Our business and Class A common stock are subject to many risks, as more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 9, 2026 and our Quarterly Report on Form 10-Q filed with the SEC on May 11, 2026. Except as set forth below, there have been no material changes to the principal risks that we believe are material to our business, results of operations, and financial condition from those disclosed in Part I, Item 1A—“Risk Factors” of the 2025 Annual Report on Form 10-K filed with the SEC on March 9, 2026 and Part II, Item 1A — “Risk Factors” of the Quarterly Report on Form 10-Q filed with the SEC on May 11, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. Risks Related to Artificial Intelligence Issues relating to the development and use of artificial intelligence in our business could result in reputational harm, competitive harm, and legal liability, and could adversely affect our business, operating results, and financial condition. We use, and may increasingly use, artificial intelligence, machine learning, generative artificial intelligence, and other automated technologies (collectively, “AI”) in our business, including in fraud detection, transaction monitoring, compliance, reserve analytics, smart contract development, customer support, and developer tools, and we may incorporate these technologies into or alongside our products and services, including in connection with agentic payment capabilities. We anticipate that AI will become increasingly important to our operations in the future. Our competitors and other third parties may incorporate AI into their businesses or offerings more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our business, results of operations, financial condition, and prospects. Our use of AI may result in new or expanded risks and liabilities, including due to regulatory scrutiny, litigation, compliance issues, ethical concerns, confidentiality or security risks, and other factors that could adversely affect our reputation, business, results of operations, financial condition, and prospects. Evolving legal frameworks and guidance, including the EU AI Act, other international regulatory regimes, and emerging U.S. federal and state rules and industry standards governing AI may require us and our third-party developers to incur significant costs to modify, maintain, or align our business practices, services, and products to comply with applicable requirements, the nature of which remains unclear and may be inconsistent from jurisdiction to jurisdiction. There can be no assurance that our use of AI will enhance our products or services, produce the intended results, or be beneficial to our business. AI systems are complex and may be flawed, reflect unwanted bias, or produce outputs that are incorrect, incomplete, or inconsistent with our policies, regulatory obligations, or applicable law, including with respect to financial data, compliance determinations, and customer-facing communications. Because transactions on our platform and on blockchain networks may be difficult to reverse, errors involving AI-enabled tools could result in losses that are not readily remediable. Consumer and institutional attitudes toward AI are evolving, and concerns about automated decision-making, privacy, transparency, or other ethical considerations could reduce trust in our products or platform or deter adoption of AI-enabled features in our products and services. If our AI systems produce, or are alleged to produce, inaccurate, deficient, or biased outputs, our reputation, business, results of operations, financial condition, and prospects could be adversely affected. 63 Other risks associated with the use of AI tools could include unauthorized use of our confidential information, or that of our users or third parties, in user prompts, code outputs that are potentially not protectable under copyright, reproduction of our code in code outputs to third parties, use of data without sufficient oversight and governance to ensure its responsible and ethical use, disclosure of our confidential or personal information, or that of our users or third parties in the output of the tools, the use of user prompts by licensors of these tools for training purposes or other unauthorized purposes, our use of output violating third-party copyrights or other intellectual property rights and/or adverse impacts by unforeseen defects, technical challenges, cybersecurity threats, or material performance issues. As a result, we could be subject to lawsuits by parties claiming intellectual property infringement, breach of confidential information, and data privacy claims. We could also suffer loss of confidentiality, trade secret rights, or other intellectual property or proprietary rights, suffer harm to our reputation or incur liability resulting from harm to individuals, civil claims, or the violation of laws or contracts to which we are a party. Moreover, our collaborators or other third-party service providers may also incorporate AI tools into their own offerings, and the providers of these AI tools may not meet existing or rapidly evolving regulatory or industry standards, including with respect to intellectual property, data privacy, and cybersecurity. Further, bad actors around the world use increasingly sophisticated methods, including the use of AI, to engage in illegal activities involving the theft and misuse of personal data, confidential information, and intellectual property. Any of these effects could damage our reputation, result in the loss of valuable intellectual property and information, cause us to breach applicable laws and regulations, or otherwise adversely impact our business.