration |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/id | None | base_2027q1_gaap_adjustments |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/label | None | Adjusted expense exclusions |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_gaap_adjustments:base/value | None | 128.0 |
| /operating_model/cells/base_2027q1_integration:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_integration:base/case | None | base |
| /operating_model/cells/base_2027q1_integration:base/id | None | base_2027q1_integration |
| /operating_model/cells/base_2027q1_integration:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_integration:base/label | None | Cash integration expense |
| /operating_model/cells/base_2027q1_integration:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_integration:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_integration:base/value | None | 5.0 |
| /operating_model/cells/base_2027q1_legal:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_legal:base/case | None | base |
| /operating_model/cells/base_2027q1_legal:base/id | None | base_2027q1_legal |
| /operating_model/cells/base_2027q1_legal:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_legal:base/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/base_2027q1_legal:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_legal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_legal:base/value | None | 9.0 |
| /operating_model/cells/base_2027q1_net_reserve:base/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/base_2027q1_net_reserve:base/case | None | base |
| /operating_model/cells/base_2027q1_net_reserve:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_net_reserve:base/formula/refs/0 | None | base_2027q1_reserve_income |
| /operating_model/cells/base_2027q1_net_reserve:base/formula/refs/1 | None | base_2027q1_retained_margin |
| /operating_model/cells/base_2027q1_net_reserve:base/id | None | base_2027q1_net_reserve |
| /operating_model/cells/base_2027q1_net_reserve:base/kind | None | derived |
| /operating_model/cells/base_2027q1_net_reserve:base/label | None | Reserve income after distribution costs |
| /operating_model/cells/base_2027q1_net_reserve:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_net_reserve:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_net_reserve:base/value | None | 219.51244283754784 |
| /operating_model/cells/base_2027q1_operating_income:base/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/base_2027q1_operating_income:base/case | None | base |
| /operating_model/cells/base_2027q1_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_operating_income:base/formula/refs/0 | None | base_2027q1_adj_ebitda |
| /operating_model/cells/base_2027q1_operating_income:base/formula/refs/1 | None | base_2027q1_gaap_adjustments |
| /operating_model/cells/base_2027q1_operating_income:base/id | None | base_2027q1_operating_income |
| /operating_model/cells/base_2027q1_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2027q1_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2027q1_operating_income:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_operating_income:base/value | None | 56.712442837547826 |
| /operating_model/cells/base_2027q1_other_direct_cost:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_other_direct_cost:base/case | None | base |
| /operating_model/cells/base_2027q1_other_direct_cost:base/id | None | base_2027q1_other_direct_cost |
| /operating_model/cells/base_2027q1_other_direct_cost:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_other_direct_cost:base/label | None | Other direct transaction/services cost |
| /operating_model/cells/base_2027q1_other_direct_cost:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_other_direct_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_other_direct_cost:base/value | None | 6.0 |
| /operating_model/cells/base_2027q1_other_revenue:base/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/base_2027q1_other_revenue:base/case | None | base |
| /operating_model/cells/base_2027q1_other_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_other_revenue:base/formula/refs/0 | None | base_2027q1_recurring_other |
| /operating_model/cells/base_2027q1_other_revenue:base/formula/refs/1 | None | base_2027q1_token_revenue |
| /operating_model/cells/base_2027q1_other_revenue:base/id | None | base_2027q1_other_revenue |
| /operating_model/cells/base_2027q1_other_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q1_other_revenue:base/label | None | Other revenue |
| /operating_model/cells/base_2027q1_other_revenue:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_other_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_other_revenue:base/value | None | 130.2 |
| /operating_model/cells/base_2027q1_payroll:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_payroll:base/case | None | base |
| /operating_model/cells/base_2027q1_payroll:base/id | None | base_2027q1_payroll |
| /operating_model/cells/base_2027q1_payroll:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_payroll:base/label | None | Employer payroll tax on equity |
| /operating_model/cells/base_2027q1_payroll:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_payroll:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_payroll:base/value | None | 10.0 |
| /operating_model/cells/base_2027q1_ppe:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_ppe:base/case | None | base |
| /operating_model/cells/base_2027q1_ppe:base/id | None | base_2027q1_ppe |
| /operating_model/cells/base_2027q1_ppe:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_ppe:base/label | None | Cash PP&E |
| /operating_model/cells/base_2027q1_ppe:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_ppe:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_ppe:base/value | None | 8.0 |
| /operating_model/cells/base_2027q1_presale_receipt:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_presale_receipt:base/case | None | base |
| /operating_model/cells/base_2027q1_presale_receipt:base/id | None | base_2027q1_presale_receipt |
| /operating_model/cells/base_2027q1_presale_receipt:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_presale_receipt:base/label | None | Additional original presale collection |
| /operating_model/cells/base_2027q1_presale_receipt:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_presale_receipt:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_presale_receipt:base/value | None | 0.0 |
| /operating_model/cells/base_2027q1_recurring_other:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_recurring_other:base/case | None | base |
| /operating_model/cells/base_2027q1_recurring_other:base/id | None | base_2027q1_recurring_other |
| /operating_model/cells/base_2027q1_recurring_other:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_recurring_other:base/label | None | Services and transaction revenue |
| /operating_model/cells/base_2027q1_recurring_other:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_recurring_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_recurring_other:base/value | None | 48.0 |
| /operating_model/cells/base_2027q1_reserve_income:base/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/base_2027q1_reserve_income:base/case | None | base |
| /operating_model/cells/base_2027q1_reserve_income:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_reserve_income:base/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/base_2027q1_reserve_income:base/formula/refs/1 | None | base_2027q1_circulation_index |
| /operating_model/cells/base_2027q1_reserve_income:base/formula/refs/2 | None | base_2027q1_yield_index |
| /operating_model/cells/base_2027q1_reserve_income:base/id | None | base_2027q1_reserve_income |
| /operating_model/cells/base_2027q1_reserve_income:base/kind | None | derived |
| /operating_model/cells/base_2027q1_reserve_income:base/label | None | Reserve income |
| /operating_model/cells/base_2027q1_reserve_income:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_reserve_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_reserve_income:base/value | None | 635.7367436546515 |
| /operating_model/cells/base_2027q1_reserve_rate:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_reserve_rate:base/case | None | base |
| /operating_model/cells/base_2027q1_reserve_rate:base/id | None | base_2027q1_reserve_rate |
| /operating_model/cells/base_2027q1_reserve_rate:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_reserve_rate:base/label | None | Annual reserve return rate |
| /operating_model/cells/base_2027q1_reserve_rate:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_reserve_rate:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_reserve_rate:base/value | None | 0.03 |
| /operating_model/cells/base_2027q1_retained_margin:base/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/base_2027q1_retained_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_retained_margin:base/id | None | base_2027q1_retained_margin |
| /operating_model/cells/base_2027q1_retained_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_retained_margin:base/label | None | Retained reserve margin |
| /operating_model/cells/base_2027q1_retained_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_retained_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_retained_margin:base/value | None | 0.34528827384687494 |
| /operating_model/cells/base_2027q1_revenue:base/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/base_2027q1_revenue:base/case | None | base |
| /operating_model/cells/base_2027q1_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/0 | None | base_2027q1_reserve_income |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/1 | None | base_2027q1_other_revenue |
| /operating_model/cells/base_2027q1_revenue:base/id | None | base_2027q1_revenue |
| /operating_model/cells/base_2027q1_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q1_revenue:base/label | None | Total revenue and reserve income |
| /operating_model/cells/base_2027q1_revenue:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_revenue:base/value | None | 765.9367436546515 |
| /operating_model/cells/base_2027q1_rldc:base/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/base_2027q1_rldc:base/case | None | base |
| /operating_model/cells/base_2027q1_rldc:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_rldc:base/formula/refs/0 | None | base_2027q1_contribution_before_other_cost |
| /operating_model/cells/base_2027q1_rldc:base/formula/refs/1 | None | base_2027q1_other_direct_cost |
| /operating_model/cells/base_2027q1_rldc:base/id | None | base_2027q1_rldc |
| /operating_model/cells/base_2027q1_rldc:base/kind | None | derived |
| /operating_model/cells/base_2027q1_rldc:base/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/base_2027q1_rldc:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_rldc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_rldc:base/value | None | 343.7124428375478 |
| /operating_model/cells/base_2027q1_sbc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_sbc:base/case | None | base |
| /operating_model/cells/base_2027q1_sbc:base/id | None | base_2027q1_sbc |
| /operating_model/cells/base_2027q1_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_sbc:base/label | None | SBC expense |
| /operating_model/cells/base_2027q1_sbc:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_sbc:base/value | None | 68.0 |
| /operating_model/cells/base_2027q1_software:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_software:base/case | None | base |
| /operating_model/cells/base_2027q1_software:base/id | None | base_2027q1_software |
| /operating_model/cells/base_2027q1_software:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_software:base/label | None | Cash capitalized software |
| /operating_model/cells/base_2027q1_software:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_software:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_software:base/value | None | 26.0 |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/case | None | base |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/formula/refs/0 | None | base_2026q4_token_deferred_ending |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/formula/refs/1 | None | base_2027q1_token_revenue |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/id | None | base_2027q1_token_deferred_ending |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/kind | None | derived |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/label | None | Unrecognized original presale revenue |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_token_deferred_ending:base/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/base_2027q1_token_revenue:base/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/base_2027q1_token_revenue:base/case | None | base |
| /operating_model/cells/base_2027q1_token_revenue:base/id | None | base_2027q1_token_revenue |
| /operating_model/cells/base_2027q1_token_revenue:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_token_revenue:base/label | None | ARC presale recognition |
| /operating_model/cells/base_2027q1_token_revenue:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_token_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_token_revenue:base/value | None | 82.2 |
| /operating_model/cells/base_2027q1_working_capital_use:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_working_capital_use:base/case | None | base |
| /operating_model/cells/base_2027q1_working_capital_use:base/id | None | base_2027q1_working_capital_use |
| /operating_model/cells/base_2027q1_working_capital_use:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_working_capital_use:base/label | None | Other operating cash use |
| /operating_model/cells/base_2027q1_working_capital_use:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_working_capital_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_working_capital_use:base/value | None | 26.0 |
| /operating_model/cells/base_2027q1_yield_index:base/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/base_2027q1_yield_index:base/case | None | base |
| /operating_model/cells/base_2027q1_yield_index:base/formula/op | None | divide |
| /operating_model/cells/base_2027q1_yield_index:base/formula/refs/0 | None | base_2027q1_reserve_rate |
| /operating_model/cells/base_2027q1_yield_index:base/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/base_2027q1_yield_index:base/id | None | base_2027q1_yield_index |
| /operating_model/cells/base_2027q1_yield_index:base/kind | None | derived |
| /operating_model/cells/base_2027q1_yield_index:base/label | None | Reserve rate / Q2 |
| /operating_model/cells/base_2027q1_yield_index:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_yield_index:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_yield_index:base/value | None | 0.857142857142857 |
| /operating_model/cells/base_2027q2_adj_ebitda:base/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/base_2027q2_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q2_adj_ebitda:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_adj_ebitda:base/formula/refs/0 | None | base_2027q2_rldc |
| /operating_model/cells/base_2027q2_adj_ebitda:base/formula/refs/1 | None | base_2027q2_adjusted_opex |
| /operating_model/cells/base_2027q2_adj_ebitda:base/id | None | base_2027q2_adj_ebitda |
| /operating_model/cells/base_2027q2_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q2_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2027q2_adj_ebitda:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_adj_ebitda:base/value | None | 123.62814535871502 |
| /operating_model/cells/base_2027q2_adjusted_opex:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_adjusted_opex:base/case | None | base |
| /operating_model/cells/base_2027q2_adjusted_opex:base/id | None | base_2027q2_adjusted_opex |
| /operating_model/cells/base_2027q2_adjusted_opex:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_adjusted_opex:base/label | None | Adjusted operating expense |
| /operating_model/cells/base_2027q2_adjusted_opex:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_adjusted_opex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_adjusted_opex:base/value | None | 171.0 |
| /operating_model/cells/base_2027q2_average_usdc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_average_usdc:base/case | None | base |
| /operating_model/cells/base_2027q2_average_usdc:base/id | None | base_2027q2_average_usdc |
| /operating_model/cells/base_2027q2_average_usdc:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_average_usdc:base/label | None | Average USDC circulation |
| /operating_model/cells/base_2027q2_average_usdc:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_average_usdc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_average_usdc:base/value | None | 93000.0 |
| /operating_model/cells/base_2027q2_award_withholding:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_award_withholding:base/case | None | base |
| /operating_model/cells/base_2027q2_award_withholding:base/id | None | base_2027q2_award_withholding |
| /operating_model/cells/base_2027q2_award_withholding:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_award_withholding:base/label | None | Employee award settlement cash |
| /operating_model/cells/base_2027q2_award_withholding:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_award_withholding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_award_withholding:base/value | None | 80.0 |
| /operating_model/cells/base_2027q2_capex:base/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/base_2027q2_capex:base/case | None | base |
| /operating_model/cells/base_2027q2_capex:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_capex:base/formula/refs/0 | None | base_2027q2_software |
| /operating_model/cells/base_2027q2_capex:base/formula/refs/1 | None | base_2027q2_ppe |
| /operating_model/cells/base_2027q2_capex:base/id | None | base_2027q2_capex |
| /operating_model/cells/base_2027q2_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q2_capex:base/label | None | Cash PP&E and software |
| /operating_model/cells/base_2027q2_capex:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_capex:base/value | None | 37.0 |
| /operating_model/cells/base_2027q2_cash_adjustments:base/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/base_2027q2_cash_adjustments:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_cash_adjustments:base/formula/refs/0 | None | base_2027q2_token_revenue |
| /operating_model/cells/base_2027q2_cash_adjustments:base/formula/refs/1 | None | base_2027q2_payroll |
| /operating_model/cells/base_2027q2_cash_adjustments:base/formula/refs/2 | None | base_2027q2_legal |
| /operating_model/cells/base_2027q2_cash_adjustments:base/formula/refs/3 | None | base_2027q2_integration |
| /operating_model/cells/base_2027q2_cash_adjustments:base/formula/refs/4 | None | base_2027q2_cash_tax |
| /operating_model/cells/base_2027q2_cash_adjustments:base/formula/refs/5 | None | base_2027q2_working_capital_use |
| /operating_model/cells/base_2027q2_cash_adjustments:base/id | None | base_2027q2_cash_adjustments |
| /operating_model/cells/base_2027q2_cash_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cash_adjustments:base/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/base_2027q2_cash_adjustments:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_adjustments:base/value | None | 75.0 |
| /operating_model/cells/base_2027q2_cash_after_claims:base/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/base_2027q2_cash_after_claims:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_after_claims:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_cash_after_claims:base/formula/refs/0 | None | base_2027q2_fcf |
| /operating_model/cells/base_2027q2_cash_after_claims:base/formula/refs/1 | None | base_2027q2_award_withholding |
| /operating_model/cells/base_2027q2_cash_after_claims:base/id | None | base_2027q2_cash_after_claims |
| /operating_model/cells/base_2027q2_cash_after_claims:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cash_after_claims:base/label | None | Cash after employee withholding |
| /operating_model/cells/base_2027q2_cash_after_claims:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_after_claims:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_after_claims:base/value | None | -54.37185464128498 |
| /operating_model/cells/base_2027q2_cash_before_uses:base/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/base_2027q2_cash_before_uses:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_before_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_cash_before_uses:base/formula/refs/0 | None | base_2027q2_adj_ebitda |
| /operating_model/cells/base_2027q2_cash_before_uses:base/formula/refs/1 | None | base_2027q2_corporate_interest |
| /operating_model/cells/base_2027q2_cash_before_uses:base/formula/refs/2 | None | base_2027q2_presale_receipt |
| /operating_model/cells/base_2027q2_cash_before_uses:base/id | None | base_2027q2_cash_before_uses |
| /operating_model/cells/base_2027q2_cash_before_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cash_before_uses:base/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/base_2027q2_cash_before_uses:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_before_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_before_uses:base/value | None | 137.62814535871502 |
| /operating_model/cells/base_2027q2_cash_tax:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_cash_tax:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_tax:base/id | None | base_2027q2_cash_tax |
| /operating_model/cells/base_2027q2_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_cash_tax:base/label | None | Cash income tax |
| /operating_model/cells/base_2027q2_cash_tax:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_tax:base/value | None | 21.0 |
| /operating_model/cells/base_2027q2_cfo:base/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/base_2027q2_cfo:base/case | None | base |
| /operating_model/cells/base_2027q2_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_cfo:base/formula/refs/0 | None | base_2027q2_cash_before_uses |
| /operating_model/cells/base_2027q2_cfo:base/formula/refs/1 | None | base_2027q2_cash_adjustments |
| /operating_model/cells/base_2027q2_cfo:base/id | None | base_2027q2_cfo |
| /operating_model/cells/base_2027q2_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2027q2_cfo:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cfo:base/value | None | 62.62814535871502 |
| /operating_model/cells/base_2027q2_circulation_index:base/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/base_2027q2_circulation_index:base/case | None | base |
| /operating_model/cells/base_2027q2_circulation_index:base/formula/op | None | divide |
| /operating_model/cells/base_2027q2_circulation_index:base/formula/refs/0 | None | base_2027q2_average_usdc |
| /operating_model/cells/base_2027q2_circulation_index:base/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/base_2027q2_circulation_index:base/id | None | base_2027q2_circulation_index |
| /operating_model/cells/base_2027q2_circulation_index:base/kind | None | derived |
| /operating_model/cells/base_2027q2_circulation_index:base/label | None | Average circulation / Q2 |
| /operating_model/cells/base_2027q2_circulation_index:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_circulation_index:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_circulation_index:base/value | None | 1.2153050023522032 |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/case | None | base |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/formula/refs/0 | None | base_2027q2_net_reserve |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/formula/refs/1 | None | base_2027q2_other_revenue |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/id | None | base_2027q2_contribution_before_other_cost |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/label | None | Retained reserve plus other revenue |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_contribution_before_other_cost:base/value | None | 301.128145358715 |
| /operating_model/cells/base_2027q2_corporate_interest:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_corporate_interest:base/case | None | base |
| /operating_model/cells/base_2027q2_corporate_interest:base/id | None | base_2027q2_corporate_interest |
| /operating_model/cells/base_2027q2_corporate_interest:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_corporate_interest:base/label | None | Corporate cash interest income |
| /operating_model/cells/base_2027q2_corporate_interest:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_corporate_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_corporate_interest:base/value | None | 14.0 |
| /operating_model/cells/base_2027q2_da:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_da:base/case | None | base |
| /operating_model/cells/base_2027q2_da:base/id | None | base_2027q2_da |
| /operating_model/cells/base_2027q2_da:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_da:base/label | None | D&A including software amortization |
| /operating_model/cells/base_2027q2_da:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_da:base/value | None | 38.0 |
| /operating_model/cells/base_2027q2_fcf:base/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/base_2027q2_fcf:base/case | None | base |
| /operating_model/cells/base_2027q2_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_fcf:base/formula/refs/0 | None | base_2027q2_cfo |
| /operating_model/cells/base_2027q2_fcf:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_2027q2_fcf:base/id | None | base_2027q2_fcf |
| /operating_model/cells/base_2027q2_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q2_fcf:base/label | None | CFO less PP&E and software |
| /operating_model/cells/base_2027q2_fcf:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_fcf:base/value | None | 25.628145358715017 |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/case | None | base |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/0 | None | base_2027q2_sbc |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/1 | None | base_2027q2_payroll |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/2 | None | base_2027q2_da |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/3 | None | base_2027q2_legal |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/4 | None | base_2027q2_integration |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/id | None | base_2027q2_gaap_adjustments |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/label | None | Adjusted expense exclusions |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_gaap_adjustments:base/value | None | 135.0 |
| /operating_model/cells/base_2027q2_integration:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_integration:base/case | None | base |
| /operating_model/cells/base_2027q2_integration:base/id | None | base_2027q2_integration |
| /operating_model/cells/base_2027q2_integration:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_integration:base/label | None | Cash integration expense |
| /operating_model/cells/base_2027q2_integration:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_integration:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_integration:base/value | None | 5.0 |
| /operating_model/cells/base_2027q2_legal:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_legal:base/case | None | base |
| /operating_model/cells/base_2027q2_legal:base/id | None | base_2027q2_legal |
| /operating_model/cells/base_2027q2_legal:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_legal:base/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/base_2027q2_legal:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_legal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_legal:base/value | None | 9.0 |
| /operating_model/cells/base_2027q2_net_reserve:base/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/base_2027q2_net_reserve:base/case | None | base |
| /operating_model/cells/base_2027q2_net_reserve:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_net_reserve:base/formula/refs/0 | None | base_2027q2_reserve_income |
| /operating_model/cells/base_2027q2_net_reserve:base/formula/refs/1 | None | base_2027q2_retained_margin |
| /operating_model/cells/base_2027q2_net_reserve:base/id | None | base_2027q2_net_reserve |
| /operating_model/cells/base_2027q2_net_reserve:base/kind | None | derived |
| /operating_model/cells/base_2027q2_net_reserve:base/label | None | Reserve income after distribution costs |
| /operating_model/cells/base_2027q2_net_reserve:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_net_reserve:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_net_reserve:base/value | None | 247.12814535871502 |
| /operating_model/cells/base_2027q2_operating_income:base/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/base_2027q2_operating_income:base/case | None | base |
| /operating_model/cells/base_2027q2_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_operating_income:base/formula/refs/0 | None | base_2027q2_adj_ebitda |
| /operating_model/cells/base_2027q2_operating_income:base/formula/refs/1 | None | base_2027q2_gaap_adjustments |
| /operating_model/cells/base_2027q2_operating_income:base/id | None | base_2027q2_operating_income |
| /operating_model/cells/base_2027q2_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2027q2_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2027q2_operating_income:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_operating_income:base/value | None | -11.371854641284983 |
| /operating_model/cells/base_2027q2_other_direct_cost:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_other_direct_cost:base/case | None | base |
| /operating_model/cells/base_2027q2_other_direct_cost:base/id | None | base_2027q2_other_direct_cost |
| /operating_model/cells/base_2027q2_other_direct_cost:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_other_direct_cost:base/label | None | Other direct transaction/services cost |
| /operating_model/cells/base_2027q2_other_direct_cost:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_other_direct_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_other_direct_cost:base/value | None | 6.5 |
| /operating_model/cells/base_2027q2_other_revenue:base/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/base_2027q2_other_revenue:base/case | None | base |
| /operating_model/cells/base_2027q2_other_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_other_revenue:base/formula/refs/0 | None | base_2027q2_recurring_other |
| /operating_model/cells/base_2027q2_other_revenue:base/formula/refs/1 | None | base_2027q2_token_revenue |
| /operating_model/cells/base_2027q2_other_revenue:base/id | None | base_2027q2_other_revenue |
| /operating_model/cells/base_2027q2_other_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q2_other_revenue:base/label | None | Other revenue |
| /operating_model/cells/base_2027q2_other_revenue:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_other_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_other_revenue:base/value | None | 54.0 |
| /operating_model/cells/base_2027q2_payroll:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_payroll:base/case | None | base |
| /operating_model/cells/base_2027q2_payroll:base/id | None | base_2027q2_payroll |
| /operating_model/cells/base_2027q2_payroll:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_payroll:base/label | None | Employer payroll tax on equity |
| /operating_model/cells/base_2027q2_payroll:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_payroll:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_payroll:base/value | None | 11.0 |
| /operating_model/cells/base_2027q2_ppe:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_ppe:base/case | None | base |
| /operating_model/cells/base_2027q2_ppe:base/id | None | base_2027q2_ppe |
| /operating_model/cells/base_2027q2_ppe:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_ppe:base/label | None | Cash PP&E |
| /operating_model/cells/base_2027q2_ppe:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_ppe:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_ppe:base/value | None | 9.0 |
| /operating_model/cells/base_2027q2_presale_receipt:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_presale_receipt:base/case | None | base |
| /operating_model/cells/base_2027q2_presale_receipt:base/id | None | base_2027q2_presale_receipt |
| /operating_model/cells/base_2027q2_presale_receipt:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_presale_receipt:base/label | None | Additional original presale collection |
| /operating_model/cells/base_2027q2_presale_receipt:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_presale_receipt:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_presale_receipt:base/value | None | 0.0 |
| /operating_model/cells/base_2027q2_recurring_other:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_recurring_other:base/case | None | base |
| /operating_model/cells/base_2027q2_recurring_other:base/id | None | base_2027q2_recurring_other |
| /operating_model/cells/base_2027q2_recurring_other:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_recurring_other:base/label | None | Services and transaction revenue |
| /operating_model/cells/base_2027q2_recurring_other:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_recurring_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_recurring_other:base/value | None | 54.0 |
| /operating_model/cells/base_2027q2_reserve_income:base/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/base_2027q2_reserve_income:base/case | None | base |
| /operating_model/cells/base_2027q2_reserve_income:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_reserve_income:base/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/base_2027q2_reserve_income:base/formula/refs/1 | None | base_2027q2_circulation_index |
| /operating_model/cells/base_2027q2_reserve_income:base/formula/refs/2 | None | base_2027q2_yield_index |
| /operating_model/cells/base_2027q2_reserve_income:base/id | None | base_2027q2_reserve_income |
| /operating_model/cells/base_2027q2_reserve_income:base/kind | None | derived |
| /operating_model/cells/base_2027q2_reserve_income:base/label | None | Reserve income |
| /operating_model/cells/base_2027q2_reserve_income:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_reserve_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_reserve_income:base/value | None | 695.5707901162658 |
| /operating_model/cells/base_2027q2_reserve_rate:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_reserve_rate:base/case | None | base |
| /operating_model/cells/base_2027q2_reserve_rate:base/id | None | base_2027q2_reserve_rate |
| /operating_model/cells/base_2027q2_reserve_rate:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_reserve_rate:base/label | None | Annual reserve return rate |
| /operating_model/cells/base_2027q2_reserve_rate:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_reserve_rate:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_reserve_rate:base/value | None | 0.03 |
| /operating_model/cells/base_2027q2_retained_margin:base/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/base_2027q2_retained_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_retained_margin:base/id | None | base_2027q2_retained_margin |
| /operating_model/cells/base_2027q2_retained_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_retained_margin:base/label | None | Retained reserve margin |
| /operating_model/cells/base_2027q2_retained_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_retained_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_retained_margin:base/value | None | 0.35528827384687495 |
| /operating_model/cells/base_2027q2_revenue:base/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/base_2027q2_revenue:base/case | None | base |
| /operating_model/cells/base_2027q2_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/0 | None | base_2027q2_reserve_income |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/1 | None | base_2027q2_other_revenue |
| /operating_model/cells/base_2027q2_revenue:base/id | None | base_2027q2_revenue |
| /operating_model/cells/base_2027q2_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q2_revenue:base/label | None | Total revenue and reserve income |
| /operating_model/cells/base_2027q2_revenue:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_revenue:base/value | None | 749.5707901162658 |
| /operating_model/cells/base_2027q2_rldc:base/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/base_2027q2_rldc:base/case | None | base |
| /operating_model/cells/base_2027q2_rldc:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_rldc:base/formula/refs/0 | None | base_2027q2_contribution_before_other_cost |
| /operating_model/cells/base_2027q2_rldc:base/formula/refs/1 | None | base_2027q2_other_direct_cost |
| /operating_model/cells/base_2027q2_rldc:base/id | None | base_2027q2_rldc |
| /operating_model/cells/base_2027q2_rldc:base/kind | None | derived |
| /operating_model/cells/base_2027q2_rldc:base/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/base_2027q2_rldc:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_rldc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_rldc:base/value | None | 294.628145358715 |
| /operating_model/cells/base_2027q2_sbc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_sbc:base/case | None | base |
| /operating_model/cells/base_2027q2_sbc:base/id | None | base_2027q2_sbc |
| /operating_model/cells/base_2027q2_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_sbc:base/label | None | SBC expense |
| /operating_model/cells/base_2027q2_sbc:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_sbc:base/value | None | 72.0 |
| /operating_model/cells/base_2027q2_software:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_software:base/case | None | base |
| /operating_model/cells/base_2027q2_software:base/id | None | base_2027q2_software |
| /operating_model/cells/base_2027q2_software:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_software:base/label | None | Cash capitalized software |
| /operating_model/cells/base_2027q2_software:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_software:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_software:base/value | None | 28.0 |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/case | None | base |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/formula/refs/0 | None | base_2027q1_token_deferred_ending |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/formula/refs/1 | None | base_2027q2_token_revenue |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/id | None | base_2027q2_token_deferred_ending |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/kind | None | derived |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/label | None | Unrecognized original presale revenue |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_token_deferred_ending:base/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/base_2027q2_token_revenue:base/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/base_2027q2_token_revenue:base/case | None | base |
| /operating_model/cells/base_2027q2_token_revenue:base/id | None | base_2027q2_token_revenue |
| /operating_model/cells/base_2027q2_token_revenue:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_token_revenue:base/label | None | ARC presale recognition |
| /operating_model/cells/base_2027q2_token_revenue:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_token_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_token_revenue:base/value | None | 0.0 |
| /operating_model/cells/base_2027q2_working_capital_use:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_working_capital_use:base/case | None | base |
| /operating_model/cells/base_2027q2_working_capital_use:base/id | None | base_2027q2_working_capital_use |
| /operating_model/cells/base_2027q2_working_capital_use:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_working_capital_use:base/label | None | Other operating cash use |
| /operating_model/cells/base_2027q2_working_capital_use:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_working_capital_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_working_capital_use:base/value | None | 29.0 |
| /operating_model/cells/base_2027q2_yield_index:base/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/base_2027q2_yield_index:base/case | None | base |
| /operating_model/cells/base_2027q2_yield_index:base/formula/op | None | divide |
| /operating_model/cells/base_2027q2_yield_index:base/formula/refs/0 | None | base_2027q2_reserve_rate |
| /operating_model/cells/base_2027q2_yield_index:base/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/base_2027q2_yield_index:base/id | None | base_2027q2_yield_index |
| /operating_model/cells/base_2027q2_yield_index:base/kind | None | derived |
| /operating_model/cells/base_2027q2_yield_index:base/label | None | Reserve rate / Q2 |
| /operating_model/cells/base_2027q2_yield_index:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_yield_index:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_yield_index:base/value | None | 0.857142857142857 |
| /operating_model/cells/base_2027q3_adj_ebitda:base/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/base_2027q3_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q3_adj_ebitda:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_adj_ebitda:base/formula/refs/0 | None | base_2027q3_rldc |
| /operating_model/cells/base_2027q3_adj_ebitda:base/formula/refs/1 | None | base_2027q3_adjusted_opex |
| /operating_model/cells/base_2027q3_adj_ebitda:base/id | None | base_2027q3_adj_ebitda |
| /operating_model/cells/base_2027q3_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q3_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2027q3_adj_ebitda:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_adj_ebitda:base/value | None | 148.67261325276905 |
| /operating_model/cells/base_2027q3_adjusted_opex:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_adjusted_opex:base/case | None | base |
| /operating_model/cells/base_2027q3_adjusted_opex:base/id | None | base_2027q3_adjusted_opex |
| /operating_model/cells/base_2027q3_adjusted_opex:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_adjusted_opex:base/label | None | Adjusted operating expense |
| /operating_model/cells/base_2027q3_adjusted_opex:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_adjusted_opex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_adjusted_opex:base/value | None | 185.0 |
| /operating_model/cells/base_2027q3_average_usdc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_average_usdc:base/case | None | base |
| /operating_model/cells/base_2027q3_average_usdc:base/id | None | base_2027q3_average_usdc |
| /operating_model/cells/base_2027q3_average_usdc:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_average_usdc:base/label | None | Average USDC circulation |
| /operating_model/cells/base_2027q3_average_usdc:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_average_usdc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_average_usdc:base/value | None | 102000.0 |
| /operating_model/cells/base_2027q3_award_withholding:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_award_withholding:base/case | None | base |
| /operating_model/cells/base_2027q3_award_withholding:base/id | None | base_2027q3_award_withholding |
| /operating_model/cells/base_2027q3_award_withholding:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_award_withholding:base/label | None | Employee award settlement cash |
| /operating_model/cells/base_2027q3_award_withholding:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_award_withholding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_award_withholding:base/value | None | 85.0 |
| /operating_model/cells/base_2027q3_capex:base/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/base_2027q3_capex:base/case | None | base |
| /operating_model/cells/base_2027q3_capex:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_capex:base/formula/refs/0 | None | base_2027q3_software |
| /operating_model/cells/base_2027q3_capex:base/formula/refs/1 | None | base_2027q3_ppe |
| /operating_model/cells/base_2027q3_capex:base/id | None | base_2027q3_capex |
| /operating_model/cells/base_2027q3_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q3_capex:base/label | None | Cash PP&E and software |
| /operating_model/cells/base_2027q3_capex:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_capex:base/value | None | 40.0 |
| /operating_model/cells/base_2027q3_cash_adjustments:base/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/base_2027q3_cash_adjustments:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_cash_adjustments:base/formula/refs/0 | None | base_2027q3_token_revenue |
| /operating_model/cells/base_2027q3_cash_adjustments:base/formula/refs/1 | None | base_2027q3_payroll |
| /operating_model/cells/base_2027q3_cash_adjustments:base/formula/refs/2 | None | base_2027q3_legal |
| /operating_model/cells/base_2027q3_cash_adjustments:base/formula/refs/3 | None | base_2027q3_integration |
| /operating_model/cells/base_2027q3_cash_adjustments:base/formula/refs/4 | None | base_2027q3_cash_tax |
| /operating_model/cells/base_2027q3_cash_adjustments:base/formula/refs/5 | None | base_2027q3_working_capital_use |
| /operating_model/cells/base_2027q3_cash_adjustments:base/id | None | base_2027q3_cash_adjustments |
| /operating_model/cells/base_2027q3_cash_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cash_adjustments:base/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/base_2027q3_cash_adjustments:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_adjustments:base/value | None | 81.0 |
| /operating_model/cells/base_2027q3_cash_after_claims:base/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/base_2027q3_cash_after_claims:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_after_claims:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_cash_after_claims:base/formula/refs/0 | None | base_2027q3_fcf |
| /operating_model/cells/base_2027q3_cash_after_claims:base/formula/refs/1 | None | base_2027q3_award_withholding |
| /operating_model/cells/base_2027q3_cash_after_claims:base/id | None | base_2027q3_cash_after_claims |
| /operating_model/cells/base_2027q3_cash_after_claims:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cash_after_claims:base/label | None | Cash after employee withholding |
| /operating_model/cells/base_2027q3_cash_after_claims:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_after_claims:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_after_claims:base/value | None | -43.327386747230946 |
| /operating_model/cells/base_2027q3_cash_before_uses:base/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/base_2027q3_cash_before_uses:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_before_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_cash_before_uses:base/formula/refs/0 | None | base_2027q3_adj_ebitda |
| /operating_model/cells/base_2027q3_cash_before_uses:base/formula/refs/1 | None | base_2027q3_corporate_interest |
| /operating_model/cells/base_2027q3_cash_before_uses:base/formula/refs/2 | None | base_2027q3_presale_receipt |
| /operating_model/cells/base_2027q3_cash_before_uses:base/id | None | base_2027q3_cash_before_uses |
| /operating_model/cells/base_2027q3_cash_before_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cash_before_uses:base/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/base_2027q3_cash_before_uses:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_before_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_before_uses:base/value | None | 162.67261325276905 |
| /operating_model/cells/base_2027q3_cash_tax:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_cash_tax:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_tax:base/id | None | base_2027q3_cash_tax |
| /operating_model/cells/base_2027q3_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_cash_tax:base/label | None | Cash income tax |
| /operating_model/cells/base_2027q3_cash_tax:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_tax:base/value | None | 23.0 |
| /operating_model/cells/base_2027q3_cfo:base/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/base_2027q3_cfo:base/case | None | base |
| /operating_model/cells/base_2027q3_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_cfo:base/formula/refs/0 | None | base_2027q3_cash_before_uses |
| /operating_model/cells/base_2027q3_cfo:base/formula/refs/1 | None | base_2027q3_cash_adjustments |
| /operating_model/cells/base_2027q3_cfo:base/id | None | base_2027q3_cfo |
| /operating_model/cells/base_2027q3_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2027q3_cfo:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cfo:base/value | None | 81.67261325276905 |
| /operating_model/cells/base_2027q3_circulation_index:base/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/base_2027q3_circulation_index:base/case | None | base |
| /operating_model/cells/base_2027q3_circulation_index:base/formula/op | None | divide |
| /operating_model/cells/base_2027q3_circulation_index:base/formula/refs/0 | None | base_2027q3_average_usdc |
| /operating_model/cells/base_2027q3_circulation_index:base/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/base_2027q3_circulation_index:base/id | None | base_2027q3_circulation_index |
| /operating_model/cells/base_2027q3_circulation_index:base/kind | None | derived |
| /operating_model/cells/base_2027q3_circulation_index:base/label | None | Average circulation / Q2 |
| /operating_model/cells/base_2027q3_circulation_index:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_circulation_index:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_circulation_index:base/value | None | 1.3329151638701584 |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/case | None | base |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/formula/refs/0 | None | base_2027q3_net_reserve |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/formula/refs/1 | None | base_2027q3_other_revenue |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/id | None | base_2027q3_contribution_before_other_cost |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/label | None | Retained reserve plus other revenue |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_contribution_before_other_cost:base/value | None | 340.67261325276905 |
| /operating_model/cells/base_2027q3_corporate_interest:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_corporate_interest:base/case | None | base |
| /operating_model/cells/base_2027q3_corporate_interest:base/id | None | base_2027q3_corporate_interest |
| /operating_model/cells/base_2027q3_corporate_interest:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_corporate_interest:base/label | None | Corporate cash interest income |
| /operating_model/cells/base_2027q3_corporate_interest:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_corporate_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_corporate_interest:base/value | None | 14.0 |
| /operating_model/cells/base_2027q3_da:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_da:base/case | None | base |
| /operating_model/cells/base_2027q3_da:base/id | None | base_2027q3_da |
| /operating_model/cells/base_2027q3_da:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_da:base/label | None | D&A including software amortization |
| /operating_model/cells/base_2027q3_da:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_da:base/value | None | 40.0 |
| /operating_model/cells/base_2027q3_fcf:base/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/base_2027q3_fcf:base/case | None | base |
| /operating_model/cells/base_2027q3_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_fcf:base/formula/refs/0 | None | base_2027q3_cfo |
| /operating_model/cells/base_2027q3_fcf:base/formula/refs/1 | None | base_2027q3_capex |
| /operating_model/cells/base_2027q3_fcf:base/id | None | base_2027q3_fcf |
| /operating_model/cells/base_2027q3_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q3_fcf:base/label | None | CFO less PP&E and software |
| /operating_model/cells/base_2027q3_fcf:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_fcf:base/value | None | 41.672613252769054 |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/case | None | base |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/0 | None | base_2027q3_sbc |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/1 | None | base_2027q3_payroll |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/2 | None | base_2027q3_da |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/3 | None | base_2027q3_legal |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/4 | None | base_2027q3_integration |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/id | None | base_2027q3_gaap_adjustments |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/label | None | Adjusted expense exclusions |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_gaap_adjustments:base/value | None | 142.0 |
| /operating_model/cells/base_2027q3_integration:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_integration:base/case | None | base |
| /operating_model/cells/base_2027q3_integration:base/id | None | base_2027q3_integration |
| /operating_model/cells/base_2027q3_integration:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_integration:base/label | None | Cash integration expense |
| /operating_model/cells/base_2027q3_integration:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_integration:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_integration:base/value | None | 5.0 |
| /operating_model/cells/base_2027q3_legal:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_legal:base/case | None | base |
| /operating_model/cells/base_2027q3_legal:base/id | None | base_2027q3_legal |
| /operating_model/cells/base_2027q3_legal:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_legal:base/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/base_2027q3_legal:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_legal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_legal:base/value | None | 9.0 |
| /operating_model/cells/base_2027q3_net_reserve:base/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/base_2027q3_net_reserve:base/case | None | base |
| /operating_model/cells/base_2027q3_net_reserve:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_net_reserve:base/formula/refs/0 | None | base_2027q3_reserve_income |
| /operating_model/cells/base_2027q3_net_reserve:base/formula/refs/1 | None | base_2027q3_retained_margin |
| /operating_model/cells/base_2027q3_net_reserve:base/id | None | base_2027q3_net_reserve |
| /operating_model/cells/base_2027q3_net_reserve:base/kind | None | derived |
| /operating_model/cells/base_2027q3_net_reserve:base/label | None | Reserve income after distribution costs |
| /operating_model/cells/base_2027q3_net_reserve:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_net_reserve:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_net_reserve:base/value | None | 278.67261325276905 |
| /operating_model/cells/base_2027q3_operating_income:base/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/base_2027q3_operating_income:base/case | None | base |
| /operating_model/cells/base_2027q3_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_operating_income:base/formula/refs/0 | None | base_2027q3_adj_ebitda |
| /operating_model/cells/base_2027q3_operating_income:base/formula/refs/1 | None | base_2027q3_gaap_adjustments |
| /operating_model/cells/base_2027q3_operating_income:base/id | None | base_2027q3_operating_income |
| /operating_model/cells/base_2027q3_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2027q3_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2027q3_operating_income:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_operating_income:base/value | None | 6.672613252769054 |
| /operating_model/cells/base_2027q3_other_direct_cost:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_other_direct_cost:base/case | None | base |
| /operating_model/cells/base_2027q3_other_direct_cost:base/id | None | base_2027q3_other_direct_cost |
| /operating_model/cells/base_2027q3_other_direct_cost:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_other_direct_cost:base/label | None | Other direct transaction/services cost |
| /operating_model/cells/base_2027q3_other_direct_cost:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_other_direct_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_other_direct_cost:base/value | None | 7.0 |
| /operating_model/cells/base_2027q3_other_revenue:base/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/base_2027q3_other_revenue:base/case | None | base |
| /operating_model/cells/base_2027q3_other_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_other_revenue:base/formula/refs/0 | None | base_2027q3_recurring_other |
| /operating_model/cells/base_2027q3_other_revenue:base/formula/refs/1 | None | base_2027q3_token_revenue |
| /operating_model/cells/base_2027q3_other_revenue:base/id | None | base_2027q3_other_revenue |
| /operating_model/cells/base_2027q3_other_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q3_other_revenue:base/label | None | Other revenue |
| /operating_model/cells/base_2027q3_other_revenue:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_other_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_other_revenue:base/value | None | 62.0 |
| /operating_model/cells/base_2027q3_payroll:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_payroll:base/case | None | base |
| /operating_model/cells/base_2027q3_payroll:base/id | None | base_2027q3_payroll |
| /operating_model/cells/base_2027q3_payroll:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_payroll:base/label | None | Employer payroll tax on equity |
| /operating_model/cells/base_2027q3_payroll:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_payroll:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_payroll:base/value | None | 12.0 |
| /operating_model/cells/base_2027q3_ppe:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_ppe:base/case | None | base |
| /operating_model/cells/base_2027q3_ppe:base/id | None | base_2027q3_ppe |
| /operating_model/cells/base_2027q3_ppe:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_ppe:base/label | None | Cash PP&E |
| /operating_model/cells/base_2027q3_ppe:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_ppe:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_ppe:base/value | None | 10.0 |
| /operating_model/cells/base_2027q3_presale_receipt:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_presale_receipt:base/case | None | base |
| /operating_model/cells/base_2027q3_presale_receipt:base/id | None | base_2027q3_presale_receipt |
| /operating_model/cells/base_2027q3_presale_receipt:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_presale_receipt:base/label | None | Additional original presale collection |
| /operating_model/cells/base_2027q3_presale_receipt:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_presale_receipt:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_presale_receipt:base/value | None | 0.0 |
| /operating_model/cells/base_2027q3_recurring_other:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_recurring_other:base/case | None | base |
| /operating_model/cells/base_2027q3_recurring_other:base/id | None | base_2027q3_recurring_other |
| /operating_model/cells/base_2027q3_recurring_other:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_recurring_other:base/label | None | Services and transaction revenue |
| /operating_model/cells/base_2027q3_recurring_other:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_recurring_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_recurring_other:base/value | None | 62.0 |
| /operating_model/cells/base_2027q3_reserve_income:base/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/base_2027q3_reserve_income:base/case | None | base |
| /operating_model/cells/base_2027q3_reserve_income:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_reserve_income:base/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/base_2027q3_reserve_income:base/formula/refs/1 | None | base_2027q3_circulation_index |
| /operating_model/cells/base_2027q3_reserve_income:base/formula/refs/2 | None | base_2027q3_yield_index |
| /operating_model/cells/base_2027q3_reserve_income:base/id | None | base_2027q3_reserve_income |
| /operating_model/cells/base_2027q3_reserve_income:base/kind | None | derived |
| /operating_model/cells/base_2027q3_reserve_income:base/label | None | Reserve income |
| /operating_model/cells/base_2027q3_reserve_income:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_reserve_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_reserve_income:base/value | None | 762.8840923855819 |
| /operating_model/cells/base_2027q3_reserve_rate:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_reserve_rate:base/case | None | base |
| /operating_model/cells/base_2027q3_reserve_rate:base/id | None | base_2027q3_reserve_rate |
| /operating_model/cells/base_2027q3_reserve_rate:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_reserve_rate:base/label | None | Annual reserve return rate |
| /operating_model/cells/base_2027q3_reserve_rate:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_reserve_rate:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_reserve_rate:base/value | None | 0.03 |
| /operating_model/cells/base_2027q3_retained_margin:base/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/base_2027q3_retained_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_retained_margin:base/id | None | base_2027q3_retained_margin |
| /operating_model/cells/base_2027q3_retained_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_retained_margin:base/label | None | Retained reserve margin |
| /operating_model/cells/base_2027q3_retained_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_retained_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_retained_margin:base/value | None | 0.3652882738468749 |
| /operating_model/cells/base_2027q3_revenue:base/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/base_2027q3_revenue:base/case | None | base |
| /operating_model/cells/base_2027q3_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/0 | None | base_2027q3_reserve_income |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/1 | None | base_2027q3_other_revenue |
| /operating_model/cells/base_2027q3_revenue:base/id | None | base_2027q3_revenue |
| /operating_model/cells/base_2027q3_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q3_revenue:base/label | None | Total revenue and reserve income |
| /operating_model/cells/base_2027q3_revenue:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_revenue:base/value | None | 824.8840923855819 |
| /operating_model/cells/base_2027q3_rldc:base/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/base_2027q3_rldc:base/case | None | base |
| /operating_model/cells/base_2027q3_rldc:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_rldc:base/formula/refs/0 | None | base_2027q3_contribution_before_other_cost |
| /operating_model/cells/base_2027q3_rldc:base/formula/refs/1 | None | base_2027q3_other_direct_cost |
| /operating_model/cells/base_2027q3_rldc:base/id | None | base_2027q3_rldc |
| /operating_model/cells/base_2027q3_rldc:base/kind | None | derived |
| /operating_model/cells/base_2027q3_rldc:base/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/base_2027q3_rldc:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_rldc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_rldc:base/value | None | 333.67261325276905 |
| /operating_model/cells/base_2027q3_sbc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_sbc:base/case | None | base |
| /operating_model/cells/base_2027q3_sbc:base/id | None | base_2027q3_sbc |
| /operating_model/cells/base_2027q3_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_sbc:base/label | None | SBC expense |
| /operating_model/cells/base_2027q3_sbc:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_sbc:base/value | None | 76.0 |
| /operating_model/cells/base_2027q3_software:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_software:base/case | None | base |
| /operating_model/cells/base_2027q3_software:base/id | None | base_2027q3_software |
| /operating_model/cells/base_2027q3_software:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_software:base/label | None | Cash capitalized software |
| /operating_model/cells/base_2027q3_software:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_software:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_software:base/value | None | 30.0 |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/case | None | base |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/formula/refs/0 | None | base_2027q2_token_deferred_ending |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/formula/refs/1 | None | base_2027q3_token_revenue |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/id | None | base_2027q3_token_deferred_ending |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/kind | None | derived |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/label | None | Unrecognized original presale revenue |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_token_deferred_ending:base/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/base_2027q3_token_revenue:base/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/base_2027q3_token_revenue:base/case | None | base |
| /operating_model/cells/base_2027q3_token_revenue:base/id | None | base_2027q3_token_revenue |
| /operating_model/cells/base_2027q3_token_revenue:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_token_revenue:base/label | None | ARC presale recognition |
| /operating_model/cells/base_2027q3_token_revenue:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_token_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_token_revenue:base/value | None | 0.0 |
| /operating_model/cells/base_2027q3_working_capital_use:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_working_capital_use:base/case | None | base |
| /operating_model/cells/base_2027q3_working_capital_use:base/id | None | base_2027q3_working_capital_use |
| /operating_model/cells/base_2027q3_working_capital_use:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_working_capital_use:base/label | None | Other operating cash use |
| /operating_model/cells/base_2027q3_working_capital_use:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_working_capital_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_working_capital_use:base/value | None | 32.0 |
| /operating_model/cells/base_2027q3_yield_index:base/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/base_2027q3_yield_index:base/case | None | base |
| /operating_model/cells/base_2027q3_yield_index:base/formula/op | None | divide |
| /operating_model/cells/base_2027q3_yield_index:base/formula/refs/0 | None | base_2027q3_reserve_rate |
| /operating_model/cells/base_2027q3_yield_index:base/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/base_2027q3_yield_index:base/id | None | base_2027q3_yield_index |
| /operating_model/cells/base_2027q3_yield_index:base/kind | None | derived |
| /operating_model/cells/base_2027q3_yield_index:base/label | None | Reserve rate / Q2 |
| /operating_model/cells/base_2027q3_yield_index:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_yield_index:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_yield_index:base/value | None | 0.857142857142857 |
| /operating_model/cells/base_2027q4_adj_ebitda:base/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/base_2027q4_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q4_adj_ebitda:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_adj_ebitda:base/formula/refs/0 | None | base_2027q4_rldc |
| /operating_model/cells/base_2027q4_adj_ebitda:base/formula/refs/1 | None | base_2027q4_adjusted_opex |
| /operating_model/cells/base_2027q4_adj_ebitda:base/id | None | base_2027q4_adj_ebitda |
| /operating_model/cells/base_2027q4_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q4_adj_ebitda:base/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/base_2027q4_adj_ebitda:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_adj_ebitda:base/value | None | 177.87022419394106 |
| /operating_model/cells/base_2027q4_adjusted_opex:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_adjusted_opex:base/case | None | base |
| /operating_model/cells/base_2027q4_adjusted_opex:base/id | None | base_2027q4_adjusted_opex |
| /operating_model/cells/base_2027q4_adjusted_opex:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_adjusted_opex:base/label | None | Adjusted operating expense |
| /operating_model/cells/base_2027q4_adjusted_opex:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_adjusted_opex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_adjusted_opex:base/value | None | 201.0 |
| /operating_model/cells/base_2027q4_average_usdc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_average_usdc:base/case | None | base |
| /operating_model/cells/base_2027q4_average_usdc:base/id | None | base_2027q4_average_usdc |
| /operating_model/cells/base_2027q4_average_usdc:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_average_usdc:base/label | None | Average USDC circulation |
| /operating_model/cells/base_2027q4_average_usdc:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_average_usdc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_average_usdc:base/value | None | 112000.0 |
| /operating_model/cells/base_2027q4_award_withholding:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_award_withholding:base/case | None | base |
| /operating_model/cells/base_2027q4_award_withholding:base/id | None | base_2027q4_award_withholding |
| /operating_model/cells/base_2027q4_award_withholding:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_award_withholding:base/label | None | Employee award settlement cash |
| /operating_model/cells/base_2027q4_award_withholding:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_award_withholding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_award_withholding:base/value | None | 90.0 |
| /operating_model/cells/base_2027q4_capex:base/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/base_2027q4_capex:base/case | None | base |
| /operating_model/cells/base_2027q4_capex:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_capex:base/formula/refs/0 | None | base_2027q4_software |
| /operating_model/cells/base_2027q4_capex:base/formula/refs/1 | None | base_2027q4_ppe |
| /operating_model/cells/base_2027q4_capex:base/id | None | base_2027q4_capex |
| /operating_model/cells/base_2027q4_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q4_capex:base/label | None | Cash PP&E and software |
| /operating_model/cells/base_2027q4_capex:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_capex:base/value | None | 43.0 |
| /operating_model/cells/base_2027q4_cash_adjustments:base/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/base_2027q4_cash_adjustments:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_cash_adjustments:base/formula/refs/0 | None | base_2027q4_token_revenue |
| /operating_model/cells/base_2027q4_cash_adjustments:base/formula/refs/1 | None | base_2027q4_payroll |
| /operating_model/cells/base_2027q4_cash_adjustments:base/formula/refs/2 | None | base_2027q4_legal |
| /operating_model/cells/base_2027q4_cash_adjustments:base/formula/refs/3 | None | base_2027q4_integration |
| /operating_model/cells/base_2027q4_cash_adjustments:base/formula/refs/4 | None | base_2027q4_cash_tax |
| /operating_model/cells/base_2027q4_cash_adjustments:base/formula/refs/5 | None | base_2027q4_working_capital_use |
| /operating_model/cells/base_2027q4_cash_adjustments:base/id | None | base_2027q4_cash_adjustments |
| /operating_model/cells/base_2027q4_cash_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cash_adjustments:base/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/base_2027q4_cash_adjustments:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_adjustments:base/value | None | 87.0 |
| /operating_model/cells/base_2027q4_cash_after_claims:base/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/base_2027q4_cash_after_claims:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_after_claims:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_cash_after_claims:base/formula/refs/0 | None | base_2027q4_fcf |
| /operating_model/cells/base_2027q4_cash_after_claims:base/formula/refs/1 | None | base_2027q4_award_withholding |
| /operating_model/cells/base_2027q4_cash_after_claims:base/id | None | base_2027q4_cash_after_claims |
| /operating_model/cells/base_2027q4_cash_after_claims:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cash_after_claims:base/label | None | Cash after employee withholding |
| /operating_model/cells/base_2027q4_cash_after_claims:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_after_claims:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_after_claims:base/value | None | -28.129775806058944 |
| /operating_model/cells/base_2027q4_cash_before_uses:base/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/base_2027q4_cash_before_uses:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_before_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_cash_before_uses:base/formula/refs/0 | None | base_2027q4_adj_ebitda |
| /operating_model/cells/base_2027q4_cash_before_uses:base/formula/refs/1 | None | base_2027q4_corporate_interest |
| /operating_model/cells/base_2027q4_cash_before_uses:base/formula/refs/2 | None | base_2027q4_presale_receipt |
| /operating_model/cells/base_2027q4_cash_before_uses:base/id | None | base_2027q4_cash_before_uses |
| /operating_model/cells/base_2027q4_cash_before_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cash_before_uses:base/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/base_2027q4_cash_before_uses:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_before_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_before_uses:base/value | None | 191.87022419394106 |
| /operating_model/cells/base_2027q4_cash_tax:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_cash_tax:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_tax:base/id | None | base_2027q4_cash_tax |
| /operating_model/cells/base_2027q4_cash_tax:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_cash_tax:base/label | None | Cash income tax |
| /operating_model/cells/base_2027q4_cash_tax:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_tax:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_tax:base/value | None | 25.0 |
| /operating_model/cells/base_2027q4_cfo:base/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/base_2027q4_cfo:base/case | None | base |
| /operating_model/cells/base_2027q4_cfo:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_cfo:base/formula/refs/0 | None | base_2027q4_cash_before_uses |
| /operating_model/cells/base_2027q4_cfo:base/formula/refs/1 | None | base_2027q4_cash_adjustments |
| /operating_model/cells/base_2027q4_cfo:base/id | None | base_2027q4_cfo |
| /operating_model/cells/base_2027q4_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cfo:base/label | None | Operating cash flow proxy |
| /operating_model/cells/base_2027q4_cfo:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cfo:base/value | None | 104.87022419394106 |
| /operating_model/cells/base_2027q4_circulation_index:base/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/base_2027q4_circulation_index:base/case | None | base |
| /operating_model/cells/base_2027q4_circulation_index:base/formula/op | None | divide |
| /operating_model/cells/base_2027q4_circulation_index:base/formula/refs/0 | None | base_2027q4_average_usdc |
| /operating_model/cells/base_2027q4_circulation_index:base/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/base_2027q4_circulation_index:base/id | None | base_2027q4_circulation_index |
| /operating_model/cells/base_2027q4_circulation_index:base/kind | None | derived |
| /operating_model/cells/base_2027q4_circulation_index:base/label | None | Average circulation / Q2 |
| /operating_model/cells/base_2027q4_circulation_index:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_circulation_index:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_circulation_index:base/value | None | 1.4635931211123308 |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/case | None | base |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/formula/refs/0 | None | base_2027q4_net_reserve |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/formula/refs/1 | None | base_2027q4_other_revenue |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/id | None | base_2027q4_contribution_before_other_cost |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/kind | None | derived |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/label | None | Retained reserve plus other revenue |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_contribution_before_other_cost:base/value | None | 386.37022419394106 |
| /operating_model/cells/base_2027q4_corporate_interest:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_corporate_interest:base/case | None | base |
| /operating_model/cells/base_2027q4_corporate_interest:base/id | None | base_2027q4_corporate_interest |
| /operating_model/cells/base_2027q4_corporate_interest:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_corporate_interest:base/label | None | Corporate cash interest income |
| /operating_model/cells/base_2027q4_corporate_interest:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_corporate_interest:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_corporate_interest:base/value | None | 14.0 |
| /operating_model/cells/base_2027q4_da:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_da:base/case | None | base |
| /operating_model/cells/base_2027q4_da:base/id | None | base_2027q4_da |
| /operating_model/cells/base_2027q4_da:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_da:base/label | None | D&A including software amortization |
| /operating_model/cells/base_2027q4_da:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_da:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_da:base/value | None | 42.0 |
| /operating_model/cells/base_2027q4_fcf:base/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/base_2027q4_fcf:base/case | None | base |
| /operating_model/cells/base_2027q4_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_fcf:base/formula/refs/0 | None | base_2027q4_cfo |
| /operating_model/cells/base_2027q4_fcf:base/formula/refs/1 | None | base_2027q4_capex |
| /operating_model/cells/base_2027q4_fcf:base/id | None | base_2027q4_fcf |
| /operating_model/cells/base_2027q4_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q4_fcf:base/label | None | CFO less PP&E and software |
| /operating_model/cells/base_2027q4_fcf:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_fcf:base/value | None | 61.870224193941056 |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/case | None | base |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/0 | None | base_2027q4_sbc |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/1 | None | base_2027q4_payroll |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/2 | None | base_2027q4_da |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/3 | None | base_2027q4_legal |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/4 | None | base_2027q4_integration |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/id | None | base_2027q4_gaap_adjustments |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/kind | None | derived |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/label | None | Adjusted expense exclusions |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_gaap_adjustments:base/value | None | 149.0 |
| /operating_model/cells/base_2027q4_integration:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_integration:base/case | None | base |
| /operating_model/cells/base_2027q4_integration:base/id | None | base_2027q4_integration |
| /operating_model/cells/base_2027q4_integration:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_integration:base/label | None | Cash integration expense |
| /operating_model/cells/base_2027q4_integration:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_integration:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_integration:base/value | None | 5.0 |
| /operating_model/cells/base_2027q4_legal:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_legal:base/case | None | base |
| /operating_model/cells/base_2027q4_legal:base/id | None | base_2027q4_legal |
| /operating_model/cells/base_2027q4_legal:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_legal:base/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/base_2027q4_legal:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_legal:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_legal:base/value | None | 9.0 |
| /operating_model/cells/base_2027q4_net_reserve:base/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/base_2027q4_net_reserve:base/case | None | base |
| /operating_model/cells/base_2027q4_net_reserve:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_net_reserve:base/formula/refs/0 | None | base_2027q4_reserve_income |
| /operating_model/cells/base_2027q4_net_reserve:base/formula/refs/1 | None | base_2027q4_retained_margin |
| /operating_model/cells/base_2027q4_net_reserve:base/id | None | base_2027q4_net_reserve |
| /operating_model/cells/base_2027q4_net_reserve:base/kind | None | derived |
| /operating_model/cells/base_2027q4_net_reserve:base/label | None | Reserve income after distribution costs |
| /operating_model/cells/base_2027q4_net_reserve:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_net_reserve:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_net_reserve:base/value | None | 314.37022419394106 |
| /operating_model/cells/base_2027q4_operating_income:base/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/base_2027q4_operating_income:base/case | None | base |
| /operating_model/cells/base_2027q4_operating_income:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_operating_income:base/formula/refs/0 | None | base_2027q4_adj_ebitda |
| /operating_model/cells/base_2027q4_operating_income:base/formula/refs/1 | None | base_2027q4_gaap_adjustments |
| /operating_model/cells/base_2027q4_operating_income:base/id | None | base_2027q4_operating_income |
| /operating_model/cells/base_2027q4_operating_income:base/kind | None | derived |
| /operating_model/cells/base_2027q4_operating_income:base/label | None | GAAP operating income proxy |
| /operating_model/cells/base_2027q4_operating_income:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_operating_income:base/value | None | 28.870224193941056 |
| /operating_model/cells/base_2027q4_other_direct_cost:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_other_direct_cost:base/case | None | base |
| /operating_model/cells/base_2027q4_other_direct_cost:base/id | None | base_2027q4_other_direct_cost |
| /operating_model/cells/base_2027q4_other_direct_cost:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_other_direct_cost:base/label | None | Other direct transaction/services cost |
| /operating_model/cells/base_2027q4_other_direct_cost:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_other_direct_cost:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_other_direct_cost:base/value | None | 7.5 |
| /operating_model/cells/base_2027q4_other_revenue:base/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/base_2027q4_other_revenue:base/case | None | base |
| /operating_model/cells/base_2027q4_other_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_other_revenue:base/formula/refs/0 | None | base_2027q4_recurring_other |
| /operating_model/cells/base_2027q4_other_revenue:base/formula/refs/1 | None | base_2027q4_token_revenue |
| /operating_model/cells/base_2027q4_other_revenue:base/id | None | base_2027q4_other_revenue |
| /operating_model/cells/base_2027q4_other_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q4_other_revenue:base/label | None | Other revenue |
| /operating_model/cells/base_2027q4_other_revenue:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_other_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_other_revenue:base/value | None | 72.0 |
| /operating_model/cells/base_2027q4_payroll:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_payroll:base/case | None | base |
| /operating_model/cells/base_2027q4_payroll:base/id | None | base_2027q4_payroll |
| /operating_model/cells/base_2027q4_payroll:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_payroll:base/label | None | Employer payroll tax on equity |
| /operating_model/cells/base_2027q4_payroll:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_payroll:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_payroll:base/value | None | 13.0 |
| /operating_model/cells/base_2027q4_ppe:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_ppe:base/case | None | base |
| /operating_model/cells/base_2027q4_ppe:base/id | None | base_2027q4_ppe |
| /operating_model/cells/base_2027q4_ppe:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_ppe:base/label | None | Cash PP&E |
| /operating_model/cells/base_2027q4_ppe:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_ppe:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_ppe:base/value | None | 11.0 |
| /operating_model/cells/base_2027q4_presale_receipt:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_presale_receipt:base/case | None | base |
| /operating_model/cells/base_2027q4_presale_receipt:base/id | None | base_2027q4_presale_receipt |
| /operating_model/cells/base_2027q4_presale_receipt:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_presale_receipt:base/label | None | Additional original presale collection |
| /operating_model/cells/base_2027q4_presale_receipt:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_presale_receipt:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_presale_receipt:base/value | None | 0.0 |
| /operating_model/cells/base_2027q4_recurring_other:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_recurring_other:base/case | None | base |
| /operating_model/cells/base_2027q4_recurring_other:base/id | None | base_2027q4_recurring_other |
| /operating_model/cells/base_2027q4_recurring_other:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_recurring_other:base/label | None | Services and transaction revenue |
| /operating_model/cells/base_2027q4_recurring_other:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_recurring_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_recurring_other:base/value | None | 72.0 |
| /operating_model/cells/base_2027q4_reserve_income:base/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/base_2027q4_reserve_income:base/case | None | base |
| /operating_model/cells/base_2027q4_reserve_income:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_reserve_income:base/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/base_2027q4_reserve_income:base/formula/refs/1 | None | base_2027q4_circulation_index |
| /operating_model/cells/base_2027q4_reserve_income:base/formula/refs/2 | None | base_2027q4_yield_index |
| /operating_model/cells/base_2027q4_reserve_income:base/id | None | base_2027q4_reserve_income |
| /operating_model/cells/base_2027q4_reserve_income:base/kind | None | derived |
| /operating_model/cells/base_2027q4_reserve_income:base/label | None | Reserve income |
| /operating_model/cells/base_2027q4_reserve_income:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_reserve_income:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_reserve_income:base/value | None | 837.6766504625997 |
| /operating_model/cells/base_2027q4_reserve_rate:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_reserve_rate:base/case | None | base |
| /operating_model/cells/base_2027q4_reserve_rate:base/id | None | base_2027q4_reserve_rate |
| /operating_model/cells/base_2027q4_reserve_rate:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_reserve_rate:base/label | None | Annual reserve return rate |
| /operating_model/cells/base_2027q4_reserve_rate:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_reserve_rate:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_reserve_rate:base/value | None | 0.03 |
| /operating_model/cells/base_2027q4_retained_margin:base/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/base_2027q4_retained_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_retained_margin:base/id | None | base_2027q4_retained_margin |
| /operating_model/cells/base_2027q4_retained_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_retained_margin:base/label | None | Retained reserve margin |
| /operating_model/cells/base_2027q4_retained_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_retained_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_retained_margin:base/value | None | 0.3752882738468749 |
| /operating_model/cells/base_2027q4_revenue:base/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/base_2027q4_revenue:base/case | None | base |
| /operating_model/cells/base_2027q4_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/0 | None | base_2027q4_reserve_income |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/1 | None | base_2027q4_other_revenue |
| /operating_model/cells/base_2027q4_revenue:base/id | None | base_2027q4_revenue |
| /operating_model/cells/base_2027q4_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q4_revenue:base/label | None | Total revenue and reserve income |
| /operating_model/cells/base_2027q4_revenue:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_revenue:base/value | None | 909.6766504625997 |
| /operating_model/cells/base_2027q4_rldc:base/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/base_2027q4_rldc:base/case | None | base |
| /operating_model/cells/base_2027q4_rldc:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_rldc:base/formula/refs/0 | None | base_2027q4_contribution_before_other_cost |
| /operating_model/cells/base_2027q4_rldc:base/formula/refs/1 | None | base_2027q4_other_direct_cost |
| /operating_model/cells/base_2027q4_rldc:base/id | None | base_2027q4_rldc |
| /operating_model/cells/base_2027q4_rldc:base/kind | None | derived |
| /operating_model/cells/base_2027q4_rldc:base/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/base_2027q4_rldc:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_rldc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_rldc:base/value | None | 378.87022419394106 |
| /operating_model/cells/base_2027q4_sbc:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_sbc:base/case | None | base |
| /operating_model/cells/base_2027q4_sbc:base/id | None | base_2027q4_sbc |
| /operating_model/cells/base_2027q4_sbc:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_sbc:base/label | None | SBC expense |
| /operating_model/cells/base_2027q4_sbc:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_sbc:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_sbc:base/value | None | 80.0 |
| /operating_model/cells/base_2027q4_software:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_software:base/case | None | base |
| /operating_model/cells/base_2027q4_software:base/id | None | base_2027q4_software |
| /operating_model/cells/base_2027q4_software:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_software:base/label | None | Cash capitalized software |
| /operating_model/cells/base_2027q4_software:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_software:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_software:base/value | None | 32.0 |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/case | None | base |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/formula/refs/0 | None | base_2027q3_token_deferred_ending |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/formula/refs/1 | None | base_2027q4_token_revenue |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/id | None | base_2027q4_token_deferred_ending |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/kind | None | derived |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/label | None | Unrecognized original presale revenue |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_token_deferred_ending:base/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/base_2027q4_token_revenue:base/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/base_2027q4_token_revenue:base/case | None | base |
| /operating_model/cells/base_2027q4_token_revenue:base/id | None | base_2027q4_token_revenue |
| /operating_model/cells/base_2027q4_token_revenue:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_token_revenue:base/label | None | ARC presale recognition |
| /operating_model/cells/base_2027q4_token_revenue:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_token_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_token_revenue:base/value | None | 0.0 |
| /operating_model/cells/base_2027q4_working_capital_use:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_working_capital_use:base/case | None | base |
| /operating_model/cells/base_2027q4_working_capital_use:base/id | None | base_2027q4_working_capital_use |
| /operating_model/cells/base_2027q4_working_capital_use:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_working_capital_use:base/label | None | Other operating cash use |
| /operating_model/cells/base_2027q4_working_capital_use:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_working_capital_use:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_working_capital_use:base/value | None | 35.0 |
| /operating_model/cells/base_2027q4_yield_index:base/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/base_2027q4_yield_index:base/case | None | base |
| /operating_model/cells/base_2027q4_yield_index:base/formula/op | None | divide |
| /operating_model/cells/base_2027q4_yield_index:base/formula/refs/0 | None | base_2027q4_reserve_rate |
| /operating_model/cells/base_2027q4_yield_index:base/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/base_2027q4_yield_index:base/id | None | base_2027q4_yield_index |
| /operating_model/cells/base_2027q4_yield_index:base/kind | None | derived |
| /operating_model/cells/base_2027q4_yield_index:base/label | None | Reserve rate / Q2 |
| /operating_model/cells/base_2027q4_yield_index:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_yield_index:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_yield_index:base/value | None | 0.857142857142857 |
| /operating_model/cells/base_fy2026_adj_ebitda:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_fy2026_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/0 | None | h1_adj_ebitda |
| /operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/1 | None | base_2026q3_adj_ebitda |
| /operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/2 | None | base_2026q4_adj_ebitda |
| /operating_model/cells/base_fy2026_adj_ebitda:base/id | None | base_fy2026_adj_ebitda |
| /operating_model/cells/base_fy2026_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_fy2026_adj_ebitda:base/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/base_fy2026_adj_ebitda:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_adj_ebitda:base/value | None | 638.5967165695467 |
| /operating_model/cells/base_fy2026_award_withholding:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_award_withholding:base/case | None | base |
| /operating_model/cells/base_fy2026_award_withholding:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_award_withholding:base/formula/refs/0 | None | h1_award_withholding |
| /operating_model/cells/base_fy2026_award_withholding:base/formula/refs/1 | None | base_2026q3_award_withholding |
| /operating_model/cells/base_fy2026_award_withholding:base/formula/refs/2 | None | base_2026q4_award_withholding |
| /operating_model/cells/base_fy2026_award_withholding:base/id | None | base_fy2026_award_withholding |
| /operating_model/cells/base_fy2026_award_withholding:base/kind | None | derived |
| /operating_model/cells/base_fy2026_award_withholding:base/label | None | Cash equity-award withholding ($M) |
| /operating_model/cells/base_fy2026_award_withholding:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_award_withholding:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_award_withholding:base/value | None | 294.496 |
| /operating_model/cells/base_fy2026_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_capex:base/case | None | base |
| /operating_model/cells/base_fy2026_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/0 | None | h1_capex |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/1 | None | base_2026q3_capex |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/2 | None | base_2026q4_capex |
| /operating_model/cells/base_fy2026_capex:base/id | None | base_fy2026_capex |
| /operating_model/cells/base_fy2026_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2026_capex:base/label | None | Cash PP&E and software ($M) |
| /operating_model/cells/base_fy2026_capex:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_capex:base/value | None | 105.153 |
| /operating_model/cells/base_fy2026_cash_after_claims:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_cash_after_claims:base/case | None | base |
| /operating_model/cells/base_fy2026_cash_after_claims:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_cash_after_claims:base/formula/refs/0 | None | h1_cash_after_claims |
| /operating_model/cells/base_fy2026_cash_after_claims:base/formula/refs/1 | None | base_2026q3_cash_after_claims |
| /operating_model/cells/base_fy2026_cash_after_claims:base/formula/refs/2 | None | base_2026q4_cash_after_claims |
| /operating_model/cells/base_fy2026_cash_after_claims:base/id | None | base_fy2026_cash_after_claims |
| /operating_model/cells/base_fy2026_cash_after_claims:base/kind | None | derived |
| /operating_model/cells/base_fy2026_cash_after_claims:base/label | None | Cash after award withholding ($M) |
| /operating_model/cells/base_fy2026_cash_after_claims:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_cash_after_claims:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_cash_after_claims:base/value | None | 250.77371656954668 |
| /operating_model/cells/base_fy2026_cfo:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_cfo:base/case | None | base |
| /operating_model/cells/base_fy2026_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/1 | None | base_2026q3_cfo |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/2 | None | base_2026q4_cfo |
| /operating_model/cells/base_fy2026_cfo:base/id | None | base_fy2026_cfo |
| /operating_model/cells/base_fy2026_cfo:base/kind | None | derived |
| /operating_model/cells/base_fy2026_cfo:base/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/base_fy2026_cfo:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_cfo:base/value | None | 650.4227165695468 |
| /operating_model/cells/base_fy2026_fcf:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_fcf:base/case | None | base |
| /operating_model/cells/base_fy2026_fcf:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/1 | None | base_2026q3_fcf |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/2 | None | base_2026q4_fcf |
| /operating_model/cells/base_fy2026_fcf:base/id | None | base_fy2026_fcf |
| /operating_model/cells/base_fy2026_fcf:base/kind | None | derived |
| /operating_model/cells/base_fy2026_fcf:base/label | None | CFO less PP&E/software ($M) |
| /operating_model/cells/base_fy2026_fcf:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_fcf:base/value | None | 545.2697165695467 |
| /operating_model/cells/base_fy2026_operating_income:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_operating_income:base/case | None | base |
| /operating_model/cells/base_fy2026_operating_income:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_operating_income:base/formula/refs/0 | None | h1_operating_income |
| /operating_model/cells/base_fy2026_operating_income:base/formula/refs/1 | None | base_2026q3_operating_income |
| /operating_model/cells/base_fy2026_operating_income:base/formula/refs/2 | None | base_2026q4_operating_income |
| /operating_model/cells/base_fy2026_operating_income:base/id | None | base_fy2026_operating_income |
| /operating_model/cells/base_fy2026_operating_income:base/kind | None | derived |
| /operating_model/cells/base_fy2026_operating_income:base/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/base_fy2026_operating_income:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_operating_income:base/value | None | 188.07871656954669 |
| /operating_model/cells/base_fy2026_other_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_other_revenue:base/case | None | base |
| /operating_model/cells/base_fy2026_other_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_other_revenue:base/formula/refs/0 | None | h1_other_revenue |
| /operating_model/cells/base_fy2026_other_revenue:base/formula/refs/1 | None | base_2026q3_other_revenue |
| /operating_model/cells/base_fy2026_other_revenue:base/formula/refs/2 | None | base_2026q4_other_revenue |
| /operating_model/cells/base_fy2026_other_revenue:base/id | None | base_fy2026_other_revenue |
| /operating_model/cells/base_fy2026_other_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2026_other_revenue:base/label | None | Other revenue including token recognition ($M) |
| /operating_model/cells/base_fy2026_other_revenue:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_other_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_other_revenue:base/value | None | 320.0 |
| /operating_model/cells/base_fy2026_reserve_income:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_reserve_income:base/case | None | base |
| /operating_model/cells/base_fy2026_reserve_income:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_reserve_income:base/formula/refs/0 | None | h1_reserve_income |
| /operating_model/cells/base_fy2026_reserve_income:base/formula/refs/1 | None | base_2026q3_reserve_income |
| /operating_model/cells/base_fy2026_reserve_income:base/formula/refs/2 | None | base_2026q4_reserve_income |
| /operating_model/cells/base_fy2026_reserve_income:base/id | None | base_fy2026_reserve_income |
| /operating_model/cells/base_fy2026_reserve_income:base/kind | None | derived |
| /operating_model/cells/base_fy2026_reserve_income:base/label | None | Reserve income ($M) |
| /operating_model/cells/base_fy2026_reserve_income:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_reserve_income:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_reserve_income:base/value | None | 2526.2709989919126 |
| /operating_model/cells/base_fy2026_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_revenue:base/case | None | base |
| /operating_model/cells/base_fy2026_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/1 | None | base_2026q3_revenue |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/2 | None | base_2026q4_revenue |
| /operating_model/cells/base_fy2026_revenue:base/id | None | base_fy2026_revenue |
| /operating_model/cells/base_fy2026_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2026_revenue:base/label | None | Revenue and reserve income ($M) |
| /operating_model/cells/base_fy2026_revenue:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_revenue:base/value | None | 2846.2709989919126 |
| /operating_model/cells/base_fy2026_rldc:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_rldc:base/case | None | base |
| /operating_model/cells/base_fy2026_rldc:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_rldc:base/formula/refs/0 | None | h1_rldc |
| /operating_model/cells/base_fy2026_rldc:base/formula/refs/1 | None | base_2026q3_rldc |
| /operating_model/cells/base_fy2026_rldc:base/formula/refs/2 | None | base_2026q4_rldc |
| /operating_model/cells/base_fy2026_rldc:base/id | None | base_fy2026_rldc |
| /operating_model/cells/base_fy2026_rldc:base/kind | None | derived |
| /operating_model/cells/base_fy2026_rldc:base/label | None | Revenue less distribution/transaction costs ($M) |
| /operating_model/cells/base_fy2026_rldc:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_rldc:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_rldc:base/value | None | 1215.3577165695467 |
| /operating_model/cells/base_fy2026_token_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2026_token_revenue:base/case | None | base |
| /operating_model/cells/base_fy2026_token_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_token_revenue:base/formula/refs/0 | None | h1_token_revenue |
| /operating_model/cells/base_fy2026_token_revenue:base/formula/refs/1 | None | base_2026q3_token_revenue |
| /operating_model/cells/base_fy2026_token_revenue:base/formula/refs/2 | None | base_2026q4_token_revenue |
| /operating_model/cells/base_fy2026_token_revenue:base/id | None | base_fy2026_token_revenue |
| /operating_model/cells/base_fy2026_token_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2026_token_revenue:base/label | None | ARC presale revenue recognition ($M) |
| /operating_model/cells/base_fy2026_token_revenue:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_token_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_token_revenue:base/value | None | 160.0 |
| /operating_model/cells/base_fy2027_adj_ebitda:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_adj_ebitda:base/case | None | base |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/0 | None | base_2027q1_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/1 | None | base_2027q2_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/2 | None | base_2027q3_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/3 | None | base_2027q4_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/id | None | base_fy2027_adj_ebitda |
| /operating_model/cells/base_fy2027_adj_ebitda:base/kind | None | derived |
| /operating_model/cells/base_fy2027_adj_ebitda:base/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/base_fy2027_adj_ebitda:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_adj_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_adj_ebitda:base/value | None | 634.883425642973 |
| /operating_model/cells/base_fy2027_award_withholding:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_award_withholding:base/case | None | base |
| /operating_model/cells/base_fy2027_award_withholding:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_award_withholding:base/formula/refs/0 | None | base_2027q1_award_withholding |
| /operating_model/cells/base_fy2027_award_withholding:base/formula/refs/1 | None | base_2027q2_award_withholding |
| /operating_model/cells/base_fy2027_award_withholding:base/formula/refs/2 | None | base_2027q3_award_withholding |
| /operating_model/cells/base_fy2027_award_withholding:base/formula/refs/3 | None | base_2027q4_award_withholding |
| /operating_model/cells/base_fy2027_award_withholding:base/id | None | base_fy2027_award_withholding |
| /operating_model/cells/base_fy2027_award_withholding:base/kind | None | derived |
| /operating_model/cells/base_fy2027_award_withholding:base/label | None | Cash equity-award withholding ($M) |
| /operating_model/cells/base_fy2027_award_withholding:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_award_withholding:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_award_withholding:base/value | None | 330.0 |
| /operating_model/cells/base_fy2027_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_capex:base/case | None | base |
| /operating_model/cells/base_fy2027_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/0 | None | base_2027q1_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/2 | None | base_2027q3_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/3 | None | base_2027q4_capex |
| /operating_model/cells/base_fy2027_capex:base/id | None | base_fy2027_capex |
| /operating_model/cells/base_fy2027_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2027_capex:base/label | None | Cash PP&E and software ($M) |
| /operating_model/cells/base_fy2027_capex:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_capex:base/value | None | 154.0 |
| /operating_model/cells/base_fy2027_cash_after_claims:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_cash_after_claims:base/case | None | base |
| /operating_model/cells/base_fy2027_cash_after_claims:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cash_after_claims:base/formula/refs/0 | None | base_2027q1_cash_after_claims |
| /operating_model/cells/base_fy2027_cash_after_claims:base/formula/refs/1 | None | base_2027q2_cash_after_claims |
| /operating_model/cells/base_fy2027_cash_after_claims:base/formula/refs/2 | None | base_2027q3_cash_after_claims |
| /operating_model/cells/base_fy2027_cash_after_claims:base/formula/refs/3 | None | base_2027q4_cash_after_claims |
| /operating_model/cells/base_fy2027_cash_after_claims:base/id | None | base_fy2027_cash_after_claims |
| /operating_model/cells/base_fy2027_cash_after_claims:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cash_after_claims:base/label | None | Cash after award withholding ($M) |
| /operating_model/cells/base_fy2027_cash_after_claims:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cash_after_claims:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cash_after_claims:base/value | None | -187.31657435702704 |
| /operating_model/cells/base_fy2027_cfo:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_cfo:base/case | None | base |
| /operating_model/cells/base_fy2027_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/0 | None | base_2027q1_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/1 | None | base_2027q2_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/2 | None | base_2027q3_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/3 | None | base_2027q4_cfo |
| /operating_model/cells/base_fy2027_cfo:base/id | None | base_fy2027_cfo |
| /operating_model/cells/base_fy2027_cfo:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cfo:base/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/base_fy2027_cfo:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cfo:base/value | None | 296.68342564297296 |
| /operating_model/cells/base_fy2027_fcf:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_fcf:base/case | None | base |
| /operating_model/cells/base_fy2027_fcf:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/0 | None | base_2027q1_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/1 | None | base_2027q2_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/2 | None | base_2027q3_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/3 | None | base_2027q4_fcf |
| /operating_model/cells/base_fy2027_fcf:base/id | None | base_fy2027_fcf |
| /operating_model/cells/base_fy2027_fcf:base/kind | None | derived |
| /operating_model/cells/base_fy2027_fcf:base/label | None | CFO less PP&E/software ($M) |
| /operating_model/cells/base_fy2027_fcf:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_fcf:base/value | None | 142.68342564297296 |
| /operating_model/cells/base_fy2027_operating_income:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_operating_income:base/case | None | base |
| /operating_model/cells/base_fy2027_operating_income:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_operating_income:base/formula/refs/0 | None | base_2027q1_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/formula/refs/1 | None | base_2027q2_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/formula/refs/2 | None | base_2027q3_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/formula/refs/3 | None | base_2027q4_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/id | None | base_fy2027_operating_income |
| /operating_model/cells/base_fy2027_operating_income:base/kind | None | derived |
| /operating_model/cells/base_fy2027_operating_income:base/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/base_fy2027_operating_income:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_operating_income:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_operating_income:base/value | None | 80.88342564297295 |
| /operating_model/cells/base_fy2027_other_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_other_revenue:base/case | None | base |
| /operating_model/cells/base_fy2027_other_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_other_revenue:base/formula/refs/0 | None | base_2027q1_other_revenue |
| /operating_model/cells/base_fy2027_other_revenue:base/formula/refs/1 | None | base_2027q2_other_revenue |
| /operating_model/cells/base_fy2027_other_revenue:base/formula/refs/2 | None | base_2027q3_other_revenue |
| /operating_model/cells/base_fy2027_other_revenue:base/formula/refs/3 | None | base_2027q4_other_revenue |
| /operating_model/cells/base_fy2027_other_revenue:base/id | None | base_fy2027_other_revenue |
| /operating_model/cells/base_fy2027_other_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2027_other_revenue:base/label | None | Other revenue including token recognition ($M) |
| /operating_model/cells/base_fy2027_other_revenue:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_other_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_other_revenue:base/value | None | 318.2 |
| /operating_model/cells/base_fy2027_reserve_income:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_reserve_income:base/case | None | base |
| /operating_model/cells/base_fy2027_reserve_income:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_reserve_income:base/formula/refs/0 | None | base_2027q1_reserve_income |
| /operating_model/cells/base_fy2027_reserve_income:base/formula/refs/1 | None | base_2027q2_reserve_income |
| /operating_model/cells/base_fy2027_reserve_income:base/formula/refs/2 | None | base_2027q3_reserve_income |
| /operating_model/cells/base_fy2027_reserve_income:base/formula/refs/3 | None | base_2027q4_reserve_income |
| /operating_model/cells/base_fy2027_reserve_income:base/id | None | base_fy2027_reserve_income |
| /operating_model/cells/base_fy2027_reserve_income:base/kind | None | derived |
| /operating_model/cells/base_fy2027_reserve_income:base/label | None | Reserve income ($M) |
| /operating_model/cells/base_fy2027_reserve_income:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_reserve_income:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_reserve_income:base/value | None | 2931.868276619099 |
| /operating_model/cells/base_fy2027_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_revenue:base/case | None | base |
| /operating_model/cells/base_fy2027_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/0 | None | base_2027q1_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/1 | None | base_2027q2_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/2 | None | base_2027q3_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/3 | None | base_2027q4_revenue |
| /operating_model/cells/base_fy2027_revenue:base/id | None | base_fy2027_revenue |
| /operating_model/cells/base_fy2027_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2027_revenue:base/label | None | Revenue and reserve income ($M) |
| /operating_model/cells/base_fy2027_revenue:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_revenue:base/value | None | 3250.068276619099 |
| /operating_model/cells/base_fy2027_rldc:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_rldc:base/case | None | base |
| /operating_model/cells/base_fy2027_rldc:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_rldc:base/formula/refs/0 | None | base_2027q1_rldc |
| /operating_model/cells/base_fy2027_rldc:base/formula/refs/1 | None | base_2027q2_rldc |
| /operating_model/cells/base_fy2027_rldc:base/formula/refs/2 | None | base_2027q3_rldc |
| /operating_model/cells/base_fy2027_rldc:base/formula/refs/3 | None | base_2027q4_rldc |
| /operating_model/cells/base_fy2027_rldc:base/id | None | base_fy2027_rldc |
| /operating_model/cells/base_fy2027_rldc:base/kind | None | derived |
| /operating_model/cells/base_fy2027_rldc:base/label | None | Revenue less distribution/transaction costs ($M) |
| /operating_model/cells/base_fy2027_rldc:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_rldc:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_rldc:base/value | None | 1350.883425642973 |
| /operating_model/cells/base_fy2027_token_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_token_revenue:base/case | None | base |
| /operating_model/cells/base_fy2027_token_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_token_revenue:base/formula/refs/0 | None | base_2027q1_token_revenue |
| /operating_model/cells/base_fy2027_token_revenue:base/formula/refs/1 | None | base_2027q2_token_revenue |
| /operating_model/cells/base_fy2027_token_revenue:base/formula/refs/2 | None | base_2027q3_token_revenue |
| /operating_model/cells/base_fy2027_token_revenue:base/formula/refs/3 | None | base_2027q4_token_revenue |
| /operating_model/cells/base_fy2027_token_revenue:base/id | None | base_fy2027_token_revenue |
| /operating_model/cells/base_fy2027_token_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2027_token_revenue:base/label | None | ARC presale revenue recognition ($M) |
| /operating_model/cells/base_fy2027_token_revenue:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_token_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_token_revenue:base/value | None | 82.2 |
| /operating_model/cells/corporate_cash:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/corporate_cash:shared/case | None | shared |
| /operating_model/cells/corporate_cash:shared/id | None | corporate_cash |
| /operating_model/cells/corporate_cash:shared/kind | None | reported |
| /operating_model/cells/corporate_cash:shared/label | None | corporate cash |
| /operating_model/cells/corporate_cash:shared/period | None | June / September 2026 |
| /operating_model/cells/corporate_cash:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/corporate_cash:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/corporate_cash:shared/unit | None | USD_millions |
| /operating_model/cells/corporate_cash:shared/value | None | 1730.126 |
| /operating_model/cells/corporate_stablecoins:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/corporate_stablecoins:shared/case | None | shared |
| /operating_model/cells/corporate_stablecoins:shared/id | None | corporate_stablecoins |
| /operating_model/cells/corporate_stablecoins:shared/kind | None | reported |
| /operating_model/cells/corporate_stablecoins:shared/label | None | corporate stablecoins |
| /operating_model/cells/corporate_stablecoins:shared/period | None | June / September 2026 |
| /operating_model/cells/corporate_stablecoins:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/corporate_stablecoins:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/corporate_stablecoins:shared/unit | None | USD_millions |
| /operating_model/cells/corporate_stablecoins:shared/value | None | 889.311 |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/refs/0 | None | downside_2026q3_rldc |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/refs/1 | None | downside_2026q3_adjusted_opex |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/id | None | downside_2026q3_adj_ebitda |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_adj_ebitda:downside/value | None | 42.93698962790381 |
| /operating_model/cells/downside_2026q3_adjusted_opex:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_adjusted_opex:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_adjusted_opex:downside/id | None | downside_2026q3_adjusted_opex |
| /operating_model/cells/downside_2026q3_adjusted_opex:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_adjusted_opex:downside/label | None | Adjusted operating expense |
| /operating_model/cells/downside_2026q3_adjusted_opex:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_adjusted_opex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_adjusted_opex:downside/value | None | 151.0 |
| /operating_model/cells/downside_2026q3_average_usdc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_average_usdc:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_average_usdc:downside/id | None | downside_2026q3_average_usdc |
| /operating_model/cells/downside_2026q3_average_usdc:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_average_usdc:downside/label | None | Average USDC circulation |
| /operating_model/cells/downside_2026q3_average_usdc:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_average_usdc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_average_usdc:downside/value | None | 72000.0 |
| /operating_model/cells/downside_2026q3_award_withholding:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_award_withholding:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_award_withholding:downside/id | None | downside_2026q3_award_withholding |
| /operating_model/cells/downside_2026q3_award_withholding:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_award_withholding:downside/label | None | Employee award settlement cash |
| /operating_model/cells/downside_2026q3_award_withholding:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_award_withholding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_award_withholding:downside/value | None | 55.0 |
| /operating_model/cells/downside_2026q3_capex:downside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/downside_2026q3_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_capex:downside/formula/refs/0 | None | downside_2026q3_software |
| /operating_model/cells/downside_2026q3_capex:downside/formula/refs/1 | None | downside_2026q3_ppe |
| /operating_model/cells/downside_2026q3_capex:downside/id | None | downside_2026q3_capex |
| /operating_model/cells/downside_2026q3_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_capex:downside/label | None | Cash PP&E and software |
| /operating_model/cells/downside_2026q3_capex:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_capex:downside/value | None | 28.0 |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/formula/refs/0 | None | downside_2026q3_token_revenue |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/formula/refs/1 | None | downside_2026q3_payroll |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/formula/refs/2 | None | downside_2026q3_legal |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/formula/refs/3 | None | downside_2026q3_integration |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/formula/refs/4 | None | downside_2026q3_cash_tax |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/formula/refs/5 | None | downside_2026q3_working_capital_use |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/id | None | downside_2026q3_cash_adjustments |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_adjustments:downside/value | None | 57.0 |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/formula/refs/0 | None | downside_2026q3_fcf |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/formula/refs/1 | None | downside_2026q3_award_withholding |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/id | None | downside_2026q3_cash_after_claims |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/label | None | Cash after employee withholding |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_after_claims:downside/value | None | -62.8630103720962 |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/formula/refs/0 | None | downside_2026q3_adj_ebitda |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/formula/refs/1 | None | downside_2026q3_corporate_interest |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/formula/refs/2 | None | presale_receivable |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/id | None | downside_2026q3_cash_before_uses |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_before_uses:downside/value | None | 77.1369896279038 |
| /operating_model/cells/downside_2026q3_cash_tax:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_tax:downside/id | None | downside_2026q3_cash_tax |
| /operating_model/cells/downside_2026q3_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_cash_tax:downside/label | None | Cash income tax |
| /operating_model/cells/downside_2026q3_cash_tax:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_tax:downside/value | None | 15.0 |
| /operating_model/cells/downside_2026q3_cfo:downside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/downside_2026q3_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/refs/0 | None | downside_2026q3_cash_before_uses |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/refs/1 | None | downside_2026q3_cash_adjustments |
| /operating_model/cells/downside_2026q3_cfo:downside/id | None | downside_2026q3_cfo |
| /operating_model/cells/downside_2026q3_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2026q3_cfo:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cfo:downside/value | None | 20.1369896279038 |
| /operating_model/cells/downside_2026q3_circulation_index:downside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/downside_2026q3_circulation_index:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_circulation_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q3_circulation_index:downside/formula/refs/0 | None | downside_2026q3_average_usdc |
| /operating_model/cells/downside_2026q3_circulation_index:downside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/downside_2026q3_circulation_index:downside/id | None | downside_2026q3_circulation_index |
| /operating_model/cells/downside_2026q3_circulation_index:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_circulation_index:downside/label | None | Average circulation / Q2 |
| /operating_model/cells/downside_2026q3_circulation_index:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_circulation_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_circulation_index:downside/value | None | 0.9408812921436412 |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/formula/refs/0 | None | downside_2026q3_net_reserve |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/formula/refs/1 | None | downside_2026q3_other_revenue |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/id | None | downside_2026q3_contribution_before_other_cost |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_contribution_before_other_cost:downside/value | None | 198.9369896279038 |
| /operating_model/cells/downside_2026q3_corporate_interest:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_corporate_interest:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_corporate_interest:downside/id | None | downside_2026q3_corporate_interest |
| /operating_model/cells/downside_2026q3_corporate_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_corporate_interest:downside/label | None | Corporate cash interest income |
| /operating_model/cells/downside_2026q3_corporate_interest:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_corporate_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_corporate_interest:downside/value | None | 14.0 |
| /operating_model/cells/downside_2026q3_da:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_da:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_da:downside/id | None | downside_2026q3_da |
| /operating_model/cells/downside_2026q3_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_da:downside/label | None | D&A including software amortization |
| /operating_model/cells/downside_2026q3_da:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_da:downside/value | None | 32.0 |
| /operating_model/cells/downside_2026q3_fcf:downside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/downside_2026q3_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/refs/0 | None | downside_2026q3_cfo |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/refs/1 | None | downside_2026q3_capex |
| /operating_model/cells/downside_2026q3_fcf:downside/id | None | downside_2026q3_fcf |
| /operating_model/cells/downside_2026q3_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_fcf:downside/label | None | CFO less PP&E and software |
| /operating_model/cells/downside_2026q3_fcf:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_fcf:downside/value | None | -7.863010372096198 |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/0 | None | downside_2026q3_sbc |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/1 | None | downside_2026q3_payroll |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/2 | None | downside_2026q3_da |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/3 | None | downside_2026q3_legal |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/4 | None | downside_2026q3_integration |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/id | None | downside_2026q3_gaap_adjustments |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/label | None | Adjusted expense exclusions |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_gaap_adjustments:downside/value | None | 114.0 |
| /operating_model/cells/downside_2026q3_integration:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_integration:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_integration:downside/id | None | downside_2026q3_integration |
| /operating_model/cells/downside_2026q3_integration:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_integration:downside/label | None | Cash integration expense |
| /operating_model/cells/downside_2026q3_integration:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_integration:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_integration:downside/value | None | 5.0 |
| /operating_model/cells/downside_2026q3_legal:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_legal:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_legal:downside/id | None | downside_2026q3_legal |
| /operating_model/cells/downside_2026q3_legal:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_legal:downside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/downside_2026q3_legal:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_legal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_legal:downside/value | None | 9.0 |
| /operating_model/cells/downside_2026q3_net_reserve:downside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/downside_2026q3_net_reserve:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_net_reserve:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_net_reserve:downside/formula/refs/0 | None | downside_2026q3_reserve_income |
| /operating_model/cells/downside_2026q3_net_reserve:downside/formula/refs/1 | None | downside_2026q3_retained_margin |
| /operating_model/cells/downside_2026q3_net_reserve:downside/id | None | downside_2026q3_net_reserve |
| /operating_model/cells/downside_2026q3_net_reserve:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_net_reserve:downside/label | None | Reserve income after distribution costs |
| /operating_model/cells/downside_2026q3_net_reserve:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_net_reserve:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_net_reserve:downside/value | None | 166.9369896279038 |
| /operating_model/cells/downside_2026q3_operating_income:downside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/downside_2026q3_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_operating_income:downside/formula/refs/0 | None | downside_2026q3_adj_ebitda |
| /operating_model/cells/downside_2026q3_operating_income:downside/formula/refs/1 | None | downside_2026q3_gaap_adjustments |
| /operating_model/cells/downside_2026q3_operating_income:downside/id | None | downside_2026q3_operating_income |
| /operating_model/cells/downside_2026q3_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2026q3_operating_income:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_operating_income:downside/value | None | -71.06301037209619 |
| /operating_model/cells/downside_2026q3_other_direct_cost:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_other_direct_cost:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_other_direct_cost:downside/id | None | downside_2026q3_other_direct_cost |
| /operating_model/cells/downside_2026q3_other_direct_cost:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_other_direct_cost:downside/label | None | Other direct transaction/services cost |
| /operating_model/cells/downside_2026q3_other_direct_cost:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_other_direct_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_other_direct_cost:downside/value | None | 5.0 |
| /operating_model/cells/downside_2026q3_other_revenue:downside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/downside_2026q3_other_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_other_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_other_revenue:downside/formula/refs/0 | None | downside_2026q3_recurring_other |
| /operating_model/cells/downside_2026q3_other_revenue:downside/formula/refs/1 | None | downside_2026q3_token_revenue |
| /operating_model/cells/downside_2026q3_other_revenue:downside/id | None | downside_2026q3_other_revenue |
| /operating_model/cells/downside_2026q3_other_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_other_revenue:downside/label | None | Other revenue |
| /operating_model/cells/downside_2026q3_other_revenue:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_other_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_other_revenue:downside/value | None | 32.0 |
| /operating_model/cells/downside_2026q3_payroll:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_payroll:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_payroll:downside/id | None | downside_2026q3_payroll |
| /operating_model/cells/downside_2026q3_payroll:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_payroll:downside/label | None | Employer payroll tax on equity |
| /operating_model/cells/downside_2026q3_payroll:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_payroll:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_payroll:downside/value | None | 8.0 |
| /operating_model/cells/downside_2026q3_ppe:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_ppe:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_ppe:downside/id | None | downside_2026q3_ppe |
| /operating_model/cells/downside_2026q3_ppe:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_ppe:downside/label | None | Cash PP&E |
| /operating_model/cells/downside_2026q3_ppe:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_ppe:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_ppe:downside/value | None | 6.0 |
| /operating_model/cells/downside_2026q3_recurring_other:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_recurring_other:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_recurring_other:downside/id | None | downside_2026q3_recurring_other |
| /operating_model/cells/downside_2026q3_recurring_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_recurring_other:downside/label | None | Services and transaction revenue |
| /operating_model/cells/downside_2026q3_recurring_other:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_recurring_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_recurring_other:downside/value | None | 32.0 |
| /operating_model/cells/downside_2026q3_reserve_income:downside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/downside_2026q3_reserve_income:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_reserve_income:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_reserve_income:downside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/downside_2026q3_reserve_income:downside/formula/refs/1 | None | downside_2026q3_circulation_index |
| /operating_model/cells/downside_2026q3_reserve_income:downside/formula/refs/2 | None | downside_2026q3_yield_index |
| /operating_model/cells/downside_2026q3_reserve_income:downside/id | None | downside_2026q3_reserve_income |
| /operating_model/cells/downside_2026q3_reserve_income:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_reserve_income:downside/label | None | Reserve income |
| /operating_model/cells/downside_2026q3_reserve_income:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_reserve_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_reserve_income:downside/value | None | 538.5064181545284 |
| /operating_model/cells/downside_2026q3_reserve_rate:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_reserve_rate:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_reserve_rate:downside/id | None | downside_2026q3_reserve_rate |
| /operating_model/cells/downside_2026q3_reserve_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_reserve_rate:downside/label | None | Annual reserve return rate |
| /operating_model/cells/downside_2026q3_reserve_rate:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_reserve_rate:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_reserve_rate:downside/value | None | 0.03 |
| /operating_model/cells/downside_2026q3_retained_margin:downside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/downside_2026q3_retained_margin:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_retained_margin:downside/id | None | downside_2026q3_retained_margin |
| /operating_model/cells/downside_2026q3_retained_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_retained_margin:downside/label | None | Retained reserve margin |
| /operating_model/cells/downside_2026q3_retained_margin:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_retained_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_retained_margin:downside/value | None | 0.31 |
| /operating_model/cells/downside_2026q3_revenue:downside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/downside_2026q3_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/refs/0 | None | downside_2026q3_reserve_income |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/refs/1 | None | downside_2026q3_other_revenue |
| /operating_model/cells/downside_2026q3_revenue:downside/id | None | downside_2026q3_revenue |
| /operating_model/cells/downside_2026q3_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_revenue:downside/label | None | Total revenue and reserve income |
| /operating_model/cells/downside_2026q3_revenue:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_revenue:downside/value | None | 570.5064181545284 |
| /operating_model/cells/downside_2026q3_rldc:downside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/downside_2026q3_rldc:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_rldc:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_rldc:downside/formula/refs/0 | None | downside_2026q3_contribution_before_other_cost |
| /operating_model/cells/downside_2026q3_rldc:downside/formula/refs/1 | None | downside_2026q3_other_direct_cost |
| /operating_model/cells/downside_2026q3_rldc:downside/id | None | downside_2026q3_rldc |
| /operating_model/cells/downside_2026q3_rldc:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_rldc:downside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/downside_2026q3_rldc:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_rldc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_rldc:downside/value | None | 193.9369896279038 |
| /operating_model/cells/downside_2026q3_sbc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_sbc:downside/id | None | downside_2026q3_sbc |
| /operating_model/cells/downside_2026q3_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_sbc:downside/label | None | SBC expense |
| /operating_model/cells/downside_2026q3_sbc:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_sbc:downside/value | None | 60.0 |
| /operating_model/cells/downside_2026q3_software:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_software:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_software:downside/id | None | downside_2026q3_software |
| /operating_model/cells/downside_2026q3_software:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_software:downside/label | None | Cash capitalized software |
| /operating_model/cells/downside_2026q3_software:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_software:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_software:downside/value | None | 22.0 |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/formula/refs/0 | None | presale_total |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/formula/refs/1 | None | downside_2026q3_token_revenue |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/id | None | downside_2026q3_token_deferred_ending |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_token_deferred_ending:downside/value | None | 242.2 |
| /operating_model/cells/downside_2026q3_token_revenue:downside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/downside_2026q3_token_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_token_revenue:downside/id | None | downside_2026q3_token_revenue |
| /operating_model/cells/downside_2026q3_token_revenue:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_token_revenue:downside/label | None | ARC presale recognition |
| /operating_model/cells/downside_2026q3_token_revenue:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_token_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_token_revenue:downside/value | None | 0.0 |
| /operating_model/cells/downside_2026q3_working_capital_use:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q3_working_capital_use:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_working_capital_use:downside/id | None | downside_2026q3_working_capital_use |
| /operating_model/cells/downside_2026q3_working_capital_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_working_capital_use:downside/label | None | Other operating cash use |
| /operating_model/cells/downside_2026q3_working_capital_use:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_working_capital_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_working_capital_use:downside/value | None | 20.0 |
| /operating_model/cells/downside_2026q3_yield_index:downside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/downside_2026q3_yield_index:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_yield_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q3_yield_index:downside/formula/refs/0 | None | downside_2026q3_reserve_rate |
| /operating_model/cells/downside_2026q3_yield_index:downside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/downside_2026q3_yield_index:downside/id | None | downside_2026q3_yield_index |
| /operating_model/cells/downside_2026q3_yield_index:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_yield_index:downside/label | None | Reserve rate / Q2 |
| /operating_model/cells/downside_2026q3_yield_index:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_yield_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_yield_index:downside/value | None | 0.857142857142857 |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/refs/0 | None | downside_2026q4_rldc |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/refs/1 | None | downside_2026q4_adjusted_opex |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/id | None | downside_2026q4_adj_ebitda |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_adj_ebitda:downside/value | None | 5.249875855940616 |
| /operating_model/cells/downside_2026q4_adjusted_opex:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_adjusted_opex:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_adjusted_opex:downside/id | None | downside_2026q4_adjusted_opex |
| /operating_model/cells/downside_2026q4_adjusted_opex:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_adjusted_opex:downside/label | None | Adjusted operating expense |
| /operating_model/cells/downside_2026q4_adjusted_opex:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_adjusted_opex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_adjusted_opex:downside/value | None | 159.0 |
| /operating_model/cells/downside_2026q4_average_usdc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_average_usdc:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_average_usdc:downside/id | None | downside_2026q4_average_usdc |
| /operating_model/cells/downside_2026q4_average_usdc:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_average_usdc:downside/label | None | Average USDC circulation |
| /operating_model/cells/downside_2026q4_average_usdc:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_average_usdc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_average_usdc:downside/value | None | 70000.0 |
| /operating_model/cells/downside_2026q4_award_withholding:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_award_withholding:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_award_withholding:downside/id | None | downside_2026q4_award_withholding |
| /operating_model/cells/downside_2026q4_award_withholding:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_award_withholding:downside/label | None | Employee award settlement cash |
| /operating_model/cells/downside_2026q4_award_withholding:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_award_withholding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_award_withholding:downside/value | None | 55.0 |
| /operating_model/cells/downside_2026q4_capex:downside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/downside_2026q4_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_capex:downside/formula/refs/0 | None | downside_2026q4_software |
| /operating_model/cells/downside_2026q4_capex:downside/formula/refs/1 | None | downside_2026q4_ppe |
| /operating_model/cells/downside_2026q4_capex:downside/id | None | downside_2026q4_capex |
| /operating_model/cells/downside_2026q4_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_capex:downside/label | None | Cash PP&E and software |
| /operating_model/cells/downside_2026q4_capex:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_capex:downside/value | None | 31.0 |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/formula/refs/0 | None | downside_2026q4_token_revenue |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/formula/refs/1 | None | downside_2026q4_payroll |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/formula/refs/2 | None | downside_2026q4_legal |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/formula/refs/3 | None | downside_2026q4_integration |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/formula/refs/4 | None | downside_2026q4_cash_tax |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/formula/refs/5 | None | downside_2026q4_working_capital_use |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/id | None | downside_2026q4_cash_adjustments |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_adjustments:downside/value | None | 63.0 |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/formula/refs/0 | None | downside_2026q4_fcf |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/formula/refs/1 | None | downside_2026q4_award_withholding |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/id | None | downside_2026q4_cash_after_claims |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/label | None | Cash after employee withholding |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_after_claims:downside/value | None | -129.75012414405938 |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/formula/refs/0 | None | downside_2026q4_adj_ebitda |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/formula/refs/1 | None | downside_2026q4_corporate_interest |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/formula/refs/2 | None | downside_2026q4_presale_receipt |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/id | None | downside_2026q4_cash_before_uses |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_before_uses:downside/value | None | 19.249875855940616 |
| /operating_model/cells/downside_2026q4_cash_tax:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_tax:downside/id | None | downside_2026q4_cash_tax |
| /operating_model/cells/downside_2026q4_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_cash_tax:downside/label | None | Cash income tax |
| /operating_model/cells/downside_2026q4_cash_tax:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_tax:downside/value | None | 17.0 |
| /operating_model/cells/downside_2026q4_cfo:downside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/downside_2026q4_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/refs/0 | None | downside_2026q4_cash_before_uses |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/refs/1 | None | downside_2026q4_cash_adjustments |
| /operating_model/cells/downside_2026q4_cfo:downside/id | None | downside_2026q4_cfo |
| /operating_model/cells/downside_2026q4_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2026q4_cfo:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cfo:downside/value | None | -43.750124144059384 |
| /operating_model/cells/downside_2026q4_circulation_index:downside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/downside_2026q4_circulation_index:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_circulation_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q4_circulation_index:downside/formula/refs/0 | None | downside_2026q4_average_usdc |
| /operating_model/cells/downside_2026q4_circulation_index:downside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/downside_2026q4_circulation_index:downside/id | None | downside_2026q4_circulation_index |
| /operating_model/cells/downside_2026q4_circulation_index:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_circulation_index:downside/label | None | Average circulation / Q2 |
| /operating_model/cells/downside_2026q4_circulation_index:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_circulation_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_circulation_index:downside/value | None | 0.9147457006952068 |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/formula/refs/0 | None | downside_2026q4_net_reserve |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/formula/refs/1 | None | downside_2026q4_other_revenue |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/id | None | downside_2026q4_contribution_before_other_cost |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_contribution_before_other_cost:downside/value | None | 169.24987585594062 |
| /operating_model/cells/downside_2026q4_corporate_interest:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_corporate_interest:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_corporate_interest:downside/id | None | downside_2026q4_corporate_interest |
| /operating_model/cells/downside_2026q4_corporate_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_corporate_interest:downside/label | None | Corporate cash interest income |
| /operating_model/cells/downside_2026q4_corporate_interest:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_corporate_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_corporate_interest:downside/value | None | 14.0 |
| /operating_model/cells/downside_2026q4_da:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_da:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_da:downside/id | None | downside_2026q4_da |
| /operating_model/cells/downside_2026q4_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_da:downside/label | None | D&A including software amortization |
| /operating_model/cells/downside_2026q4_da:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_da:downside/value | None | 34.0 |
| /operating_model/cells/downside_2026q4_fcf:downside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/downside_2026q4_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/refs/0 | None | downside_2026q4_cfo |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/refs/1 | None | downside_2026q4_capex |
| /operating_model/cells/downside_2026q4_fcf:downside/id | None | downside_2026q4_fcf |
| /operating_model/cells/downside_2026q4_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_fcf:downside/label | None | CFO less PP&E and software |
| /operating_model/cells/downside_2026q4_fcf:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_fcf:downside/value | None | -74.75012414405938 |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/0 | None | downside_2026q4_sbc |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/1 | None | downside_2026q4_payroll |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/2 | None | downside_2026q4_da |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/3 | None | downside_2026q4_legal |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/4 | None | downside_2026q4_integration |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/id | None | downside_2026q4_gaap_adjustments |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/label | None | Adjusted expense exclusions |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_gaap_adjustments:downside/value | None | 121.0 |
| /operating_model/cells/downside_2026q4_integration:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_integration:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_integration:downside/id | None | downside_2026q4_integration |
| /operating_model/cells/downside_2026q4_integration:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_integration:downside/label | None | Cash integration expense |
| /operating_model/cells/downside_2026q4_integration:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_integration:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_integration:downside/value | None | 5.0 |
| /operating_model/cells/downside_2026q4_legal:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_legal:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_legal:downside/id | None | downside_2026q4_legal |
| /operating_model/cells/downside_2026q4_legal:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_legal:downside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/downside_2026q4_legal:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_legal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_legal:downside/value | None | 9.0 |
| /operating_model/cells/downside_2026q4_net_reserve:downside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/downside_2026q4_net_reserve:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_net_reserve:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_net_reserve:downside/formula/refs/0 | None | downside_2026q4_reserve_income |
| /operating_model/cells/downside_2026q4_net_reserve:downside/formula/refs/1 | None | downside_2026q4_retained_margin |
| /operating_model/cells/downside_2026q4_net_reserve:downside/id | None | downside_2026q4_net_reserve |
| /operating_model/cells/downside_2026q4_net_reserve:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_net_reserve:downside/label | None | Reserve income after distribution costs |
| /operating_model/cells/downside_2026q4_net_reserve:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_net_reserve:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_net_reserve:downside/value | None | 135.24987585594062 |
| /operating_model/cells/downside_2026q4_operating_income:downside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/downside_2026q4_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_operating_income:downside/formula/refs/0 | None | downside_2026q4_adj_ebitda |
| /operating_model/cells/downside_2026q4_operating_income:downside/formula/refs/1 | None | downside_2026q4_gaap_adjustments |
| /operating_model/cells/downside_2026q4_operating_income:downside/id | None | downside_2026q4_operating_income |
| /operating_model/cells/downside_2026q4_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2026q4_operating_income:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_operating_income:downside/value | None | -115.75012414405938 |
| /operating_model/cells/downside_2026q4_other_direct_cost:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_other_direct_cost:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_other_direct_cost:downside/id | None | downside_2026q4_other_direct_cost |
| /operating_model/cells/downside_2026q4_other_direct_cost:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_other_direct_cost:downside/label | None | Other direct transaction/services cost |
| /operating_model/cells/downside_2026q4_other_direct_cost:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_other_direct_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_other_direct_cost:downside/value | None | 5.0 |
| /operating_model/cells/downside_2026q4_other_revenue:downside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/downside_2026q4_other_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_other_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_other_revenue:downside/formula/refs/0 | None | downside_2026q4_recurring_other |
| /operating_model/cells/downside_2026q4_other_revenue:downside/formula/refs/1 | None | downside_2026q4_token_revenue |
| /operating_model/cells/downside_2026q4_other_revenue:downside/id | None | downside_2026q4_other_revenue |
| /operating_model/cells/downside_2026q4_other_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_other_revenue:downside/label | None | Other revenue |
| /operating_model/cells/downside_2026q4_other_revenue:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_other_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_other_revenue:downside/value | None | 34.0 |
| /operating_model/cells/downside_2026q4_payroll:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_payroll:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_payroll:downside/id | None | downside_2026q4_payroll |
| /operating_model/cells/downside_2026q4_payroll:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_payroll:downside/label | None | Employer payroll tax on equity |
| /operating_model/cells/downside_2026q4_payroll:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_payroll:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_payroll:downside/value | None | 9.0 |
| /operating_model/cells/downside_2026q4_ppe:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_ppe:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_ppe:downside/id | None | downside_2026q4_ppe |
| /operating_model/cells/downside_2026q4_ppe:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_ppe:downside/label | None | Cash PP&E |
| /operating_model/cells/downside_2026q4_ppe:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_ppe:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_ppe:downside/value | None | 7.0 |
| /operating_model/cells/downside_2026q4_presale_receipt:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_presale_receipt:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_presale_receipt:downside/id | None | downside_2026q4_presale_receipt |
| /operating_model/cells/downside_2026q4_presale_receipt:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_presale_receipt:downside/label | None | Additional original presale collection |
| /operating_model/cells/downside_2026q4_presale_receipt:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_presale_receipt:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_presale_receipt:downside/value | None | 0.0 |
| /operating_model/cells/downside_2026q4_recurring_other:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_recurring_other:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_recurring_other:downside/id | None | downside_2026q4_recurring_other |
| /operating_model/cells/downside_2026q4_recurring_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_recurring_other:downside/label | None | Services and transaction revenue |
| /operating_model/cells/downside_2026q4_recurring_other:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_recurring_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_recurring_other:downside/value | None | 34.0 |
| /operating_model/cells/downside_2026q4_reserve_income:downside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/downside_2026q4_reserve_income:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_reserve_income:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_reserve_income:downside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/downside_2026q4_reserve_income:downside/formula/refs/1 | None | downside_2026q4_circulation_index |
| /operating_model/cells/downside_2026q4_reserve_income:downside/formula/refs/2 | None | downside_2026q4_yield_index |
| /operating_model/cells/downside_2026q4_reserve_income:downside/id | None | downside_2026q4_reserve_income |
| /operating_model/cells/downside_2026q4_reserve_income:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_reserve_income:downside/label | None | Reserve income |
| /operating_model/cells/downside_2026q4_reserve_income:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_reserve_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_reserve_income:downside/value | None | 436.2899221159375 |
| /operating_model/cells/downside_2026q4_reserve_rate:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_reserve_rate:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_reserve_rate:downside/id | None | downside_2026q4_reserve_rate |
| /operating_model/cells/downside_2026q4_reserve_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_reserve_rate:downside/label | None | Annual reserve return rate |
| /operating_model/cells/downside_2026q4_reserve_rate:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_reserve_rate:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_reserve_rate:downside/value | None | 0.025 |
| /operating_model/cells/downside_2026q4_retained_margin:downside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/downside_2026q4_retained_margin:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_retained_margin:downside/id | None | downside_2026q4_retained_margin |
| /operating_model/cells/downside_2026q4_retained_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_retained_margin:downside/label | None | Retained reserve margin |
| /operating_model/cells/downside_2026q4_retained_margin:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_retained_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_retained_margin:downside/value | None | 0.31 |
| /operating_model/cells/downside_2026q4_revenue:downside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/downside_2026q4_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/refs/0 | None | downside_2026q4_reserve_income |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/refs/1 | None | downside_2026q4_other_revenue |
| /operating_model/cells/downside_2026q4_revenue:downside/id | None | downside_2026q4_revenue |
| /operating_model/cells/downside_2026q4_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_revenue:downside/label | None | Total revenue and reserve income |
| /operating_model/cells/downside_2026q4_revenue:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_revenue:downside/value | None | 470.2899221159375 |
| /operating_model/cells/downside_2026q4_rldc:downside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/downside_2026q4_rldc:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_rldc:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_rldc:downside/formula/refs/0 | None | downside_2026q4_contribution_before_other_cost |
| /operating_model/cells/downside_2026q4_rldc:downside/formula/refs/1 | None | downside_2026q4_other_direct_cost |
| /operating_model/cells/downside_2026q4_rldc:downside/id | None | downside_2026q4_rldc |
| /operating_model/cells/downside_2026q4_rldc:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_rldc:downside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/downside_2026q4_rldc:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_rldc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_rldc:downside/value | None | 164.24987585594062 |
| /operating_model/cells/downside_2026q4_sbc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_sbc:downside/id | None | downside_2026q4_sbc |
| /operating_model/cells/downside_2026q4_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_sbc:downside/label | None | SBC expense |
| /operating_model/cells/downside_2026q4_sbc:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_sbc:downside/value | None | 64.0 |
| /operating_model/cells/downside_2026q4_software:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_software:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_software:downside/id | None | downside_2026q4_software |
| /operating_model/cells/downside_2026q4_software:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_software:downside/label | None | Cash capitalized software |
| /operating_model/cells/downside_2026q4_software:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_software:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_software:downside/value | None | 24.0 |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/formula/refs/0 | None | downside_2026q3_token_deferred_ending |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/formula/refs/1 | None | downside_2026q4_token_revenue |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/id | None | downside_2026q4_token_deferred_ending |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_token_deferred_ending:downside/value | None | 242.2 |
| /operating_model/cells/downside_2026q4_token_revenue:downside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/downside_2026q4_token_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_token_revenue:downside/id | None | downside_2026q4_token_revenue |
| /operating_model/cells/downside_2026q4_token_revenue:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_token_revenue:downside/label | None | ARC presale recognition |
| /operating_model/cells/downside_2026q4_token_revenue:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_token_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_token_revenue:downside/value | None | 0.0 |
| /operating_model/cells/downside_2026q4_working_capital_use:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2026q4_working_capital_use:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_working_capital_use:downside/id | None | downside_2026q4_working_capital_use |
| /operating_model/cells/downside_2026q4_working_capital_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_working_capital_use:downside/label | None | Other operating cash use |
| /operating_model/cells/downside_2026q4_working_capital_use:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_working_capital_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_working_capital_use:downside/value | None | 23.0 |
| /operating_model/cells/downside_2026q4_yield_index:downside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/downside_2026q4_yield_index:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_yield_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q4_yield_index:downside/formula/refs/0 | None | downside_2026q4_reserve_rate |
| /operating_model/cells/downside_2026q4_yield_index:downside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/downside_2026q4_yield_index:downside/id | None | downside_2026q4_yield_index |
| /operating_model/cells/downside_2026q4_yield_index:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_yield_index:downside/label | None | Reserve rate / Q2 |
| /operating_model/cells/downside_2026q4_yield_index:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_yield_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_yield_index:downside/value | None | 0.7142857142857143 |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/refs/0 | None | downside_2027q1_rldc |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/refs/1 | None | downside_2027q1_adjusted_opex |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/id | None | downside_2027q1_adj_ebitda |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_adj_ebitda:downside/value | None | 65.0614547816931 |
| /operating_model/cells/downside_2027q1_adjusted_opex:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_adjusted_opex:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_adjusted_opex:downside/id | None | downside_2027q1_adjusted_opex |
| /operating_model/cells/downside_2027q1_adjusted_opex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_adjusted_opex:downside/label | None | Adjusted operating expense |
| /operating_model/cells/downside_2027q1_adjusted_opex:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_adjusted_opex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_adjusted_opex:downside/value | None | 167.0 |
| /operating_model/cells/downside_2027q1_average_usdc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_average_usdc:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_average_usdc:downside/id | None | downside_2027q1_average_usdc |
| /operating_model/cells/downside_2027q1_average_usdc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_average_usdc:downside/label | None | Average USDC circulation |
| /operating_model/cells/downside_2027q1_average_usdc:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_average_usdc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_average_usdc:downside/value | None | 68000.0 |
| /operating_model/cells/downside_2027q1_award_withholding:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_award_withholding:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_award_withholding:downside/id | None | downside_2027q1_award_withholding |
| /operating_model/cells/downside_2027q1_award_withholding:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_award_withholding:downside/label | None | Employee award settlement cash |
| /operating_model/cells/downside_2027q1_award_withholding:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_award_withholding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_award_withholding:downside/value | None | 60.0 |
| /operating_model/cells/downside_2027q1_capex:downside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/downside_2027q1_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_capex:downside/formula/refs/0 | None | downside_2027q1_software |
| /operating_model/cells/downside_2027q1_capex:downside/formula/refs/1 | None | downside_2027q1_ppe |
| /operating_model/cells/downside_2027q1_capex:downside/id | None | downside_2027q1_capex |
| /operating_model/cells/downside_2027q1_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_capex:downside/label | None | Cash PP&E and software |
| /operating_model/cells/downside_2027q1_capex:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_capex:downside/value | None | 34.0 |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/formula/refs/0 | None | downside_2027q1_token_revenue |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/formula/refs/1 | None | downside_2027q1_payroll |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/formula/refs/2 | None | downside_2027q1_legal |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/formula/refs/3 | None | downside_2027q1_integration |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/formula/refs/4 | None | downside_2027q1_cash_tax |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/formula/refs/5 | None | downside_2027q1_working_capital_use |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/id | None | downside_2027q1_cash_adjustments |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_adjustments:downside/value | None | 149.0 |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/formula/refs/0 | None | downside_2027q1_fcf |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/formula/refs/1 | None | downside_2027q1_award_withholding |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/id | None | downside_2027q1_cash_after_claims |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/label | None | Cash after employee withholding |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_after_claims:downside/value | None | -163.9385452183069 |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/formula/refs/0 | None | downside_2027q1_adj_ebitda |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/formula/refs/1 | None | downside_2027q1_corporate_interest |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/formula/refs/2 | None | downside_2027q1_presale_receipt |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/id | None | downside_2027q1_cash_before_uses |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_before_uses:downside/value | None | 79.0614547816931 |
| /operating_model/cells/downside_2027q1_cash_tax:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_tax:downside/id | None | downside_2027q1_cash_tax |
| /operating_model/cells/downside_2027q1_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_cash_tax:downside/label | None | Cash income tax |
| /operating_model/cells/downside_2027q1_cash_tax:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_tax:downside/value | None | 19.0 |
| /operating_model/cells/downside_2027q1_cfo:downside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/downside_2027q1_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/refs/0 | None | downside_2027q1_cash_before_uses |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/refs/1 | None | downside_2027q1_cash_adjustments |
| /operating_model/cells/downside_2027q1_cfo:downside/id | None | downside_2027q1_cfo |
| /operating_model/cells/downside_2027q1_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2027q1_cfo:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cfo:downside/value | None | -69.9385452183069 |
| /operating_model/cells/downside_2027q1_circulation_index:downside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/downside_2027q1_circulation_index:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_circulation_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q1_circulation_index:downside/formula/refs/0 | None | downside_2027q1_average_usdc |
| /operating_model/cells/downside_2027q1_circulation_index:downside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/downside_2027q1_circulation_index:downside/id | None | downside_2027q1_circulation_index |
| /operating_model/cells/downside_2027q1_circulation_index:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_circulation_index:downside/label | None | Average circulation / Q2 |
| /operating_model/cells/downside_2027q1_circulation_index:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_circulation_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_circulation_index:downside/value | None | 0.8886101092467723 |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/formula/refs/0 | None | downside_2027q1_net_reserve |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/formula/refs/1 | None | downside_2027q1_other_revenue |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/id | None | downside_2027q1_contribution_before_other_cost |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_contribution_before_other_cost:downside/value | None | 238.0614547816931 |
| /operating_model/cells/downside_2027q1_corporate_interest:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_corporate_interest:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_corporate_interest:downside/id | None | downside_2027q1_corporate_interest |
| /operating_model/cells/downside_2027q1_corporate_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_corporate_interest:downside/label | None | Corporate cash interest income |
| /operating_model/cells/downside_2027q1_corporate_interest:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_corporate_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_corporate_interest:downside/value | None | 14.0 |
| /operating_model/cells/downside_2027q1_da:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_da:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_da:downside/id | None | downside_2027q1_da |
| /operating_model/cells/downside_2027q1_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_da:downside/label | None | D&A including software amortization |
| /operating_model/cells/downside_2027q1_da:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_da:downside/value | None | 36.0 |
| /operating_model/cells/downside_2027q1_fcf:downside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/downside_2027q1_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/refs/0 | None | downside_2027q1_cfo |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/refs/1 | None | downside_2027q1_capex |
| /operating_model/cells/downside_2027q1_fcf:downside/id | None | downside_2027q1_fcf |
| /operating_model/cells/downside_2027q1_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_fcf:downside/label | None | CFO less PP&E and software |
| /operating_model/cells/downside_2027q1_fcf:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_fcf:downside/value | None | -103.9385452183069 |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/0 | None | downside_2027q1_sbc |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/1 | None | downside_2027q1_payroll |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/2 | None | downside_2027q1_da |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/3 | None | downside_2027q1_legal |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/4 | None | downside_2027q1_integration |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/id | None | downside_2027q1_gaap_adjustments |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/label | None | Adjusted expense exclusions |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_gaap_adjustments:downside/value | None | 128.0 |
| /operating_model/cells/downside_2027q1_integration:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_integration:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_integration:downside/id | None | downside_2027q1_integration |
| /operating_model/cells/downside_2027q1_integration:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_integration:downside/label | None | Cash integration expense |
| /operating_model/cells/downside_2027q1_integration:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_integration:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_integration:downside/value | None | 5.0 |
| /operating_model/cells/downside_2027q1_legal:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_legal:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_legal:downside/id | None | downside_2027q1_legal |
| /operating_model/cells/downside_2027q1_legal:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_legal:downside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/downside_2027q1_legal:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_legal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_legal:downside/value | None | 9.0 |
| /operating_model/cells/downside_2027q1_net_reserve:downside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/downside_2027q1_net_reserve:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_net_reserve:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_net_reserve:downside/formula/refs/0 | None | downside_2027q1_reserve_income |
| /operating_model/cells/downside_2027q1_net_reserve:downside/formula/refs/1 | None | downside_2027q1_retained_margin |
| /operating_model/cells/downside_2027q1_net_reserve:downside/id | None | downside_2027q1_net_reserve |
| /operating_model/cells/downside_2027q1_net_reserve:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_net_reserve:downside/label | None | Reserve income after distribution costs |
| /operating_model/cells/downside_2027q1_net_reserve:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_net_reserve:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_net_reserve:downside/value | None | 122.06145478169312 |
| /operating_model/cells/downside_2027q1_operating_income:downside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/downside_2027q1_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_operating_income:downside/formula/refs/0 | None | downside_2027q1_adj_ebitda |
| /operating_model/cells/downside_2027q1_operating_income:downside/formula/refs/1 | None | downside_2027q1_gaap_adjustments |
| /operating_model/cells/downside_2027q1_operating_income:downside/id | None | downside_2027q1_operating_income |
| /operating_model/cells/downside_2027q1_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2027q1_operating_income:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_operating_income:downside/value | None | -62.9385452183069 |
| /operating_model/cells/downside_2027q1_other_direct_cost:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_other_direct_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_other_direct_cost:downside/id | None | downside_2027q1_other_direct_cost |
| /operating_model/cells/downside_2027q1_other_direct_cost:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_other_direct_cost:downside/label | None | Other direct transaction/services cost |
| /operating_model/cells/downside_2027q1_other_direct_cost:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_other_direct_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_other_direct_cost:downside/value | None | 6.0 |
| /operating_model/cells/downside_2027q1_other_revenue:downside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/downside_2027q1_other_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_other_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_other_revenue:downside/formula/refs/0 | None | downside_2027q1_recurring_other |
| /operating_model/cells/downside_2027q1_other_revenue:downside/formula/refs/1 | None | downside_2027q1_token_revenue |
| /operating_model/cells/downside_2027q1_other_revenue:downside/id | None | downside_2027q1_other_revenue |
| /operating_model/cells/downside_2027q1_other_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_other_revenue:downside/label | None | Other revenue |
| /operating_model/cells/downside_2027q1_other_revenue:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_other_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_other_revenue:downside/value | None | 116.0 |
| /operating_model/cells/downside_2027q1_payroll:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_payroll:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_payroll:downside/id | None | downside_2027q1_payroll |
| /operating_model/cells/downside_2027q1_payroll:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_payroll:downside/label | None | Employer payroll tax on equity |
| /operating_model/cells/downside_2027q1_payroll:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_payroll:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_payroll:downside/value | None | 10.0 |
| /operating_model/cells/downside_2027q1_ppe:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_ppe:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_ppe:downside/id | None | downside_2027q1_ppe |
| /operating_model/cells/downside_2027q1_ppe:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_ppe:downside/label | None | Cash PP&E |
| /operating_model/cells/downside_2027q1_ppe:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_ppe:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_ppe:downside/value | None | 8.0 |
| /operating_model/cells/downside_2027q1_presale_receipt:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_presale_receipt:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_presale_receipt:downside/id | None | downside_2027q1_presale_receipt |
| /operating_model/cells/downside_2027q1_presale_receipt:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_presale_receipt:downside/label | None | Additional original presale collection |
| /operating_model/cells/downside_2027q1_presale_receipt:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_presale_receipt:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_presale_receipt:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q1_recurring_other:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_recurring_other:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_recurring_other:downside/id | None | downside_2027q1_recurring_other |
| /operating_model/cells/downside_2027q1_recurring_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_recurring_other:downside/label | None | Services and transaction revenue |
| /operating_model/cells/downside_2027q1_recurring_other:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_recurring_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_recurring_other:downside/value | None | 36.0 |
| /operating_model/cells/downside_2027q1_reserve_income:downside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/downside_2027q1_reserve_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_reserve_income:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_reserve_income:downside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/downside_2027q1_reserve_income:downside/formula/refs/1 | None | downside_2027q1_circulation_index |
| /operating_model/cells/downside_2027q1_reserve_income:downside/formula/refs/2 | None | downside_2027q1_yield_index |
| /operating_model/cells/downside_2027q1_reserve_income:downside/id | None | downside_2027q1_reserve_income |
| /operating_model/cells/downside_2027q1_reserve_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_reserve_income:downside/label | None | Reserve income |
| /operating_model/cells/downside_2027q1_reserve_income:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_reserve_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_reserve_income:downside/value | None | 381.442046192791 |
| /operating_model/cells/downside_2027q1_reserve_rate:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_reserve_rate:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_reserve_rate:downside/id | None | downside_2027q1_reserve_rate |
| /operating_model/cells/downside_2027q1_reserve_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_reserve_rate:downside/label | None | Annual reserve return rate |
| /operating_model/cells/downside_2027q1_reserve_rate:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_reserve_rate:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_reserve_rate:downside/value | None | 0.0225 |
| /operating_model/cells/downside_2027q1_retained_margin:downside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/downside_2027q1_retained_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_retained_margin:downside/id | None | downside_2027q1_retained_margin |
| /operating_model/cells/downside_2027q1_retained_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_retained_margin:downside/label | None | Retained reserve margin |
| /operating_model/cells/downside_2027q1_retained_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_retained_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_retained_margin:downside/value | None | 0.32 |
| /operating_model/cells/downside_2027q1_revenue:downside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/downside_2027q1_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/0 | None | downside_2027q1_reserve_income |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/1 | None | downside_2027q1_other_revenue |
| /operating_model/cells/downside_2027q1_revenue:downside/id | None | downside_2027q1_revenue |
| /operating_model/cells/downside_2027q1_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_revenue:downside/label | None | Total revenue and reserve income |
| /operating_model/cells/downside_2027q1_revenue:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_revenue:downside/value | None | 497.442046192791 |
| /operating_model/cells/downside_2027q1_rldc:downside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/downside_2027q1_rldc:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_rldc:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_rldc:downside/formula/refs/0 | None | downside_2027q1_contribution_before_other_cost |
| /operating_model/cells/downside_2027q1_rldc:downside/formula/refs/1 | None | downside_2027q1_other_direct_cost |
| /operating_model/cells/downside_2027q1_rldc:downside/id | None | downside_2027q1_rldc |
| /operating_model/cells/downside_2027q1_rldc:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_rldc:downside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/downside_2027q1_rldc:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_rldc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_rldc:downside/value | None | 232.0614547816931 |
| /operating_model/cells/downside_2027q1_sbc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_sbc:downside/id | None | downside_2027q1_sbc |
| /operating_model/cells/downside_2027q1_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_sbc:downside/label | None | SBC expense |
| /operating_model/cells/downside_2027q1_sbc:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_sbc:downside/value | None | 68.0 |
| /operating_model/cells/downside_2027q1_software:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_software:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_software:downside/id | None | downside_2027q1_software |
| /operating_model/cells/downside_2027q1_software:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_software:downside/label | None | Cash capitalized software |
| /operating_model/cells/downside_2027q1_software:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_software:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_software:downside/value | None | 26.0 |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/formula/refs/0 | None | downside_2026q4_token_deferred_ending |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/formula/refs/1 | None | downside_2027q1_token_revenue |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/id | None | downside_2027q1_token_deferred_ending |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_token_deferred_ending:downside/value | None | 162.2 |
| /operating_model/cells/downside_2027q1_token_revenue:downside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/downside_2027q1_token_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_token_revenue:downside/id | None | downside_2027q1_token_revenue |
| /operating_model/cells/downside_2027q1_token_revenue:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_token_revenue:downside/label | None | ARC presale recognition |
| /operating_model/cells/downside_2027q1_token_revenue:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_token_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_token_revenue:downside/value | None | 80.0 |
| /operating_model/cells/downside_2027q1_working_capital_use:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_working_capital_use:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_working_capital_use:downside/id | None | downside_2027q1_working_capital_use |
| /operating_model/cells/downside_2027q1_working_capital_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_working_capital_use:downside/label | None | Other operating cash use |
| /operating_model/cells/downside_2027q1_working_capital_use:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_working_capital_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_working_capital_use:downside/value | None | 26.0 |
| /operating_model/cells/downside_2027q1_yield_index:downside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/downside_2027q1_yield_index:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_yield_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q1_yield_index:downside/formula/refs/0 | None | downside_2027q1_reserve_rate |
| /operating_model/cells/downside_2027q1_yield_index:downside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/downside_2027q1_yield_index:downside/id | None | downside_2027q1_yield_index |
| /operating_model/cells/downside_2027q1_yield_index:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_yield_index:downside/label | None | Reserve rate / Q2 |
| /operating_model/cells/downside_2027q1_yield_index:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_yield_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_yield_index:downside/value | None | 0.6428571428571428 |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/refs/0 | None | downside_2027q2_rldc |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/refs/1 | None | downside_2027q2_adjusted_opex |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/id | None | downside_2027q2_adj_ebitda |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_adj_ebitda:downside/value | None | 52.23510316091313 |
| /operating_model/cells/downside_2027q2_adjusted_opex:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_adjusted_opex:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_adjusted_opex:downside/id | None | downside_2027q2_adjusted_opex |
| /operating_model/cells/downside_2027q2_adjusted_opex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_adjusted_opex:downside/label | None | Adjusted operating expense |
| /operating_model/cells/downside_2027q2_adjusted_opex:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_adjusted_opex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_adjusted_opex:downside/value | None | 175.0 |
| /operating_model/cells/downside_2027q2_average_usdc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_average_usdc:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_average_usdc:downside/id | None | downside_2027q2_average_usdc |
| /operating_model/cells/downside_2027q2_average_usdc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_average_usdc:downside/label | None | Average USDC circulation |
| /operating_model/cells/downside_2027q2_average_usdc:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_average_usdc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_average_usdc:downside/value | None | 69000.0 |
| /operating_model/cells/downside_2027q2_award_withholding:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_award_withholding:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_award_withholding:downside/id | None | downside_2027q2_award_withholding |
| /operating_model/cells/downside_2027q2_award_withholding:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_award_withholding:downside/label | None | Employee award settlement cash |
| /operating_model/cells/downside_2027q2_award_withholding:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_award_withholding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_award_withholding:downside/value | None | 60.0 |
| /operating_model/cells/downside_2027q2_capex:downside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/downside_2027q2_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_capex:downside/formula/refs/0 | None | downside_2027q2_software |
| /operating_model/cells/downside_2027q2_capex:downside/formula/refs/1 | None | downside_2027q2_ppe |
| /operating_model/cells/downside_2027q2_capex:downside/id | None | downside_2027q2_capex |
| /operating_model/cells/downside_2027q2_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_capex:downside/label | None | Cash PP&E and software |
| /operating_model/cells/downside_2027q2_capex:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_capex:downside/value | None | 37.0 |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/formula/refs/0 | None | downside_2027q2_token_revenue |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/formula/refs/1 | None | downside_2027q2_payroll |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/formula/refs/2 | None | downside_2027q2_legal |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/formula/refs/3 | None | downside_2027q2_integration |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/formula/refs/4 | None | downside_2027q2_cash_tax |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/formula/refs/5 | None | downside_2027q2_working_capital_use |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/id | None | downside_2027q2_cash_adjustments |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_adjustments:downside/value | None | 157.2 |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/formula/refs/0 | None | downside_2027q2_fcf |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/formula/refs/1 | None | downside_2027q2_award_withholding |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/id | None | downside_2027q2_cash_after_claims |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/label | None | Cash after employee withholding |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_after_claims:downside/value | None | -187.96489683908686 |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/formula/refs/0 | None | downside_2027q2_adj_ebitda |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/formula/refs/1 | None | downside_2027q2_corporate_interest |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/formula/refs/2 | None | downside_2027q2_presale_receipt |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/id | None | downside_2027q2_cash_before_uses |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_before_uses:downside/value | None | 66.23510316091313 |
| /operating_model/cells/downside_2027q2_cash_tax:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_tax:downside/id | None | downside_2027q2_cash_tax |
| /operating_model/cells/downside_2027q2_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_cash_tax:downside/label | None | Cash income tax |
| /operating_model/cells/downside_2027q2_cash_tax:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_tax:downside/value | None | 21.0 |
| /operating_model/cells/downside_2027q2_cfo:downside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/downside_2027q2_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/refs/0 | None | downside_2027q2_cash_before_uses |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/refs/1 | None | downside_2027q2_cash_adjustments |
| /operating_model/cells/downside_2027q2_cfo:downside/id | None | downside_2027q2_cfo |
| /operating_model/cells/downside_2027q2_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2027q2_cfo:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cfo:downside/value | None | -90.96489683908686 |
| /operating_model/cells/downside_2027q2_circulation_index:downside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/downside_2027q2_circulation_index:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_circulation_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q2_circulation_index:downside/formula/refs/0 | None | downside_2027q2_average_usdc |
| /operating_model/cells/downside_2027q2_circulation_index:downside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/downside_2027q2_circulation_index:downside/id | None | downside_2027q2_circulation_index |
| /operating_model/cells/downside_2027q2_circulation_index:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_circulation_index:downside/label | None | Average circulation / Q2 |
| /operating_model/cells/downside_2027q2_circulation_index:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_circulation_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_circulation_index:downside/value | None | 0.9016779049709895 |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/formula/refs/0 | None | downside_2027q2_net_reserve |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/formula/refs/1 | None | downside_2027q2_other_revenue |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/id | None | downside_2027q2_contribution_before_other_cost |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_contribution_before_other_cost:downside/value | None | 233.73510316091313 |
| /operating_model/cells/downside_2027q2_corporate_interest:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_corporate_interest:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_corporate_interest:downside/id | None | downside_2027q2_corporate_interest |
| /operating_model/cells/downside_2027q2_corporate_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_corporate_interest:downside/label | None | Corporate cash interest income |
| /operating_model/cells/downside_2027q2_corporate_interest:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_corporate_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_corporate_interest:downside/value | None | 14.0 |
| /operating_model/cells/downside_2027q2_da:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_da:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_da:downside/id | None | downside_2027q2_da |
| /operating_model/cells/downside_2027q2_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_da:downside/label | None | D&A including software amortization |
| /operating_model/cells/downside_2027q2_da:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_da:downside/value | None | 38.0 |
| /operating_model/cells/downside_2027q2_fcf:downside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/downside_2027q2_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/refs/0 | None | downside_2027q2_cfo |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_2027q2_fcf:downside/id | None | downside_2027q2_fcf |
| /operating_model/cells/downside_2027q2_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_fcf:downside/label | None | CFO less PP&E and software |
| /operating_model/cells/downside_2027q2_fcf:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_fcf:downside/value | None | -127.96489683908686 |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/0 | None | downside_2027q2_sbc |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/1 | None | downside_2027q2_payroll |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/2 | None | downside_2027q2_da |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/3 | None | downside_2027q2_legal |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/4 | None | downside_2027q2_integration |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/id | None | downside_2027q2_gaap_adjustments |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/label | None | Adjusted expense exclusions |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_gaap_adjustments:downside/value | None | 135.0 |
| /operating_model/cells/downside_2027q2_integration:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_integration:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_integration:downside/id | None | downside_2027q2_integration |
| /operating_model/cells/downside_2027q2_integration:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_integration:downside/label | None | Cash integration expense |
| /operating_model/cells/downside_2027q2_integration:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_integration:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_integration:downside/value | None | 5.0 |
| /operating_model/cells/downside_2027q2_legal:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_legal:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_legal:downside/id | None | downside_2027q2_legal |
| /operating_model/cells/downside_2027q2_legal:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_legal:downside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/downside_2027q2_legal:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_legal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_legal:downside/value | None | 9.0 |
| /operating_model/cells/downside_2027q2_net_reserve:downside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/downside_2027q2_net_reserve:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_net_reserve:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_net_reserve:downside/formula/refs/0 | None | downside_2027q2_reserve_income |
| /operating_model/cells/downside_2027q2_net_reserve:downside/formula/refs/1 | None | downside_2027q2_retained_margin |
| /operating_model/cells/downside_2027q2_net_reserve:downside/id | None | downside_2027q2_net_reserve |
| /operating_model/cells/downside_2027q2_net_reserve:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_net_reserve:downside/label | None | Reserve income after distribution costs |
| /operating_model/cells/downside_2027q2_net_reserve:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_net_reserve:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_net_reserve:downside/value | None | 113.53510316091311 |
| /operating_model/cells/downside_2027q2_operating_income:downside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/downside_2027q2_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_operating_income:downside/formula/refs/0 | None | downside_2027q2_adj_ebitda |
| /operating_model/cells/downside_2027q2_operating_income:downside/formula/refs/1 | None | downside_2027q2_gaap_adjustments |
| /operating_model/cells/downside_2027q2_operating_income:downside/id | None | downside_2027q2_operating_income |
| /operating_model/cells/downside_2027q2_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2027q2_operating_income:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_operating_income:downside/value | None | -82.76489683908687 |
| /operating_model/cells/downside_2027q2_other_direct_cost:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_other_direct_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_other_direct_cost:downside/id | None | downside_2027q2_other_direct_cost |
| /operating_model/cells/downside_2027q2_other_direct_cost:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_other_direct_cost:downside/label | None | Other direct transaction/services cost |
| /operating_model/cells/downside_2027q2_other_direct_cost:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_other_direct_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_other_direct_cost:downside/value | None | 6.5 |
| /operating_model/cells/downside_2027q2_other_revenue:downside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/downside_2027q2_other_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_other_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_other_revenue:downside/formula/refs/0 | None | downside_2027q2_recurring_other |
| /operating_model/cells/downside_2027q2_other_revenue:downside/formula/refs/1 | None | downside_2027q2_token_revenue |
| /operating_model/cells/downside_2027q2_other_revenue:downside/id | None | downside_2027q2_other_revenue |
| /operating_model/cells/downside_2027q2_other_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_other_revenue:downside/label | None | Other revenue |
| /operating_model/cells/downside_2027q2_other_revenue:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_other_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_other_revenue:downside/value | None | 120.2 |
| /operating_model/cells/downside_2027q2_payroll:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_payroll:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_payroll:downside/id | None | downside_2027q2_payroll |
| /operating_model/cells/downside_2027q2_payroll:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_payroll:downside/label | None | Employer payroll tax on equity |
| /operating_model/cells/downside_2027q2_payroll:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_payroll:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_payroll:downside/value | None | 11.0 |
| /operating_model/cells/downside_2027q2_ppe:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_ppe:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_ppe:downside/id | None | downside_2027q2_ppe |
| /operating_model/cells/downside_2027q2_ppe:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_ppe:downside/label | None | Cash PP&E |
| /operating_model/cells/downside_2027q2_ppe:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_ppe:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_ppe:downside/value | None | 9.0 |
| /operating_model/cells/downside_2027q2_presale_receipt:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_presale_receipt:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_presale_receipt:downside/id | None | downside_2027q2_presale_receipt |
| /operating_model/cells/downside_2027q2_presale_receipt:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_presale_receipt:downside/label | None | Additional original presale collection |
| /operating_model/cells/downside_2027q2_presale_receipt:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_presale_receipt:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_presale_receipt:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q2_recurring_other:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_recurring_other:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_recurring_other:downside/id | None | downside_2027q2_recurring_other |
| /operating_model/cells/downside_2027q2_recurring_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_recurring_other:downside/label | None | Services and transaction revenue |
| /operating_model/cells/downside_2027q2_recurring_other:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_recurring_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_recurring_other:downside/value | None | 38.0 |
| /operating_model/cells/downside_2027q2_reserve_income:downside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/downside_2027q2_reserve_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_reserve_income:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_reserve_income:downside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/downside_2027q2_reserve_income:downside/formula/refs/1 | None | downside_2027q2_circulation_index |
| /operating_model/cells/downside_2027q2_reserve_income:downside/formula/refs/2 | None | downside_2027q2_yield_index |
| /operating_model/cells/downside_2027q2_reserve_income:downside/id | None | downside_2027q2_reserve_income |
| /operating_model/cells/downside_2027q2_reserve_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_reserve_income:downside/label | None | Reserve income |
| /operating_model/cells/downside_2027q2_reserve_income:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_reserve_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_reserve_income:downside/value | None | 344.04576715428215 |
| /operating_model/cells/downside_2027q2_reserve_rate:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_reserve_rate:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_reserve_rate:downside/id | None | downside_2027q2_reserve_rate |
| /operating_model/cells/downside_2027q2_reserve_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_reserve_rate:downside/label | None | Annual reserve return rate |
| /operating_model/cells/downside_2027q2_reserve_rate:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_reserve_rate:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_reserve_rate:downside/value | None | 0.02 |
| /operating_model/cells/downside_2027q2_retained_margin:downside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/downside_2027q2_retained_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_retained_margin:downside/id | None | downside_2027q2_retained_margin |
| /operating_model/cells/downside_2027q2_retained_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_retained_margin:downside/label | None | Retained reserve margin |
| /operating_model/cells/downside_2027q2_retained_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_retained_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_retained_margin:downside/value | None | 0.33 |
| /operating_model/cells/downside_2027q2_revenue:downside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/downside_2027q2_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/0 | None | downside_2027q2_reserve_income |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/1 | None | downside_2027q2_other_revenue |
| /operating_model/cells/downside_2027q2_revenue:downside/id | None | downside_2027q2_revenue |
| /operating_model/cells/downside_2027q2_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_revenue:downside/label | None | Total revenue and reserve income |
| /operating_model/cells/downside_2027q2_revenue:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_revenue:downside/value | None | 464.24576715428213 |
| /operating_model/cells/downside_2027q2_rldc:downside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/downside_2027q2_rldc:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_rldc:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_rldc:downside/formula/refs/0 | None | downside_2027q2_contribution_before_other_cost |
| /operating_model/cells/downside_2027q2_rldc:downside/formula/refs/1 | None | downside_2027q2_other_direct_cost |
| /operating_model/cells/downside_2027q2_rldc:downside/id | None | downside_2027q2_rldc |
| /operating_model/cells/downside_2027q2_rldc:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_rldc:downside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/downside_2027q2_rldc:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_rldc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_rldc:downside/value | None | 227.23510316091313 |
| /operating_model/cells/downside_2027q2_sbc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_sbc:downside/id | None | downside_2027q2_sbc |
| /operating_model/cells/downside_2027q2_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_sbc:downside/label | None | SBC expense |
| /operating_model/cells/downside_2027q2_sbc:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_sbc:downside/value | None | 72.0 |
| /operating_model/cells/downside_2027q2_software:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_software:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_software:downside/id | None | downside_2027q2_software |
| /operating_model/cells/downside_2027q2_software:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_software:downside/label | None | Cash capitalized software |
| /operating_model/cells/downside_2027q2_software:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_software:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_software:downside/value | None | 28.0 |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/formula/refs/0 | None | downside_2027q1_token_deferred_ending |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/formula/refs/1 | None | downside_2027q2_token_revenue |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/id | None | downside_2027q2_token_deferred_ending |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_token_deferred_ending:downside/value | None | 79.99999999999999 |
| /operating_model/cells/downside_2027q2_token_revenue:downside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/downside_2027q2_token_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_token_revenue:downside/id | None | downside_2027q2_token_revenue |
| /operating_model/cells/downside_2027q2_token_revenue:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_token_revenue:downside/label | None | ARC presale recognition |
| /operating_model/cells/downside_2027q2_token_revenue:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_token_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_token_revenue:downside/value | None | 82.2 |
| /operating_model/cells/downside_2027q2_working_capital_use:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_working_capital_use:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_working_capital_use:downside/id | None | downside_2027q2_working_capital_use |
| /operating_model/cells/downside_2027q2_working_capital_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_working_capital_use:downside/label | None | Other operating cash use |
| /operating_model/cells/downside_2027q2_working_capital_use:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_working_capital_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_working_capital_use:downside/value | None | 29.0 |
| /operating_model/cells/downside_2027q2_yield_index:downside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/downside_2027q2_yield_index:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_yield_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q2_yield_index:downside/formula/refs/0 | None | downside_2027q2_reserve_rate |
| /operating_model/cells/downside_2027q2_yield_index:downside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/downside_2027q2_yield_index:downside/id | None | downside_2027q2_yield_index |
| /operating_model/cells/downside_2027q2_yield_index:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_yield_index:downside/label | None | Reserve rate / Q2 |
| /operating_model/cells/downside_2027q2_yield_index:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_yield_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_yield_index:downside/value | None | 0.5714285714285714 |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/refs/0 | None | downside_2027q3_rldc |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/refs/1 | None | downside_2027q3_adjusted_opex |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/id | None | downside_2027q3_adj_ebitda |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_adj_ebitda:downside/value | None | 48.670858815534984 |
| /operating_model/cells/downside_2027q3_adjusted_opex:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_adjusted_opex:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_adjusted_opex:downside/id | None | downside_2027q3_adjusted_opex |
| /operating_model/cells/downside_2027q3_adjusted_opex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_adjusted_opex:downside/label | None | Adjusted operating expense |
| /operating_model/cells/downside_2027q3_adjusted_opex:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_adjusted_opex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_adjusted_opex:downside/value | None | 183.0 |
| /operating_model/cells/downside_2027q3_average_usdc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_average_usdc:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_average_usdc:downside/id | None | downside_2027q3_average_usdc |
| /operating_model/cells/downside_2027q3_average_usdc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_average_usdc:downside/label | None | Average USDC circulation |
| /operating_model/cells/downside_2027q3_average_usdc:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_average_usdc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_average_usdc:downside/value | None | 70000.0 |
| /operating_model/cells/downside_2027q3_award_withholding:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_award_withholding:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_award_withholding:downside/id | None | downside_2027q3_award_withholding |
| /operating_model/cells/downside_2027q3_award_withholding:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_award_withholding:downside/label | None | Employee award settlement cash |
| /operating_model/cells/downside_2027q3_award_withholding:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_award_withholding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_award_withholding:downside/value | None | 60.0 |
| /operating_model/cells/downside_2027q3_capex:downside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/downside_2027q3_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_capex:downside/formula/refs/0 | None | downside_2027q3_software |
| /operating_model/cells/downside_2027q3_capex:downside/formula/refs/1 | None | downside_2027q3_ppe |
| /operating_model/cells/downside_2027q3_capex:downside/id | None | downside_2027q3_capex |
| /operating_model/cells/downside_2027q3_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_capex:downside/label | None | Cash PP&E and software |
| /operating_model/cells/downside_2027q3_capex:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_capex:downside/value | None | 40.0 |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/formula/refs/0 | None | downside_2027q3_token_revenue |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/formula/refs/1 | None | downside_2027q3_payroll |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/formula/refs/2 | None | downside_2027q3_legal |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/formula/refs/3 | None | downside_2027q3_integration |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/formula/refs/4 | None | downside_2027q3_cash_tax |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/formula/refs/5 | None | downside_2027q3_working_capital_use |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/id | None | downside_2027q3_cash_adjustments |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_adjustments:downside/value | None | 161.0 |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/formula/refs/0 | None | downside_2027q3_fcf |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/formula/refs/1 | None | downside_2027q3_award_withholding |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/id | None | downside_2027q3_cash_after_claims |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/label | None | Cash after employee withholding |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_after_claims:downside/value | None | -198.32914118446502 |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/formula/refs/0 | None | downside_2027q3_adj_ebitda |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/formula/refs/1 | None | downside_2027q3_corporate_interest |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/formula/refs/2 | None | downside_2027q3_presale_receipt |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/id | None | downside_2027q3_cash_before_uses |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_before_uses:downside/value | None | 62.670858815534984 |
| /operating_model/cells/downside_2027q3_cash_tax:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_tax:downside/id | None | downside_2027q3_cash_tax |
| /operating_model/cells/downside_2027q3_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_cash_tax:downside/label | None | Cash income tax |
| /operating_model/cells/downside_2027q3_cash_tax:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_tax:downside/value | None | 23.0 |
| /operating_model/cells/downside_2027q3_cfo:downside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/downside_2027q3_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/refs/0 | None | downside_2027q3_cash_before_uses |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/refs/1 | None | downside_2027q3_cash_adjustments |
| /operating_model/cells/downside_2027q3_cfo:downside/id | None | downside_2027q3_cfo |
| /operating_model/cells/downside_2027q3_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2027q3_cfo:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cfo:downside/value | None | -98.32914118446502 |
| /operating_model/cells/downside_2027q3_circulation_index:downside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/downside_2027q3_circulation_index:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_circulation_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q3_circulation_index:downside/formula/refs/0 | None | downside_2027q3_average_usdc |
| /operating_model/cells/downside_2027q3_circulation_index:downside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/downside_2027q3_circulation_index:downside/id | None | downside_2027q3_circulation_index |
| /operating_model/cells/downside_2027q3_circulation_index:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_circulation_index:downside/label | None | Average circulation / Q2 |
| /operating_model/cells/downside_2027q3_circulation_index:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_circulation_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_circulation_index:downside/value | None | 0.9147457006952068 |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/formula/refs/0 | None | downside_2027q3_net_reserve |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/formula/refs/1 | None | downside_2027q3_other_revenue |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/id | None | downside_2027q3_contribution_before_other_cost |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_contribution_before_other_cost:downside/value | None | 238.67085881553498 |
| /operating_model/cells/downside_2027q3_corporate_interest:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_corporate_interest:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_corporate_interest:downside/id | None | downside_2027q3_corporate_interest |
| /operating_model/cells/downside_2027q3_corporate_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_corporate_interest:downside/label | None | Corporate cash interest income |
| /operating_model/cells/downside_2027q3_corporate_interest:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_corporate_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_corporate_interest:downside/value | None | 14.0 |
| /operating_model/cells/downside_2027q3_da:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_da:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_da:downside/id | None | downside_2027q3_da |
| /operating_model/cells/downside_2027q3_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_da:downside/label | None | D&A including software amortization |
| /operating_model/cells/downside_2027q3_da:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_da:downside/value | None | 40.0 |
| /operating_model/cells/downside_2027q3_fcf:downside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/downside_2027q3_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/refs/0 | None | downside_2027q3_cfo |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/refs/1 | None | downside_2027q3_capex |
| /operating_model/cells/downside_2027q3_fcf:downside/id | None | downside_2027q3_fcf |
| /operating_model/cells/downside_2027q3_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_fcf:downside/label | None | CFO less PP&E and software |
| /operating_model/cells/downside_2027q3_fcf:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_fcf:downside/value | None | -138.32914118446502 |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/0 | None | downside_2027q3_sbc |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/1 | None | downside_2027q3_payroll |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/2 | None | downside_2027q3_da |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/3 | None | downside_2027q3_legal |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/4 | None | downside_2027q3_integration |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/id | None | downside_2027q3_gaap_adjustments |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/label | None | Adjusted expense exclusions |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_gaap_adjustments:downside/value | None | 142.0 |
| /operating_model/cells/downside_2027q3_integration:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_integration:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_integration:downside/id | None | downside_2027q3_integration |
| /operating_model/cells/downside_2027q3_integration:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_integration:downside/label | None | Cash integration expense |
| /operating_model/cells/downside_2027q3_integration:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_integration:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_integration:downside/value | None | 5.0 |
| /operating_model/cells/downside_2027q3_legal:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_legal:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_legal:downside/id | None | downside_2027q3_legal |
| /operating_model/cells/downside_2027q3_legal:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_legal:downside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/downside_2027q3_legal:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_legal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_legal:downside/value | None | 9.0 |
| /operating_model/cells/downside_2027q3_net_reserve:downside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/downside_2027q3_net_reserve:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_net_reserve:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_net_reserve:downside/formula/refs/0 | None | downside_2027q3_reserve_income |
| /operating_model/cells/downside_2027q3_net_reserve:downside/formula/refs/1 | None | downside_2027q3_retained_margin |
| /operating_model/cells/downside_2027q3_net_reserve:downside/id | None | downside_2027q3_net_reserve |
| /operating_model/cells/downside_2027q3_net_reserve:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_net_reserve:downside/label | None | Reserve income after distribution costs |
| /operating_model/cells/downside_2027q3_net_reserve:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_net_reserve:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_net_reserve:downside/value | None | 118.67085881553498 |
| /operating_model/cells/downside_2027q3_operating_income:downside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/downside_2027q3_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_operating_income:downside/formula/refs/0 | None | downside_2027q3_adj_ebitda |
| /operating_model/cells/downside_2027q3_operating_income:downside/formula/refs/1 | None | downside_2027q3_gaap_adjustments |
| /operating_model/cells/downside_2027q3_operating_income:downside/id | None | downside_2027q3_operating_income |
| /operating_model/cells/downside_2027q3_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2027q3_operating_income:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_operating_income:downside/value | None | -93.32914118446502 |
| /operating_model/cells/downside_2027q3_other_direct_cost:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_other_direct_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_other_direct_cost:downside/id | None | downside_2027q3_other_direct_cost |
| /operating_model/cells/downside_2027q3_other_direct_cost:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_other_direct_cost:downside/label | None | Other direct transaction/services cost |
| /operating_model/cells/downside_2027q3_other_direct_cost:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_other_direct_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_other_direct_cost:downside/value | None | 7.0 |
| /operating_model/cells/downside_2027q3_other_revenue:downside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/downside_2027q3_other_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_other_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_other_revenue:downside/formula/refs/0 | None | downside_2027q3_recurring_other |
| /operating_model/cells/downside_2027q3_other_revenue:downside/formula/refs/1 | None | downside_2027q3_token_revenue |
| /operating_model/cells/downside_2027q3_other_revenue:downside/id | None | downside_2027q3_other_revenue |
| /operating_model/cells/downside_2027q3_other_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_other_revenue:downside/label | None | Other revenue |
| /operating_model/cells/downside_2027q3_other_revenue:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_other_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_other_revenue:downside/value | None | 120.0 |
| /operating_model/cells/downside_2027q3_payroll:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_payroll:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_payroll:downside/id | None | downside_2027q3_payroll |
| /operating_model/cells/downside_2027q3_payroll:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_payroll:downside/label | None | Employer payroll tax on equity |
| /operating_model/cells/downside_2027q3_payroll:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_payroll:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_payroll:downside/value | None | 12.0 |
| /operating_model/cells/downside_2027q3_ppe:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_ppe:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_ppe:downside/id | None | downside_2027q3_ppe |
| /operating_model/cells/downside_2027q3_ppe:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_ppe:downside/label | None | Cash PP&E |
| /operating_model/cells/downside_2027q3_ppe:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_ppe:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_ppe:downside/value | None | 10.0 |
| /operating_model/cells/downside_2027q3_presale_receipt:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_presale_receipt:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_presale_receipt:downside/id | None | downside_2027q3_presale_receipt |
| /operating_model/cells/downside_2027q3_presale_receipt:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_presale_receipt:downside/label | None | Additional original presale collection |
| /operating_model/cells/downside_2027q3_presale_receipt:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_presale_receipt:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_presale_receipt:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q3_recurring_other:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_recurring_other:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_recurring_other:downside/id | None | downside_2027q3_recurring_other |
| /operating_model/cells/downside_2027q3_recurring_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_recurring_other:downside/label | None | Services and transaction revenue |
| /operating_model/cells/downside_2027q3_recurring_other:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_recurring_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_recurring_other:downside/value | None | 40.0 |
| /operating_model/cells/downside_2027q3_reserve_income:downside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/downside_2027q3_reserve_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_reserve_income:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_reserve_income:downside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/downside_2027q3_reserve_income:downside/formula/refs/1 | None | downside_2027q3_circulation_index |
| /operating_model/cells/downside_2027q3_reserve_income:downside/formula/refs/2 | None | downside_2027q3_yield_index |
| /operating_model/cells/downside_2027q3_reserve_income:downside/id | None | downside_2027q3_reserve_income |
| /operating_model/cells/downside_2027q3_reserve_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_reserve_income:downside/label | None | Reserve income |
| /operating_model/cells/downside_2027q3_reserve_income:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_reserve_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_reserve_income:downside/value | None | 349.03193769275 |
| /operating_model/cells/downside_2027q3_reserve_rate:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_reserve_rate:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_reserve_rate:downside/id | None | downside_2027q3_reserve_rate |
| /operating_model/cells/downside_2027q3_reserve_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_reserve_rate:downside/label | None | Annual reserve return rate |
| /operating_model/cells/downside_2027q3_reserve_rate:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_reserve_rate:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_reserve_rate:downside/value | None | 0.02 |
| /operating_model/cells/downside_2027q3_retained_margin:downside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/downside_2027q3_retained_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_retained_margin:downside/id | None | downside_2027q3_retained_margin |
| /operating_model/cells/downside_2027q3_retained_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_retained_margin:downside/label | None | Retained reserve margin |
| /operating_model/cells/downside_2027q3_retained_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_retained_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_retained_margin:downside/value | None | 0.33999999999999997 |
| /operating_model/cells/downside_2027q3_revenue:downside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/downside_2027q3_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/0 | None | downside_2027q3_reserve_income |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/1 | None | downside_2027q3_other_revenue |
| /operating_model/cells/downside_2027q3_revenue:downside/id | None | downside_2027q3_revenue |
| /operating_model/cells/downside_2027q3_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_revenue:downside/label | None | Total revenue and reserve income |
| /operating_model/cells/downside_2027q3_revenue:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_revenue:downside/value | None | 469.03193769275 |
| /operating_model/cells/downside_2027q3_rldc:downside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/downside_2027q3_rldc:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_rldc:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_rldc:downside/formula/refs/0 | None | downside_2027q3_contribution_before_other_cost |
| /operating_model/cells/downside_2027q3_rldc:downside/formula/refs/1 | None | downside_2027q3_other_direct_cost |
| /operating_model/cells/downside_2027q3_rldc:downside/id | None | downside_2027q3_rldc |
| /operating_model/cells/downside_2027q3_rldc:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_rldc:downside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/downside_2027q3_rldc:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_rldc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_rldc:downside/value | None | 231.67085881553498 |
| /operating_model/cells/downside_2027q3_sbc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_sbc:downside/id | None | downside_2027q3_sbc |
| /operating_model/cells/downside_2027q3_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_sbc:downside/label | None | SBC expense |
| /operating_model/cells/downside_2027q3_sbc:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_sbc:downside/value | None | 76.0 |
| /operating_model/cells/downside_2027q3_software:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_software:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_software:downside/id | None | downside_2027q3_software |
| /operating_model/cells/downside_2027q3_software:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_software:downside/label | None | Cash capitalized software |
| /operating_model/cells/downside_2027q3_software:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_software:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_software:downside/value | None | 30.0 |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/formula/refs/0 | None | downside_2027q2_token_deferred_ending |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/formula/refs/1 | None | downside_2027q3_token_revenue |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/id | None | downside_2027q3_token_deferred_ending |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_token_deferred_ending:downside/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/downside_2027q3_token_revenue:downside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/downside_2027q3_token_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_token_revenue:downside/id | None | downside_2027q3_token_revenue |
| /operating_model/cells/downside_2027q3_token_revenue:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_token_revenue:downside/label | None | ARC presale recognition |
| /operating_model/cells/downside_2027q3_token_revenue:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_token_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_token_revenue:downside/value | None | 80.0 |
| /operating_model/cells/downside_2027q3_working_capital_use:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_working_capital_use:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_working_capital_use:downside/id | None | downside_2027q3_working_capital_use |
| /operating_model/cells/downside_2027q3_working_capital_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_working_capital_use:downside/label | None | Other operating cash use |
| /operating_model/cells/downside_2027q3_working_capital_use:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_working_capital_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_working_capital_use:downside/value | None | 32.0 |
| /operating_model/cells/downside_2027q3_yield_index:downside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/downside_2027q3_yield_index:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_yield_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q3_yield_index:downside/formula/refs/0 | None | downside_2027q3_reserve_rate |
| /operating_model/cells/downside_2027q3_yield_index:downside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/downside_2027q3_yield_index:downside/id | None | downside_2027q3_yield_index |
| /operating_model/cells/downside_2027q3_yield_index:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_yield_index:downside/label | None | Reserve rate / Q2 |
| /operating_model/cells/downside_2027q3_yield_index:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_yield_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_yield_index:downside/value | None | 0.5714285714285714 |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/refs/0 | None | downside_2027q4_rldc |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/refs/1 | None | downside_2027q4_adjusted_opex |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/id | None | downside_2027q4_adj_ebitda |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_adj_ebitda:downside/value | None | -32.59366211907377 |
| /operating_model/cells/downside_2027q4_adjusted_opex:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_adjusted_opex:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_adjusted_opex:downside/id | None | downside_2027q4_adjusted_opex |
| /operating_model/cells/downside_2027q4_adjusted_opex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_adjusted_opex:downside/label | None | Adjusted operating expense |
| /operating_model/cells/downside_2027q4_adjusted_opex:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_adjusted_opex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_adjusted_opex:downside/value | None | 191.0 |
| /operating_model/cells/downside_2027q4_average_usdc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_average_usdc:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_average_usdc:downside/id | None | downside_2027q4_average_usdc |
| /operating_model/cells/downside_2027q4_average_usdc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_average_usdc:downside/label | None | Average USDC circulation |
| /operating_model/cells/downside_2027q4_average_usdc:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_average_usdc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_average_usdc:downside/value | None | 71000.0 |
| /operating_model/cells/downside_2027q4_award_withholding:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_award_withholding:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_award_withholding:downside/id | None | downside_2027q4_award_withholding |
| /operating_model/cells/downside_2027q4_award_withholding:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_award_withholding:downside/label | None | Employee award settlement cash |
| /operating_model/cells/downside_2027q4_award_withholding:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_award_withholding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_award_withholding:downside/value | None | 60.0 |
| /operating_model/cells/downside_2027q4_capex:downside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/downside_2027q4_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_capex:downside/formula/refs/0 | None | downside_2027q4_software |
| /operating_model/cells/downside_2027q4_capex:downside/formula/refs/1 | None | downside_2027q4_ppe |
| /operating_model/cells/downside_2027q4_capex:downside/id | None | downside_2027q4_capex |
| /operating_model/cells/downside_2027q4_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_capex:downside/label | None | Cash PP&E and software |
| /operating_model/cells/downside_2027q4_capex:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_capex:downside/value | None | 43.0 |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/formula/refs/0 | None | downside_2027q4_token_revenue |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/formula/refs/1 | None | downside_2027q4_payroll |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/formula/refs/2 | None | downside_2027q4_legal |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/formula/refs/3 | None | downside_2027q4_integration |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/formula/refs/4 | None | downside_2027q4_cash_tax |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/formula/refs/5 | None | downside_2027q4_working_capital_use |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/id | None | downside_2027q4_cash_adjustments |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_adjustments:downside/value | None | 87.0 |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/formula/refs/0 | None | downside_2027q4_fcf |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/formula/refs/1 | None | downside_2027q4_award_withholding |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/id | None | downside_2027q4_cash_after_claims |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/label | None | Cash after employee withholding |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_after_claims:downside/value | None | -208.59366211907377 |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/formula/refs/0 | None | downside_2027q4_adj_ebitda |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/formula/refs/1 | None | downside_2027q4_corporate_interest |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/formula/refs/2 | None | downside_2027q4_presale_receipt |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/id | None | downside_2027q4_cash_before_uses |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_before_uses:downside/value | None | -18.59366211907377 |
| /operating_model/cells/downside_2027q4_cash_tax:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_cash_tax:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_tax:downside/id | None | downside_2027q4_cash_tax |
| /operating_model/cells/downside_2027q4_cash_tax:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_cash_tax:downside/label | None | Cash income tax |
| /operating_model/cells/downside_2027q4_cash_tax:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_tax:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_tax:downside/value | None | 25.0 |
| /operating_model/cells/downside_2027q4_cfo:downside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/downside_2027q4_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/refs/0 | None | downside_2027q4_cash_before_uses |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/refs/1 | None | downside_2027q4_cash_adjustments |
| /operating_model/cells/downside_2027q4_cfo:downside/id | None | downside_2027q4_cfo |
| /operating_model/cells/downside_2027q4_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cfo:downside/label | None | Operating cash flow proxy |
| /operating_model/cells/downside_2027q4_cfo:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cfo:downside/value | None | -105.59366211907377 |
| /operating_model/cells/downside_2027q4_circulation_index:downside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/downside_2027q4_circulation_index:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_circulation_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q4_circulation_index:downside/formula/refs/0 | None | downside_2027q4_average_usdc |
| /operating_model/cells/downside_2027q4_circulation_index:downside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/downside_2027q4_circulation_index:downside/id | None | downside_2027q4_circulation_index |
| /operating_model/cells/downside_2027q4_circulation_index:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_circulation_index:downside/label | None | Average circulation / Q2 |
| /operating_model/cells/downside_2027q4_circulation_index:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_circulation_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_circulation_index:downside/value | None | 0.927813496419424 |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/formula/refs/0 | None | downside_2027q4_net_reserve |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/formula/refs/1 | None | downside_2027q4_other_revenue |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/id | None | downside_2027q4_contribution_before_other_cost |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_contribution_before_other_cost:downside/value | None | 165.90633788092623 |
| /operating_model/cells/downside_2027q4_corporate_interest:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_corporate_interest:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_corporate_interest:downside/id | None | downside_2027q4_corporate_interest |
| /operating_model/cells/downside_2027q4_corporate_interest:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_corporate_interest:downside/label | None | Corporate cash interest income |
| /operating_model/cells/downside_2027q4_corporate_interest:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_corporate_interest:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_corporate_interest:downside/value | None | 14.0 |
| /operating_model/cells/downside_2027q4_da:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_da:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_da:downside/id | None | downside_2027q4_da |
| /operating_model/cells/downside_2027q4_da:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_da:downside/label | None | D&A including software amortization |
| /operating_model/cells/downside_2027q4_da:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_da:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_da:downside/value | None | 42.0 |
| /operating_model/cells/downside_2027q4_fcf:downside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/downside_2027q4_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/refs/0 | None | downside_2027q4_cfo |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/refs/1 | None | downside_2027q4_capex |
| /operating_model/cells/downside_2027q4_fcf:downside/id | None | downside_2027q4_fcf |
| /operating_model/cells/downside_2027q4_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_fcf:downside/label | None | CFO less PP&E and software |
| /operating_model/cells/downside_2027q4_fcf:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_fcf:downside/value | None | -148.59366211907377 |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/0 | None | downside_2027q4_sbc |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/1 | None | downside_2027q4_payroll |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/2 | None | downside_2027q4_da |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/3 | None | downside_2027q4_legal |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/4 | None | downside_2027q4_integration |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/id | None | downside_2027q4_gaap_adjustments |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/label | None | Adjusted expense exclusions |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_gaap_adjustments:downside/value | None | 149.0 |
| /operating_model/cells/downside_2027q4_integration:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_integration:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_integration:downside/id | None | downside_2027q4_integration |
| /operating_model/cells/downside_2027q4_integration:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_integration:downside/label | None | Cash integration expense |
| /operating_model/cells/downside_2027q4_integration:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_integration:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_integration:downside/value | None | 5.0 |
| /operating_model/cells/downside_2027q4_legal:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_legal:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_legal:downside/id | None | downside_2027q4_legal |
| /operating_model/cells/downside_2027q4_legal:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_legal:downside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/downside_2027q4_legal:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_legal:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_legal:downside/value | None | 9.0 |
| /operating_model/cells/downside_2027q4_net_reserve:downside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/downside_2027q4_net_reserve:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_net_reserve:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_net_reserve:downside/formula/refs/0 | None | downside_2027q4_reserve_income |
| /operating_model/cells/downside_2027q4_net_reserve:downside/formula/refs/1 | None | downside_2027q4_retained_margin |
| /operating_model/cells/downside_2027q4_net_reserve:downside/id | None | downside_2027q4_net_reserve |
| /operating_model/cells/downside_2027q4_net_reserve:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_net_reserve:downside/label | None | Reserve income after distribution costs |
| /operating_model/cells/downside_2027q4_net_reserve:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_net_reserve:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_net_reserve:downside/value | None | 123.90633788092623 |
| /operating_model/cells/downside_2027q4_operating_income:downside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/downside_2027q4_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_operating_income:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_operating_income:downside/formula/refs/0 | None | downside_2027q4_adj_ebitda |
| /operating_model/cells/downside_2027q4_operating_income:downside/formula/refs/1 | None | downside_2027q4_gaap_adjustments |
| /operating_model/cells/downside_2027q4_operating_income:downside/id | None | downside_2027q4_operating_income |
| /operating_model/cells/downside_2027q4_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_operating_income:downside/label | None | GAAP operating income proxy |
| /operating_model/cells/downside_2027q4_operating_income:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_operating_income:downside/value | None | -181.59366211907377 |
| /operating_model/cells/downside_2027q4_other_direct_cost:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_other_direct_cost:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_other_direct_cost:downside/id | None | downside_2027q4_other_direct_cost |
| /operating_model/cells/downside_2027q4_other_direct_cost:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_other_direct_cost:downside/label | None | Other direct transaction/services cost |
| /operating_model/cells/downside_2027q4_other_direct_cost:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_other_direct_cost:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_other_direct_cost:downside/value | None | 7.5 |
| /operating_model/cells/downside_2027q4_other_revenue:downside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/downside_2027q4_other_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_other_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_other_revenue:downside/formula/refs/0 | None | downside_2027q4_recurring_other |
| /operating_model/cells/downside_2027q4_other_revenue:downside/formula/refs/1 | None | downside_2027q4_token_revenue |
| /operating_model/cells/downside_2027q4_other_revenue:downside/id | None | downside_2027q4_other_revenue |
| /operating_model/cells/downside_2027q4_other_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_other_revenue:downside/label | None | Other revenue |
| /operating_model/cells/downside_2027q4_other_revenue:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_other_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_other_revenue:downside/value | None | 42.0 |
| /operating_model/cells/downside_2027q4_payroll:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_payroll:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_payroll:downside/id | None | downside_2027q4_payroll |
| /operating_model/cells/downside_2027q4_payroll:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_payroll:downside/label | None | Employer payroll tax on equity |
| /operating_model/cells/downside_2027q4_payroll:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_payroll:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_payroll:downside/value | None | 13.0 |
| /operating_model/cells/downside_2027q4_ppe:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_ppe:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_ppe:downside/id | None | downside_2027q4_ppe |
| /operating_model/cells/downside_2027q4_ppe:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_ppe:downside/label | None | Cash PP&E |
| /operating_model/cells/downside_2027q4_ppe:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_ppe:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_ppe:downside/value | None | 11.0 |
| /operating_model/cells/downside_2027q4_presale_receipt:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_presale_receipt:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_presale_receipt:downside/id | None | downside_2027q4_presale_receipt |
| /operating_model/cells/downside_2027q4_presale_receipt:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_presale_receipt:downside/label | None | Additional original presale collection |
| /operating_model/cells/downside_2027q4_presale_receipt:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_presale_receipt:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_presale_receipt:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q4_recurring_other:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_recurring_other:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_recurring_other:downside/id | None | downside_2027q4_recurring_other |
| /operating_model/cells/downside_2027q4_recurring_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_recurring_other:downside/label | None | Services and transaction revenue |
| /operating_model/cells/downside_2027q4_recurring_other:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_recurring_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_recurring_other:downside/value | None | 42.0 |
| /operating_model/cells/downside_2027q4_reserve_income:downside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/downside_2027q4_reserve_income:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_reserve_income:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_reserve_income:downside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/downside_2027q4_reserve_income:downside/formula/refs/1 | None | downside_2027q4_circulation_index |
| /operating_model/cells/downside_2027q4_reserve_income:downside/formula/refs/2 | None | downside_2027q4_yield_index |
| /operating_model/cells/downside_2027q4_reserve_income:downside/id | None | downside_2027q4_reserve_income |
| /operating_model/cells/downside_2027q4_reserve_income:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_reserve_income:downside/label | None | Reserve income |
| /operating_model/cells/downside_2027q4_reserve_income:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_reserve_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_reserve_income:downside/value | None | 354.0181082312178 |
| /operating_model/cells/downside_2027q4_reserve_rate:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_reserve_rate:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_reserve_rate:downside/id | None | downside_2027q4_reserve_rate |
| /operating_model/cells/downside_2027q4_reserve_rate:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_reserve_rate:downside/label | None | Annual reserve return rate |
| /operating_model/cells/downside_2027q4_reserve_rate:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_reserve_rate:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_reserve_rate:downside/value | None | 0.02 |
| /operating_model/cells/downside_2027q4_retained_margin:downside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/downside_2027q4_retained_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_retained_margin:downside/id | None | downside_2027q4_retained_margin |
| /operating_model/cells/downside_2027q4_retained_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_retained_margin:downside/label | None | Retained reserve margin |
| /operating_model/cells/downside_2027q4_retained_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_retained_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_retained_margin:downside/value | None | 0.35 |
| /operating_model/cells/downside_2027q4_revenue:downside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/downside_2027q4_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/0 | None | downside_2027q4_reserve_income |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/1 | None | downside_2027q4_other_revenue |
| /operating_model/cells/downside_2027q4_revenue:downside/id | None | downside_2027q4_revenue |
| /operating_model/cells/downside_2027q4_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_revenue:downside/label | None | Total revenue and reserve income |
| /operating_model/cells/downside_2027q4_revenue:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_revenue:downside/value | None | 396.0181082312178 |
| /operating_model/cells/downside_2027q4_rldc:downside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/downside_2027q4_rldc:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_rldc:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_rldc:downside/formula/refs/0 | None | downside_2027q4_contribution_before_other_cost |
| /operating_model/cells/downside_2027q4_rldc:downside/formula/refs/1 | None | downside_2027q4_other_direct_cost |
| /operating_model/cells/downside_2027q4_rldc:downside/id | None | downside_2027q4_rldc |
| /operating_model/cells/downside_2027q4_rldc:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_rldc:downside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/downside_2027q4_rldc:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_rldc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_rldc:downside/value | None | 158.40633788092623 |
| /operating_model/cells/downside_2027q4_sbc:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_sbc:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_sbc:downside/id | None | downside_2027q4_sbc |
| /operating_model/cells/downside_2027q4_sbc:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_sbc:downside/label | None | SBC expense |
| /operating_model/cells/downside_2027q4_sbc:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_sbc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_sbc:downside/value | None | 80.0 |
| /operating_model/cells/downside_2027q4_software:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_software:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_software:downside/id | None | downside_2027q4_software |
| /operating_model/cells/downside_2027q4_software:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_software:downside/label | None | Cash capitalized software |
| /operating_model/cells/downside_2027q4_software:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_software:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_software:downside/value | None | 32.0 |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/formula/refs/0 | None | downside_2027q3_token_deferred_ending |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/formula/refs/1 | None | downside_2027q4_token_revenue |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/id | None | downside_2027q4_token_deferred_ending |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_token_deferred_ending:downside/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/downside_2027q4_token_revenue:downside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/downside_2027q4_token_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_token_revenue:downside/id | None | downside_2027q4_token_revenue |
| /operating_model/cells/downside_2027q4_token_revenue:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_token_revenue:downside/label | None | ARC presale recognition |
| /operating_model/cells/downside_2027q4_token_revenue:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_token_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_token_revenue:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q4_working_capital_use:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_working_capital_use:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_working_capital_use:downside/id | None | downside_2027q4_working_capital_use |
| /operating_model/cells/downside_2027q4_working_capital_use:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_working_capital_use:downside/label | None | Other operating cash use |
| /operating_model/cells/downside_2027q4_working_capital_use:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_working_capital_use:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_working_capital_use:downside/value | None | 35.0 |
| /operating_model/cells/downside_2027q4_yield_index:downside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/downside_2027q4_yield_index:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_yield_index:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q4_yield_index:downside/formula/refs/0 | None | downside_2027q4_reserve_rate |
| /operating_model/cells/downside_2027q4_yield_index:downside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/downside_2027q4_yield_index:downside/id | None | downside_2027q4_yield_index |
| /operating_model/cells/downside_2027q4_yield_index:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_yield_index:downside/label | None | Reserve rate / Q2 |
| /operating_model/cells/downside_2027q4_yield_index:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_yield_index:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_yield_index:downside/value | None | 0.5714285714285714 |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/0 | None | h1_adj_ebitda |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/1 | None | downside_2026q3_adj_ebitda |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/2 | None | downside_2026q4_adj_ebitda |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/id | None | downside_fy2026_adj_ebitda |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_adj_ebitda:downside/value | None | 343.06586548384445 |
| /operating_model/cells/downside_fy2026_award_withholding:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_award_withholding:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_award_withholding:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_award_withholding:downside/formula/refs/0 | None | h1_award_withholding |
| /operating_model/cells/downside_fy2026_award_withholding:downside/formula/refs/1 | None | downside_2026q3_award_withholding |
| /operating_model/cells/downside_fy2026_award_withholding:downside/formula/refs/2 | None | downside_2026q4_award_withholding |
| /operating_model/cells/downside_fy2026_award_withholding:downside/id | None | downside_fy2026_award_withholding |
| /operating_model/cells/downside_fy2026_award_withholding:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_award_withholding:downside/label | None | Cash equity-award withholding ($M) |
| /operating_model/cells/downside_fy2026_award_withholding:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_award_withholding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_award_withholding:downside/value | None | 259.496 |
| /operating_model/cells/downside_fy2026_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/0 | None | h1_capex |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/1 | None | downside_2026q3_capex |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/2 | None | downside_2026q4_capex |
| /operating_model/cells/downside_fy2026_capex:downside/id | None | downside_fy2026_capex |
| /operating_model/cells/downside_fy2026_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_capex:downside/label | None | Cash PP&E and software ($M) |
| /operating_model/cells/downside_fy2026_capex:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_capex:downside/value | None | 105.153 |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/formula/refs/0 | None | h1_cash_after_claims |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/formula/refs/1 | None | downside_2026q3_cash_after_claims |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/formula/refs/2 | None | downside_2026q4_cash_after_claims |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/id | None | downside_fy2026_cash_after_claims |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/label | None | Cash after award withholding ($M) |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_cash_after_claims:downside/value | None | 150.2428654838444 |
| /operating_model/cells/downside_fy2026_cfo:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_cfo:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/1 | None | downside_2026q3_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/2 | None | downside_2026q4_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/id | None | downside_fy2026_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_cfo:downside/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/downside_fy2026_cfo:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_cfo:downside/value | None | 514.8918654838444 |
| /operating_model/cells/downside_fy2026_fcf:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_fcf:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/1 | None | downside_2026q3_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/2 | None | downside_2026q4_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/id | None | downside_fy2026_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_fcf:downside/label | None | CFO less PP&E/software ($M) |
| /operating_model/cells/downside_fy2026_fcf:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_fcf:downside/value | None | 409.7388654838444 |
| /operating_model/cells/downside_fy2026_operating_income:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_operating_income:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/0 | None | h1_operating_income |
| /operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/1 | None | downside_2026q3_operating_income |
| /operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/2 | None | downside_2026q4_operating_income |
| /operating_model/cells/downside_fy2026_operating_income:downside/id | None | downside_fy2026_operating_income |
| /operating_model/cells/downside_fy2026_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_operating_income:downside/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/downside_fy2026_operating_income:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_operating_income:downside/value | None | -107.45213451615557 |
| /operating_model/cells/downside_fy2026_other_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_other_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_other_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_other_revenue:downside/formula/refs/0 | None | h1_other_revenue |
| /operating_model/cells/downside_fy2026_other_revenue:downside/formula/refs/1 | None | downside_2026q3_other_revenue |
| /operating_model/cells/downside_fy2026_other_revenue:downside/formula/refs/2 | None | downside_2026q4_other_revenue |
| /operating_model/cells/downside_fy2026_other_revenue:downside/id | None | downside_fy2026_other_revenue |
| /operating_model/cells/downside_fy2026_other_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_other_revenue:downside/label | None | Other revenue including token recognition ($M) |
| /operating_model/cells/downside_fy2026_other_revenue:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_other_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_other_revenue:downside/value | None | 141.207 |
| /operating_model/cells/downside_fy2026_reserve_income:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_reserve_income:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_reserve_income:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_reserve_income:downside/formula/refs/0 | None | h1_reserve_income |
| /operating_model/cells/downside_fy2026_reserve_income:downside/formula/refs/1 | None | downside_2026q3_reserve_income |
| /operating_model/cells/downside_fy2026_reserve_income:downside/formula/refs/2 | None | downside_2026q4_reserve_income |
| /operating_model/cells/downside_fy2026_reserve_income:downside/id | None | downside_fy2026_reserve_income |
| /operating_model/cells/downside_fy2026_reserve_income:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_reserve_income:downside/label | None | Reserve income ($M) |
| /operating_model/cells/downside_fy2026_reserve_income:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_reserve_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_reserve_income:downside/value | None | 2295.037340270466 |
| /operating_model/cells/downside_fy2026_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/1 | None | downside_2026q3_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/2 | None | downside_2026q4_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/id | None | downside_fy2026_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_revenue:downside/label | None | Revenue and reserve income ($M) |
| /operating_model/cells/downside_fy2026_revenue:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_revenue:downside/value | None | 2436.2443402704657 |
| /operating_model/cells/downside_fy2026_rldc:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_rldc:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_rldc:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_rldc:downside/formula/refs/0 | None | h1_rldc |
| /operating_model/cells/downside_fy2026_rldc:downside/formula/refs/1 | None | downside_2026q3_rldc |
| /operating_model/cells/downside_fy2026_rldc:downside/formula/refs/2 | None | downside_2026q4_rldc |
| /operating_model/cells/downside_fy2026_rldc:downside/id | None | downside_fy2026_rldc |
| /operating_model/cells/downside_fy2026_rldc:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_rldc:downside/label | None | Revenue less distribution/transaction costs ($M) |
| /operating_model/cells/downside_fy2026_rldc:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_rldc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_rldc:downside/value | None | 934.3838654838444 |
| /operating_model/cells/downside_fy2026_token_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2026_token_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_token_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_token_revenue:downside/formula/refs/0 | None | h1_token_revenue |
| /operating_model/cells/downside_fy2026_token_revenue:downside/formula/refs/1 | None | downside_2026q3_token_revenue |
| /operating_model/cells/downside_fy2026_token_revenue:downside/formula/refs/2 | None | downside_2026q4_token_revenue |
| /operating_model/cells/downside_fy2026_token_revenue:downside/id | None | downside_fy2026_token_revenue |
| /operating_model/cells/downside_fy2026_token_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_token_revenue:downside/label | None | ARC presale revenue recognition ($M) |
| /operating_model/cells/downside_fy2026_token_revenue:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_token_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_token_revenue:downside/value | None | 0.0 |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/0 | None | downside_2027q1_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/1 | None | downside_2027q2_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/2 | None | downside_2027q3_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/3 | None | downside_2027q4_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/id | None | downside_fy2027_adj_ebitda |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_adj_ebitda:downside/value | None | 133.37375463906744 |
| /operating_model/cells/downside_fy2027_award_withholding:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_award_withholding:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_award_withholding:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_award_withholding:downside/formula/refs/0 | None | downside_2027q1_award_withholding |
| /operating_model/cells/downside_fy2027_award_withholding:downside/formula/refs/1 | None | downside_2027q2_award_withholding |
| /operating_model/cells/downside_fy2027_award_withholding:downside/formula/refs/2 | None | downside_2027q3_award_withholding |
| /operating_model/cells/downside_fy2027_award_withholding:downside/formula/refs/3 | None | downside_2027q4_award_withholding |
| /operating_model/cells/downside_fy2027_award_withholding:downside/id | None | downside_fy2027_award_withholding |
| /operating_model/cells/downside_fy2027_award_withholding:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_award_withholding:downside/label | None | Cash equity-award withholding ($M) |
| /operating_model/cells/downside_fy2027_award_withholding:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_award_withholding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_award_withholding:downside/value | None | 240.0 |
| /operating_model/cells/downside_fy2027_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/0 | None | downside_2027q1_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/2 | None | downside_2027q3_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/3 | None | downside_2027q4_capex |
| /operating_model/cells/downside_fy2027_capex:downside/id | None | downside_fy2027_capex |
| /operating_model/cells/downside_fy2027_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_capex:downside/label | None | Cash PP&E and software ($M) |
| /operating_model/cells/downside_fy2027_capex:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_capex:downside/value | None | 154.0 |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/refs/0 | None | downside_2027q1_cash_after_claims |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/refs/1 | None | downside_2027q2_cash_after_claims |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/refs/2 | None | downside_2027q3_cash_after_claims |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/refs/3 | None | downside_2027q4_cash_after_claims |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/id | None | downside_fy2027_cash_after_claims |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/label | None | Cash after award withholding ($M) |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cash_after_claims:downside/value | None | -758.8262453609325 |
| /operating_model/cells/downside_fy2027_cfo:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_cfo:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/0 | None | downside_2027q1_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/1 | None | downside_2027q2_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/2 | None | downside_2027q3_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/3 | None | downside_2027q4_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/id | None | downside_fy2027_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cfo:downside/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/downside_fy2027_cfo:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cfo:downside/value | None | -364.82624536093255 |
| /operating_model/cells/downside_fy2027_fcf:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_fcf:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/0 | None | downside_2027q1_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/1 | None | downside_2027q2_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/2 | None | downside_2027q3_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/3 | None | downside_2027q4_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/id | None | downside_fy2027_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_fcf:downside/label | None | CFO less PP&E/software ($M) |
| /operating_model/cells/downside_fy2027_fcf:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_fcf:downside/value | None | -518.8262453609325 |
| /operating_model/cells/downside_fy2027_operating_income:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_operating_income:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/0 | None | downside_2027q1_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/1 | None | downside_2027q2_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/2 | None | downside_2027q3_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/3 | None | downside_2027q4_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/id | None | downside_fy2027_operating_income |
| /operating_model/cells/downside_fy2027_operating_income:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_operating_income:downside/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/downside_fy2027_operating_income:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_operating_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_operating_income:downside/value | None | -420.62624536093256 |
| /operating_model/cells/downside_fy2027_other_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_other_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_other_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_other_revenue:downside/formula/refs/0 | None | downside_2027q1_other_revenue |
| /operating_model/cells/downside_fy2027_other_revenue:downside/formula/refs/1 | None | downside_2027q2_other_revenue |
| /operating_model/cells/downside_fy2027_other_revenue:downside/formula/refs/2 | None | downside_2027q3_other_revenue |
| /operating_model/cells/downside_fy2027_other_revenue:downside/formula/refs/3 | None | downside_2027q4_other_revenue |
| /operating_model/cells/downside_fy2027_other_revenue:downside/id | None | downside_fy2027_other_revenue |
| /operating_model/cells/downside_fy2027_other_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_other_revenue:downside/label | None | Other revenue including token recognition ($M) |
| /operating_model/cells/downside_fy2027_other_revenue:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_other_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_other_revenue:downside/value | None | 398.2 |
| /operating_model/cells/downside_fy2027_reserve_income:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_reserve_income:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_reserve_income:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_reserve_income:downside/formula/refs/0 | None | downside_2027q1_reserve_income |
| /operating_model/cells/downside_fy2027_reserve_income:downside/formula/refs/1 | None | downside_2027q2_reserve_income |
| /operating_model/cells/downside_fy2027_reserve_income:downside/formula/refs/2 | None | downside_2027q3_reserve_income |
| /operating_model/cells/downside_fy2027_reserve_income:downside/formula/refs/3 | None | downside_2027q4_reserve_income |
| /operating_model/cells/downside_fy2027_reserve_income:downside/id | None | downside_fy2027_reserve_income |
| /operating_model/cells/downside_fy2027_reserve_income:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_reserve_income:downside/label | None | Reserve income ($M) |
| /operating_model/cells/downside_fy2027_reserve_income:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_reserve_income:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_reserve_income:downside/value | None | 1428.537859271041 |
| /operating_model/cells/downside_fy2027_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/0 | None | downside_2027q1_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/1 | None | downside_2027q2_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/2 | None | downside_2027q3_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/3 | None | downside_2027q4_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/id | None | downside_fy2027_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_revenue:downside/label | None | Revenue and reserve income ($M) |
| /operating_model/cells/downside_fy2027_revenue:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_revenue:downside/value | None | 1826.737859271041 |
| /operating_model/cells/downside_fy2027_rldc:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_rldc:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_rldc:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_rldc:downside/formula/refs/0 | None | downside_2027q1_rldc |
| /operating_model/cells/downside_fy2027_rldc:downside/formula/refs/1 | None | downside_2027q2_rldc |
| /operating_model/cells/downside_fy2027_rldc:downside/formula/refs/2 | None | downside_2027q3_rldc |
| /operating_model/cells/downside_fy2027_rldc:downside/formula/refs/3 | None | downside_2027q4_rldc |
| /operating_model/cells/downside_fy2027_rldc:downside/id | None | downside_fy2027_rldc |
| /operating_model/cells/downside_fy2027_rldc:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_rldc:downside/label | None | Revenue less distribution/transaction costs ($M) |
| /operating_model/cells/downside_fy2027_rldc:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_rldc:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_rldc:downside/value | None | 849.3737546390674 |
| /operating_model/cells/downside_fy2027_token_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_token_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_token_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_token_revenue:downside/formula/refs/0 | None | downside_2027q1_token_revenue |
| /operating_model/cells/downside_fy2027_token_revenue:downside/formula/refs/1 | None | downside_2027q2_token_revenue |
| /operating_model/cells/downside_fy2027_token_revenue:downside/formula/refs/2 | None | downside_2027q3_token_revenue |
| /operating_model/cells/downside_fy2027_token_revenue:downside/formula/refs/3 | None | downside_2027q4_token_revenue |
| /operating_model/cells/downside_fy2027_token_revenue:downside/id | None | downside_fy2027_token_revenue |
| /operating_model/cells/downside_fy2027_token_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_token_revenue:downside/label | None | ARC presale revenue recognition ($M) |
| /operating_model/cells/downside_fy2027_token_revenue:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_token_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_token_revenue:downside/value | None | 242.2 |
| /operating_model/cells/ending_usdc:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/ending_usdc:shared/case | None | shared |
| /operating_model/cells/ending_usdc:shared/id | None | ending_usdc |
| /operating_model/cells/ending_usdc:shared/kind | None | reported |
| /operating_model/cells/ending_usdc:shared/label | None | ending usdc |
| /operating_model/cells/ending_usdc:shared/period | None | June / September 2026 |
| /operating_model/cells/ending_usdc:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/ending_usdc:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/ending_usdc:shared/unit | None | USD_millions |
| /operating_model/cells/ending_usdc:shared/value | None | 73269.0 |
| /operating_model/cells/fy26_opex:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/fy26_opex:shared/case | None | shared |
| /operating_model/cells/fy26_opex:shared/formula/op | None | divide |
| /operating_model/cells/fy26_opex:shared/formula/refs/0 | None | fy26_opex_sum |
| /operating_model/cells/fy26_opex:shared/formula/refs/1 | None | two |
| /operating_model/cells/fy26_opex:shared/id | None | fy26_opex |
| /operating_model/cells/fy26_opex:shared/kind | None | derived |
| /operating_model/cells/fy26_opex:shared/label | None | FY2026 adjusted operating expense midpoint |
| /operating_model/cells/fy26_opex:shared/period | None | FY2026 |
| /operating_model/cells/fy26_opex:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_opex:shared/value | None | 577.5 |
| /operating_model/cells/fy26_opex_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_opex_high:shared/case | None | shared |
| /operating_model/cells/fy26_opex_high:shared/id | None | fy26_opex_high |
| /operating_model/cells/fy26_opex_high:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_opex_high:shared/label | None | FY2026 adjusted operating expense high |
| /operating_model/cells/fy26_opex_high:shared/period | None | FY2026 |
| /operating_model/cells/fy26_opex_high:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/fy26_opex_high:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/fy26_opex_high:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_opex_high:shared/value | None | 585.0 |
| /operating_model/cells/fy26_opex_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_opex_low:shared/case | None | shared |
| /operating_model/cells/fy26_opex_low:shared/id | None | fy26_opex_low |
| /operating_model/cells/fy26_opex_low:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_opex_low:shared/label | None | FY2026 adjusted operating expense low |
| /operating_model/cells/fy26_opex_low:shared/period | None | FY2026 |
| /operating_model/cells/fy26_opex_low:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/fy26_opex_low:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/fy26_opex_low:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_opex_low:shared/value | None | 570.0 |
| /operating_model/cells/fy26_opex_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/fy26_opex_sum:shared/case | None | shared |
| /operating_model/cells/fy26_opex_sum:shared/formula/op | None | sum |
| /operating_model/cells/fy26_opex_sum:shared/formula/refs/0 | None | fy26_opex_low |
| /operating_model/cells/fy26_opex_sum:shared/formula/refs/1 | None | fy26_opex_high |
| /operating_model/cells/fy26_opex_sum:shared/id | None | fy26_opex_sum |
| /operating_model/cells/fy26_opex_sum:shared/kind | None | derived |
| /operating_model/cells/fy26_opex_sum:shared/label | None | FY2026 adjusted operating expense endpoint sum |
| /operating_model/cells/fy26_opex_sum:shared/period | None | FY2026 |
| /operating_model/cells/fy26_opex_sum:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_opex_sum:shared/value | None | 1155.0 |
| /operating_model/cells/fy26_other:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/fy26_other:shared/case | None | shared |
| /operating_model/cells/fy26_other:shared/formula/op | None | divide |
| /operating_model/cells/fy26_other:shared/formula/refs/0 | None | fy26_other_sum |
| /operating_model/cells/fy26_other:shared/formula/refs/1 | None | two |
| /operating_model/cells/fy26_other:shared/id | None | fy26_other |
| /operating_model/cells/fy26_other:shared/kind | None | derived |
| /operating_model/cells/fy26_other:shared/label | None | FY2026 other revenue midpoint |
| /operating_model/cells/fy26_other:shared/period | None | FY2026 |
| /operating_model/cells/fy26_other:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_other:shared/value | None | 320.0 |
| /operating_model/cells/fy26_other_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_other_high:shared/case | None | shared |
| /operating_model/cells/fy26_other_high:shared/id | None | fy26_other_high |
| /operating_model/cells/fy26_other_high:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_other_high:shared/label | None | FY2026 other revenue high |
| /operating_model/cells/fy26_other_high:shared/period | None | FY2026 |
| /operating_model/cells/fy26_other_high:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/fy26_other_high:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/fy26_other_high:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_other_high:shared/value | None | 330.0 |
| /operating_model/cells/fy26_other_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_other_low:shared/case | None | shared |
| /operating_model/cells/fy26_other_low:shared/id | None | fy26_other_low |
| /operating_model/cells/fy26_other_low:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_other_low:shared/label | None | FY2026 other revenue low |
| /operating_model/cells/fy26_other_low:shared/period | None | FY2026 |
| /operating_model/cells/fy26_other_low:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/fy26_other_low:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/fy26_other_low:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_other_low:shared/value | None | 310.0 |
| /operating_model/cells/fy26_other_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/fy26_other_sum:shared/case | None | shared |
| /operating_model/cells/fy26_other_sum:shared/formula/op | None | sum |
| /operating_model/cells/fy26_other_sum:shared/formula/refs/0 | None | fy26_other_low |
| /operating_model/cells/fy26_other_sum:shared/formula/refs/1 | None | fy26_other_high |
| /operating_model/cells/fy26_other_sum:shared/id | None | fy26_other_sum |
| /operating_model/cells/fy26_other_sum:shared/kind | None | derived |
| /operating_model/cells/fy26_other_sum:shared/label | None | FY2026 other revenue endpoint sum |
| /operating_model/cells/fy26_other_sum:shared/period | None | FY2026 |
| /operating_model/cells/fy26_other_sum:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_other_sum:shared/value | None | 640.0 |
| /operating_model/cells/fy26_rldc_mid:shared/basis | None | 41.7-43.7% annual company outlook, including token revenue. |
| /operating_model/cells/fy26_rldc_mid:shared/case | None | shared |
| /operating_model/cells/fy26_rldc_mid:shared/id | None | fy26_rldc_mid |
| /operating_model/cells/fy26_rldc_mid:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_rldc_mid:shared/label | None | FY2026 RLDC margin midpoint |
| /operating_model/cells/fy26_rldc_mid:shared/period | None | FY2026 |
| /operating_model/cells/fy26_rldc_mid:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/fy26_rldc_mid:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/fy26_rldc_mid:shared/unit | None | ratio |
| /operating_model/cells/fy26_rldc_mid:shared/value | None | 0.427 |
| /operating_model/cells/h1_acquisition_expense:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_acquisition_expense:shared/case | None | shared |
| /operating_model/cells/h1_acquisition_expense:shared/id | None | h1_acquisition_expense |
| /operating_model/cells/h1_acquisition_expense:shared/kind | None | reported |
| /operating_model/cells/h1_acquisition_expense:shared/label | None | H1 acquisition expense |
| /operating_model/cells/h1_acquisition_expense:shared/period | None | H1 2026 |
| /operating_model/cells/h1_acquisition_expense:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_acquisition_expense:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/h1_acquisition_expense:shared/unit | None | USD_millions |
| /operating_model/cells/h1_acquisition_expense:shared/value | None | 3.79 |
| /operating_model/cells/h1_adj_ebitda:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_adj_ebitda:shared/case | None | shared |
| /operating_model/cells/h1_adj_ebitda:shared/id | None | h1_adj_ebitda |
| /operating_model/cells/h1_adj_ebitda:shared/kind | None | reported |
| /operating_model/cells/h1_adj_ebitda:shared/label | None | H1 adj ebitda |
| /operating_model/cells/h1_adj_ebitda:shared/period | None | H1 2026 |
| /operating_model/cells/h1_adj_ebitda:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_adj_ebitda:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/h1_adj_ebitda:shared/unit | None | USD_millions |
| /operating_model/cells/h1_adj_ebitda:shared/value | None | 294.879 |
| /operating_model/cells/h1_adjusted_operating:shared/basis | None | Reported revenue less distribution cost and adjusted expense. |
| /operating_model/cells/h1_adjusted_operating:shared/case | None | shared |
| /operating_model/cells/h1_adjusted_operating:shared/formula/op | None | subtract |
| /operating_model/cells/h1_adjusted_operating:shared/formula/refs/0 | None | h1_rldc |
| /operating_model/cells/h1_adjusted_operating:shared/formula/refs/1 | None | h1_adjusted_opex |
| /operating_model/cells/h1_adjusted_operating:shared/id | None | h1_adjusted_operating |
| /operating_model/cells/h1_adjusted_operating:shared/kind | None | derived |
| /operating_model/cells/h1_adjusted_operating:shared/label | None | H1 adjusted operating contribution |
| /operating_model/cells/h1_adjusted_operating:shared/period | None | H1 2026 |
| /operating_model/cells/h1_adjusted_operating:shared/unit | None | USD_millions |
| /operating_model/cells/h1_adjusted_operating:shared/value | None | 294.14 |
| /operating_model/cells/h1_adjusted_opex:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_adjusted_opex:shared/case | None | shared |
| /operating_model/cells/h1_adjusted_opex:shared/id | None | h1_adjusted_opex |
| /operating_model/cells/h1_adjusted_opex:shared/kind | None | reported |
| /operating_model/cells/h1_adjusted_opex:shared/label | None | H1 adjusted opex |
| /operating_model/cells/h1_adjusted_opex:shared/period | None | H1 2026 |
| /operating_model/cells/h1_adjusted_opex:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_adjusted_opex:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/h1_adjusted_opex:shared/unit | None | USD_millions |
| /operating_model/cells/h1_adjusted_opex:shared/value | None | 282.057 |
| /operating_model/cells/h1_award_withholding:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_award_withholding:shared/case | None | shared |
| /operating_model/cells/h1_award_withholding:shared/id | None | h1_award_withholding |
| /operating_model/cells/h1_award_withholding:shared/kind | None | reported |
| /operating_model/cells/h1_award_withholding:shared/label | None | H1 award withholding |
| /operating_model/cells/h1_award_withholding:shared/period | None | H1 2026 |
| /operating_model/cells/h1_award_withholding:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_award_withholding:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_award_withholding:shared/unit | None | USD_millions |
| /operating_model/cells/h1_award_withholding:shared/value | None | 149.496 |
| /operating_model/cells/h1_capex:shared/basis | None | Includes cash internal software, not noncash capitalized SBC. |
| /operating_model/cells/h1_capex:shared/case | None | shared |
| /operating_model/cells/h1_capex:shared/formula/op | None | sum |
| /operating_model/cells/h1_capex:shared/formula/refs/0 | None | h1_software |
| /operating_model/cells/h1_capex:shared/formula/refs/1 | None | h1_ppe |
| /operating_model/cells/h1_capex:shared/id | None | h1_capex |
| /operating_model/cells/h1_capex:shared/kind | None | derived |
| /operating_model/cells/h1_capex:shared/label | None | H1 cash PP&E and software |
| /operating_model/cells/h1_capex:shared/period | None | H1 2026 |
| /operating_model/cells/h1_capex:shared/unit | None | USD_millions |
| /operating_model/cells/h1_capex:shared/value | None | 46.153000000000006 |
| /operating_model/cells/h1_cash_after_claims:shared/basis | None | Before option/ESPP proceeds and investments. |
| /operating_model/cells/h1_cash_after_claims:shared/case | None | shared |
| /operating_model/cells/h1_cash_after_claims:shared/formula/op | None | subtract |
| /operating_model/cells/h1_cash_after_claims:shared/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/h1_cash_after_claims:shared/formula/refs/1 | None | h1_award_withholding |
| /operating_model/cells/h1_cash_after_claims:shared/id | None | h1_cash_after_claims |
| /operating_model/cells/h1_cash_after_claims:shared/kind | None | derived |
| /operating_model/cells/h1_cash_after_claims:shared/label | None | H1 after award withholding |
| /operating_model/cells/h1_cash_after_claims:shared/period | None | H1 2026 |
| /operating_model/cells/h1_cash_after_claims:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cash_after_claims:shared/value | None | 342.856 |
| /operating_model/cells/h1_cfo:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_cfo:shared/case | None | shared |
| /operating_model/cells/h1_cfo:shared/id | None | h1_cfo |
| /operating_model/cells/h1_cfo:shared/kind | None | reported |
| /operating_model/cells/h1_cfo:shared/label | None | H1 cfo |
| /operating_model/cells/h1_cfo:shared/period | None | H1 2026 |
| /operating_model/cells/h1_cfo:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_cfo:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_cfo:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cfo:shared/value | None | 538.505 |
| /operating_model/cells/h1_charity:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_charity:shared/case | None | shared |
| /operating_model/cells/h1_charity:shared/id | None | h1_charity |
| /operating_model/cells/h1_charity:shared/kind | None | reported |
| /operating_model/cells/h1_charity:shared/label | None | H1 charity |
| /operating_model/cells/h1_charity:shared/period | None | H1 2026 |
| /operating_model/cells/h1_charity:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_charity:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/h1_charity:shared/unit | None | USD_millions |
| /operating_model/cells/h1_charity:shared/value | None | 13.148 |
| /operating_model/cells/h1_da:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_da:shared/case | None | shared |
| /operating_model/cells/h1_da:shared/id | None | h1_da |
| /operating_model/cells/h1_da:shared/kind | None | reported |
| /operating_model/cells/h1_da:shared/label | None | H1 da |
| /operating_model/cells/h1_da:shared/period | None | H1 2026 |
| /operating_model/cells/h1_da:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_da:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_da:shared/unit | None | USD_millions |
| /operating_model/cells/h1_da:shared/value | None | 56.663 |
| /operating_model/cells/h1_digital_loss:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_digital_loss:shared/case | None | shared |
| /operating_model/cells/h1_digital_loss:shared/id | None | h1_digital_loss |
| /operating_model/cells/h1_digital_loss:shared/kind | None | reported |
| /operating_model/cells/h1_digital_loss:shared/label | None | H1 digital loss |
| /operating_model/cells/h1_digital_loss:shared/period | None | H1 2026 |
| /operating_model/cells/h1_digital_loss:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_digital_loss:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_digital_loss:shared/unit | None | USD_millions |
| /operating_model/cells/h1_digital_loss:shared/value | None | 0.158 |
| /operating_model/cells/h1_ebitda_other:shared/basis | None | Disclosed EBITDA reconciliation differs from operating contribution by $0.739M; no recurring forecast assumed. |
| /operating_model/cells/h1_ebitda_other:shared/case | None | shared |
| /operating_model/cells/h1_ebitda_other:shared/formula/op | None | subtract |
| /operating_model/cells/h1_ebitda_other:shared/formula/refs/0 | None | h1_adj_ebitda |
| /operating_model/cells/h1_ebitda_other:shared/formula/refs/1 | None | h1_adjusted_operating |
| /operating_model/cells/h1_ebitda_other:shared/id | None | h1_ebitda_other |
| /operating_model/cells/h1_ebitda_other:shared/kind | None | derived |
| /operating_model/cells/h1_ebitda_other:shared/label | None | H1 EBITDA residual beyond operating contribution |
| /operating_model/cells/h1_ebitda_other:shared/period | None | H1 2026 |
| /operating_model/cells/h1_ebitda_other:shared/unit | None | USD_millions |
| /operating_model/cells/h1_ebitda_other:shared/value | None | 0.7390000000000327 |
| /operating_model/cells/h1_fcf:shared/basis | None | Contains presale advance cash. |
| /operating_model/cells/h1_fcf:shared/case | None | shared |
| /operating_model/cells/h1_fcf:shared/formula/op | None | subtract |
| /operating_model/cells/h1_fcf:shared/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/h1_fcf:shared/formula/refs/1 | None | h1_capex |
| /operating_model/cells/h1_fcf:shared/id | None | h1_fcf |
| /operating_model/cells/h1_fcf:shared/kind | None | derived |
| /operating_model/cells/h1_fcf:shared/label | None | H1 CFO less cash capex |
| /operating_model/cells/h1_fcf:shared/period | None | H1 2026 |
| /operating_model/cells/h1_fcf:shared/unit | None | USD_millions |
| /operating_model/cells/h1_fcf:shared/value | None | 492.352 |
| /operating_model/cells/h1_fcf_ex_presale:shared/basis | None | Analytical timing adjustment, not company reported FCF. |
| /operating_model/cells/h1_fcf_ex_presale:shared/case | None | shared |
| /operating_model/cells/h1_fcf_ex_presale:shared/formula/op | None | subtract |
| /operating_model/cells/h1_fcf_ex_presale:shared/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/h1_fcf_ex_presale:shared/formula/refs/1 | None | presale_received |
| /operating_model/cells/h1_fcf_ex_presale:shared/id | None | h1_fcf_ex_presale |
| /operating_model/cells/h1_fcf_ex_presale:shared/kind | None | derived |
| /operating_model/cells/h1_fcf_ex_presale:shared/label | None | H1 FCF excluding presale receipt |
| /operating_model/cells/h1_fcf_ex_presale:shared/period | None | H1 2026 |
| /operating_model/cells/h1_fcf_ex_presale:shared/unit | None | USD_millions |
| /operating_model/cells/h1_fcf_ex_presale:shared/value | None | 270.352 |
| /operating_model/cells/h1_gaap_bridge:shared/basis | None | Reconciles without equating adjusted EBITDA with GAAP operating income. |
| /operating_model/cells/h1_gaap_bridge:shared/case | None | shared |
| /operating_model/cells/h1_gaap_bridge:shared/formula/op | None | subtract |
| /operating_model/cells/h1_gaap_bridge:shared/formula/refs/0 | None | h1_adj_ebitda |
| /operating_model/cells/h1_gaap_bridge:shared/formula/refs/1 | None | h1_gaap_exclusions |
| /operating_model/cells/h1_gaap_bridge:shared/id | None | h1_gaap_bridge |
| /operating_model/cells/h1_gaap_bridge:shared/kind | None | derived |
| /operating_model/cells/h1_gaap_bridge:shared/label | None | H1 reconstructed GAAP operating income |
| /operating_model/cells/h1_gaap_bridge:shared/period | None | H1 2026 |
| /operating_model/cells/h1_gaap_bridge:shared/unit | None | USD_millions |
| /operating_model/cells/h1_gaap_bridge:shared/value | None | 79.36100000000002 |
| /operating_model/cells/h1_gaap_exclusions:shared/basis | None | Include non-operating EBITDA residual to recover operating earnings. |
| /operating_model/cells/h1_gaap_exclusions:shared/case | None | shared |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/op | None | sum |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/refs/0 | None | h1_sbc |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/refs/1 | None | h1_payroll |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/refs/2 | None | h1_da |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/refs/3 | None | h1_legal |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/refs/4 | None | h1_charity |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/refs/5 | None | h1_acquisition_expense |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/refs/6 | None | h1_digital_loss |
| /operating_model/cells/h1_gaap_exclusions:shared/formula/refs/7 | None | h1_ebitda_other |
| /operating_model/cells/h1_gaap_exclusions:shared/id | None | h1_gaap_exclusions |
| /operating_model/cells/h1_gaap_exclusions:shared/kind | None | derived |
| /operating_model/cells/h1_gaap_exclusions:shared/label | None | H1 adjusted earnings exclusions |
| /operating_model/cells/h1_gaap_exclusions:shared/period | None | H1 2026 |
| /operating_model/cells/h1_gaap_exclusions:shared/unit | None | USD_millions |
| /operating_model/cells/h1_gaap_exclusions:shared/value | None | 215.518 |
| /operating_model/cells/h1_legal:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_legal:shared/case | None | shared |
| /operating_model/cells/h1_legal:shared/id | None | h1_legal |
| /operating_model/cells/h1_legal:shared/kind | None | reported |
| /operating_model/cells/h1_legal:shared/label | None | H1 legal |
| /operating_model/cells/h1_legal:shared/period | None | H1 2026 |
| /operating_model/cells/h1_legal:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_legal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/h1_legal:shared/unit | None | USD_millions |
| /operating_model/cells/h1_legal:shared/value | None | 17.36 |
| /operating_model/cells/h1_operating_income:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_operating_income:shared/case | None | shared |
| /operating_model/cells/h1_operating_income:shared/id | None | h1_operating_income |
| /operating_model/cells/h1_operating_income:shared/kind | None | reported |
| /operating_model/cells/h1_operating_income:shared/label | None | H1 operating income |
| /operating_model/cells/h1_operating_income:shared/period | None | H1 2026 |
| /operating_model/cells/h1_operating_income:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_operating_income:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_operating_income:shared/unit | None | USD_millions |
| /operating_model/cells/h1_operating_income:shared/value | None | 79.361 |
| /operating_model/cells/h1_other_revenue:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_other_revenue:shared/case | None | shared |
| /operating_model/cells/h1_other_revenue:shared/id | None | h1_other_revenue |
| /operating_model/cells/h1_other_revenue:shared/kind | None | reported |
| /operating_model/cells/h1_other_revenue:shared/label | None | H1 other revenue |
| /operating_model/cells/h1_other_revenue:shared/period | None | H1 2026 |
| /operating_model/cells/h1_other_revenue:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_other_revenue:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_other_revenue:shared/unit | None | USD_millions |
| /operating_model/cells/h1_other_revenue:shared/value | None | 75.207 |
| /operating_model/cells/h1_payroll:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_payroll:shared/case | None | shared |
| /operating_model/cells/h1_payroll:shared/id | None | h1_payroll |
| /operating_model/cells/h1_payroll:shared/kind | None | reported |
| /operating_model/cells/h1_payroll:shared/label | None | H1 payroll |
| /operating_model/cells/h1_payroll:shared/period | None | H1 2026 |
| /operating_model/cells/h1_payroll:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_payroll:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /operating_model/cells/h1_payroll:shared/unit | None | USD_millions |
| /operating_model/cells/h1_payroll:shared/value | None | 18.225 |
| /operating_model/cells/h1_ppe:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_ppe:shared/case | None | shared |
| /operating_model/cells/h1_ppe:shared/id | None | h1_ppe |
| /operating_model/cells/h1_ppe:shared/kind | None | reported |
| /operating_model/cells/h1_ppe:shared/label | None | H1 ppe |
| /operating_model/cells/h1_ppe:shared/period | None | H1 2026 |
| /operating_model/cells/h1_ppe:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_ppe:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_ppe:shared/unit | None | USD_millions |
| /operating_model/cells/h1_ppe:shared/value | None | 10.389 |
| /operating_model/cells/h1_reserve_income:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_reserve_income:shared/case | None | shared |
| /operating_model/cells/h1_reserve_income:shared/id | None | h1_reserve_income |
| /operating_model/cells/h1_reserve_income:shared/kind | None | reported |
| /operating_model/cells/h1_reserve_income:shared/label | None | H1 reserve income |
| /operating_model/cells/h1_reserve_income:shared/period | None | H1 2026 |
| /operating_model/cells/h1_reserve_income:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_reserve_income:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_reserve_income:shared/unit | None | USD_millions |
| /operating_model/cells/h1_reserve_income:shared/value | None | 1320.241 |
| /operating_model/cells/h1_revenue:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_revenue:shared/case | None | shared |
| /operating_model/cells/h1_revenue:shared/id | None | h1_revenue |
| /operating_model/cells/h1_revenue:shared/kind | None | reported |
| /operating_model/cells/h1_revenue:shared/label | None | H1 revenue |
| /operating_model/cells/h1_revenue:shared/period | None | H1 2026 |
| /operating_model/cells/h1_revenue:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_revenue:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_revenue:shared/unit | None | USD_millions |
| /operating_model/cells/h1_revenue:shared/value | None | 1395.448 |
| /operating_model/cells/h1_rldc:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_rldc:shared/case | None | shared |
| /operating_model/cells/h1_rldc:shared/id | None | h1_rldc |
| /operating_model/cells/h1_rldc:shared/kind | None | reported |
| /operating_model/cells/h1_rldc:shared/label | None | H1 rldc |
| /operating_model/cells/h1_rldc:shared/period | None | H1 2026 |
| /operating_model/cells/h1_rldc:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_rldc:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_rldc:shared/unit | None | USD_millions |
| /operating_model/cells/h1_rldc:shared/value | None | 576.197 |
| /operating_model/cells/h1_sbc:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_sbc:shared/case | None | shared |
| /operating_model/cells/h1_sbc:shared/id | None | h1_sbc |
| /operating_model/cells/h1_sbc:shared/kind | None | reported |
| /operating_model/cells/h1_sbc:shared/label | None | H1 sbc |
| /operating_model/cells/h1_sbc:shared/period | None | H1 2026 |
| /operating_model/cells/h1_sbc:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_sbc:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_sbc:shared/unit | None | USD_millions |
| /operating_model/cells/h1_sbc:shared/value | None | 105.435 |
| /operating_model/cells/h1_software:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_software:shared/case | None | shared |
| /operating_model/cells/h1_software:shared/id | None | h1_software |
| /operating_model/cells/h1_software:shared/kind | None | reported |
| /operating_model/cells/h1_software:shared/label | None | H1 software |
| /operating_model/cells/h1_software:shared/period | None | H1 2026 |
| /operating_model/cells/h1_software:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_software:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_software:shared/unit | None | USD_millions |
| /operating_model/cells/h1_software:shared/value | None | 35.764 |
| /operating_model/cells/h1_token_revenue:shared/basis | None | USD millions from financial statements and adjusted reconciliation. |
| /operating_model/cells/h1_token_revenue:shared/case | None | shared |
| /operating_model/cells/h1_token_revenue:shared/id | None | h1_token_revenue |
| /operating_model/cells/h1_token_revenue:shared/kind | None | reported |
| /operating_model/cells/h1_token_revenue:shared/label | None | H1 token revenue |
| /operating_model/cells/h1_token_revenue:shared/period | None | H1 2026 |
| /operating_model/cells/h1_token_revenue:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/h1_token_revenue:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/h1_token_revenue:shared/unit | None | USD_millions |
| /operating_model/cells/h1_token_revenue:shared/value | None | 0.0 |
| /operating_model/cells/holder_deposits:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/holder_deposits:shared/case | None | shared |
| /operating_model/cells/holder_deposits:shared/id | None | holder_deposits |
| /operating_model/cells/holder_deposits:shared/kind | None | reported |
| /operating_model/cells/holder_deposits:shared/label | None | holder deposits |
| /operating_model/cells/holder_deposits:shared/period | None | June / September 2026 |
| /operating_model/cells/holder_deposits:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/holder_deposits:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/holder_deposits:shared/unit | None | USD_millions |
| /operating_model/cells/holder_deposits:shared/value | None | 72927.544 |
| /operating_model/cells/holder_reserves:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/holder_reserves:shared/case | None | shared |
| /operating_model/cells/holder_reserves:shared/id | None | holder_reserves |
| /operating_model/cells/holder_reserves:shared/kind | None | reported |
| /operating_model/cells/holder_reserves:shared/label | None | holder reserves |
| /operating_model/cells/holder_reserves:shared/period | None | June / September 2026 |
| /operating_model/cells/holder_reserves:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/holder_reserves:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/holder_reserves:shared/unit | None | USD_millions |
| /operating_model/cells/holder_reserves:shared/value | None | 73161.172 |
| /operating_model/cells/presale_receivable:shared/basis | None | Rounded disclosures; forecast assumes collection once in Q3. |
| /operating_model/cells/presale_receivable:shared/case | None | shared |
| /operating_model/cells/presale_receivable:shared/formula/op | None | subtract |
| /operating_model/cells/presale_receivable:shared/formula/refs/0 | None | presale_total |
| /operating_model/cells/presale_receivable:shared/formula/refs/1 | None | presale_received |
| /operating_model/cells/presale_receivable:shared/id | None | presale_receivable |
| /operating_model/cells/presale_receivable:shared/kind | None | derived |
| /operating_model/cells/presale_receivable:shared/label | None | Approximate unpaid presale proceeds |
| /operating_model/cells/presale_receivable:shared/period | None | June 2026 |
| /operating_model/cells/presale_receivable:shared/unit | None | USD_millions |
| /operating_model/cells/presale_receivable:shared/value | None | 20.19999999999999 |
| /operating_model/cells/presale_received:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/presale_received:shared/case | None | shared |
| /operating_model/cells/presale_received:shared/id | None | presale_received |
| /operating_model/cells/presale_received:shared/kind | None | reported |
| /operating_model/cells/presale_received:shared/label | None | presale received |
| /operating_model/cells/presale_received:shared/period | None | June / September 2026 |
| /operating_model/cells/presale_received:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/presale_received:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/presale_received:shared/unit | None | USD_millions |
| /operating_model/cells/presale_received:shared/value | None | 222.0 |
| /operating_model/cells/presale_total:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/presale_total:shared/case | None | shared |
| /operating_model/cells/presale_total:shared/id | None | presale_total |
| /operating_model/cells/presale_total:shared/kind | None | reported |
| /operating_model/cells/presale_total:shared/label | None | presale total |
| /operating_model/cells/presale_total:shared/period | None | June / September 2026 |
| /operating_model/cells/presale_total:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/presale_total:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/presale_total:shared/unit | None | USD_millions |
| /operating_model/cells/presale_total:shared/value | None | 242.2 |
| /operating_model/cells/q2_average_usdc:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/q2_average_usdc:shared/case | None | shared |
| /operating_model/cells/q2_average_usdc:shared/id | None | q2_average_usdc |
| /operating_model/cells/q2_average_usdc:shared/kind | None | reported |
| /operating_model/cells/q2_average_usdc:shared/label | None | q2 average usdc |
| /operating_model/cells/q2_average_usdc:shared/period | None | June / September 2026 |
| /operating_model/cells/q2_average_usdc:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/q2_average_usdc:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/q2_average_usdc:shared/unit | None | USD_millions |
| /operating_model/cells/q2_average_usdc:shared/value | None | 76524.0 |
| /operating_model/cells/q2_reserve_income:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/q2_reserve_income:shared/case | None | shared |
| /operating_model/cells/q2_reserve_income:shared/id | None | q2_reserve_income |
| /operating_model/cells/q2_reserve_income:shared/kind | None | reported |
| /operating_model/cells/q2_reserve_income:shared/label | None | q2 reserve income |
| /operating_model/cells/q2_reserve_income:shared/period | None | June / September 2026 |
| /operating_model/cells/q2_reserve_income:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/q2_reserve_income:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/q2_reserve_income:shared/unit | None | USD_millions |
| /operating_model/cells/q2_reserve_income:shared/value | None | 667.733 |
| /operating_model/cells/q2_reserve_rate:shared/basis | None | Reported rounded annual reserve-return rate. |
| /operating_model/cells/q2_reserve_rate:shared/case | None | shared |
| /operating_model/cells/q2_reserve_rate:shared/id | None | q2_reserve_rate |
| /operating_model/cells/q2_reserve_rate:shared/kind | None | reported |
| /operating_model/cells/q2_reserve_rate:shared/label | None | Q2 reserve return rate |
| /operating_model/cells/q2_reserve_rate:shared/period | None | 2026Q2 |
| /operating_model/cells/q2_reserve_rate:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/q2_reserve_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/q2_reserve_rate:shared/unit | None | ratio |
| /operating_model/cells/q2_reserve_rate:shared/value | None | 0.035 |
| /operating_model/cells/restricted_cash:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/restricted_cash:shared/case | None | shared |
| /operating_model/cells/restricted_cash:shared/id | None | restricted_cash |
| /operating_model/cells/restricted_cash:shared/kind | None | reported |
| /operating_model/cells/restricted_cash:shared/label | None | restricted cash |
| /operating_model/cells/restricted_cash:shared/period | None | June / September 2026 |
| /operating_model/cells/restricted_cash:shared/source_date | None | 2026-08-05 |
| /operating_model/cells/restricted_cash:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /operating_model/cells/restricted_cash:shared/unit | None | USD_millions |
| /operating_model/cells/restricted_cash:shared/value | None | 12.806 |
| /operating_model/cells/tazapay_stock:shared/basis | None | USD millions; presale totals rounded, and Tazapay is proposed stock consideration, not cash. |
| /operating_model/cells/tazapay_stock:shared/case | None | shared |
| /operating_model/cells/tazapay_stock:shared/id | None | tazapay_stock |
| /operating_model/cells/tazapay_stock:shared/kind | None | reported |
| /operating_model/cells/tazapay_stock:shared/label | None | tazapay stock |
| /operating_model/cells/tazapay_stock:shared/period | None | June / September 2026 |
| /operating_model/cells/tazapay_stock:shared/source_date | None | 2026-09-08 |
| /operating_model/cells/tazapay_stock:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000267/crcl-20260904.htm |
| /operating_model/cells/tazapay_stock:shared/unit | None | USD_millions |
| /operating_model/cells/tazapay_stock:shared/value | None | 400.0 |
| /operating_model/cells/two:shared/basis | None | Arithmetic constant. |
| /operating_model/cells/two:shared/case | None | shared |
| /operating_model/cells/two:shared/id | None | two |
| /operating_model/cells/two:shared/kind | None | assumption |
| /operating_model/cells/two:shared/label | None | Midpoint divisor |
| /operating_model/cells/two:shared/period | None | Model |
| /operating_model/cells/two:shared/unit | None | ratio |
| /operating_model/cells/two:shared/value | None | 2.0 |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/refs/0 | None | upside_2026q3_rldc |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/refs/1 | None | upside_2026q3_adjusted_opex |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/id | None | upside_2026q3_adj_ebitda |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_adj_ebitda:upside/value | None | 332.62861154670424 |
| /operating_model/cells/upside_2026q3_adjusted_opex:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_adjusted_opex:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_adjusted_opex:upside/id | None | upside_2026q3_adjusted_opex |
| /operating_model/cells/upside_2026q3_adjusted_opex:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_adjusted_opex:upside/label | None | Adjusted operating expense |
| /operating_model/cells/upside_2026q3_adjusted_opex:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_adjusted_opex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_adjusted_opex:upside/value | None | 153.0 |
| /operating_model/cells/upside_2026q3_average_usdc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_average_usdc:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_average_usdc:upside/id | None | upside_2026q3_average_usdc |
| /operating_model/cells/upside_2026q3_average_usdc:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_average_usdc:upside/label | None | Average USDC circulation |
| /operating_model/cells/upside_2026q3_average_usdc:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_average_usdc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_average_usdc:upside/value | None | 79000.0 |
| /operating_model/cells/upside_2026q3_award_withholding:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_award_withholding:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_award_withholding:upside/id | None | upside_2026q3_award_withholding |
| /operating_model/cells/upside_2026q3_award_withholding:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_award_withholding:upside/label | None | Employee award settlement cash |
| /operating_model/cells/upside_2026q3_award_withholding:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_award_withholding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_award_withholding:upside/value | None | 85.0 |
| /operating_model/cells/upside_2026q3_capex:upside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/upside_2026q3_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_capex:upside/formula/refs/0 | None | upside_2026q3_software |
| /operating_model/cells/upside_2026q3_capex:upside/formula/refs/1 | None | upside_2026q3_ppe |
| /operating_model/cells/upside_2026q3_capex:upside/id | None | upside_2026q3_capex |
| /operating_model/cells/upside_2026q3_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_capex:upside/label | None | Cash PP&E and software |
| /operating_model/cells/upside_2026q3_capex:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_capex:upside/value | None | 28.0 |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/formula/refs/0 | None | upside_2026q3_token_revenue |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/formula/refs/1 | None | upside_2026q3_payroll |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/formula/refs/2 | None | upside_2026q3_legal |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/formula/refs/3 | None | upside_2026q3_integration |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/formula/refs/4 | None | upside_2026q3_cash_tax |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/formula/refs/5 | None | upside_2026q3_working_capital_use |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/id | None | upside_2026q3_cash_adjustments |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_adjustments:upside/value | None | 217.0 |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/formula/refs/0 | None | upside_2026q3_fcf |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/formula/refs/1 | None | upside_2026q3_award_withholding |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/id | None | upside_2026q3_cash_after_claims |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/label | None | Cash after employee withholding |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_after_claims:upside/value | None | 36.828611546704224 |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/formula/refs/0 | None | upside_2026q3_adj_ebitda |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/formula/refs/1 | None | upside_2026q3_corporate_interest |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/formula/refs/2 | None | presale_receivable |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/id | None | upside_2026q3_cash_before_uses |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_before_uses:upside/value | None | 366.8286115467042 |
| /operating_model/cells/upside_2026q3_cash_tax:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_tax:upside/id | None | upside_2026q3_cash_tax |
| /operating_model/cells/upside_2026q3_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_cash_tax:upside/label | None | Cash income tax |
| /operating_model/cells/upside_2026q3_cash_tax:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_tax:upside/value | None | 15.0 |
| /operating_model/cells/upside_2026q3_cfo:upside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/upside_2026q3_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/refs/0 | None | upside_2026q3_cash_before_uses |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/refs/1 | None | upside_2026q3_cash_adjustments |
| /operating_model/cells/upside_2026q3_cfo:upside/id | None | upside_2026q3_cfo |
| /operating_model/cells/upside_2026q3_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2026q3_cfo:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cfo:upside/value | None | 149.82861154670422 |
| /operating_model/cells/upside_2026q3_circulation_index:upside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/upside_2026q3_circulation_index:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_circulation_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q3_circulation_index:upside/formula/refs/0 | None | upside_2026q3_average_usdc |
| /operating_model/cells/upside_2026q3_circulation_index:upside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/upside_2026q3_circulation_index:upside/id | None | upside_2026q3_circulation_index |
| /operating_model/cells/upside_2026q3_circulation_index:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_circulation_index:upside/label | None | Average circulation / Q2 |
| /operating_model/cells/upside_2026q3_circulation_index:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_circulation_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_circulation_index:upside/value | None | 1.032355862213162 |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/formula/refs/0 | None | upside_2026q3_net_reserve |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/formula/refs/1 | None | upside_2026q3_other_revenue |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/id | None | upside_2026q3_contribution_before_other_cost |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_contribution_before_other_cost:upside/value | None | 490.62861154670424 |
| /operating_model/cells/upside_2026q3_corporate_interest:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_corporate_interest:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_corporate_interest:upside/id | None | upside_2026q3_corporate_interest |
| /operating_model/cells/upside_2026q3_corporate_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_corporate_interest:upside/label | None | Corporate cash interest income |
| /operating_model/cells/upside_2026q3_corporate_interest:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_corporate_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_corporate_interest:upside/value | None | 14.0 |
| /operating_model/cells/upside_2026q3_da:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_da:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_da:upside/id | None | upside_2026q3_da |
| /operating_model/cells/upside_2026q3_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_da:upside/label | None | D&A including software amortization |
| /operating_model/cells/upside_2026q3_da:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_da:upside/value | None | 32.0 |
| /operating_model/cells/upside_2026q3_fcf:upside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/upside_2026q3_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/refs/0 | None | upside_2026q3_cfo |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/refs/1 | None | upside_2026q3_capex |
| /operating_model/cells/upside_2026q3_fcf:upside/id | None | upside_2026q3_fcf |
| /operating_model/cells/upside_2026q3_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_fcf:upside/label | None | CFO less PP&E and software |
| /operating_model/cells/upside_2026q3_fcf:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_fcf:upside/value | None | 121.82861154670422 |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/0 | None | upside_2026q3_sbc |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/1 | None | upside_2026q3_payroll |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/2 | None | upside_2026q3_da |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/3 | None | upside_2026q3_legal |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/4 | None | upside_2026q3_integration |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/id | None | upside_2026q3_gaap_adjustments |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/label | None | Adjusted expense exclusions |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_gaap_adjustments:upside/value | None | 114.0 |
| /operating_model/cells/upside_2026q3_integration:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_integration:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_integration:upside/id | None | upside_2026q3_integration |
| /operating_model/cells/upside_2026q3_integration:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_integration:upside/label | None | Cash integration expense |
| /operating_model/cells/upside_2026q3_integration:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_integration:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_integration:upside/value | None | 5.0 |
| /operating_model/cells/upside_2026q3_legal:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_legal:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_legal:upside/id | None | upside_2026q3_legal |
| /operating_model/cells/upside_2026q3_legal:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_legal:upside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/upside_2026q3_legal:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_legal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_legal:upside/value | None | 9.0 |
| /operating_model/cells/upside_2026q3_net_reserve:upside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/upside_2026q3_net_reserve:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_net_reserve:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_net_reserve:upside/formula/refs/0 | None | upside_2026q3_reserve_income |
| /operating_model/cells/upside_2026q3_net_reserve:upside/formula/refs/1 | None | upside_2026q3_retained_margin |
| /operating_model/cells/upside_2026q3_net_reserve:upside/id | None | upside_2026q3_net_reserve |
| /operating_model/cells/upside_2026q3_net_reserve:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_net_reserve:upside/label | None | Reserve income after distribution costs |
| /operating_model/cells/upside_2026q3_net_reserve:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_net_reserve:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_net_reserve:upside/value | None | 282.62861154670424 |
| /operating_model/cells/upside_2026q3_operating_income:upside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/upside_2026q3_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_operating_income:upside/formula/refs/0 | None | upside_2026q3_adj_ebitda |
| /operating_model/cells/upside_2026q3_operating_income:upside/formula/refs/1 | None | upside_2026q3_gaap_adjustments |
| /operating_model/cells/upside_2026q3_operating_income:upside/id | None | upside_2026q3_operating_income |
| /operating_model/cells/upside_2026q3_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2026q3_operating_income:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_operating_income:upside/value | None | 218.62861154670424 |
| /operating_model/cells/upside_2026q3_other_direct_cost:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_other_direct_cost:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_other_direct_cost:upside/id | None | upside_2026q3_other_direct_cost |
| /operating_model/cells/upside_2026q3_other_direct_cost:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_other_direct_cost:upside/label | None | Other direct transaction/services cost |
| /operating_model/cells/upside_2026q3_other_direct_cost:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_other_direct_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_other_direct_cost:upside/value | None | 5.0 |
| /operating_model/cells/upside_2026q3_other_revenue:upside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/upside_2026q3_other_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_other_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_other_revenue:upside/formula/refs/0 | None | upside_2026q3_recurring_other |
| /operating_model/cells/upside_2026q3_other_revenue:upside/formula/refs/1 | None | upside_2026q3_token_revenue |
| /operating_model/cells/upside_2026q3_other_revenue:upside/id | None | upside_2026q3_other_revenue |
| /operating_model/cells/upside_2026q3_other_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_other_revenue:upside/label | None | Other revenue |
| /operating_model/cells/upside_2026q3_other_revenue:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_other_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_other_revenue:upside/value | None | 208.0 |
| /operating_model/cells/upside_2026q3_payroll:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_payroll:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_payroll:upside/id | None | upside_2026q3_payroll |
| /operating_model/cells/upside_2026q3_payroll:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_payroll:upside/label | None | Employer payroll tax on equity |
| /operating_model/cells/upside_2026q3_payroll:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_payroll:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_payroll:upside/value | None | 8.0 |
| /operating_model/cells/upside_2026q3_ppe:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_ppe:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_ppe:upside/id | None | upside_2026q3_ppe |
| /operating_model/cells/upside_2026q3_ppe:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_ppe:upside/label | None | Cash PP&E |
| /operating_model/cells/upside_2026q3_ppe:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_ppe:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_ppe:upside/value | None | 6.0 |
| /operating_model/cells/upside_2026q3_recurring_other:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_recurring_other:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_recurring_other:upside/id | None | upside_2026q3_recurring_other |
| /operating_model/cells/upside_2026q3_recurring_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_recurring_other:upside/label | None | Services and transaction revenue |
| /operating_model/cells/upside_2026q3_recurring_other:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_recurring_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_recurring_other:upside/value | None | 48.0 |
| /operating_model/cells/upside_2026q3_reserve_income:upside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/upside_2026q3_reserve_income:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_reserve_income:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_reserve_income:upside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/upside_2026q3_reserve_income:upside/formula/refs/1 | None | upside_2026q3_circulation_index |
| /operating_model/cells/upside_2026q3_reserve_income:upside/formula/refs/2 | None | upside_2026q3_yield_index |
| /operating_model/cells/upside_2026q3_reserve_income:upside/id | None | upside_2026q3_reserve_income |
| /operating_model/cells/upside_2026q3_reserve_income:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_reserve_income:upside/label | None | Reserve income |
| /operating_model/cells/upside_2026q3_reserve_income:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_reserve_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_reserve_income:upside/value | None | 689.3380769431811 |
| /operating_model/cells/upside_2026q3_reserve_rate:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_reserve_rate:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_reserve_rate:upside/id | None | upside_2026q3_reserve_rate |
| /operating_model/cells/upside_2026q3_reserve_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_reserve_rate:upside/label | None | Annual reserve return rate |
| /operating_model/cells/upside_2026q3_reserve_rate:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_reserve_rate:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_reserve_rate:upside/value | None | 0.035 |
| /operating_model/cells/upside_2026q3_retained_margin:upside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/upside_2026q3_retained_margin:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_retained_margin:upside/id | None | upside_2026q3_retained_margin |
| /operating_model/cells/upside_2026q3_retained_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_retained_margin:upside/label | None | Retained reserve margin |
| /operating_model/cells/upside_2026q3_retained_margin:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_retained_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_retained_margin:upside/value | None | 0.41 |
| /operating_model/cells/upside_2026q3_revenue:upside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/upside_2026q3_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/refs/0 | None | upside_2026q3_reserve_income |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/refs/1 | None | upside_2026q3_other_revenue |
| /operating_model/cells/upside_2026q3_revenue:upside/id | None | upside_2026q3_revenue |
| /operating_model/cells/upside_2026q3_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_revenue:upside/label | None | Total revenue and reserve income |
| /operating_model/cells/upside_2026q3_revenue:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_revenue:upside/value | None | 897.3380769431811 |
| /operating_model/cells/upside_2026q3_rldc:upside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/upside_2026q3_rldc:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_rldc:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_rldc:upside/formula/refs/0 | None | upside_2026q3_contribution_before_other_cost |
| /operating_model/cells/upside_2026q3_rldc:upside/formula/refs/1 | None | upside_2026q3_other_direct_cost |
| /operating_model/cells/upside_2026q3_rldc:upside/id | None | upside_2026q3_rldc |
| /operating_model/cells/upside_2026q3_rldc:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_rldc:upside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/upside_2026q3_rldc:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_rldc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_rldc:upside/value | None | 485.62861154670424 |
| /operating_model/cells/upside_2026q3_sbc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_sbc:upside/id | None | upside_2026q3_sbc |
| /operating_model/cells/upside_2026q3_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_sbc:upside/label | None | SBC expense |
| /operating_model/cells/upside_2026q3_sbc:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_sbc:upside/value | None | 60.0 |
| /operating_model/cells/upside_2026q3_software:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_software:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_software:upside/id | None | upside_2026q3_software |
| /operating_model/cells/upside_2026q3_software:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_software:upside/label | None | Cash capitalized software |
| /operating_model/cells/upside_2026q3_software:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_software:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_software:upside/value | None | 22.0 |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/formula/refs/0 | None | presale_total |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/formula/refs/1 | None | upside_2026q3_token_revenue |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/id | None | upside_2026q3_token_deferred_ending |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_token_deferred_ending:upside/value | None | 82.19999999999999 |
| /operating_model/cells/upside_2026q3_token_revenue:upside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/upside_2026q3_token_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_token_revenue:upside/id | None | upside_2026q3_token_revenue |
| /operating_model/cells/upside_2026q3_token_revenue:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_token_revenue:upside/label | None | ARC presale recognition |
| /operating_model/cells/upside_2026q3_token_revenue:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_token_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_token_revenue:upside/value | None | 160.0 |
| /operating_model/cells/upside_2026q3_working_capital_use:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q3_working_capital_use:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_working_capital_use:upside/id | None | upside_2026q3_working_capital_use |
| /operating_model/cells/upside_2026q3_working_capital_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_working_capital_use:upside/label | None | Other operating cash use |
| /operating_model/cells/upside_2026q3_working_capital_use:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_working_capital_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_working_capital_use:upside/value | None | 20.0 |
| /operating_model/cells/upside_2026q3_yield_index:upside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/upside_2026q3_yield_index:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_yield_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q3_yield_index:upside/formula/refs/0 | None | upside_2026q3_reserve_rate |
| /operating_model/cells/upside_2026q3_yield_index:upside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/upside_2026q3_yield_index:upside/id | None | upside_2026q3_yield_index |
| /operating_model/cells/upside_2026q3_yield_index:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_yield_index:upside/label | None | Reserve rate / Q2 |
| /operating_model/cells/upside_2026q3_yield_index:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_yield_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_yield_index:upside/value | None | 1.0 |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/refs/0 | None | upside_2026q4_rldc |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/refs/1 | None | upside_2026q4_adjusted_opex |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/id | None | upside_2026q4_adj_ebitda |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_adj_ebitda:upside/value | None | 290.18196252156184 |
| /operating_model/cells/upside_2026q4_adjusted_opex:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_adjusted_opex:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_adjusted_opex:upside/id | None | upside_2026q4_adjusted_opex |
| /operating_model/cells/upside_2026q4_adjusted_opex:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_adjusted_opex:upside/label | None | Adjusted operating expense |
| /operating_model/cells/upside_2026q4_adjusted_opex:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_adjusted_opex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_adjusted_opex:upside/value | None | 166.0 |
| /operating_model/cells/upside_2026q4_average_usdc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_average_usdc:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_average_usdc:upside/id | None | upside_2026q4_average_usdc |
| /operating_model/cells/upside_2026q4_average_usdc:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_average_usdc:upside/label | None | Average USDC circulation |
| /operating_model/cells/upside_2026q4_average_usdc:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_average_usdc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_average_usdc:upside/value | None | 90000.0 |
| /operating_model/cells/upside_2026q4_award_withholding:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_award_withholding:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_award_withholding:upside/id | None | upside_2026q4_award_withholding |
| /operating_model/cells/upside_2026q4_award_withholding:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_award_withholding:upside/label | None | Employee award settlement cash |
| /operating_model/cells/upside_2026q4_award_withholding:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_award_withholding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_award_withholding:upside/value | None | 100.0 |
| /operating_model/cells/upside_2026q4_capex:upside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/upside_2026q4_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_capex:upside/formula/refs/0 | None | upside_2026q4_software |
| /operating_model/cells/upside_2026q4_capex:upside/formula/refs/1 | None | upside_2026q4_ppe |
| /operating_model/cells/upside_2026q4_capex:upside/id | None | upside_2026q4_capex |
| /operating_model/cells/upside_2026q4_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_capex:upside/label | None | Cash PP&E and software |
| /operating_model/cells/upside_2026q4_capex:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_capex:upside/value | None | 31.0 |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/formula/refs/0 | None | upside_2026q4_token_revenue |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/formula/refs/1 | None | upside_2026q4_payroll |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/formula/refs/2 | None | upside_2026q4_legal |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/formula/refs/3 | None | upside_2026q4_integration |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/formula/refs/4 | None | upside_2026q4_cash_tax |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/formula/refs/5 | None | upside_2026q4_working_capital_use |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/id | None | upside_2026q4_cash_adjustments |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_adjustments:upside/value | None | 145.2 |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/formula/refs/0 | None | upside_2026q4_fcf |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/formula/refs/1 | None | upside_2026q4_award_withholding |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/id | None | upside_2026q4_cash_after_claims |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/label | None | Cash after employee withholding |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_after_claims:upside/value | None | 27.981962521561854 |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/formula/refs/0 | None | upside_2026q4_adj_ebitda |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/formula/refs/1 | None | upside_2026q4_corporate_interest |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/formula/refs/2 | None | upside_2026q4_presale_receipt |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/id | None | upside_2026q4_cash_before_uses |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_before_uses:upside/value | None | 304.18196252156184 |
| /operating_model/cells/upside_2026q4_cash_tax:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_tax:upside/id | None | upside_2026q4_cash_tax |
| /operating_model/cells/upside_2026q4_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_cash_tax:upside/label | None | Cash income tax |
| /operating_model/cells/upside_2026q4_cash_tax:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_tax:upside/value | None | 17.0 |
| /operating_model/cells/upside_2026q4_cfo:upside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/upside_2026q4_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/refs/0 | None | upside_2026q4_cash_before_uses |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/refs/1 | None | upside_2026q4_cash_adjustments |
| /operating_model/cells/upside_2026q4_cfo:upside/id | None | upside_2026q4_cfo |
| /operating_model/cells/upside_2026q4_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2026q4_cfo:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cfo:upside/value | None | 158.98196252156185 |
| /operating_model/cells/upside_2026q4_circulation_index:upside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/upside_2026q4_circulation_index:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_circulation_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q4_circulation_index:upside/formula/refs/0 | None | upside_2026q4_average_usdc |
| /operating_model/cells/upside_2026q4_circulation_index:upside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/upside_2026q4_circulation_index:upside/id | None | upside_2026q4_circulation_index |
| /operating_model/cells/upside_2026q4_circulation_index:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_circulation_index:upside/label | None | Average circulation / Q2 |
| /operating_model/cells/upside_2026q4_circulation_index:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_circulation_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_circulation_index:upside/value | None | 1.1761016151795516 |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/formula/refs/0 | None | upside_2026q4_net_reserve |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/formula/refs/1 | None | upside_2026q4_other_revenue |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/id | None | upside_2026q4_contribution_before_other_cost |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_contribution_before_other_cost:upside/value | None | 461.18196252156184 |
| /operating_model/cells/upside_2026q4_corporate_interest:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_corporate_interest:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_corporate_interest:upside/id | None | upside_2026q4_corporate_interest |
| /operating_model/cells/upside_2026q4_corporate_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_corporate_interest:upside/label | None | Corporate cash interest income |
| /operating_model/cells/upside_2026q4_corporate_interest:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_corporate_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_corporate_interest:upside/value | None | 14.0 |
| /operating_model/cells/upside_2026q4_da:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_da:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_da:upside/id | None | upside_2026q4_da |
| /operating_model/cells/upside_2026q4_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_da:upside/label | None | D&A including software amortization |
| /operating_model/cells/upside_2026q4_da:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_da:upside/value | None | 34.0 |
| /operating_model/cells/upside_2026q4_fcf:upside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/upside_2026q4_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/refs/0 | None | upside_2026q4_cfo |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/refs/1 | None | upside_2026q4_capex |
| /operating_model/cells/upside_2026q4_fcf:upside/id | None | upside_2026q4_fcf |
| /operating_model/cells/upside_2026q4_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_fcf:upside/label | None | CFO less PP&E and software |
| /operating_model/cells/upside_2026q4_fcf:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_fcf:upside/value | None | 127.98196252156185 |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/0 | None | upside_2026q4_sbc |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/1 | None | upside_2026q4_payroll |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/2 | None | upside_2026q4_da |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/3 | None | upside_2026q4_legal |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/4 | None | upside_2026q4_integration |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/id | None | upside_2026q4_gaap_adjustments |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/label | None | Adjusted expense exclusions |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_gaap_adjustments:upside/value | None | 121.0 |
| /operating_model/cells/upside_2026q4_integration:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_integration:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_integration:upside/id | None | upside_2026q4_integration |
| /operating_model/cells/upside_2026q4_integration:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_integration:upside/label | None | Cash integration expense |
| /operating_model/cells/upside_2026q4_integration:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_integration:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_integration:upside/value | None | 5.0 |
| /operating_model/cells/upside_2026q4_legal:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_legal:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_legal:upside/id | None | upside_2026q4_legal |
| /operating_model/cells/upside_2026q4_legal:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_legal:upside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/upside_2026q4_legal:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_legal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_legal:upside/value | None | 9.0 |
| /operating_model/cells/upside_2026q4_net_reserve:upside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/upside_2026q4_net_reserve:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_net_reserve:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_net_reserve:upside/formula/refs/0 | None | upside_2026q4_reserve_income |
| /operating_model/cells/upside_2026q4_net_reserve:upside/formula/refs/1 | None | upside_2026q4_retained_margin |
| /operating_model/cells/upside_2026q4_net_reserve:upside/id | None | upside_2026q4_net_reserve |
| /operating_model/cells/upside_2026q4_net_reserve:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_net_reserve:upside/label | None | Reserve income after distribution costs |
| /operating_model/cells/upside_2026q4_net_reserve:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_net_reserve:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_net_reserve:upside/value | None | 321.98196252156185 |
| /operating_model/cells/upside_2026q4_operating_income:upside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/upside_2026q4_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_operating_income:upside/formula/refs/0 | None | upside_2026q4_adj_ebitda |
| /operating_model/cells/upside_2026q4_operating_income:upside/formula/refs/1 | None | upside_2026q4_gaap_adjustments |
| /operating_model/cells/upside_2026q4_operating_income:upside/id | None | upside_2026q4_operating_income |
| /operating_model/cells/upside_2026q4_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2026q4_operating_income:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_operating_income:upside/value | None | 169.18196252156184 |
| /operating_model/cells/upside_2026q4_other_direct_cost:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_other_direct_cost:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_other_direct_cost:upside/id | None | upside_2026q4_other_direct_cost |
| /operating_model/cells/upside_2026q4_other_direct_cost:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_other_direct_cost:upside/label | None | Other direct transaction/services cost |
| /operating_model/cells/upside_2026q4_other_direct_cost:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_other_direct_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_other_direct_cost:upside/value | None | 5.0 |
| /operating_model/cells/upside_2026q4_other_revenue:upside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/upside_2026q4_other_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_other_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_other_revenue:upside/formula/refs/0 | None | upside_2026q4_recurring_other |
| /operating_model/cells/upside_2026q4_other_revenue:upside/formula/refs/1 | None | upside_2026q4_token_revenue |
| /operating_model/cells/upside_2026q4_other_revenue:upside/id | None | upside_2026q4_other_revenue |
| /operating_model/cells/upside_2026q4_other_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_other_revenue:upside/label | None | Other revenue |
| /operating_model/cells/upside_2026q4_other_revenue:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_other_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_other_revenue:upside/value | None | 139.2 |
| /operating_model/cells/upside_2026q4_payroll:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_payroll:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_payroll:upside/id | None | upside_2026q4_payroll |
| /operating_model/cells/upside_2026q4_payroll:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_payroll:upside/label | None | Employer payroll tax on equity |
| /operating_model/cells/upside_2026q4_payroll:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_payroll:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_payroll:upside/value | None | 9.0 |
| /operating_model/cells/upside_2026q4_ppe:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_ppe:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_ppe:upside/id | None | upside_2026q4_ppe |
| /operating_model/cells/upside_2026q4_ppe:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_ppe:upside/label | None | Cash PP&E |
| /operating_model/cells/upside_2026q4_ppe:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_ppe:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_ppe:upside/value | None | 7.0 |
| /operating_model/cells/upside_2026q4_presale_receipt:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_presale_receipt:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_presale_receipt:upside/id | None | upside_2026q4_presale_receipt |
| /operating_model/cells/upside_2026q4_presale_receipt:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_presale_receipt:upside/label | None | Additional original presale collection |
| /operating_model/cells/upside_2026q4_presale_receipt:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_presale_receipt:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_presale_receipt:upside/value | None | 0.0 |
| /operating_model/cells/upside_2026q4_recurring_other:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_recurring_other:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_recurring_other:upside/id | None | upside_2026q4_recurring_other |
| /operating_model/cells/upside_2026q4_recurring_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_recurring_other:upside/label | None | Services and transaction revenue |
| /operating_model/cells/upside_2026q4_recurring_other:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_recurring_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_recurring_other:upside/value | None | 57.0 |
| /operating_model/cells/upside_2026q4_reserve_income:upside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/upside_2026q4_reserve_income:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_reserve_income:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_reserve_income:upside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/upside_2026q4_reserve_income:upside/formula/refs/1 | None | upside_2026q4_circulation_index |
| /operating_model/cells/upside_2026q4_reserve_income:upside/formula/refs/2 | None | upside_2026q4_yield_index |
| /operating_model/cells/upside_2026q4_reserve_income:upside/id | None | upside_2026q4_reserve_income |
| /operating_model/cells/upside_2026q4_reserve_income:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_reserve_income:upside/label | None | Reserve income |
| /operating_model/cells/upside_2026q4_reserve_income:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_reserve_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_reserve_income:upside/value | None | 785.3218598086875 |
| /operating_model/cells/upside_2026q4_reserve_rate:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_reserve_rate:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_reserve_rate:upside/id | None | upside_2026q4_reserve_rate |
| /operating_model/cells/upside_2026q4_reserve_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_reserve_rate:upside/label | None | Annual reserve return rate |
| /operating_model/cells/upside_2026q4_reserve_rate:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_reserve_rate:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_reserve_rate:upside/value | None | 0.035 |
| /operating_model/cells/upside_2026q4_retained_margin:upside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/upside_2026q4_retained_margin:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_retained_margin:upside/id | None | upside_2026q4_retained_margin |
| /operating_model/cells/upside_2026q4_retained_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_retained_margin:upside/label | None | Retained reserve margin |
| /operating_model/cells/upside_2026q4_retained_margin:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_retained_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_retained_margin:upside/value | None | 0.41 |
| /operating_model/cells/upside_2026q4_revenue:upside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/upside_2026q4_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/refs/0 | None | upside_2026q4_reserve_income |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/refs/1 | None | upside_2026q4_other_revenue |
| /operating_model/cells/upside_2026q4_revenue:upside/id | None | upside_2026q4_revenue |
| /operating_model/cells/upside_2026q4_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_revenue:upside/label | None | Total revenue and reserve income |
| /operating_model/cells/upside_2026q4_revenue:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_revenue:upside/value | None | 924.5218598086874 |
| /operating_model/cells/upside_2026q4_rldc:upside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/upside_2026q4_rldc:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_rldc:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_rldc:upside/formula/refs/0 | None | upside_2026q4_contribution_before_other_cost |
| /operating_model/cells/upside_2026q4_rldc:upside/formula/refs/1 | None | upside_2026q4_other_direct_cost |
| /operating_model/cells/upside_2026q4_rldc:upside/id | None | upside_2026q4_rldc |
| /operating_model/cells/upside_2026q4_rldc:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_rldc:upside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/upside_2026q4_rldc:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_rldc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_rldc:upside/value | None | 456.18196252156184 |
| /operating_model/cells/upside_2026q4_sbc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_sbc:upside/id | None | upside_2026q4_sbc |
| /operating_model/cells/upside_2026q4_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_sbc:upside/label | None | SBC expense |
| /operating_model/cells/upside_2026q4_sbc:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_sbc:upside/value | None | 64.0 |
| /operating_model/cells/upside_2026q4_software:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_software:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_software:upside/id | None | upside_2026q4_software |
| /operating_model/cells/upside_2026q4_software:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_software:upside/label | None | Cash capitalized software |
| /operating_model/cells/upside_2026q4_software:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_software:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_software:upside/value | None | 24.0 |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/formula/refs/0 | None | upside_2026q3_token_deferred_ending |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/formula/refs/1 | None | upside_2026q4_token_revenue |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/id | None | upside_2026q4_token_deferred_ending |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_token_deferred_ending:upside/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/upside_2026q4_token_revenue:upside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/upside_2026q4_token_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_token_revenue:upside/id | None | upside_2026q4_token_revenue |
| /operating_model/cells/upside_2026q4_token_revenue:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_token_revenue:upside/label | None | ARC presale recognition |
| /operating_model/cells/upside_2026q4_token_revenue:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_token_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_token_revenue:upside/value | None | 82.2 |
| /operating_model/cells/upside_2026q4_working_capital_use:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2026q4_working_capital_use:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_working_capital_use:upside/id | None | upside_2026q4_working_capital_use |
| /operating_model/cells/upside_2026q4_working_capital_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_working_capital_use:upside/label | None | Other operating cash use |
| /operating_model/cells/upside_2026q4_working_capital_use:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_working_capital_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_working_capital_use:upside/value | None | 23.0 |
| /operating_model/cells/upside_2026q4_yield_index:upside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/upside_2026q4_yield_index:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_yield_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q4_yield_index:upside/formula/refs/0 | None | upside_2026q4_reserve_rate |
| /operating_model/cells/upside_2026q4_yield_index:upside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/upside_2026q4_yield_index:upside/id | None | upside_2026q4_yield_index |
| /operating_model/cells/upside_2026q4_yield_index:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_yield_index:upside/label | None | Reserve rate / Q2 |
| /operating_model/cells/upside_2026q4_yield_index:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_yield_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_yield_index:upside/value | None | 1.0 |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/refs/0 | None | upside_2027q1_rldc |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/refs/1 | None | upside_2027q1_adjusted_opex |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/id | None | upside_2027q1_adj_ebitda |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_adj_ebitda:upside/value | None | 256.478040614709 |
| /operating_model/cells/upside_2027q1_adjusted_opex:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_adjusted_opex:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_adjusted_opex:upside/id | None | upside_2027q1_adjusted_opex |
| /operating_model/cells/upside_2027q1_adjusted_opex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_adjusted_opex:upside/label | None | Adjusted operating expense |
| /operating_model/cells/upside_2027q1_adjusted_opex:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_adjusted_opex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_adjusted_opex:upside/value | None | 185.0 |
| /operating_model/cells/upside_2027q1_average_usdc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_average_usdc:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_average_usdc:upside/id | None | upside_2027q1_average_usdc |
| /operating_model/cells/upside_2027q1_average_usdc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_average_usdc:upside/label | None | Average USDC circulation |
| /operating_model/cells/upside_2027q1_average_usdc:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_average_usdc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_average_usdc:upside/value | None | 103000.0 |
| /operating_model/cells/upside_2027q1_award_withholding:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_award_withholding:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_award_withholding:upside/id | None | upside_2027q1_award_withholding |
| /operating_model/cells/upside_2027q1_award_withholding:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_award_withholding:upside/label | None | Employee award settlement cash |
| /operating_model/cells/upside_2027q1_award_withholding:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_award_withholding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_award_withholding:upside/value | None | 110.0 |
| /operating_model/cells/upside_2027q1_capex:upside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/upside_2027q1_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_capex:upside/formula/refs/0 | None | upside_2027q1_software |
| /operating_model/cells/upside_2027q1_capex:upside/formula/refs/1 | None | upside_2027q1_ppe |
| /operating_model/cells/upside_2027q1_capex:upside/id | None | upside_2027q1_capex |
| /operating_model/cells/upside_2027q1_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_capex:upside/label | None | Cash PP&E and software |
| /operating_model/cells/upside_2027q1_capex:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_capex:upside/value | None | 34.0 |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/formula/refs/0 | None | upside_2027q1_token_revenue |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/formula/refs/1 | None | upside_2027q1_payroll |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/formula/refs/2 | None | upside_2027q1_legal |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/formula/refs/3 | None | upside_2027q1_integration |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/formula/refs/4 | None | upside_2027q1_cash_tax |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/formula/refs/5 | None | upside_2027q1_working_capital_use |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/id | None | upside_2027q1_cash_adjustments |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_adjustments:upside/value | None | 69.0 |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/formula/refs/0 | None | upside_2027q1_fcf |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/formula/refs/1 | None | upside_2027q1_award_withholding |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/id | None | upside_2027q1_cash_after_claims |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/label | None | Cash after employee withholding |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_after_claims:upside/value | None | 57.478040614709016 |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/formula/refs/0 | None | upside_2027q1_adj_ebitda |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/formula/refs/1 | None | upside_2027q1_corporate_interest |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/formula/refs/2 | None | upside_2027q1_presale_receipt |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/id | None | upside_2027q1_cash_before_uses |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_before_uses:upside/value | None | 270.478040614709 |
| /operating_model/cells/upside_2027q1_cash_tax:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_tax:upside/id | None | upside_2027q1_cash_tax |
| /operating_model/cells/upside_2027q1_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_cash_tax:upside/label | None | Cash income tax |
| /operating_model/cells/upside_2027q1_cash_tax:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_tax:upside/value | None | 19.0 |
| /operating_model/cells/upside_2027q1_cfo:upside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/upside_2027q1_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/refs/0 | None | upside_2027q1_cash_before_uses |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/refs/1 | None | upside_2027q1_cash_adjustments |
| /operating_model/cells/upside_2027q1_cfo:upside/id | None | upside_2027q1_cfo |
| /operating_model/cells/upside_2027q1_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2027q1_cfo:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cfo:upside/value | None | 201.47804061470902 |
| /operating_model/cells/upside_2027q1_circulation_index:upside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/upside_2027q1_circulation_index:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_circulation_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q1_circulation_index:upside/formula/refs/0 | None | upside_2027q1_average_usdc |
| /operating_model/cells/upside_2027q1_circulation_index:upside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/upside_2027q1_circulation_index:upside/id | None | upside_2027q1_circulation_index |
| /operating_model/cells/upside_2027q1_circulation_index:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_circulation_index:upside/label | None | Average circulation / Q2 |
| /operating_model/cells/upside_2027q1_circulation_index:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_circulation_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_circulation_index:upside/value | None | 1.3459829595943755 |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/formula/refs/0 | None | upside_2027q1_net_reserve |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/formula/refs/1 | None | upside_2027q1_other_revenue |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/id | None | upside_2027q1_contribution_before_other_cost |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_contribution_before_other_cost:upside/value | None | 447.478040614709 |
| /operating_model/cells/upside_2027q1_corporate_interest:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_corporate_interest:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_corporate_interest:upside/id | None | upside_2027q1_corporate_interest |
| /operating_model/cells/upside_2027q1_corporate_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_corporate_interest:upside/label | None | Corporate cash interest income |
| /operating_model/cells/upside_2027q1_corporate_interest:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_corporate_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_corporate_interest:upside/value | None | 14.0 |
| /operating_model/cells/upside_2027q1_da:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_da:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_da:upside/id | None | upside_2027q1_da |
| /operating_model/cells/upside_2027q1_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_da:upside/label | None | D&A including software amortization |
| /operating_model/cells/upside_2027q1_da:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_da:upside/value | None | 36.0 |
| /operating_model/cells/upside_2027q1_fcf:upside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/upside_2027q1_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/refs/0 | None | upside_2027q1_cfo |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/refs/1 | None | upside_2027q1_capex |
| /operating_model/cells/upside_2027q1_fcf:upside/id | None | upside_2027q1_fcf |
| /operating_model/cells/upside_2027q1_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_fcf:upside/label | None | CFO less PP&E and software |
| /operating_model/cells/upside_2027q1_fcf:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_fcf:upside/value | None | 167.47804061470902 |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/0 | None | upside_2027q1_sbc |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/1 | None | upside_2027q1_payroll |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/2 | None | upside_2027q1_da |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/3 | None | upside_2027q1_legal |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/4 | None | upside_2027q1_integration |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/id | None | upside_2027q1_gaap_adjustments |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/label | None | Adjusted expense exclusions |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_gaap_adjustments:upside/value | None | 128.0 |
| /operating_model/cells/upside_2027q1_integration:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_integration:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_integration:upside/id | None | upside_2027q1_integration |
| /operating_model/cells/upside_2027q1_integration:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_integration:upside/label | None | Cash integration expense |
| /operating_model/cells/upside_2027q1_integration:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_integration:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_integration:upside/value | None | 5.0 |
| /operating_model/cells/upside_2027q1_legal:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_legal:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_legal:upside/id | None | upside_2027q1_legal |
| /operating_model/cells/upside_2027q1_legal:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_legal:upside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/upside_2027q1_legal:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_legal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_legal:upside/value | None | 9.0 |
| /operating_model/cells/upside_2027q1_net_reserve:upside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/upside_2027q1_net_reserve:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_net_reserve:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_net_reserve:upside/formula/refs/0 | None | upside_2027q1_reserve_income |
| /operating_model/cells/upside_2027q1_net_reserve:upside/formula/refs/1 | None | upside_2027q1_retained_margin |
| /operating_model/cells/upside_2027q1_net_reserve:upside/id | None | upside_2027q1_net_reserve |
| /operating_model/cells/upside_2027q1_net_reserve:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_net_reserve:upside/label | None | Reserve income after distribution costs |
| /operating_model/cells/upside_2027q1_net_reserve:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_net_reserve:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_net_reserve:upside/value | None | 377.478040614709 |
| /operating_model/cells/upside_2027q1_operating_income:upside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/upside_2027q1_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_operating_income:upside/formula/refs/0 | None | upside_2027q1_adj_ebitda |
| /operating_model/cells/upside_2027q1_operating_income:upside/formula/refs/1 | None | upside_2027q1_gaap_adjustments |
| /operating_model/cells/upside_2027q1_operating_income:upside/id | None | upside_2027q1_operating_income |
| /operating_model/cells/upside_2027q1_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2027q1_operating_income:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_operating_income:upside/value | None | 128.47804061470902 |
| /operating_model/cells/upside_2027q1_other_direct_cost:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_other_direct_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_other_direct_cost:upside/id | None | upside_2027q1_other_direct_cost |
| /operating_model/cells/upside_2027q1_other_direct_cost:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_other_direct_cost:upside/label | None | Other direct transaction/services cost |
| /operating_model/cells/upside_2027q1_other_direct_cost:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_other_direct_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_other_direct_cost:upside/value | None | 6.0 |
| /operating_model/cells/upside_2027q1_other_revenue:upside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/upside_2027q1_other_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_other_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_other_revenue:upside/formula/refs/0 | None | upside_2027q1_recurring_other |
| /operating_model/cells/upside_2027q1_other_revenue:upside/formula/refs/1 | None | upside_2027q1_token_revenue |
| /operating_model/cells/upside_2027q1_other_revenue:upside/id | None | upside_2027q1_other_revenue |
| /operating_model/cells/upside_2027q1_other_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_other_revenue:upside/label | None | Other revenue |
| /operating_model/cells/upside_2027q1_other_revenue:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_other_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_other_revenue:upside/value | None | 70.0 |
| /operating_model/cells/upside_2027q1_payroll:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_payroll:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_payroll:upside/id | None | upside_2027q1_payroll |
| /operating_model/cells/upside_2027q1_payroll:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_payroll:upside/label | None | Employer payroll tax on equity |
| /operating_model/cells/upside_2027q1_payroll:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_payroll:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_payroll:upside/value | None | 10.0 |
| /operating_model/cells/upside_2027q1_ppe:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_ppe:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_ppe:upside/id | None | upside_2027q1_ppe |
| /operating_model/cells/upside_2027q1_ppe:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_ppe:upside/label | None | Cash PP&E |
| /operating_model/cells/upside_2027q1_ppe:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_ppe:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_ppe:upside/value | None | 8.0 |
| /operating_model/cells/upside_2027q1_presale_receipt:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_presale_receipt:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_presale_receipt:upside/id | None | upside_2027q1_presale_receipt |
| /operating_model/cells/upside_2027q1_presale_receipt:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_presale_receipt:upside/label | None | Additional original presale collection |
| /operating_model/cells/upside_2027q1_presale_receipt:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_presale_receipt:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_presale_receipt:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q1_recurring_other:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_recurring_other:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_recurring_other:upside/id | None | upside_2027q1_recurring_other |
| /operating_model/cells/upside_2027q1_recurring_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_recurring_other:upside/label | None | Services and transaction revenue |
| /operating_model/cells/upside_2027q1_recurring_other:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_recurring_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_recurring_other:upside/value | None | 70.0 |
| /operating_model/cells/upside_2027q1_reserve_income:upside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/upside_2027q1_reserve_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_reserve_income:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_reserve_income:upside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/upside_2027q1_reserve_income:upside/formula/refs/1 | None | upside_2027q1_circulation_index |
| /operating_model/cells/upside_2027q1_reserve_income:upside/formula/refs/2 | None | upside_2027q1_yield_index |
| /operating_model/cells/upside_2027q1_reserve_income:upside/id | None | upside_2027q1_reserve_income |
| /operating_model/cells/upside_2027q1_reserve_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_reserve_income:upside/label | None | Reserve income |
| /operating_model/cells/upside_2027q1_reserve_income:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_reserve_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_reserve_income:upside/value | None | 898.7572395588311 |
| /operating_model/cells/upside_2027q1_reserve_rate:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_reserve_rate:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_reserve_rate:upside/id | None | upside_2027q1_reserve_rate |
| /operating_model/cells/upside_2027q1_reserve_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_reserve_rate:upside/label | None | Annual reserve return rate |
| /operating_model/cells/upside_2027q1_reserve_rate:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_reserve_rate:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_reserve_rate:upside/value | None | 0.035 |
| /operating_model/cells/upside_2027q1_retained_margin:upside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/upside_2027q1_retained_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_retained_margin:upside/id | None | upside_2027q1_retained_margin |
| /operating_model/cells/upside_2027q1_retained_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_retained_margin:upside/label | None | Retained reserve margin |
| /operating_model/cells/upside_2027q1_retained_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_retained_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_retained_margin:upside/value | None | 0.42 |
| /operating_model/cells/upside_2027q1_revenue:upside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/upside_2027q1_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/0 | None | upside_2027q1_reserve_income |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/1 | None | upside_2027q1_other_revenue |
| /operating_model/cells/upside_2027q1_revenue:upside/id | None | upside_2027q1_revenue |
| /operating_model/cells/upside_2027q1_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_revenue:upside/label | None | Total revenue and reserve income |
| /operating_model/cells/upside_2027q1_revenue:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_revenue:upside/value | None | 968.7572395588311 |
| /operating_model/cells/upside_2027q1_rldc:upside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/upside_2027q1_rldc:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_rldc:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_rldc:upside/formula/refs/0 | None | upside_2027q1_contribution_before_other_cost |
| /operating_model/cells/upside_2027q1_rldc:upside/formula/refs/1 | None | upside_2027q1_other_direct_cost |
| /operating_model/cells/upside_2027q1_rldc:upside/id | None | upside_2027q1_rldc |
| /operating_model/cells/upside_2027q1_rldc:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_rldc:upside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/upside_2027q1_rldc:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_rldc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_rldc:upside/value | None | 441.478040614709 |
| /operating_model/cells/upside_2027q1_sbc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_sbc:upside/id | None | upside_2027q1_sbc |
| /operating_model/cells/upside_2027q1_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_sbc:upside/label | None | SBC expense |
| /operating_model/cells/upside_2027q1_sbc:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_sbc:upside/value | None | 68.0 |
| /operating_model/cells/upside_2027q1_software:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_software:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_software:upside/id | None | upside_2027q1_software |
| /operating_model/cells/upside_2027q1_software:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_software:upside/label | None | Cash capitalized software |
| /operating_model/cells/upside_2027q1_software:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_software:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_software:upside/value | None | 26.0 |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/formula/refs/0 | None | upside_2026q4_token_deferred_ending |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/formula/refs/1 | None | upside_2027q1_token_revenue |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/id | None | upside_2027q1_token_deferred_ending |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_token_deferred_ending:upside/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/upside_2027q1_token_revenue:upside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/upside_2027q1_token_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_token_revenue:upside/id | None | upside_2027q1_token_revenue |
| /operating_model/cells/upside_2027q1_token_revenue:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_token_revenue:upside/label | None | ARC presale recognition |
| /operating_model/cells/upside_2027q1_token_revenue:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_token_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_token_revenue:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q1_working_capital_use:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_working_capital_use:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_working_capital_use:upside/id | None | upside_2027q1_working_capital_use |
| /operating_model/cells/upside_2027q1_working_capital_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_working_capital_use:upside/label | None | Other operating cash use |
| /operating_model/cells/upside_2027q1_working_capital_use:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_working_capital_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_working_capital_use:upside/value | None | 26.0 |
| /operating_model/cells/upside_2027q1_yield_index:upside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/upside_2027q1_yield_index:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_yield_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q1_yield_index:upside/formula/refs/0 | None | upside_2027q1_reserve_rate |
| /operating_model/cells/upside_2027q1_yield_index:upside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/upside_2027q1_yield_index:upside/id | None | upside_2027q1_yield_index |
| /operating_model/cells/upside_2027q1_yield_index:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_yield_index:upside/label | None | Reserve rate / Q2 |
| /operating_model/cells/upside_2027q1_yield_index:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_yield_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_yield_index:upside/value | None | 1.0 |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/refs/0 | None | upside_2027q2_rldc |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/refs/1 | None | upside_2027q2_adjusted_opex |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/id | None | upside_2027q2_adj_ebitda |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_adj_ebitda:upside/value | None | 319.7511996236474 |
| /operating_model/cells/upside_2027q2_adjusted_opex:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_adjusted_opex:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_adjusted_opex:upside/id | None | upside_2027q2_adjusted_opex |
| /operating_model/cells/upside_2027q2_adjusted_opex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_adjusted_opex:upside/label | None | Adjusted operating expense |
| /operating_model/cells/upside_2027q2_adjusted_opex:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_adjusted_opex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_adjusted_opex:upside/value | None | 210.0 |
| /operating_model/cells/upside_2027q2_average_usdc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_average_usdc:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_average_usdc:upside/id | None | upside_2027q2_average_usdc |
| /operating_model/cells/upside_2027q2_average_usdc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_average_usdc:upside/label | None | Average USDC circulation |
| /operating_model/cells/upside_2027q2_average_usdc:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_average_usdc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_average_usdc:upside/value | None | 120000.0 |
| /operating_model/cells/upside_2027q2_award_withholding:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_award_withholding:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_award_withholding:upside/id | None | upside_2027q2_award_withholding |
| /operating_model/cells/upside_2027q2_award_withholding:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_award_withholding:upside/label | None | Employee award settlement cash |
| /operating_model/cells/upside_2027q2_award_withholding:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_award_withholding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_award_withholding:upside/value | None | 125.0 |
| /operating_model/cells/upside_2027q2_capex:upside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/upside_2027q2_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_capex:upside/formula/refs/0 | None | upside_2027q2_software |
| /operating_model/cells/upside_2027q2_capex:upside/formula/refs/1 | None | upside_2027q2_ppe |
| /operating_model/cells/upside_2027q2_capex:upside/id | None | upside_2027q2_capex |
| /operating_model/cells/upside_2027q2_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_capex:upside/label | None | Cash PP&E and software |
| /operating_model/cells/upside_2027q2_capex:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_capex:upside/value | None | 37.0 |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/formula/refs/0 | None | upside_2027q2_token_revenue |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/formula/refs/1 | None | upside_2027q2_payroll |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/formula/refs/2 | None | upside_2027q2_legal |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/formula/refs/3 | None | upside_2027q2_integration |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/formula/refs/4 | None | upside_2027q2_cash_tax |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/formula/refs/5 | None | upside_2027q2_working_capital_use |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/id | None | upside_2027q2_cash_adjustments |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_adjustments:upside/value | None | 75.0 |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/formula/refs/0 | None | upside_2027q2_fcf |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/formula/refs/1 | None | upside_2027q2_award_withholding |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/id | None | upside_2027q2_cash_after_claims |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/label | None | Cash after employee withholding |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_after_claims:upside/value | None | 96.75119962364738 |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/formula/refs/0 | None | upside_2027q2_adj_ebitda |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/formula/refs/1 | None | upside_2027q2_corporate_interest |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/formula/refs/2 | None | upside_2027q2_presale_receipt |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/id | None | upside_2027q2_cash_before_uses |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_before_uses:upside/value | None | 333.7511996236474 |
| /operating_model/cells/upside_2027q2_cash_tax:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_tax:upside/id | None | upside_2027q2_cash_tax |
| /operating_model/cells/upside_2027q2_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_cash_tax:upside/label | None | Cash income tax |
| /operating_model/cells/upside_2027q2_cash_tax:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_tax:upside/value | None | 21.0 |
| /operating_model/cells/upside_2027q2_cfo:upside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/upside_2027q2_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/refs/0 | None | upside_2027q2_cash_before_uses |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/refs/1 | None | upside_2027q2_cash_adjustments |
| /operating_model/cells/upside_2027q2_cfo:upside/id | None | upside_2027q2_cfo |
| /operating_model/cells/upside_2027q2_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2027q2_cfo:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cfo:upside/value | None | 258.7511996236474 |
| /operating_model/cells/upside_2027q2_circulation_index:upside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/upside_2027q2_circulation_index:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_circulation_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q2_circulation_index:upside/formula/refs/0 | None | upside_2027q2_average_usdc |
| /operating_model/cells/upside_2027q2_circulation_index:upside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/upside_2027q2_circulation_index:upside/id | None | upside_2027q2_circulation_index |
| /operating_model/cells/upside_2027q2_circulation_index:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_circulation_index:upside/label | None | Average circulation / Q2 |
| /operating_model/cells/upside_2027q2_circulation_index:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_circulation_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_circulation_index:upside/value | None | 1.5681354869060686 |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/formula/refs/0 | None | upside_2027q2_net_reserve |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/formula/refs/1 | None | upside_2027q2_other_revenue |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/id | None | upside_2027q2_contribution_before_other_cost |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_contribution_before_other_cost:upside/value | None | 536.2511996236474 |
| /operating_model/cells/upside_2027q2_corporate_interest:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_corporate_interest:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_corporate_interest:upside/id | None | upside_2027q2_corporate_interest |
| /operating_model/cells/upside_2027q2_corporate_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_corporate_interest:upside/label | None | Corporate cash interest income |
| /operating_model/cells/upside_2027q2_corporate_interest:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_corporate_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_corporate_interest:upside/value | None | 14.0 |
| /operating_model/cells/upside_2027q2_da:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_da:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_da:upside/id | None | upside_2027q2_da |
| /operating_model/cells/upside_2027q2_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_da:upside/label | None | D&A including software amortization |
| /operating_model/cells/upside_2027q2_da:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_da:upside/value | None | 38.0 |
| /operating_model/cells/upside_2027q2_fcf:upside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/upside_2027q2_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/refs/0 | None | upside_2027q2_cfo |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_2027q2_fcf:upside/id | None | upside_2027q2_fcf |
| /operating_model/cells/upside_2027q2_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_fcf:upside/label | None | CFO less PP&E and software |
| /operating_model/cells/upside_2027q2_fcf:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_fcf:upside/value | None | 221.75119962364738 |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/0 | None | upside_2027q2_sbc |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/1 | None | upside_2027q2_payroll |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/2 | None | upside_2027q2_da |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/3 | None | upside_2027q2_legal |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/4 | None | upside_2027q2_integration |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/id | None | upside_2027q2_gaap_adjustments |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/label | None | Adjusted expense exclusions |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_gaap_adjustments:upside/value | None | 135.0 |
| /operating_model/cells/upside_2027q2_integration:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_integration:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_integration:upside/id | None | upside_2027q2_integration |
| /operating_model/cells/upside_2027q2_integration:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_integration:upside/label | None | Cash integration expense |
| /operating_model/cells/upside_2027q2_integration:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_integration:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_integration:upside/value | None | 5.0 |
| /operating_model/cells/upside_2027q2_legal:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_legal:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_legal:upside/id | None | upside_2027q2_legal |
| /operating_model/cells/upside_2027q2_legal:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_legal:upside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/upside_2027q2_legal:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_legal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_legal:upside/value | None | 9.0 |
| /operating_model/cells/upside_2027q2_net_reserve:upside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/upside_2027q2_net_reserve:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_net_reserve:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_net_reserve:upside/formula/refs/0 | None | upside_2027q2_reserve_income |
| /operating_model/cells/upside_2027q2_net_reserve:upside/formula/refs/1 | None | upside_2027q2_retained_margin |
| /operating_model/cells/upside_2027q2_net_reserve:upside/id | None | upside_2027q2_net_reserve |
| /operating_model/cells/upside_2027q2_net_reserve:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_net_reserve:upside/label | None | Reserve income after distribution costs |
| /operating_model/cells/upside_2027q2_net_reserve:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_net_reserve:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_net_reserve:upside/value | None | 450.25119962364744 |
| /operating_model/cells/upside_2027q2_operating_income:upside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/upside_2027q2_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_operating_income:upside/formula/refs/0 | None | upside_2027q2_adj_ebitda |
| /operating_model/cells/upside_2027q2_operating_income:upside/formula/refs/1 | None | upside_2027q2_gaap_adjustments |
| /operating_model/cells/upside_2027q2_operating_income:upside/id | None | upside_2027q2_operating_income |
| /operating_model/cells/upside_2027q2_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2027q2_operating_income:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_operating_income:upside/value | None | 184.75119962364738 |
| /operating_model/cells/upside_2027q2_other_direct_cost:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_other_direct_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_other_direct_cost:upside/id | None | upside_2027q2_other_direct_cost |
| /operating_model/cells/upside_2027q2_other_direct_cost:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_other_direct_cost:upside/label | None | Other direct transaction/services cost |
| /operating_model/cells/upside_2027q2_other_direct_cost:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_other_direct_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_other_direct_cost:upside/value | None | 6.5 |
| /operating_model/cells/upside_2027q2_other_revenue:upside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/upside_2027q2_other_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_other_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_other_revenue:upside/formula/refs/0 | None | upside_2027q2_recurring_other |
| /operating_model/cells/upside_2027q2_other_revenue:upside/formula/refs/1 | None | upside_2027q2_token_revenue |
| /operating_model/cells/upside_2027q2_other_revenue:upside/id | None | upside_2027q2_other_revenue |
| /operating_model/cells/upside_2027q2_other_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_other_revenue:upside/label | None | Other revenue |
| /operating_model/cells/upside_2027q2_other_revenue:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_other_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_other_revenue:upside/value | None | 86.0 |
| /operating_model/cells/upside_2027q2_payroll:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_payroll:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_payroll:upside/id | None | upside_2027q2_payroll |
| /operating_model/cells/upside_2027q2_payroll:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_payroll:upside/label | None | Employer payroll tax on equity |
| /operating_model/cells/upside_2027q2_payroll:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_payroll:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_payroll:upside/value | None | 11.0 |
| /operating_model/cells/upside_2027q2_ppe:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_ppe:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_ppe:upside/id | None | upside_2027q2_ppe |
| /operating_model/cells/upside_2027q2_ppe:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_ppe:upside/label | None | Cash PP&E |
| /operating_model/cells/upside_2027q2_ppe:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_ppe:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_ppe:upside/value | None | 9.0 |
| /operating_model/cells/upside_2027q2_presale_receipt:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_presale_receipt:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_presale_receipt:upside/id | None | upside_2027q2_presale_receipt |
| /operating_model/cells/upside_2027q2_presale_receipt:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_presale_receipt:upside/label | None | Additional original presale collection |
| /operating_model/cells/upside_2027q2_presale_receipt:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_presale_receipt:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_presale_receipt:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q2_recurring_other:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_recurring_other:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_recurring_other:upside/id | None | upside_2027q2_recurring_other |
| /operating_model/cells/upside_2027q2_recurring_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_recurring_other:upside/label | None | Services and transaction revenue |
| /operating_model/cells/upside_2027q2_recurring_other:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_recurring_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_recurring_other:upside/value | None | 86.0 |
| /operating_model/cells/upside_2027q2_reserve_income:upside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/upside_2027q2_reserve_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_reserve_income:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_reserve_income:upside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/upside_2027q2_reserve_income:upside/formula/refs/1 | None | upside_2027q2_circulation_index |
| /operating_model/cells/upside_2027q2_reserve_income:upside/formula/refs/2 | None | upside_2027q2_yield_index |
| /operating_model/cells/upside_2027q2_reserve_income:upside/id | None | upside_2027q2_reserve_income |
| /operating_model/cells/upside_2027q2_reserve_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_reserve_income:upside/label | None | Reserve income |
| /operating_model/cells/upside_2027q2_reserve_income:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_reserve_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_reserve_income:upside/value | None | 1047.0958130782499 |
| /operating_model/cells/upside_2027q2_reserve_rate:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_reserve_rate:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_reserve_rate:upside/id | None | upside_2027q2_reserve_rate |
| /operating_model/cells/upside_2027q2_reserve_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_reserve_rate:upside/label | None | Annual reserve return rate |
| /operating_model/cells/upside_2027q2_reserve_rate:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_reserve_rate:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_reserve_rate:upside/value | None | 0.035 |
| /operating_model/cells/upside_2027q2_retained_margin:upside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/upside_2027q2_retained_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_retained_margin:upside/id | None | upside_2027q2_retained_margin |
| /operating_model/cells/upside_2027q2_retained_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_retained_margin:upside/label | None | Retained reserve margin |
| /operating_model/cells/upside_2027q2_retained_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_retained_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_retained_margin:upside/value | None | 0.43 |
| /operating_model/cells/upside_2027q2_revenue:upside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/upside_2027q2_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/0 | None | upside_2027q2_reserve_income |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/1 | None | upside_2027q2_other_revenue |
| /operating_model/cells/upside_2027q2_revenue:upside/id | None | upside_2027q2_revenue |
| /operating_model/cells/upside_2027q2_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_revenue:upside/label | None | Total revenue and reserve income |
| /operating_model/cells/upside_2027q2_revenue:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_revenue:upside/value | None | 1133.0958130782499 |
| /operating_model/cells/upside_2027q2_rldc:upside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/upside_2027q2_rldc:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_rldc:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_rldc:upside/formula/refs/0 | None | upside_2027q2_contribution_before_other_cost |
| /operating_model/cells/upside_2027q2_rldc:upside/formula/refs/1 | None | upside_2027q2_other_direct_cost |
| /operating_model/cells/upside_2027q2_rldc:upside/id | None | upside_2027q2_rldc |
| /operating_model/cells/upside_2027q2_rldc:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_rldc:upside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/upside_2027q2_rldc:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_rldc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_rldc:upside/value | None | 529.7511996236474 |
| /operating_model/cells/upside_2027q2_sbc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_sbc:upside/id | None | upside_2027q2_sbc |
| /operating_model/cells/upside_2027q2_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_sbc:upside/label | None | SBC expense |
| /operating_model/cells/upside_2027q2_sbc:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_sbc:upside/value | None | 72.0 |
| /operating_model/cells/upside_2027q2_software:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_software:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_software:upside/id | None | upside_2027q2_software |
| /operating_model/cells/upside_2027q2_software:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_software:upside/label | None | Cash capitalized software |
| /operating_model/cells/upside_2027q2_software:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_software:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_software:upside/value | None | 28.0 |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/formula/refs/0 | None | upside_2027q1_token_deferred_ending |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/formula/refs/1 | None | upside_2027q2_token_revenue |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/id | None | upside_2027q2_token_deferred_ending |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_token_deferred_ending:upside/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/upside_2027q2_token_revenue:upside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/upside_2027q2_token_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_token_revenue:upside/id | None | upside_2027q2_token_revenue |
| /operating_model/cells/upside_2027q2_token_revenue:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_token_revenue:upside/label | None | ARC presale recognition |
| /operating_model/cells/upside_2027q2_token_revenue:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_token_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_token_revenue:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q2_working_capital_use:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_working_capital_use:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_working_capital_use:upside/id | None | upside_2027q2_working_capital_use |
| /operating_model/cells/upside_2027q2_working_capital_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_working_capital_use:upside/label | None | Other operating cash use |
| /operating_model/cells/upside_2027q2_working_capital_use:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_working_capital_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_working_capital_use:upside/value | None | 29.0 |
| /operating_model/cells/upside_2027q2_yield_index:upside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/upside_2027q2_yield_index:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_yield_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q2_yield_index:upside/formula/refs/0 | None | upside_2027q2_reserve_rate |
| /operating_model/cells/upside_2027q2_yield_index:upside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/upside_2027q2_yield_index:upside/id | None | upside_2027q2_yield_index |
| /operating_model/cells/upside_2027q2_yield_index:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_yield_index:upside/label | None | Reserve rate / Q2 |
| /operating_model/cells/upside_2027q2_yield_index:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_yield_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_yield_index:upside/value | None | 1.0 |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/refs/0 | None | upside_2027q3_rldc |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/refs/1 | None | upside_2027q3_adjusted_opex |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/id | None | upside_2027q3_adj_ebitda |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_adj_ebitda:upside/value | None | 393.5091840468349 |
| /operating_model/cells/upside_2027q3_adjusted_opex:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_adjusted_opex:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_adjusted_opex:upside/id | None | upside_2027q3_adjusted_opex |
| /operating_model/cells/upside_2027q3_adjusted_opex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_adjusted_opex:upside/label | None | Adjusted operating expense |
| /operating_model/cells/upside_2027q3_adjusted_opex:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_adjusted_opex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_adjusted_opex:upside/value | None | 242.0 |
| /operating_model/cells/upside_2027q3_average_usdc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_average_usdc:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_average_usdc:upside/id | None | upside_2027q3_average_usdc |
| /operating_model/cells/upside_2027q3_average_usdc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_average_usdc:upside/label | None | Average USDC circulation |
| /operating_model/cells/upside_2027q3_average_usdc:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_average_usdc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_average_usdc:upside/value | None | 140000.0 |
| /operating_model/cells/upside_2027q3_award_withholding:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_award_withholding:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_award_withholding:upside/id | None | upside_2027q3_award_withholding |
| /operating_model/cells/upside_2027q3_award_withholding:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_award_withholding:upside/label | None | Employee award settlement cash |
| /operating_model/cells/upside_2027q3_award_withholding:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_award_withholding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_award_withholding:upside/value | None | 145.0 |
| /operating_model/cells/upside_2027q3_capex:upside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/upside_2027q3_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_capex:upside/formula/refs/0 | None | upside_2027q3_software |
| /operating_model/cells/upside_2027q3_capex:upside/formula/refs/1 | None | upside_2027q3_ppe |
| /operating_model/cells/upside_2027q3_capex:upside/id | None | upside_2027q3_capex |
| /operating_model/cells/upside_2027q3_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_capex:upside/label | None | Cash PP&E and software |
| /operating_model/cells/upside_2027q3_capex:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_capex:upside/value | None | 40.0 |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/formula/refs/0 | None | upside_2027q3_token_revenue |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/formula/refs/1 | None | upside_2027q3_payroll |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/formula/refs/2 | None | upside_2027q3_legal |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/formula/refs/3 | None | upside_2027q3_integration |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/formula/refs/4 | None | upside_2027q3_cash_tax |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/formula/refs/5 | None | upside_2027q3_working_capital_use |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/id | None | upside_2027q3_cash_adjustments |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_adjustments:upside/value | None | 81.0 |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/formula/refs/0 | None | upside_2027q3_fcf |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/formula/refs/1 | None | upside_2027q3_award_withholding |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/id | None | upside_2027q3_cash_after_claims |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/label | None | Cash after employee withholding |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_after_claims:upside/value | None | 141.5091840468349 |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/formula/refs/0 | None | upside_2027q3_adj_ebitda |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/formula/refs/1 | None | upside_2027q3_corporate_interest |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/formula/refs/2 | None | upside_2027q3_presale_receipt |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/id | None | upside_2027q3_cash_before_uses |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_before_uses:upside/value | None | 407.5091840468349 |
| /operating_model/cells/upside_2027q3_cash_tax:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_tax:upside/id | None | upside_2027q3_cash_tax |
| /operating_model/cells/upside_2027q3_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_cash_tax:upside/label | None | Cash income tax |
| /operating_model/cells/upside_2027q3_cash_tax:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_tax:upside/value | None | 23.0 |
| /operating_model/cells/upside_2027q3_cfo:upside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/upside_2027q3_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/refs/0 | None | upside_2027q3_cash_before_uses |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/refs/1 | None | upside_2027q3_cash_adjustments |
| /operating_model/cells/upside_2027q3_cfo:upside/id | None | upside_2027q3_cfo |
| /operating_model/cells/upside_2027q3_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2027q3_cfo:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cfo:upside/value | None | 326.5091840468349 |
| /operating_model/cells/upside_2027q3_circulation_index:upside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/upside_2027q3_circulation_index:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_circulation_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q3_circulation_index:upside/formula/refs/0 | None | upside_2027q3_average_usdc |
| /operating_model/cells/upside_2027q3_circulation_index:upside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/upside_2027q3_circulation_index:upside/id | None | upside_2027q3_circulation_index |
| /operating_model/cells/upside_2027q3_circulation_index:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_circulation_index:upside/label | None | Average circulation / Q2 |
| /operating_model/cells/upside_2027q3_circulation_index:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_circulation_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_circulation_index:upside/value | None | 1.8294914013904136 |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/formula/refs/0 | None | upside_2027q3_net_reserve |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/formula/refs/1 | None | upside_2027q3_other_revenue |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/id | None | upside_2027q3_contribution_before_other_cost |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_contribution_before_other_cost:upside/value | None | 642.5091840468349 |
| /operating_model/cells/upside_2027q3_corporate_interest:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_corporate_interest:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_corporate_interest:upside/id | None | upside_2027q3_corporate_interest |
| /operating_model/cells/upside_2027q3_corporate_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_corporate_interest:upside/label | None | Corporate cash interest income |
| /operating_model/cells/upside_2027q3_corporate_interest:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_corporate_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_corporate_interest:upside/value | None | 14.0 |
| /operating_model/cells/upside_2027q3_da:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_da:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_da:upside/id | None | upside_2027q3_da |
| /operating_model/cells/upside_2027q3_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_da:upside/label | None | D&A including software amortization |
| /operating_model/cells/upside_2027q3_da:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_da:upside/value | None | 40.0 |
| /operating_model/cells/upside_2027q3_fcf:upside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/upside_2027q3_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/refs/0 | None | upside_2027q3_cfo |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/refs/1 | None | upside_2027q3_capex |
| /operating_model/cells/upside_2027q3_fcf:upside/id | None | upside_2027q3_fcf |
| /operating_model/cells/upside_2027q3_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_fcf:upside/label | None | CFO less PP&E and software |
| /operating_model/cells/upside_2027q3_fcf:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_fcf:upside/value | None | 286.5091840468349 |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/0 | None | upside_2027q3_sbc |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/1 | None | upside_2027q3_payroll |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/2 | None | upside_2027q3_da |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/3 | None | upside_2027q3_legal |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/4 | None | upside_2027q3_integration |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/id | None | upside_2027q3_gaap_adjustments |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/label | None | Adjusted expense exclusions |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_gaap_adjustments:upside/value | None | 142.0 |
| /operating_model/cells/upside_2027q3_integration:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_integration:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_integration:upside/id | None | upside_2027q3_integration |
| /operating_model/cells/upside_2027q3_integration:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_integration:upside/label | None | Cash integration expense |
| /operating_model/cells/upside_2027q3_integration:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_integration:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_integration:upside/value | None | 5.0 |
| /operating_model/cells/upside_2027q3_legal:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_legal:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_legal:upside/id | None | upside_2027q3_legal |
| /operating_model/cells/upside_2027q3_legal:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_legal:upside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/upside_2027q3_legal:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_legal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_legal:upside/value | None | 9.0 |
| /operating_model/cells/upside_2027q3_net_reserve:upside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/upside_2027q3_net_reserve:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_net_reserve:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_net_reserve:upside/formula/refs/0 | None | upside_2027q3_reserve_income |
| /operating_model/cells/upside_2027q3_net_reserve:upside/formula/refs/1 | None | upside_2027q3_retained_margin |
| /operating_model/cells/upside_2027q3_net_reserve:upside/id | None | upside_2027q3_net_reserve |
| /operating_model/cells/upside_2027q3_net_reserve:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_net_reserve:upside/label | None | Reserve income after distribution costs |
| /operating_model/cells/upside_2027q3_net_reserve:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_net_reserve:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_net_reserve:upside/value | None | 537.5091840468349 |
| /operating_model/cells/upside_2027q3_operating_income:upside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/upside_2027q3_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_operating_income:upside/formula/refs/0 | None | upside_2027q3_adj_ebitda |
| /operating_model/cells/upside_2027q3_operating_income:upside/formula/refs/1 | None | upside_2027q3_gaap_adjustments |
| /operating_model/cells/upside_2027q3_operating_income:upside/id | None | upside_2027q3_operating_income |
| /operating_model/cells/upside_2027q3_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2027q3_operating_income:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_operating_income:upside/value | None | 251.5091840468349 |
| /operating_model/cells/upside_2027q3_other_direct_cost:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_other_direct_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_other_direct_cost:upside/id | None | upside_2027q3_other_direct_cost |
| /operating_model/cells/upside_2027q3_other_direct_cost:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_other_direct_cost:upside/label | None | Other direct transaction/services cost |
| /operating_model/cells/upside_2027q3_other_direct_cost:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_other_direct_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_other_direct_cost:upside/value | None | 7.0 |
| /operating_model/cells/upside_2027q3_other_revenue:upside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/upside_2027q3_other_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_other_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_other_revenue:upside/formula/refs/0 | None | upside_2027q3_recurring_other |
| /operating_model/cells/upside_2027q3_other_revenue:upside/formula/refs/1 | None | upside_2027q3_token_revenue |
| /operating_model/cells/upside_2027q3_other_revenue:upside/id | None | upside_2027q3_other_revenue |
| /operating_model/cells/upside_2027q3_other_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_other_revenue:upside/label | None | Other revenue |
| /operating_model/cells/upside_2027q3_other_revenue:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_other_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_other_revenue:upside/value | None | 105.0 |
| /operating_model/cells/upside_2027q3_payroll:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_payroll:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_payroll:upside/id | None | upside_2027q3_payroll |
| /operating_model/cells/upside_2027q3_payroll:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_payroll:upside/label | None | Employer payroll tax on equity |
| /operating_model/cells/upside_2027q3_payroll:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_payroll:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_payroll:upside/value | None | 12.0 |
| /operating_model/cells/upside_2027q3_ppe:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_ppe:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_ppe:upside/id | None | upside_2027q3_ppe |
| /operating_model/cells/upside_2027q3_ppe:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_ppe:upside/label | None | Cash PP&E |
| /operating_model/cells/upside_2027q3_ppe:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_ppe:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_ppe:upside/value | None | 10.0 |
| /operating_model/cells/upside_2027q3_presale_receipt:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_presale_receipt:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_presale_receipt:upside/id | None | upside_2027q3_presale_receipt |
| /operating_model/cells/upside_2027q3_presale_receipt:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_presale_receipt:upside/label | None | Additional original presale collection |
| /operating_model/cells/upside_2027q3_presale_receipt:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_presale_receipt:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_presale_receipt:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q3_recurring_other:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_recurring_other:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_recurring_other:upside/id | None | upside_2027q3_recurring_other |
| /operating_model/cells/upside_2027q3_recurring_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_recurring_other:upside/label | None | Services and transaction revenue |
| /operating_model/cells/upside_2027q3_recurring_other:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_recurring_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_recurring_other:upside/value | None | 105.0 |
| /operating_model/cells/upside_2027q3_reserve_income:upside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/upside_2027q3_reserve_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_reserve_income:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_reserve_income:upside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/upside_2027q3_reserve_income:upside/formula/refs/1 | None | upside_2027q3_circulation_index |
| /operating_model/cells/upside_2027q3_reserve_income:upside/formula/refs/2 | None | upside_2027q3_yield_index |
| /operating_model/cells/upside_2027q3_reserve_income:upside/id | None | upside_2027q3_reserve_income |
| /operating_model/cells/upside_2027q3_reserve_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_reserve_income:upside/label | None | Reserve income |
| /operating_model/cells/upside_2027q3_reserve_income:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_reserve_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_reserve_income:upside/value | None | 1221.611781924625 |
| /operating_model/cells/upside_2027q3_reserve_rate:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_reserve_rate:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_reserve_rate:upside/id | None | upside_2027q3_reserve_rate |
| /operating_model/cells/upside_2027q3_reserve_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_reserve_rate:upside/label | None | Annual reserve return rate |
| /operating_model/cells/upside_2027q3_reserve_rate:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_reserve_rate:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_reserve_rate:upside/value | None | 0.035 |
| /operating_model/cells/upside_2027q3_retained_margin:upside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/upside_2027q3_retained_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_retained_margin:upside/id | None | upside_2027q3_retained_margin |
| /operating_model/cells/upside_2027q3_retained_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_retained_margin:upside/label | None | Retained reserve margin |
| /operating_model/cells/upside_2027q3_retained_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_retained_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_retained_margin:upside/value | None | 0.43999999999999995 |
| /operating_model/cells/upside_2027q3_revenue:upside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/upside_2027q3_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/0 | None | upside_2027q3_reserve_income |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/1 | None | upside_2027q3_other_revenue |
| /operating_model/cells/upside_2027q3_revenue:upside/id | None | upside_2027q3_revenue |
| /operating_model/cells/upside_2027q3_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_revenue:upside/label | None | Total revenue and reserve income |
| /operating_model/cells/upside_2027q3_revenue:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_revenue:upside/value | None | 1326.611781924625 |
| /operating_model/cells/upside_2027q3_rldc:upside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/upside_2027q3_rldc:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_rldc:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_rldc:upside/formula/refs/0 | None | upside_2027q3_contribution_before_other_cost |
| /operating_model/cells/upside_2027q3_rldc:upside/formula/refs/1 | None | upside_2027q3_other_direct_cost |
| /operating_model/cells/upside_2027q3_rldc:upside/id | None | upside_2027q3_rldc |
| /operating_model/cells/upside_2027q3_rldc:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_rldc:upside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/upside_2027q3_rldc:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_rldc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_rldc:upside/value | None | 635.5091840468349 |
| /operating_model/cells/upside_2027q3_sbc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_sbc:upside/id | None | upside_2027q3_sbc |
| /operating_model/cells/upside_2027q3_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_sbc:upside/label | None | SBC expense |
| /operating_model/cells/upside_2027q3_sbc:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_sbc:upside/value | None | 76.0 |
| /operating_model/cells/upside_2027q3_software:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_software:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_software:upside/id | None | upside_2027q3_software |
| /operating_model/cells/upside_2027q3_software:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_software:upside/label | None | Cash capitalized software |
| /operating_model/cells/upside_2027q3_software:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_software:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_software:upside/value | None | 30.0 |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/formula/refs/0 | None | upside_2027q2_token_deferred_ending |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/formula/refs/1 | None | upside_2027q3_token_revenue |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/id | None | upside_2027q3_token_deferred_ending |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_token_deferred_ending:upside/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/upside_2027q3_token_revenue:upside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/upside_2027q3_token_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_token_revenue:upside/id | None | upside_2027q3_token_revenue |
| /operating_model/cells/upside_2027q3_token_revenue:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_token_revenue:upside/label | None | ARC presale recognition |
| /operating_model/cells/upside_2027q3_token_revenue:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_token_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_token_revenue:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q3_working_capital_use:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_working_capital_use:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_working_capital_use:upside/id | None | upside_2027q3_working_capital_use |
| /operating_model/cells/upside_2027q3_working_capital_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_working_capital_use:upside/label | None | Other operating cash use |
| /operating_model/cells/upside_2027q3_working_capital_use:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_working_capital_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_working_capital_use:upside/value | None | 32.0 |
| /operating_model/cells/upside_2027q3_yield_index:upside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/upside_2027q3_yield_index:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_yield_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q3_yield_index:upside/formula/refs/0 | None | upside_2027q3_reserve_rate |
| /operating_model/cells/upside_2027q3_yield_index:upside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/upside_2027q3_yield_index:upside/id | None | upside_2027q3_yield_index |
| /operating_model/cells/upside_2027q3_yield_index:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_yield_index:upside/label | None | Reserve rate / Q2 |
| /operating_model/cells/upside_2027q3_yield_index:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_yield_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_yield_index:upside/value | None | 1.0 |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/basis | None | Base annual adjusted expense matches $577.5M midpoint; no nonroutine other income assumed. |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/refs/0 | None | upside_2027q4_rldc |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/refs/1 | None | upside_2027q4_adjusted_opex |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/id | None | upside_2027q4_adj_ebitda |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/label | None | Adjusted EBITDA proxy |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_adj_ebitda:upside/value | None | 476.6107064450367 |
| /operating_model/cells/upside_2027q4_adjusted_opex:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_adjusted_opex:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_adjusted_opex:upside/id | None | upside_2027q4_adjusted_opex |
| /operating_model/cells/upside_2027q4_adjusted_opex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_adjusted_opex:upside/label | None | Adjusted operating expense |
| /operating_model/cells/upside_2027q4_adjusted_opex:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_adjusted_opex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_adjusted_opex:upside/value | None | 280.0 |
| /operating_model/cells/upside_2027q4_average_usdc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_average_usdc:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_average_usdc:upside/id | None | upside_2027q4_average_usdc |
| /operating_model/cells/upside_2027q4_average_usdc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_average_usdc:upside/label | None | Average USDC circulation |
| /operating_model/cells/upside_2027q4_average_usdc:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_average_usdc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_average_usdc:upside/value | None | 162000.0 |
| /operating_model/cells/upside_2027q4_award_withholding:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_award_withholding:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_award_withholding:upside/id | None | upside_2027q4_award_withholding |
| /operating_model/cells/upside_2027q4_award_withholding:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_award_withholding:upside/label | None | Employee award settlement cash |
| /operating_model/cells/upside_2027q4_award_withholding:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_award_withholding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_award_withholding:upside/value | None | 170.0 |
| /operating_model/cells/upside_2027q4_capex:upside/basis | None | Capitalized SBC is not cash capex. |
| /operating_model/cells/upside_2027q4_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_capex:upside/formula/refs/0 | None | upside_2027q4_software |
| /operating_model/cells/upside_2027q4_capex:upside/formula/refs/1 | None | upside_2027q4_ppe |
| /operating_model/cells/upside_2027q4_capex:upside/id | None | upside_2027q4_capex |
| /operating_model/cells/upside_2027q4_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_capex:upside/label | None | Cash PP&E and software |
| /operating_model/cells/upside_2027q4_capex:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_capex:upside/value | None | 43.0 |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/basis | None | Reverse token recognition to avoid collecting H1 advance cash twice. |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/formula/refs/0 | None | upside_2027q4_token_revenue |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/formula/refs/1 | None | upside_2027q4_payroll |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/formula/refs/2 | None | upside_2027q4_legal |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/formula/refs/3 | None | upside_2027q4_integration |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/formula/refs/4 | None | upside_2027q4_cash_tax |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/formula/refs/5 | None | upside_2027q4_working_capital_use |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/id | None | upside_2027q4_cash_adjustments |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/label | None | Previously collected token revenue and cash uses |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_adjustments:upside/value | None | 87.0 |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/basis | None | Before investments and financing receipts; Tazapay stock consideration is not a $400M cash outflow. |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/formula/refs/0 | None | upside_2027q4_fcf |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/formula/refs/1 | None | upside_2027q4_award_withholding |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/id | None | upside_2027q4_cash_after_claims |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/label | None | Cash after employee withholding |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_after_claims:upside/value | None | 190.61070644503673 |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/basis | None | Reserve income is already in earnings; corporate interest is separate. |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/formula/refs/0 | None | upside_2027q4_adj_ebitda |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/formula/refs/1 | None | upside_2027q4_corporate_interest |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/formula/refs/2 | None | upside_2027q4_presale_receipt |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/id | None | upside_2027q4_cash_before_uses |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/label | None | Adjusted profit corporate interest and unpaid presale receipt |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_before_uses:upside/value | None | 490.6107064450367 |
| /operating_model/cells/upside_2027q4_cash_tax:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_cash_tax:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_tax:upside/id | None | upside_2027q4_cash_tax |
| /operating_model/cells/upside_2027q4_cash_tax:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_cash_tax:upside/label | None | Cash income tax |
| /operating_model/cells/upside_2027q4_cash_tax:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_tax:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_tax:upside/value | None | 25.0 |
| /operating_model/cells/upside_2027q4_cfo:upside/basis | None | Cash tax, payroll and excluded legal costs remain real operating uses. |
| /operating_model/cells/upside_2027q4_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/refs/0 | None | upside_2027q4_cash_before_uses |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/refs/1 | None | upside_2027q4_cash_adjustments |
| /operating_model/cells/upside_2027q4_cfo:upside/id | None | upside_2027q4_cfo |
| /operating_model/cells/upside_2027q4_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cfo:upside/label | None | Operating cash flow proxy |
| /operating_model/cells/upside_2027q4_cfo:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cfo:upside/value | None | 403.6107064450367 |
| /operating_model/cells/upside_2027q4_circulation_index:upside/basis | None | Average earning reserves, not quarter-end or payment volume. |
| /operating_model/cells/upside_2027q4_circulation_index:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_circulation_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q4_circulation_index:upside/formula/refs/0 | None | upside_2027q4_average_usdc |
| /operating_model/cells/upside_2027q4_circulation_index:upside/formula/refs/1 | None | q2_average_usdc |
| /operating_model/cells/upside_2027q4_circulation_index:upside/id | None | upside_2027q4_circulation_index |
| /operating_model/cells/upside_2027q4_circulation_index:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_circulation_index:upside/label | None | Average circulation / Q2 |
| /operating_model/cells/upside_2027q4_circulation_index:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_circulation_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_circulation_index:upside/value | None | 2.1169829073231927 |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/basis | None | No extra retained return on stablecoin holder principal. |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/formula/refs/0 | None | upside_2027q4_net_reserve |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/formula/refs/1 | None | upside_2027q4_other_revenue |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/id | None | upside_2027q4_contribution_before_other_cost |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/label | None | Retained reserve plus other revenue |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_contribution_before_other_cost:upside/value | None | 764.1107064450367 |
| /operating_model/cells/upside_2027q4_corporate_interest:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_corporate_interest:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_corporate_interest:upside/id | None | upside_2027q4_corporate_interest |
| /operating_model/cells/upside_2027q4_corporate_interest:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_corporate_interest:upside/label | None | Corporate cash interest income |
| /operating_model/cells/upside_2027q4_corporate_interest:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_corporate_interest:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_corporate_interest:upside/value | None | 14.0 |
| /operating_model/cells/upside_2027q4_da:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_da:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_da:upside/id | None | upside_2027q4_da |
| /operating_model/cells/upside_2027q4_da:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_da:upside/label | None | D&A including software amortization |
| /operating_model/cells/upside_2027q4_da:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_da:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_da:upside/value | None | 42.0 |
| /operating_model/cells/upside_2027q4_fcf:upside/basis | None | Contains only actual-period modeled cash receipts. |
| /operating_model/cells/upside_2027q4_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/refs/0 | None | upside_2027q4_cfo |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/refs/1 | None | upside_2027q4_capex |
| /operating_model/cells/upside_2027q4_fcf:upside/id | None | upside_2027q4_fcf |
| /operating_model/cells/upside_2027q4_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_fcf:upside/label | None | CFO less PP&E and software |
| /operating_model/cells/upside_2027q4_fcf:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_fcf:upside/value | None | 360.6107064450367 |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/basis | None | No digital-asset gain, noncash charity or redemption liability mark assumed. |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/0 | None | upside_2027q4_sbc |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/1 | None | upside_2027q4_payroll |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/2 | None | upside_2027q4_da |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/3 | None | upside_2027q4_legal |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/4 | None | upside_2027q4_integration |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/id | None | upside_2027q4_gaap_adjustments |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/label | None | Adjusted expense exclusions |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_gaap_adjustments:upside/value | None | 149.0 |
| /operating_model/cells/upside_2027q4_integration:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_integration:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_integration:upside/id | None | upside_2027q4_integration |
| /operating_model/cells/upside_2027q4_integration:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_integration:upside/label | None | Cash integration expense |
| /operating_model/cells/upside_2027q4_integration:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_integration:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_integration:upside/value | None | 5.0 |
| /operating_model/cells/upside_2027q4_legal:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_legal:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_legal:upside/id | None | upside_2027q4_legal |
| /operating_model/cells/upside_2027q4_legal:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_legal:upside/label | None | Cash legal expense excluded from EBITDA |
| /operating_model/cells/upside_2027q4_legal:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_legal:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_legal:upside/value | None | 9.0 |
| /operating_model/cells/upside_2027q4_net_reserve:upside/basis | None | Distribution costs decline with lower reserve yield in this sensitivity. |
| /operating_model/cells/upside_2027q4_net_reserve:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_net_reserve:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_net_reserve:upside/formula/refs/0 | None | upside_2027q4_reserve_income |
| /operating_model/cells/upside_2027q4_net_reserve:upside/formula/refs/1 | None | upside_2027q4_retained_margin |
| /operating_model/cells/upside_2027q4_net_reserve:upside/id | None | upside_2027q4_net_reserve |
| /operating_model/cells/upside_2027q4_net_reserve:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_net_reserve:upside/label | None | Reserve income after distribution costs |
| /operating_model/cells/upside_2027q4_net_reserve:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_net_reserve:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_net_reserve:upside/value | None | 636.1107064450367 |
| /operating_model/cells/upside_2027q4_operating_income:upside/basis | None | Retains compensation and software costs in GAAP earnings. |
| /operating_model/cells/upside_2027q4_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_operating_income:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_operating_income:upside/formula/refs/0 | None | upside_2027q4_adj_ebitda |
| /operating_model/cells/upside_2027q4_operating_income:upside/formula/refs/1 | None | upside_2027q4_gaap_adjustments |
| /operating_model/cells/upside_2027q4_operating_income:upside/id | None | upside_2027q4_operating_income |
| /operating_model/cells/upside_2027q4_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_operating_income:upside/label | None | GAAP operating income proxy |
| /operating_model/cells/upside_2027q4_operating_income:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_operating_income:upside/value | None | 327.6107064450367 |
| /operating_model/cells/upside_2027q4_other_direct_cost:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_other_direct_cost:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_other_direct_cost:upside/id | None | upside_2027q4_other_direct_cost |
| /operating_model/cells/upside_2027q4_other_direct_cost:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_other_direct_cost:upside/label | None | Other direct transaction/services cost |
| /operating_model/cells/upside_2027q4_other_direct_cost:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_other_direct_cost:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_other_direct_cost:upside/value | None | 7.5 |
| /operating_model/cells/upside_2027q4_other_revenue:upside/basis | None | Token presale recognition separated from recurring business. |
| /operating_model/cells/upside_2027q4_other_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_other_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_other_revenue:upside/formula/refs/0 | None | upside_2027q4_recurring_other |
| /operating_model/cells/upside_2027q4_other_revenue:upside/formula/refs/1 | None | upside_2027q4_token_revenue |
| /operating_model/cells/upside_2027q4_other_revenue:upside/id | None | upside_2027q4_other_revenue |
| /operating_model/cells/upside_2027q4_other_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_other_revenue:upside/label | None | Other revenue |
| /operating_model/cells/upside_2027q4_other_revenue:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_other_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_other_revenue:upside/value | None | 128.0 |
| /operating_model/cells/upside_2027q4_payroll:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_payroll:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_payroll:upside/id | None | upside_2027q4_payroll |
| /operating_model/cells/upside_2027q4_payroll:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_payroll:upside/label | None | Employer payroll tax on equity |
| /operating_model/cells/upside_2027q4_payroll:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_payroll:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_payroll:upside/value | None | 13.0 |
| /operating_model/cells/upside_2027q4_ppe:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_ppe:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_ppe:upside/id | None | upside_2027q4_ppe |
| /operating_model/cells/upside_2027q4_ppe:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_ppe:upside/label | None | Cash PP&E |
| /operating_model/cells/upside_2027q4_ppe:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_ppe:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_ppe:upside/value | None | 11.0 |
| /operating_model/cells/upside_2027q4_presale_receipt:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_presale_receipt:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_presale_receipt:upside/id | None | upside_2027q4_presale_receipt |
| /operating_model/cells/upside_2027q4_presale_receipt:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_presale_receipt:upside/label | None | Additional original presale collection |
| /operating_model/cells/upside_2027q4_presale_receipt:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_presale_receipt:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_presale_receipt:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q4_recurring_other:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_recurring_other:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_recurring_other:upside/id | None | upside_2027q4_recurring_other |
| /operating_model/cells/upside_2027q4_recurring_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_recurring_other:upside/label | None | Services and transaction revenue |
| /operating_model/cells/upside_2027q4_recurring_other:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_recurring_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_recurring_other:upside/value | None | 128.0 |
| /operating_model/cells/upside_2027q4_reserve_income:upside/basis | None | Q2-normalized reserve income absorbs rounded rate, reserve mix and day count. |
| /operating_model/cells/upside_2027q4_reserve_income:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_reserve_income:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_reserve_income:upside/formula/refs/0 | None | q2_reserve_income |
| /operating_model/cells/upside_2027q4_reserve_income:upside/formula/refs/1 | None | upside_2027q4_circulation_index |
| /operating_model/cells/upside_2027q4_reserve_income:upside/formula/refs/2 | None | upside_2027q4_yield_index |
| /operating_model/cells/upside_2027q4_reserve_income:upside/id | None | upside_2027q4_reserve_income |
| /operating_model/cells/upside_2027q4_reserve_income:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_reserve_income:upside/label | None | Reserve income |
| /operating_model/cells/upside_2027q4_reserve_income:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_reserve_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_reserve_income:upside/value | None | 1413.5793476556373 |
| /operating_model/cells/upside_2027q4_reserve_rate:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_reserve_rate:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_reserve_rate:upside/id | None | upside_2027q4_reserve_rate |
| /operating_model/cells/upside_2027q4_reserve_rate:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_reserve_rate:upside/label | None | Annual reserve return rate |
| /operating_model/cells/upside_2027q4_reserve_rate:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_reserve_rate:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_reserve_rate:upside/value | None | 0.035 |
| /operating_model/cells/upside_2027q4_retained_margin:upside/basis | None | Blended distribution/mix assumption; base H2 calibrated to annual RLDC midpoint, not a Coinbase contract term. |
| /operating_model/cells/upside_2027q4_retained_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_retained_margin:upside/id | None | upside_2027q4_retained_margin |
| /operating_model/cells/upside_2027q4_retained_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_retained_margin:upside/label | None | Retained reserve margin |
| /operating_model/cells/upside_2027q4_retained_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_retained_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_retained_margin:upside/value | None | 0.44999999999999996 |
| /operating_model/cells/upside_2027q4_revenue:upside/basis | None | No holder reserve balance or token supply counted as revenue. |
| /operating_model/cells/upside_2027q4_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/0 | None | upside_2027q4_reserve_income |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/1 | None | upside_2027q4_other_revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/id | None | upside_2027q4_revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_revenue:upside/label | None | Total revenue and reserve income |
| /operating_model/cells/upside_2027q4_revenue:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_revenue:upside/value | None | 1541.5793476556373 |
| /operating_model/cells/upside_2027q4_rldc:upside/basis | None | Retained-margin calibration is separate from service growth. |
| /operating_model/cells/upside_2027q4_rldc:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_rldc:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_rldc:upside/formula/refs/0 | None | upside_2027q4_contribution_before_other_cost |
| /operating_model/cells/upside_2027q4_rldc:upside/formula/refs/1 | None | upside_2027q4_other_direct_cost |
| /operating_model/cells/upside_2027q4_rldc:upside/id | None | upside_2027q4_rldc |
| /operating_model/cells/upside_2027q4_rldc:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_rldc:upside/label | None | Revenue less distribution and transaction costs |
| /operating_model/cells/upside_2027q4_rldc:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_rldc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_rldc:upside/value | None | 756.6107064450367 |
| /operating_model/cells/upside_2027q4_sbc:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_sbc:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_sbc:upside/id | None | upside_2027q4_sbc |
| /operating_model/cells/upside_2027q4_sbc:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_sbc:upside/label | None | SBC expense |
| /operating_model/cells/upside_2027q4_sbc:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_sbc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_sbc:upside/value | None | 80.0 |
| /operating_model/cells/upside_2027q4_software:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_software:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_software:upside/id | None | upside_2027q4_software |
| /operating_model/cells/upside_2027q4_software:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_software:upside/label | None | Cash capitalized software |
| /operating_model/cells/upside_2027q4_software:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_software:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_software:upside/value | None | 32.0 |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/basis | None | All scenarios stay nonnegative; no new token sales. |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/formula/refs/0 | None | upside_2027q3_token_deferred_ending |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/formula/refs/1 | None | upside_2027q4_token_revenue |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/id | None | upside_2027q4_token_deferred_ending |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/label | None | Unrecognized original presale revenue |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_token_deferred_ending:upside/value | None | -1.4210854715202004e-14 |
| /operating_model/cells/upside_2027q4_token_revenue:upside/basis | None | Desk satisfaction/timing scenario within original presale total. Mainnet and genesis mint do not by themselves confirm GAAP recognition. |
| /operating_model/cells/upside_2027q4_token_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_token_revenue:upside/id | None | upside_2027q4_token_revenue |
| /operating_model/cells/upside_2027q4_token_revenue:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_token_revenue:upside/label | None | ARC presale recognition |
| /operating_model/cells/upside_2027q4_token_revenue:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_token_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_token_revenue:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q4_working_capital_use:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_working_capital_use:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_working_capital_use:upside/id | None | upside_2027q4_working_capital_use |
| /operating_model/cells/upside_2027q4_working_capital_use:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_working_capital_use:upside/label | None | Other operating cash use |
| /operating_model/cells/upside_2027q4_working_capital_use:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_working_capital_use:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_working_capital_use:upside/value | None | 35.0 |
| /operating_model/cells/upside_2027q4_yield_index:upside/basis | None | Scenario rate, not a current market quote. |
| /operating_model/cells/upside_2027q4_yield_index:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_yield_index:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q4_yield_index:upside/formula/refs/0 | None | upside_2027q4_reserve_rate |
| /operating_model/cells/upside_2027q4_yield_index:upside/formula/refs/1 | None | q2_reserve_rate |
| /operating_model/cells/upside_2027q4_yield_index:upside/id | None | upside_2027q4_yield_index |
| /operating_model/cells/upside_2027q4_yield_index:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_yield_index:upside/label | None | Reserve rate / Q2 |
| /operating_model/cells/upside_2027q4_yield_index:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_yield_index:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_yield_index:upside/value | None | 1.0 |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/0 | None | h1_adj_ebitda |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/1 | None | upside_2026q3_adj_ebitda |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/2 | None | upside_2026q4_adj_ebitda |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/id | None | upside_fy2026_adj_ebitda |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_adj_ebitda:upside/value | None | 917.6895740682662 |
| /operating_model/cells/upside_fy2026_award_withholding:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_award_withholding:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_award_withholding:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_award_withholding:upside/formula/refs/0 | None | h1_award_withholding |
| /operating_model/cells/upside_fy2026_award_withholding:upside/formula/refs/1 | None | upside_2026q3_award_withholding |
| /operating_model/cells/upside_fy2026_award_withholding:upside/formula/refs/2 | None | upside_2026q4_award_withholding |
| /operating_model/cells/upside_fy2026_award_withholding:upside/id | None | upside_fy2026_award_withholding |
| /operating_model/cells/upside_fy2026_award_withholding:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_award_withholding:upside/label | None | Cash equity-award withholding ($M) |
| /operating_model/cells/upside_fy2026_award_withholding:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_award_withholding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_award_withholding:upside/value | None | 334.496 |
| /operating_model/cells/upside_fy2026_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/0 | None | h1_capex |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/1 | None | upside_2026q3_capex |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/2 | None | upside_2026q4_capex |
| /operating_model/cells/upside_fy2026_capex:upside/id | None | upside_fy2026_capex |
| /operating_model/cells/upside_fy2026_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_capex:upside/label | None | Cash PP&E and software ($M) |
| /operating_model/cells/upside_fy2026_capex:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_capex:upside/value | None | 105.153 |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/formula/refs/0 | None | h1_cash_after_claims |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/formula/refs/1 | None | upside_2026q3_cash_after_claims |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/formula/refs/2 | None | upside_2026q4_cash_after_claims |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/id | None | upside_fy2026_cash_after_claims |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/label | None | Cash after award withholding ($M) |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_cash_after_claims:upside/value | None | 407.6665740682661 |
| /operating_model/cells/upside_fy2026_cfo:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_cfo:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/1 | None | upside_2026q3_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/2 | None | upside_2026q4_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/id | None | upside_fy2026_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_cfo:upside/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/upside_fy2026_cfo:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_cfo:upside/value | None | 847.3155740682661 |
| /operating_model/cells/upside_fy2026_fcf:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_fcf:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/1 | None | upside_2026q3_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/2 | None | upside_2026q4_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/id | None | upside_fy2026_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_fcf:upside/label | None | CFO less PP&E/software ($M) |
| /operating_model/cells/upside_fy2026_fcf:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_fcf:upside/value | None | 742.162574068266 |
| /operating_model/cells/upside_fy2026_operating_income:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_operating_income:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/0 | None | h1_operating_income |
| /operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/1 | None | upside_2026q3_operating_income |
| /operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/2 | None | upside_2026q4_operating_income |
| /operating_model/cells/upside_fy2026_operating_income:upside/id | None | upside_fy2026_operating_income |
| /operating_model/cells/upside_fy2026_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_operating_income:upside/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/upside_fy2026_operating_income:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_operating_income:upside/value | None | 467.17157406826607 |
| /operating_model/cells/upside_fy2026_other_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_other_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_other_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_other_revenue:upside/formula/refs/0 | None | h1_other_revenue |
| /operating_model/cells/upside_fy2026_other_revenue:upside/formula/refs/1 | None | upside_2026q3_other_revenue |
| /operating_model/cells/upside_fy2026_other_revenue:upside/formula/refs/2 | None | upside_2026q4_other_revenue |
| /operating_model/cells/upside_fy2026_other_revenue:upside/id | None | upside_fy2026_other_revenue |
| /operating_model/cells/upside_fy2026_other_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_other_revenue:upside/label | None | Other revenue including token recognition ($M) |
| /operating_model/cells/upside_fy2026_other_revenue:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_other_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_other_revenue:upside/value | None | 422.407 |
| /operating_model/cells/upside_fy2026_reserve_income:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_reserve_income:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_reserve_income:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_reserve_income:upside/formula/refs/0 | None | h1_reserve_income |
| /operating_model/cells/upside_fy2026_reserve_income:upside/formula/refs/1 | None | upside_2026q3_reserve_income |
| /operating_model/cells/upside_fy2026_reserve_income:upside/formula/refs/2 | None | upside_2026q4_reserve_income |
| /operating_model/cells/upside_fy2026_reserve_income:upside/id | None | upside_fy2026_reserve_income |
| /operating_model/cells/upside_fy2026_reserve_income:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_reserve_income:upside/label | None | Reserve income ($M) |
| /operating_model/cells/upside_fy2026_reserve_income:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_reserve_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_reserve_income:upside/value | None | 2794.9009367518684 |
| /operating_model/cells/upside_fy2026_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/1 | None | upside_2026q3_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/2 | None | upside_2026q4_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/id | None | upside_fy2026_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_revenue:upside/label | None | Revenue and reserve income ($M) |
| /operating_model/cells/upside_fy2026_revenue:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_revenue:upside/value | None | 3217.3079367518685 |
| /operating_model/cells/upside_fy2026_rldc:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_rldc:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_rldc:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_rldc:upside/formula/refs/0 | None | h1_rldc |
| /operating_model/cells/upside_fy2026_rldc:upside/formula/refs/1 | None | upside_2026q3_rldc |
| /operating_model/cells/upside_fy2026_rldc:upside/formula/refs/2 | None | upside_2026q4_rldc |
| /operating_model/cells/upside_fy2026_rldc:upside/id | None | upside_fy2026_rldc |
| /operating_model/cells/upside_fy2026_rldc:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_rldc:upside/label | None | Revenue less distribution/transaction costs ($M) |
| /operating_model/cells/upside_fy2026_rldc:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_rldc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_rldc:upside/value | None | 1518.0075740682662 |
| /operating_model/cells/upside_fy2026_token_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2026_token_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_token_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_token_revenue:upside/formula/refs/0 | None | h1_token_revenue |
| /operating_model/cells/upside_fy2026_token_revenue:upside/formula/refs/1 | None | upside_2026q3_token_revenue |
| /operating_model/cells/upside_fy2026_token_revenue:upside/formula/refs/2 | None | upside_2026q4_token_revenue |
| /operating_model/cells/upside_fy2026_token_revenue:upside/id | None | upside_fy2026_token_revenue |
| /operating_model/cells/upside_fy2026_token_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_token_revenue:upside/label | None | ARC presale revenue recognition ($M) |
| /operating_model/cells/upside_fy2026_token_revenue:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_token_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_token_revenue:upside/value | None | 242.2 |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/0 | None | upside_2027q1_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/1 | None | upside_2027q2_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/2 | None | upside_2027q3_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/3 | None | upside_2027q4_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/id | None | upside_fy2027_adj_ebitda |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/label | None | Adjusted EBITDA proxy ($M) |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_adj_ebitda:upside/value | None | 1446.349130730228 |
| /operating_model/cells/upside_fy2027_award_withholding:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_award_withholding:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_award_withholding:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_award_withholding:upside/formula/refs/0 | None | upside_2027q1_award_withholding |
| /operating_model/cells/upside_fy2027_award_withholding:upside/formula/refs/1 | None | upside_2027q2_award_withholding |
| /operating_model/cells/upside_fy2027_award_withholding:upside/formula/refs/2 | None | upside_2027q3_award_withholding |
| /operating_model/cells/upside_fy2027_award_withholding:upside/formula/refs/3 | None | upside_2027q4_award_withholding |
| /operating_model/cells/upside_fy2027_award_withholding:upside/id | None | upside_fy2027_award_withholding |
| /operating_model/cells/upside_fy2027_award_withholding:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_award_withholding:upside/label | None | Cash equity-award withholding ($M) |
| /operating_model/cells/upside_fy2027_award_withholding:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_award_withholding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_award_withholding:upside/value | None | 550.0 |
| /operating_model/cells/upside_fy2027_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/0 | None | upside_2027q1_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/2 | None | upside_2027q3_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/3 | None | upside_2027q4_capex |
| /operating_model/cells/upside_fy2027_capex:upside/id | None | upside_fy2027_capex |
| /operating_model/cells/upside_fy2027_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_capex:upside/label | None | Cash PP&E and software ($M) |
| /operating_model/cells/upside_fy2027_capex:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_capex:upside/value | None | 154.0 |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/refs/0 | None | upside_2027q1_cash_after_claims |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/refs/1 | None | upside_2027q2_cash_after_claims |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/refs/2 | None | upside_2027q3_cash_after_claims |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/refs/3 | None | upside_2027q4_cash_after_claims |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/id | None | upside_fy2027_cash_after_claims |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/label | None | Cash after award withholding ($M) |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cash_after_claims:upside/value | None | 486.349130730228 |
| /operating_model/cells/upside_fy2027_cfo:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_cfo:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/0 | None | upside_2027q1_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/1 | None | upside_2027q2_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/2 | None | upside_2027q3_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/3 | None | upside_2027q4_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/id | None | upside_fy2027_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cfo:upside/label | None | Operating cash flow proxy ($M) |
| /operating_model/cells/upside_fy2027_cfo:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cfo:upside/value | None | 1190.349130730228 |
| /operating_model/cells/upside_fy2027_fcf:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_fcf:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/0 | None | upside_2027q1_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/1 | None | upside_2027q2_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/2 | None | upside_2027q3_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/3 | None | upside_2027q4_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/id | None | upside_fy2027_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_fcf:upside/label | None | CFO less PP&E/software ($M) |
| /operating_model/cells/upside_fy2027_fcf:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_fcf:upside/value | None | 1036.349130730228 |
| /operating_model/cells/upside_fy2027_operating_income:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_operating_income:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/0 | None | upside_2027q1_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/1 | None | upside_2027q2_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/2 | None | upside_2027q3_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/3 | None | upside_2027q4_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/id | None | upside_fy2027_operating_income |
| /operating_model/cells/upside_fy2027_operating_income:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_operating_income:upside/label | None | GAAP operating income proxy ($M) |
| /operating_model/cells/upside_fy2027_operating_income:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_operating_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_operating_income:upside/value | None | 892.349130730228 |
| /operating_model/cells/upside_fy2027_other_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_other_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_other_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_other_revenue:upside/formula/refs/0 | None | upside_2027q1_other_revenue |
| /operating_model/cells/upside_fy2027_other_revenue:upside/formula/refs/1 | None | upside_2027q2_other_revenue |
| /operating_model/cells/upside_fy2027_other_revenue:upside/formula/refs/2 | None | upside_2027q3_other_revenue |
| /operating_model/cells/upside_fy2027_other_revenue:upside/formula/refs/3 | None | upside_2027q4_other_revenue |
| /operating_model/cells/upside_fy2027_other_revenue:upside/id | None | upside_fy2027_other_revenue |
| /operating_model/cells/upside_fy2027_other_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_other_revenue:upside/label | None | Other revenue including token recognition ($M) |
| /operating_model/cells/upside_fy2027_other_revenue:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_other_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_other_revenue:upside/value | None | 389.0 |
| /operating_model/cells/upside_fy2027_reserve_income:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_reserve_income:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_reserve_income:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_reserve_income:upside/formula/refs/0 | None | upside_2027q1_reserve_income |
| /operating_model/cells/upside_fy2027_reserve_income:upside/formula/refs/1 | None | upside_2027q2_reserve_income |
| /operating_model/cells/upside_fy2027_reserve_income:upside/formula/refs/2 | None | upside_2027q3_reserve_income |
| /operating_model/cells/upside_fy2027_reserve_income:upside/formula/refs/3 | None | upside_2027q4_reserve_income |
| /operating_model/cells/upside_fy2027_reserve_income:upside/id | None | upside_fy2027_reserve_income |
| /operating_model/cells/upside_fy2027_reserve_income:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_reserve_income:upside/label | None | Reserve income ($M) |
| /operating_model/cells/upside_fy2027_reserve_income:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_reserve_income:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_reserve_income:upside/value | None | 4581.044182217343 |
| /operating_model/cells/upside_fy2027_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/0 | None | upside_2027q1_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/1 | None | upside_2027q2_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/2 | None | upside_2027q3_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/3 | None | upside_2027q4_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/id | None | upside_fy2027_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_revenue:upside/label | None | Revenue and reserve income ($M) |
| /operating_model/cells/upside_fy2027_revenue:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_revenue:upside/value | None | 4970.044182217343 |
| /operating_model/cells/upside_fy2027_rldc:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_rldc:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_rldc:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_rldc:upside/formula/refs/0 | None | upside_2027q1_rldc |
| /operating_model/cells/upside_fy2027_rldc:upside/formula/refs/1 | None | upside_2027q2_rldc |
| /operating_model/cells/upside_fy2027_rldc:upside/formula/refs/2 | None | upside_2027q3_rldc |
| /operating_model/cells/upside_fy2027_rldc:upside/formula/refs/3 | None | upside_2027q4_rldc |
| /operating_model/cells/upside_fy2027_rldc:upside/id | None | upside_fy2027_rldc |
| /operating_model/cells/upside_fy2027_rldc:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_rldc:upside/label | None | Revenue less distribution/transaction costs ($M) |
| /operating_model/cells/upside_fy2027_rldc:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_rldc:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_rldc:upside/value | None | 2363.349130730228 |
| /operating_model/cells/upside_fy2027_token_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_token_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_token_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_token_revenue:upside/formula/refs/0 | None | upside_2027q1_token_revenue |
| /operating_model/cells/upside_fy2027_token_revenue:upside/formula/refs/1 | None | upside_2027q2_token_revenue |
| /operating_model/cells/upside_fy2027_token_revenue:upside/formula/refs/2 | None | upside_2027q3_token_revenue |
| /operating_model/cells/upside_fy2027_token_revenue:upside/formula/refs/3 | None | upside_2027q4_token_revenue |
| /operating_model/cells/upside_fy2027_token_revenue:upside/id | None | upside_fy2027_token_revenue |
| /operating_model/cells/upside_fy2027_token_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_token_revenue:upside/label | None | ARC presale revenue recognition ($M) |
| /operating_model/cells/upside_fy2027_token_revenue:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_token_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_token_revenue:upside/value | None | 0.0 |
| /operating_model/highlights/0 | None | q2_average_usdc |
| /operating_model/highlights/1 | None | ending_usdc |
| /operating_model/highlights/10 | None | h1_award_withholding |
| /operating_model/highlights/11 | None | corporate_cash |
| /operating_model/highlights/12 | None | corporate_stablecoins |
| /operating_model/highlights/13 | None | holder_reserves |
| /operating_model/highlights/14 | None | holder_deposits |
| /operating_model/highlights/15 | None | presale_total |
| /operating_model/highlights/16 | None | presale_received |
| /operating_model/highlights/17 | None | tazapay_stock |
| /operating_model/highlights/2 | None | q2_reserve_rate |
| /operating_model/highlights/3 | None | fy26_other |
| /operating_model/highlights/4 | None | fy26_opex |
| /operating_model/highlights/5 | None | fy26_rldc_mid |
| /operating_model/highlights/6 | None | h1_adj_ebitda |
| /operating_model/highlights/7 | None | h1_cfo |
| /operating_model/highlights/8 | None | h1_fcf |
| /operating_model/highlights/9 | None | h1_fcf_ex_presale |
| /operating_model/limitations/0 | None | Stablecoin reserves support redemption liabilities. Cash segregated for external stablecoin holders is not corporate cash, and onchain payment volume is not company revenue. Average circulation, end-period circulation and annualized payment volume are different measures. |
| /operating_model/limitations/1 | None | The reported 3.5% reserve-return rate is rounded and covers the company reserve-income perimeter. Normalization to Q2 absorbs reserve mix and period-day effects; the model is a sensitivity, not a precise treasury-portfolio forecast. |
| /operating_model/limitations/2 | None | Retained reserve margin combines distribution agreements, platform mix and transaction expense. It is not a contractual Coinbase take rate. Base margin is a calibration to annual RLDC outlook, not independent proof of future distribution economics. |
| /operating_model/limitations/3 | None | Arc public mainnet launched September 16 and tokens were minted, but that is not a commitment to public token launch or proof-of-stake completion. Base $160M FY2026 presale recognition is a desk allocation within other-revenue guidance; actual satisfaction of accounting performance obligations still requires the next filing. |
| /operating_model/limitations/4 | None | Presale proceeds were about $242.2M, of which $222M was received by June. Remaining receipt/recognition figures use those rounded disclosures. Timing cases never recognize more than the original proceeds and do not collect the same cash twice. |
| /operating_model/limitations/5 | None | Presale agreements contain repayment rights, including specified delivery/proof-of-stake conditions by May 8, 2028. No new token sale, token market-value gain or value for the full minted token supply is added. |
| /operating_model/limitations/6 | None | Tazapay was an agreement to acquire, subject to conditions, with approximately $400M stock consideration adjusted at closing. No acquired revenue or $400M cash purchase is assumed; dilution and purchase accounting remain unmodeled. |
| /operating_model/limitations/7 | None | Forecast excludes acquisitions, discretionary investments, stock-option/ESPP proceeds and a full ownership bridge. Award withholding differs from employer payroll taxes. No EPS or parent valuation is presented. |
| /operating_model/method | None | Normalize reserve income to Q2 average USDC and reported reserve-return rate, then vary average circulation, rate and retained reserve margin independently. Add recurring services/transaction revenue and separately identified ARC presale recognition. Base other revenue and adjusted operating expense match FY2026 midpoints; retained reserve margin is calibrated to the midpoint RLDC margin under the chosen volume/rate scenario. Bridge earnings to cash by reversing token revenue collected earlier and adding only the remaining presale cash receipt. Award withholding follows software/PP&E investment. |
| /operating_model/metrics/adj_ebitda | None | Adjusted EBITDA proxy ($M) |
| /operating_model/metrics/award_withholding | None | Cash equity-award withholding ($M) |
| /operating_model/metrics/capex | None | Cash PP&E and software ($M) |
| /operating_model/metrics/cash_after_claims | None | Cash after award withholding ($M) |
| /operating_model/metrics/cfo | None | Operating cash flow proxy ($M) |
| /operating_model/metrics/fcf | None | CFO less PP&E/software ($M) |
| /operating_model/metrics/operating_income | None | GAAP operating income proxy ($M) |
| /operating_model/metrics/other_revenue | None | Other revenue including token recognition ($M) |
| /operating_model/metrics/reserve_income | None | Reserve income ($M) |
| /operating_model/metrics/revenue | None | Revenue and reserve income ($M) |
| /operating_model/metrics/rldc | None | Revenue less distribution/transaction costs ($M) |
| /operating_model/metrics/token_revenue | None | ARC presale revenue recognition ($M) |
| /operating_model/outputs/2026Q3:base/case | None | base |
| /operating_model/outputs/2026Q3:base/frequency | None | quarter |
| /operating_model/outputs/2026Q3:base/metrics/adj_ebitda | None | base_2026q3_adj_ebitda |
| /operating_model/outputs/2026Q3:base/metrics/award_withholding | None | base_2026q3_award_withholding |
| /operating_model/outputs/2026Q3:base/metrics/capex | None | base_2026q3_capex |
| /operating_model/outputs/2026Q3:base/metrics/cash_after_claims | None | base_2026q3_cash_after_claims |
| /operating_model/outputs/2026Q3:base/metrics/cfo | None | base_2026q3_cfo |
| /operating_model/outputs/2026Q3:base/metrics/fcf | None | base_2026q3_fcf |
| /operating_model/outputs/2026Q3:base/metrics/operating_income | None | base_2026q3_operating_income |
| /operating_model/outputs/2026Q3:base/metrics/other_revenue | None | base_2026q3_other_revenue |
| /operating_model/outputs/2026Q3:base/metrics/reserve_income | None | base_2026q3_reserve_income |
| /operating_model/outputs/2026Q3:base/metrics/revenue | None | base_2026q3_revenue |
| /operating_model/outputs/2026Q3:base/metrics/rldc | None | base_2026q3_rldc |
| /operating_model/outputs/2026Q3:base/metrics/token_revenue | None | base_2026q3_token_revenue |
| /operating_model/outputs/2026Q3:base/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:base/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:base/values/adj_ebitda | None | 255.75117501566308 |
| /operating_model/outputs/2026Q3:base/values/award_withholding | None | 70.0 |
| /operating_model/outputs/2026Q3:base/values/capex | None | 28.0 |
| /operating_model/outputs/2026Q3:base/values/cash_after_claims | None | -25.04882498433693 |
| /operating_model/outputs/2026Q3:base/values/cfo | None | 72.95117501566307 |
| /operating_model/outputs/2026Q3:base/values/fcf | None | 44.95117501566307 |
| /operating_model/outputs/2026Q3:base/values/operating_income | None | 141.75117501566308 |
| /operating_model/outputs/2026Q3:base/values/other_revenue | None | 202.0 |
| /operating_model/outputs/2026Q3:base/values/reserve_income | None | 607.68953437577 |
| /operating_model/outputs/2026Q3:base/values/revenue | None | 809.68953437577 |
| /operating_model/outputs/2026Q3:base/values/rldc | None | 400.7511750156631 |
| /operating_model/outputs/2026Q3:base/values/token_revenue | None | 160.0 |
| /operating_model/outputs/2026Q3:downside/case | None | downside |
| /operating_model/outputs/2026Q3:downside/frequency | None | quarter |
| /operating_model/outputs/2026Q3:downside/metrics/adj_ebitda | None | downside_2026q3_adj_ebitda |
| /operating_model/outputs/2026Q3:downside/metrics/award_withholding | None | downside_2026q3_award_withholding |
| /operating_model/outputs/2026Q3:downside/metrics/capex | None | downside_2026q3_capex |
| /operating_model/outputs/2026Q3:downside/metrics/cash_after_claims | None | downside_2026q3_cash_after_claims |
| /operating_model/outputs/2026Q3:downside/metrics/cfo | None | downside_2026q3_cfo |
| /operating_model/outputs/2026Q3:downside/metrics/fcf | None | downside_2026q3_fcf |
| /operating_model/outputs/2026Q3:downside/metrics/operating_income | None | downside_2026q3_operating_income |
| /operating_model/outputs/2026Q3:downside/metrics/other_revenue | None | downside_2026q3_other_revenue |
| /operating_model/outputs/2026Q3:downside/metrics/reserve_income | None | downside_2026q3_reserve_income |
| /operating_model/outputs/2026Q3:downside/metrics/revenue | None | downside_2026q3_revenue |
| /operating_model/outputs/2026Q3:downside/metrics/rldc | None | downside_2026q3_rldc |
| /operating_model/outputs/2026Q3:downside/metrics/token_revenue | None | downside_2026q3_token_revenue |
| /operating_model/outputs/2026Q3:downside/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:downside/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:downside/values/adj_ebitda | None | 42.93698962790381 |
| /operating_model/outputs/2026Q3:downside/values/award_withholding | None | 55.0 |
| /operating_model/outputs/2026Q3:downside/values/capex | None | 28.0 |
| /operating_model/outputs/2026Q3:downside/values/cash_after_claims | None | -62.8630103720962 |
| /operating_model/outputs/2026Q3:downside/values/cfo | None | 20.1369896279038 |
| /operating_model/outputs/2026Q3:downside/values/fcf | None | -7.863010372096198 |
| /operating_model/outputs/2026Q3:downside/values/operating_income | None | -71.06301037209619 |
| /operating_model/outputs/2026Q3:downside/values/other_revenue | None | 32.0 |
| /operating_model/outputs/2026Q3:downside/values/reserve_income | None | 538.5064181545284 |
| /operating_model/outputs/2026Q3:downside/values/revenue | None | 570.5064181545284 |
| /operating_model/outputs/2026Q3:downside/values/rldc | None | 193.9369896279038 |
| /operating_model/outputs/2026Q3:downside/values/token_revenue | None | 0.0 |
| /operating_model/outputs/2026Q3:upside/case | None | upside |
| /operating_model/outputs/2026Q3:upside/frequency | None | quarter |
| /operating_model/outputs/2026Q3:upside/metrics/adj_ebitda | None | upside_2026q3_adj_ebitda |
| /operating_model/outputs/2026Q3:upside/metrics/award_withholding | None | upside_2026q3_award_withholding |
| /operating_model/outputs/2026Q3:upside/metrics/capex | None | upside_2026q3_capex |
| /operating_model/outputs/2026Q3:upside/metrics/cash_after_claims | None | upside_2026q3_cash_after_claims |
| /operating_model/outputs/2026Q3:upside/metrics/cfo | None | upside_2026q3_cfo |
| /operating_model/outputs/2026Q3:upside/metrics/fcf | None | upside_2026q3_fcf |
| /operating_model/outputs/2026Q3:upside/metrics/operating_income | None | upside_2026q3_operating_income |
| /operating_model/outputs/2026Q3:upside/metrics/other_revenue | None | upside_2026q3_other_revenue |
| /operating_model/outputs/2026Q3:upside/metrics/reserve_income | None | upside_2026q3_reserve_income |
| /operating_model/outputs/2026Q3:upside/metrics/revenue | None | upside_2026q3_revenue |
| /operating_model/outputs/2026Q3:upside/metrics/rldc | None | upside_2026q3_rldc |
| /operating_model/outputs/2026Q3:upside/metrics/token_revenue | None | upside_2026q3_token_revenue |
| /operating_model/outputs/2026Q3:upside/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:upside/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:upside/values/adj_ebitda | None | 332.62861154670424 |
| /operating_model/outputs/2026Q3:upside/values/award_withholding | None | 85.0 |
| /operating_model/outputs/2026Q3:upside/values/capex | None | 28.0 |
| /operating_model/outputs/2026Q3:upside/values/cash_after_claims | None | 36.828611546704224 |
| /operating_model/outputs/2026Q3:upside/values/cfo | None | 149.82861154670422 |
| /operating_model/outputs/2026Q3:upside/values/fcf | None | 121.82861154670422 |
| /operating_model/outputs/2026Q3:upside/values/operating_income | None | 218.62861154670424 |
| /operating_model/outputs/2026Q3:upside/values/other_revenue | None | 208.0 |
| /operating_model/outputs/2026Q3:upside/values/reserve_income | None | 689.3380769431811 |
| /operating_model/outputs/2026Q3:upside/values/revenue | None | 897.3380769431811 |
| /operating_model/outputs/2026Q3:upside/values/rldc | None | 485.62861154670424 |
| /operating_model/outputs/2026Q3:upside/values/token_revenue | None | 160.0 |
| /operating_model/outputs/2026Q4:base/case | None | base |
| /operating_model/outputs/2026Q4:base/frequency | None | quarter |
| /operating_model/outputs/2026Q4:base/metrics/adj_ebitda | None | base_2026q4_adj_ebitda |
| /operating_model/outputs/2026Q4:base/metrics/award_withholding | None | base_2026q4_award_withholding |
| /operating_model/outputs/2026Q4:base/metrics/capex | None | base_2026q4_capex |
| /operating_model/outputs/2026Q4:base/metrics/cash_after_claims | None | base_2026q4_cash_after_claims |
| /operating_model/outputs/2026Q4:base/metrics/cfo | None | base_2026q4_cfo |
| /operating_model/outputs/2026Q4:base/metrics/fcf | None | base_2026q4_fcf |
| /operating_model/outputs/2026Q4:base/metrics/operating_income | None | base_2026q4_operating_income |
| /operating_model/outputs/2026Q4:base/metrics/other_revenue | None | base_2026q4_other_revenue |
| /operating_model/outputs/2026Q4:base/metrics/reserve_income | None | base_2026q4_reserve_income |
| /operating_model/outputs/2026Q4:base/metrics/revenue | None | base_2026q4_revenue |
| /operating_model/outputs/2026Q4:base/metrics/rldc | None | base_2026q4_rldc |
| /operating_model/outputs/2026Q4:base/metrics/token_revenue | None | base_2026q4_token_revenue |
| /operating_model/outputs/2026Q4:base/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:base/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:base/values/adj_ebitda | None | 87.96654155388362 |
| /operating_model/outputs/2026Q4:base/values/award_withholding | None | 75.0 |
| /operating_model/outputs/2026Q4:base/values/capex | None | 31.0 |
| /operating_model/outputs/2026Q4:base/values/cash_after_claims | None | -67.03345844611638 |
| /operating_model/outputs/2026Q4:base/values/cfo | None | 38.966541553883616 |
| /operating_model/outputs/2026Q4:base/values/fcf | None | 7.966541553883616 |
| /operating_model/outputs/2026Q4:base/values/operating_income | None | -33.033458446116384 |
| /operating_model/outputs/2026Q4:base/values/other_revenue | None | 42.793 |
| /operating_model/outputs/2026Q4:base/values/reserve_income | None | 598.3404646161426 |
| /operating_model/outputs/2026Q4:base/values/revenue | None | 641.1334646161426 |
| /operating_model/outputs/2026Q4:base/values/rldc | None | 238.40954155388363 |
| /operating_model/outputs/2026Q4:base/values/token_revenue | None | 0.0 |
| /operating_model/outputs/2026Q4:downside/case | None | downside |
| /operating_model/outputs/2026Q4:downside/frequency | None | quarter |
| /operating_model/outputs/2026Q4:downside/metrics/adj_ebitda | None | downside_2026q4_adj_ebitda |
| /operating_model/outputs/2026Q4:downside/metrics/award_withholding | None | downside_2026q4_award_withholding |
| /operating_model/outputs/2026Q4:downside/metrics/capex | None | downside_2026q4_capex |
| /operating_model/outputs/2026Q4:downside/metrics/cash_after_claims | None | downside_2026q4_cash_after_claims |
| /operating_model/outputs/2026Q4:downside/metrics/cfo | None | downside_2026q4_cfo |
| /operating_model/outputs/2026Q4:downside/metrics/fcf | None | downside_2026q4_fcf |
| /operating_model/outputs/2026Q4:downside/metrics/operating_income | None | downside_2026q4_operating_income |
| /operating_model/outputs/2026Q4:downside/metrics/other_revenue | None | downside_2026q4_other_revenue |
| /operating_model/outputs/2026Q4:downside/metrics/reserve_income | None | downside_2026q4_reserve_income |
| /operating_model/outputs/2026Q4:downside/metrics/revenue | None | downside_2026q4_revenue |
| /operating_model/outputs/2026Q4:downside/metrics/rldc | None | downside_2026q4_rldc |
| /operating_model/outputs/2026Q4:downside/metrics/token_revenue | None | downside_2026q4_token_revenue |
| /operating_model/outputs/2026Q4:downside/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:downside/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:downside/values/adj_ebitda | None | 5.249875855940616 |
| /operating_model/outputs/2026Q4:downside/values/award_withholding | None | 55.0 |
| /operating_model/outputs/2026Q4:downside/values/capex | None | 31.0 |
| /operating_model/outputs/2026Q4:downside/values/cash_after_claims | None | -129.75012414405938 |
| /operating_model/outputs/2026Q4:downside/values/cfo | None | -43.750124144059384 |
| /operating_model/outputs/2026Q4:downside/values/fcf | None | -74.75012414405938 |
| /operating_model/outputs/2026Q4:downside/values/operating_income | None | -115.75012414405938 |
| /operating_model/outputs/2026Q4:downside/values/other_revenue | None | 34.0 |
| /operating_model/outputs/2026Q4:downside/values/reserve_income | None | 436.2899221159375 |
| /operating_model/outputs/2026Q4:downside/values/revenue | None | 470.2899221159375 |
| /operating_model/outputs/2026Q4:downside/values/rldc | None | 164.24987585594062 |
| /operating_model/outputs/2026Q4:downside/values/token_revenue | None | 0.0 |
| /operating_model/outputs/2026Q4:upside/case | None | upside |
| /operating_model/outputs/2026Q4:upside/frequency | None | quarter |
| /operating_model/outputs/2026Q4:upside/metrics/adj_ebitda | None | upside_2026q4_adj_ebitda |
| /operating_model/outputs/2026Q4:upside/metrics/award_withholding | None | upside_2026q4_award_withholding |
| /operating_model/outputs/2026Q4:upside/metrics/capex | None | upside_2026q4_capex |
| /operating_model/outputs/2026Q4:upside/metrics/cash_after_claims | None | upside_2026q4_cash_after_claims |
| /operating_model/outputs/2026Q4:upside/metrics/cfo | None | upside_2026q4_cfo |
| /operating_model/outputs/2026Q4:upside/metrics/fcf | None | upside_2026q4_fcf |
| /operating_model/outputs/2026Q4:upside/metrics/operating_income | None | upside_2026q4_operating_income |
| /operating_model/outputs/2026Q4:upside/metrics/other_revenue | None | upside_2026q4_other_revenue |
| /operating_model/outputs/2026Q4:upside/metrics/reserve_income | None | upside_2026q4_reserve_income |
| /operating_model/outputs/2026Q4:upside/metrics/revenue | None | upside_2026q4_revenue |
| /operating_model/outputs/2026Q4:upside/metrics/rldc | None | upside_2026q4_rldc |
| /operating_model/outputs/2026Q4:upside/metrics/token_revenue | None | upside_2026q4_token_revenue |
| /operating_model/outputs/2026Q4:upside/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:upside/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:upside/values/adj_ebitda | None | 290.18196252156184 |
| /operating_model/outputs/2026Q4:upside/values/award_withholding | None | 100.0 |
| /operating_model/outputs/2026Q4:upside/values/capex | None | 31.0 |
| /operating_model/outputs/2026Q4:upside/values/cash_after_claims | None | 27.981962521561854 |
| /operating_model/outputs/2026Q4:upside/values/cfo | None | 158.98196252156185 |
| /operating_model/outputs/2026Q4:upside/values/fcf | None | 127.98196252156185 |
| /operating_model/outputs/2026Q4:upside/values/operating_income | None | 169.18196252156184 |
| /operating_model/outputs/2026Q4:upside/values/other_revenue | None | 139.2 |
| /operating_model/outputs/2026Q4:upside/values/reserve_income | None | 785.3218598086875 |
| /operating_model/outputs/2026Q4:upside/values/revenue | None | 924.5218598086874 |
| /operating_model/outputs/2026Q4:upside/values/rldc | None | 456.18196252156184 |
| /operating_model/outputs/2026Q4:upside/values/token_revenue | None | 82.2 |
| /operating_model/outputs/2027Q1:base/case | None | base |
| /operating_model/outputs/2027Q1:base/frequency | None | quarter |
| /operating_model/outputs/2027Q1:base/metrics/adj_ebitda | None | base_2027q1_adj_ebitda |
| /operating_model/outputs/2027Q1:base/metrics/award_withholding | None | base_2027q1_award_withholding |
| /operating_model/outputs/2027Q1:base/metrics/capex | None | base_2027q1_capex |
| /operating_model/outputs/2027Q1:base/metrics/cash_after_claims | None | base_2027q1_cash_after_claims |
| /operating_model/outputs/2027Q1:base/metrics/cfo | None | base_2027q1_cfo |
| /operating_model/outputs/2027Q1:base/metrics/fcf | None | base_2027q1_fcf |
| /operating_model/outputs/2027Q1:base/metrics/operating_income | None | base_2027q1_operating_income |
| /operating_model/outputs/2027Q1:base/metrics/other_revenue | None | base_2027q1_other_revenue |
| /operating_model/outputs/2027Q1:base/metrics/reserve_income | None | base_2027q1_reserve_income |
| /operating_model/outputs/2027Q1:base/metrics/revenue | None | base_2027q1_revenue |
| /operating_model/outputs/2027Q1:base/metrics/rldc | None | base_2027q1_rldc |
| /operating_model/outputs/2027Q1:base/metrics/token_revenue | None | base_2027q1_token_revenue |
| /operating_model/outputs/2027Q1:base/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:base/period_end | None | 2027-03-31 |
| /operating_model/outputs/2027Q1:base/values/adj_ebitda | None | 184.71244283754783 |
| /operating_model/outputs/2027Q1:base/values/award_withholding | None | 75.0 |
| /operating_model/outputs/2027Q1:base/values/capex | None | 34.0 |
| /operating_model/outputs/2027Q1:base/values/cash_after_claims | None | -61.48755716245216 |
| /operating_model/outputs/2027Q1:base/values/cfo | None | 47.51244283754784 |
| /operating_model/outputs/2027Q1:base/values/fcf | None | 13.512442837547837 |
| /operating_model/outputs/2027Q1:base/values/operating_income | None | 56.712442837547826 |
| /operating_model/outputs/2027Q1:base/values/other_revenue | None | 130.2 |
| /operating_model/outputs/2027Q1:base/values/reserve_income | None | 635.7367436546515 |
| /operating_model/outputs/2027Q1:base/values/revenue | None | 765.9367436546515 |
| /operating_model/outputs/2027Q1:base/values/rldc | None | 343.7124428375478 |
| /operating_model/outputs/2027Q1:base/values/token_revenue | None | 82.2 |
| /operating_model/outputs/2027Q1:downside/case | None | downside |
| /operating_model/outputs/2027Q1:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q1:downside/metrics/adj_ebitda | None | downside_2027q1_adj_ebitda |
| /operating_model/outputs/2027Q1:downside/metrics/award_withholding | None | downside_2027q1_award_withholding |
| /operating_model/outputs/2027Q1:downside/metrics/capex | None | downside_2027q1_capex |
| /operating_model/outputs/2027Q1:downside/metrics/cash_after_claims | None | downside_2027q1_cash_after_claims |
| /operating_model/outputs/2027Q1:downside/metrics/cfo | None | downside_2027q1_cfo |
| /operating_model/outputs/2027Q1:downside/metrics/fcf | None | downside_2027q1_fcf |
| /operating_model/outputs/2027Q1:downside/metrics/operating_income | None | downside_2027q1_operating_income |
| /operating_model/outputs/2027Q1:downside/metrics/other_revenue | None | downside_2027q1_other_revenue |
| /operating_model/outputs/2027Q1:downside/metrics/reserve_income | None | downside_2027q1_reserve_income |
| /operating_model/outputs/2027Q1:downside/metrics/revenue | None | downside_2027q1_revenue |
| /operating_model/outputs/2027Q1:downside/metrics/rldc | None | downside_2027q1_rldc |
| /operating_model/outputs/2027Q1:downside/metrics/token_revenue | None | downside_2027q1_token_revenue |
| /operating_model/outputs/2027Q1:downside/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:downside/period_end | None | 2027-03-31 |
| /operating_model/outputs/2027Q1:downside/values/adj_ebitda | None | 65.0614547816931 |
| /operating_model/outputs/2027Q1:downside/values/award_withholding | None | 60.0 |
| /operating_model/outputs/2027Q1:downside/values/capex | None | 34.0 |
| /operating_model/outputs/2027Q1:downside/values/cash_after_claims | None | -163.9385452183069 |
| /operating_model/outputs/2027Q1:downside/values/cfo | None | -69.9385452183069 |
| /operating_model/outputs/2027Q1:downside/values/fcf | None | -103.9385452183069 |
| /operating_model/outputs/2027Q1:downside/values/operating_income | None | -62.9385452183069 |
| /operating_model/outputs/2027Q1:downside/values/other_revenue | None | 116.0 |
| /operating_model/outputs/2027Q1:downside/values/reserve_income | None | 381.442046192791 |
| /operating_model/outputs/2027Q1:downside/values/revenue | None | 497.442046192791 |
| /operating_model/outputs/2027Q1:downside/values/rldc | None | 232.0614547816931 |
| /operating_model/outputs/2027Q1:downside/values/token_revenue | None | 80.0 |
| /operating_model/outputs/2027Q1:upside/case | None | upside |
| /operating_model/outputs/2027Q1:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q1:upside/metrics/adj_ebitda | None | upside_2027q1_adj_ebitda |
| /operating_model/outputs/2027Q1:upside/metrics/award_withholding | None | upside_2027q1_award_withholding |
| /operating_model/outputs/2027Q1:upside/metrics/capex | None | upside_2027q1_capex |
| /operating_model/outputs/2027Q1:upside/metrics/cash_after_claims | None | upside_2027q1_cash_after_claims |
| /operating_model/outputs/2027Q1:upside/metrics/cfo | None | upside_2027q1_cfo |
| /operating_model/outputs/2027Q1:upside/metrics/fcf | None | upside_2027q1_fcf |
| /operating_model/outputs/2027Q1:upside/metrics/operating_income | None | upside_2027q1_operating_income |
| /operating_model/outputs/2027Q1:upside/metrics/other_revenue | None | upside_2027q1_other_revenue |
| /operating_model/outputs/2027Q1:upside/metrics/reserve_income | None | upside_2027q1_reserve_income |
| /operating_model/outputs/2027Q1:upside/metrics/revenue | None | upside_2027q1_revenue |
| /operating_model/outputs/2027Q1:upside/metrics/rldc | None | upside_2027q1_rldc |
| /operating_model/outputs/2027Q1:upside/metrics/token_revenue | None | upside_2027q1_token_revenue |
| /operating_model/outputs/2027Q1:upside/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:upside/period_end | None | 2027-03-31 |
| /operating_model/outputs/2027Q1:upside/values/adj_ebitda | None | 256.478040614709 |
| /operating_model/outputs/2027Q1:upside/values/award_withholding | None | 110.0 |
| /operating_model/outputs/2027Q1:upside/values/capex | None | 34.0 |
| /operating_model/outputs/2027Q1:upside/values/cash_after_claims | None | 57.478040614709016 |
| /operating_model/outputs/2027Q1:upside/values/cfo | None | 201.47804061470902 |
| /operating_model/outputs/2027Q1:upside/values/fcf | None | 167.47804061470902 |
| /operating_model/outputs/2027Q1:upside/values/operating_income | None | 128.47804061470902 |
| /operating_model/outputs/2027Q1:upside/values/other_revenue | None | 70.0 |
| /operating_model/outputs/2027Q1:upside/values/reserve_income | None | 898.7572395588311 |
| /operating_model/outputs/2027Q1:upside/values/revenue | None | 968.7572395588311 |
| /operating_model/outputs/2027Q1:upside/values/rldc | None | 441.478040614709 |
| /operating_model/outputs/2027Q1:upside/values/token_revenue | None | 0.0 |
| /operating_model/outputs/2027Q2:base/case | None | base |
| /operating_model/outputs/2027Q2:base/frequency | None | quarter |
| /operating_model/outputs/2027Q2:base/metrics/adj_ebitda | None | base_2027q2_adj_ebitda |
| /operating_model/outputs/2027Q2:base/metrics/award_withholding | None | base_2027q2_award_withholding |
| /operating_model/outputs/2027Q2:base/metrics/capex | None | base_2027q2_capex |
| /operating_model/outputs/2027Q2:base/metrics/cash_after_claims | None | base_2027q2_cash_after_claims |
| /operating_model/outputs/2027Q2:base/metrics/cfo | None | base_2027q2_cfo |
| /operating_model/outputs/2027Q2:base/metrics/fcf | None | base_2027q2_fcf |
| /operating_model/outputs/2027Q2:base/metrics/operating_income | None | base_2027q2_operating_income |
| /operating_model/outputs/2027Q2:base/metrics/other_revenue | None | base_2027q2_other_revenue |
| /operating_model/outputs/2027Q2:base/metrics/reserve_income | None | base_2027q2_reserve_income |
| /operating_model/outputs/2027Q2:base/metrics/revenue | None | base_2027q2_revenue |
| /operating_model/outputs/2027Q2:base/metrics/rldc | None | base_2027q2_rldc |
| /operating_model/outputs/2027Q2:base/metrics/token_revenue | None | base_2027q2_token_revenue |
| /operating_model/outputs/2027Q2:base/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:base/period_end | None | 2027-06-30 |
| /operating_model/outputs/2027Q2:base/values/adj_ebitda | None | 123.62814535871502 |
| /operating_model/outputs/2027Q2:base/values/award_withholding | None | 80.0 |
| /operating_model/outputs/2027Q2:base/values/capex | None | 37.0 |
| /operating_model/outputs/2027Q2:base/values/cash_after_claims | None | -54.37185464128498 |
| /operating_model/outputs/2027Q2:base/values/cfo | None | 62.62814535871502 |
| /operating_model/outputs/2027Q2:base/values/fcf | None | 25.628145358715017 |
| /operating_model/outputs/2027Q2:base/values/operating_income | None | -11.371854641284983 |
| /operating_model/outputs/2027Q2:base/values/other_revenue | None | 54.0 |
| /operating_model/outputs/2027Q2:base/values/reserve_income | None | 695.5707901162658 |
| /operating_model/outputs/2027Q2:base/values/revenue | None | 749.5707901162658 |
| /operating_model/outputs/2027Q2:base/values/rldc | None | 294.628145358715 |
| /operating_model/outputs/2027Q2:base/values/token_revenue | None | 0.0 |
| /operating_model/outputs/2027Q2:downside/case | None | downside |
| /operating_model/outputs/2027Q2:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q2:downside/metrics/adj_ebitda | None | downside_2027q2_adj_ebitda |
| /operating_model/outputs/2027Q2:downside/metrics/award_withholding | None | downside_2027q2_award_withholding |
| /operating_model/outputs/2027Q2:downside/metrics/capex | None | downside_2027q2_capex |
| /operating_model/outputs/2027Q2:downside/metrics/cash_after_claims | None | downside_2027q2_cash_after_claims |
| /operating_model/outputs/2027Q2:downside/metrics/cfo | None | downside_2027q2_cfo |
| /operating_model/outputs/2027Q2:downside/metrics/fcf | None | downside_2027q2_fcf |
| /operating_model/outputs/2027Q2:downside/metrics/operating_income | None | downside_2027q2_operating_income |
| /operating_model/outputs/2027Q2:downside/metrics/other_revenue | None | downside_2027q2_other_revenue |
| /operating_model/outputs/2027Q2:downside/metrics/reserve_income | None | downside_2027q2_reserve_income |
| /operating_model/outputs/2027Q2:downside/metrics/revenue | None | downside_2027q2_revenue |
| /operating_model/outputs/2027Q2:downside/metrics/rldc | None | downside_2027q2_rldc |
| /operating_model/outputs/2027Q2:downside/metrics/token_revenue | None | downside_2027q2_token_revenue |
| /operating_model/outputs/2027Q2:downside/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:downside/period_end | None | 2027-06-30 |
| /operating_model/outputs/2027Q2:downside/values/adj_ebitda | None | 52.23510316091313 |
| /operating_model/outputs/2027Q2:downside/values/award_withholding | None | 60.0 |
| /operating_model/outputs/2027Q2:downside/values/capex | None | 37.0 |
| /operating_model/outputs/2027Q2:downside/values/cash_after_claims | None | -187.96489683908686 |
| /operating_model/outputs/2027Q2:downside/values/cfo | None | -90.96489683908686 |
| /operating_model/outputs/2027Q2:downside/values/fcf | None | -127.96489683908686 |
| /operating_model/outputs/2027Q2:downside/values/operating_income | None | -82.76489683908687 |
| /operating_model/outputs/2027Q2:downside/values/other_revenue | None | 120.2 |
| /operating_model/outputs/2027Q2:downside/values/reserve_income | None | 344.04576715428215 |
| /operating_model/outputs/2027Q2:downside/values/revenue | None | 464.24576715428213 |
| /operating_model/outputs/2027Q2:downside/values/rldc | None | 227.23510316091313 |
| /operating_model/outputs/2027Q2:downside/values/token_revenue | None | 82.2 |
| /operating_model/outputs/2027Q2:upside/case | None | upside |
| /operating_model/outputs/2027Q2:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q2:upside/metrics/adj_ebitda | None | upside_2027q2_adj_ebitda |
| /operating_model/outputs/2027Q2:upside/metrics/award_withholding | None | upside_2027q2_award_withholding |
| /operating_model/outputs/2027Q2:upside/metrics/capex | None | upside_2027q2_capex |
| /operating_model/outputs/2027Q2:upside/metrics/cash_after_claims | None | upside_2027q2_cash_after_claims |
| /operating_model/outputs/2027Q2:upside/metrics/cfo | None | upside_2027q2_cfo |
| /operating_model/outputs/2027Q2:upside/metrics/fcf | None | upside_2027q2_fcf |
| /operating_model/outputs/2027Q2:upside/metrics/operating_income | None | upside_2027q2_operating_income |
| /operating_model/outputs/2027Q2:upside/metrics/other_revenue | None | upside_2027q2_other_revenue |
| /operating_model/outputs/2027Q2:upside/metrics/reserve_income | None | upside_2027q2_reserve_income |
| /operating_model/outputs/2027Q2:upside/metrics/revenue | None | upside_2027q2_revenue |
| /operating_model/outputs/2027Q2:upside/metrics/rldc | None | upside_2027q2_rldc |
| /operating_model/outputs/2027Q2:upside/metrics/token_revenue | None | upside_2027q2_token_revenue |
| /operating_model/outputs/2027Q2:upside/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:upside/period_end | None | 2027-06-30 |
| /operating_model/outputs/2027Q2:upside/values/adj_ebitda | None | 319.7511996236474 |
| /operating_model/outputs/2027Q2:upside/values/award_withholding | None | 125.0 |
| /operating_model/outputs/2027Q2:upside/values/capex | None | 37.0 |
| /operating_model/outputs/2027Q2:upside/values/cash_after_claims | None | 96.75119962364738 |
| /operating_model/outputs/2027Q2:upside/values/cfo | None | 258.7511996236474 |
| /operating_model/outputs/2027Q2:upside/values/fcf | None | 221.75119962364738 |
| /operating_model/outputs/2027Q2:upside/values/operating_income | None | 184.75119962364738 |
| /operating_model/outputs/2027Q2:upside/values/other_revenue | None | 86.0 |
| /operating_model/outputs/2027Q2:upside/values/reserve_income | None | 1047.0958130782499 |
| /operating_model/outputs/2027Q2:upside/values/revenue | None | 1133.0958130782499 |
| /operating_model/outputs/2027Q2:upside/values/rldc | None | 529.7511996236474 |
| /operating_model/outputs/2027Q2:upside/values/token_revenue | None | 0.0 |
| /operating_model/outputs/FY2026:base/case | None | base |
| /operating_model/outputs/FY2026:base/frequency | None | year |
| /operating_model/outputs/FY2026:base/metrics/adj_ebitda | None | base_fy2026_adj_ebitda |
| /operating_model/outputs/FY2026:base/metrics/award_withholding | None | base_fy2026_award_withholding |
| /operating_model/outputs/FY2026:base/metrics/capex | None | base_fy2026_capex |
| /operating_model/outputs/FY2026:base/metrics/cash_after_claims | None | base_fy2026_cash_after_claims |
| /operating_model/outputs/FY2026:base/metrics/cfo | None | base_fy2026_cfo |
| /operating_model/outputs/FY2026:base/metrics/fcf | None | base_fy2026_fcf |
| /operating_model/outputs/FY2026:base/metrics/operating_income | None | base_fy2026_operating_income |
| /operating_model/outputs/FY2026:base/metrics/other_revenue | None | base_fy2026_other_revenue |
| /operating_model/outputs/FY2026:base/metrics/reserve_income | None | base_fy2026_reserve_income |
| /operating_model/outputs/FY2026:base/metrics/revenue | None | base_fy2026_revenue |
| /operating_model/outputs/FY2026:base/metrics/rldc | None | base_fy2026_rldc |
| /operating_model/outputs/FY2026:base/metrics/token_revenue | None | base_fy2026_token_revenue |
| /operating_model/outputs/FY2026:base/period | None | FY2026 |
| /operating_model/outputs/FY2026:base/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:base/values/adj_ebitda | None | 638.5967165695467 |
| /operating_model/outputs/FY2026:base/values/award_withholding | None | 294.496 |
| /operating_model/outputs/FY2026:base/values/capex | None | 105.153 |
| /operating_model/outputs/FY2026:base/values/cash_after_claims | None | 250.77371656954668 |
| /operating_model/outputs/FY2026:base/values/cfo | None | 650.4227165695468 |
| /operating_model/outputs/FY2026:base/values/fcf | None | 545.2697165695467 |
| /operating_model/outputs/FY2026:base/values/operating_income | None | 188.07871656954669 |
| /operating_model/outputs/FY2026:base/values/other_revenue | None | 320.0 |
| /operating_model/outputs/FY2026:base/values/reserve_income | None | 2526.2709989919126 |
| /operating_model/outputs/FY2026:base/values/revenue | None | 2846.2709989919126 |
| /operating_model/outputs/FY2026:base/values/rldc | None | 1215.3577165695467 |
| /operating_model/outputs/FY2026:base/values/token_revenue | None | 160.0 |
| /operating_model/outputs/FY2026:downside/case | None | downside |
| /operating_model/outputs/FY2026:downside/frequency | None | year |
| /operating_model/outputs/FY2026:downside/metrics/adj_ebitda | None | downside_fy2026_adj_ebitda |
| /operating_model/outputs/FY2026:downside/metrics/award_withholding | None | downside_fy2026_award_withholding |
| /operating_model/outputs/FY2026:downside/metrics/capex | None | downside_fy2026_capex |
| /operating_model/outputs/FY2026:downside/metrics/cash_after_claims | None | downside_fy2026_cash_after_claims |
| /operating_model/outputs/FY2026:downside/metrics/cfo | None | downside_fy2026_cfo |
| /operating_model/outputs/FY2026:downside/metrics/fcf | None | downside_fy2026_fcf |
| /operating_model/outputs/FY2026:downside/metrics/operating_income | None | downside_fy2026_operating_income |
| /operating_model/outputs/FY2026:downside/metrics/other_revenue | None | downside_fy2026_other_revenue |
| /operating_model/outputs/FY2026:downside/metrics/reserve_income | None | downside_fy2026_reserve_income |
| /operating_model/outputs/FY2026:downside/metrics/revenue | None | downside_fy2026_revenue |
| /operating_model/outputs/FY2026:downside/metrics/rldc | None | downside_fy2026_rldc |
| /operating_model/outputs/FY2026:downside/metrics/token_revenue | None | downside_fy2026_token_revenue |
| /operating_model/outputs/FY2026:downside/period | None | FY2026 |
| /operating_model/outputs/FY2026:downside/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:downside/values/adj_ebitda | None | 343.06586548384445 |
| /operating_model/outputs/FY2026:downside/values/award_withholding | None | 259.496 |
| /operating_model/outputs/FY2026:downside/values/capex | None | 105.153 |
| /operating_model/outputs/FY2026:downside/values/cash_after_claims | None | 150.2428654838444 |
| /operating_model/outputs/FY2026:downside/values/cfo | None | 514.8918654838444 |
| /operating_model/outputs/FY2026:downside/values/fcf | None | 409.7388654838444 |
| /operating_model/outputs/FY2026:downside/values/operating_income | None | -107.45213451615557 |
| /operating_model/outputs/FY2026:downside/values/other_revenue | None | 141.207 |
| /operating_model/outputs/FY2026:downside/values/reserve_income | None | 2295.037340270466 |
| /operating_model/outputs/FY2026:downside/values/revenue | None | 2436.2443402704657 |
| /operating_model/outputs/FY2026:downside/values/rldc | None | 934.3838654838444 |
| /operating_model/outputs/FY2026:downside/values/token_revenue | None | 0.0 |
| /operating_model/outputs/FY2026:upside/case | None | upside |
| /operating_model/outputs/FY2026:upside/frequency | None | year |
| /operating_model/outputs/FY2026:upside/metrics/adj_ebitda | None | upside_fy2026_adj_ebitda |
| /operating_model/outputs/FY2026:upside/metrics/award_withholding | None | upside_fy2026_award_withholding |
| /operating_model/outputs/FY2026:upside/metrics/capex | None | upside_fy2026_capex |
| /operating_model/outputs/FY2026:upside/metrics/cash_after_claims | None | upside_fy2026_cash_after_claims |
| /operating_model/outputs/FY2026:upside/metrics/cfo | None | upside_fy2026_cfo |
| /operating_model/outputs/FY2026:upside/metrics/fcf | None | upside_fy2026_fcf |
| /operating_model/outputs/FY2026:upside/metrics/operating_income | None | upside_fy2026_operating_income |
| /operating_model/outputs/FY2026:upside/metrics/other_revenue | None | upside_fy2026_other_revenue |
| /operating_model/outputs/FY2026:upside/metrics/reserve_income | None | upside_fy2026_reserve_income |
| /operating_model/outputs/FY2026:upside/metrics/revenue | None | upside_fy2026_revenue |
| /operating_model/outputs/FY2026:upside/metrics/rldc | None | upside_fy2026_rldc |
| /operating_model/outputs/FY2026:upside/metrics/token_revenue | None | upside_fy2026_token_revenue |
| /operating_model/outputs/FY2026:upside/period | None | FY2026 |
| /operating_model/outputs/FY2026:upside/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:upside/values/adj_ebitda | None | 917.6895740682662 |
| /operating_model/outputs/FY2026:upside/values/award_withholding | None | 334.496 |
| /operating_model/outputs/FY2026:upside/values/capex | None | 105.153 |
| /operating_model/outputs/FY2026:upside/values/cash_after_claims | None | 407.6665740682661 |
| /operating_model/outputs/FY2026:upside/values/cfo | None | 847.3155740682661 |
| /operating_model/outputs/FY2026:upside/values/fcf | None | 742.162574068266 |
| /operating_model/outputs/FY2026:upside/values/operating_income | None | 467.17157406826607 |
| /operating_model/outputs/FY2026:upside/values/other_revenue | None | 422.407 |
| /operating_model/outputs/FY2026:upside/values/reserve_income | None | 2794.9009367518684 |
| /operating_model/outputs/FY2026:upside/values/revenue | None | 3217.3079367518685 |
| /operating_model/outputs/FY2026:upside/values/rldc | None | 1518.0075740682662 |
| /operating_model/outputs/FY2026:upside/values/token_revenue | None | 242.2 |
| /operating_model/outputs/FY2027:base/case | None | base |
| /operating_model/outputs/FY2027:base/frequency | None | year |
| /operating_model/outputs/FY2027:base/metrics/adj_ebitda | None | base_fy2027_adj_ebitda |
| /operating_model/outputs/FY2027:base/metrics/award_withholding | None | base_fy2027_award_withholding |
| /operating_model/outputs/FY2027:base/metrics/capex | None | base_fy2027_capex |
| /operating_model/outputs/FY2027:base/metrics/cash_after_claims | None | base_fy2027_cash_after_claims |
| /operating_model/outputs/FY2027:base/metrics/cfo | None | base_fy2027_cfo |
| /operating_model/outputs/FY2027:base/metrics/fcf | None | base_fy2027_fcf |
| /operating_model/outputs/FY2027:base/metrics/operating_income | None | base_fy2027_operating_income |
| /operating_model/outputs/FY2027:base/metrics/other_revenue | None | base_fy2027_other_revenue |
| /operating_model/outputs/FY2027:base/metrics/reserve_income | None | base_fy2027_reserve_income |
| /operating_model/outputs/FY2027:base/metrics/revenue | None | base_fy2027_revenue |
| /operating_model/outputs/FY2027:base/metrics/rldc | None | base_fy2027_rldc |
| /operating_model/outputs/FY2027:base/metrics/token_revenue | None | base_fy2027_token_revenue |
| /operating_model/outputs/FY2027:base/period | None | FY2027 |
| /operating_model/outputs/FY2027:base/period_end | None | 2027-12-31 |
| /operating_model/outputs/FY2027:base/values/adj_ebitda | None | 634.883425642973 |
| /operating_model/outputs/FY2027:base/values/award_withholding | None | 330.0 |
| /operating_model/outputs/FY2027:base/values/capex | None | 154.0 |
| /operating_model/outputs/FY2027:base/values/cash_after_claims | None | -187.31657435702704 |
| /operating_model/outputs/FY2027:base/values/cfo | None | 296.68342564297296 |
| /operating_model/outputs/FY2027:base/values/fcf | None | 142.68342564297296 |
| /operating_model/outputs/FY2027:base/values/operating_income | None | 80.88342564297295 |
| /operating_model/outputs/FY2027:base/values/other_revenue | None | 318.2 |
| /operating_model/outputs/FY2027:base/values/reserve_income | None | 2931.868276619099 |
| /operating_model/outputs/FY2027:base/values/revenue | None | 3250.068276619099 |
| /operating_model/outputs/FY2027:base/values/rldc | None | 1350.883425642973 |
| /operating_model/outputs/FY2027:base/values/token_revenue | None | 82.2 |
| /operating_model/outputs/FY2027:downside/case | None | downside |
| /operating_model/outputs/FY2027:downside/frequency | None | year |
| /operating_model/outputs/FY2027:downside/metrics/adj_ebitda | None | downside_fy2027_adj_ebitda |
| /operating_model/outputs/FY2027:downside/metrics/award_withholding | None | downside_fy2027_award_withholding |
| /operating_model/outputs/FY2027:downside/metrics/capex | None | downside_fy2027_capex |
| /operating_model/outputs/FY2027:downside/metrics/cash_after_claims | None | downside_fy2027_cash_after_claims |
| /operating_model/outputs/FY2027:downside/metrics/cfo | None | downside_fy2027_cfo |
| /operating_model/outputs/FY2027:downside/metrics/fcf | None | downside_fy2027_fcf |
| /operating_model/outputs/FY2027:downside/metrics/operating_income | None | downside_fy2027_operating_income |
| /operating_model/outputs/FY2027:downside/metrics/other_revenue | None | downside_fy2027_other_revenue |
| /operating_model/outputs/FY2027:downside/metrics/reserve_income | None | downside_fy2027_reserve_income |
| /operating_model/outputs/FY2027:downside/metrics/revenue | None | downside_fy2027_revenue |
| /operating_model/outputs/FY2027:downside/metrics/rldc | None | downside_fy2027_rldc |
| /operating_model/outputs/FY2027:downside/metrics/token_revenue | None | downside_fy2027_token_revenue |
| /operating_model/outputs/FY2027:downside/period | None | FY2027 |
| /operating_model/outputs/FY2027:downside/period_end | None | 2027-12-31 |
| /operating_model/outputs/FY2027:downside/values/adj_ebitda | None | 133.37375463906744 |
| /operating_model/outputs/FY2027:downside/values/award_withholding | None | 240.0 |
| /operating_model/outputs/FY2027:downside/values/capex | None | 154.0 |
| /operating_model/outputs/FY2027:downside/values/cash_after_claims | None | -758.8262453609325 |
| /operating_model/outputs/FY2027:downside/values/cfo | None | -364.82624536093255 |
| /operating_model/outputs/FY2027:downside/values/fcf | None | -518.8262453609325 |
| /operating_model/outputs/FY2027:downside/values/operating_income | None | -420.62624536093256 |
| /operating_model/outputs/FY2027:downside/values/other_revenue | None | 398.2 |
| /operating_model/outputs/FY2027:downside/values/reserve_income | None | 1428.537859271041 |
| /operating_model/outputs/FY2027:downside/values/revenue | None | 1826.737859271041 |
| /operating_model/outputs/FY2027:downside/values/rldc | None | 849.3737546390674 |
| /operating_model/outputs/FY2027:downside/values/token_revenue | None | 242.2 |
| /operating_model/outputs/FY2027:upside/case | None | upside |
| /operating_model/outputs/FY2027:upside/frequency | None | year |
| /operating_model/outputs/FY2027:upside/metrics/adj_ebitda | None | upside_fy2027_adj_ebitda |
| /operating_model/outputs/FY2027:upside/metrics/award_withholding | None | upside_fy2027_award_withholding |
| /operating_model/outputs/FY2027:upside/metrics/capex | None | upside_fy2027_capex |
| /operating_model/outputs/FY2027:upside/metrics/cash_after_claims | None | upside_fy2027_cash_after_claims |
| /operating_model/outputs/FY2027:upside/metrics/cfo | None | upside_fy2027_cfo |
| /operating_model/outputs/FY2027:upside/metrics/fcf | None | upside_fy2027_fcf |
| /operating_model/outputs/FY2027:upside/metrics/operating_income | None | upside_fy2027_operating_income |
| /operating_model/outputs/FY2027:upside/metrics/other_revenue | None | upside_fy2027_other_revenue |
| /operating_model/outputs/FY2027:upside/metrics/reserve_income | None | upside_fy2027_reserve_income |
| /operating_model/outputs/FY2027:upside/metrics/revenue | None | upside_fy2027_revenue |
| /operating_model/outputs/FY2027:upside/metrics/rldc | None | upside_fy2027_rldc |
| /operating_model/outputs/FY2027:upside/metrics/token_revenue | None | upside_fy2027_token_revenue |
| /operating_model/outputs/FY2027:upside/period | None | FY2027 |
| /operating_model/outputs/FY2027:upside/period_end | None | 2027-12-31 |
| /operating_model/outputs/FY2027:upside/values/adj_ebitda | None | 1446.349130730228 |
| /operating_model/outputs/FY2027:upside/values/award_withholding | None | 550.0 |
| /operating_model/outputs/FY2027:upside/values/capex | None | 154.0 |
| /operating_model/outputs/FY2027:upside/values/cash_after_claims | None | 486.349130730228 |
| /operating_model/outputs/FY2027:upside/values/cfo | None | 1190.349130730228 |
| /operating_model/outputs/FY2027:upside/values/fcf | None | 1036.349130730228 |
| /operating_model/outputs/FY2027:upside/values/operating_income | None | 892.349130730228 |
| /operating_model/outputs/FY2027:upside/values/other_revenue | None | 389.0 |
| /operating_model/outputs/FY2027:upside/values/reserve_income | None | 4581.044182217343 |
| /operating_model/outputs/FY2027:upside/values/revenue | None | 4970.044182217343 |
| /operating_model/outputs/FY2027:upside/values/rldc | None | 2363.349130730228 |
| /operating_model/outputs/FY2027:upside/values/token_revenue | None | 0.0 |
| /operating_model/reviewed_at | None | 2026-09-19 |
| /operating_model/schema_version | None | operating_model.v1 |
| /operating_model/title | None | Reserve yield, distribution economics and deferred token-sale cash |
| /research/change_note | None | Added reserve-rate/distribution scenarios, separate ARC recognition/receipt bridge and employee equity cash. |
| /research/checkpoints/0/date_status | None | estimated |
| /research/checkpoints/0/event | None | Reserve economics |
| /research/checkpoints/0/timing | None | Next quarterly filing |
| /research/checkpoints/0/watch | None | Compare average circulation, reserve return, distribution costs and recurring fees. |
| /research/checkpoints/1/date_status | None | estimated |
| /research/checkpoints/1/event | None | ARC accounting |
| /research/checkpoints/1/timing | None | Q3 filing after September mainnet launch |
| /research/checkpoints/1/watch | None | Confirm performance obligations, revenue recognition, cash collection and remaining deferred liability. |
| /research/checkpoints/2/date_status | None | estimated |
| /research/checkpoints/2/event | None | Tazapay conditions |
| /research/checkpoints/2/timing | None | Closing announcement or next filing |
| /research/checkpoints/2/watch | None | Confirm closing, stock issued, purchase accounting and integration expenses. |
| /research/countercase | None | Circulation can rise while reserve yields fall or distribution partners absorb more income. Presale revenue can improve reported margins after its cash has already arrived, and future token obligations can create repayment risk. |
| /research/economics | None | Q2 average USDC was $76.524B versus $73.269B at period end. Reserve income $667.7M and other revenue $33.6M produced total $701.3M. H1 adjusted EBITDA under the current definition was $294.9M versus operating income $79.4M. CFO $538.5M contained $222M ARC presale cash; CFO less PP&E/software was $492.4M, or $270.4M excluding that receipt. Award withholding used another $149.5M. External holder reserves are redemption assets, not corporate liquidity. Annual outlook includes $310-330M other revenue, 41.7-43.7% RLDC margin and $570-585M adjusted expenses. Arc mainnet launched September 16; genesis mint does not confirm public token launch or accounting recognition. Tazapay is a proposed approximately $400M stock acquisition, with no acquired sales assumed here. |
| /research/limitations/0 | None | Stablecoin reserves support redemption liabilities. Cash segregated for external stablecoin holders is not corporate cash, and onchain payment volume is not company revenue. Average circulation, end-period circulation and annualized payment volume are different measures. |
| /research/limitations/1 | None | The reported 3.5% reserve-return rate is rounded and covers the company reserve-income perimeter. Normalization to Q2 absorbs reserve mix and period-day effects; the model is a sensitivity, not a precise treasury-portfolio forecast. |
| /research/limitations/2 | None | Retained reserve margin combines distribution agreements, platform mix and transaction expense. It is not a contractual Coinbase take rate. Base margin is a calibration to annual RLDC outlook, not independent proof of future distribution economics. |
| /research/limitations/3 | None | Arc public mainnet launched September 16 and tokens were minted, but that is not a commitment to public token launch or proof-of-stake completion. Base $160M FY2026 presale recognition is a desk allocation within other-revenue guidance; actual satisfaction of accounting performance obligations still requires the next filing. |
| /research/limitations/4 | None | Presale proceeds were about $242.2M, of which $222M was received by June. Remaining receipt/recognition figures use those rounded disclosures. Timing cases never recognize more than the original proceeds and do not collect the same cash twice. |
| /research/limitations/5 | None | Presale agreements contain repayment rights, including specified delivery/proof-of-stake conditions by May 8, 2028. No new token sale, token market-value gain or value for the full minted token supply is added. |
| /research/limitations/6 | None | Tazapay was an agreement to acquire, subject to conditions, with approximately $400M stock consideration adjusted at closing. No acquired revenue or $400M cash purchase is assumed; dilution and purchase accounting remain unmodeled. |
| /research/limitations/7 | None | Forecast excludes acquisitions, discretionary investments, stock-option/ESPP proceeds and a full ownership bridge. Award withholding differs from employer payroll taxes. No EPS or parent valuation is presented. |
| /research/question | None | How much recurring corporate cash survives reserve-rate pressure, distribution costs and equity claims? |
| /research/reviewed_at | None | 2026-09-19 |
| /research/risks/0 | None | Interest rates and circulation interact nonlinearly with revenue. |
| /research/risks/1 | None | Distribution terms and platform mix affect retained reserve economics. |
| /research/risks/2 | None | ARC recognition, launch conditions and repayment rights create timing risk. |
| /research/risks/3 | None | New payment infrastructure may monetize more slowly than adoption headlines. |
| /research/risks/4 | None | Equity costs and acquisition dilution affect common-owner outcomes. |
| /research/title | None | Reserve economics beneath token-sale revenue |
| /sources/0/retrieved | None | 2026-09-19 |
| /sources/0/title | None | Q2 filing, reserves and ARC deferred revenue |
| /sources/0/url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm |
| /sources/1/retrieved | None | 2026-09-19 |
| /sources/1/title | None | Q2 earnings and revised annual outlook |
| /sources/1/url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000246/augustepr-circle_q22026f.htm |
| /sources/2/retrieved | None | 2026-09-19 |
| /sources/2/title | None | September 16 mainnet and genesis mint update |
| /sources/2/url | None | https://www.circle.com/pressroom/circle-launches-arc-mainnet-an-economic-operating-system-for-the-internet |
| /sources/3/retrieved | None | 2026-09-19 |
| /sources/3/title | None | September Tazapay share purchase agreement |
| /sources/3/url | None | https://www.sec.gov/Archives/edgar/data/1876042/000187604226000267/crcl-20260904.htm |
| /thesis/scenario_ranges | None | Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands. |
| /thesis/view | Stablecoin adoption and lower interest rates affect earnings in different directions. Separate reserve income retained after partner costs from token-sale accounting and corporate cash after equity settlement. | |
| /thesis/what_changes_it | Track average USDC, reserve return, distribution costs, other-revenue composition and deferred-token cash before treating revenue growth as recurring cash. |