Market risk is the risk to our financial statements associated with the effect of changes in market factors, including the following. Interest Rate Risk We are exposed to interest rate risk primarily through our credit card receivables and our fixed-rate borrowing facilities. We earn interest income on outstanding credit card balances at rates indexed to the prime rate plus a spread. These receivables bear floating interest rates that adjust immediately with changes in the prime rate. A 100 basis point increase (decrease) in the prime rate would result in an increase (decrease) of approximately $2.2 million and $1.8 million in interest income based on average credit card balances outstanding during the three and six months ended June 30, 2026, respectively. Our funding facilities bear interest at fixed rates with terms ranging from evergreen to one year. As of June 30, 2026, we had $221.9 million in outstanding principal borrowings under these facilities at a weighted average interest rate of 7.2%. While the fixed-rate nature of these borrowings limits our exposure to interest rate volatility during the term of the facilities, we are exposed to repricing risk upon maturity or refinancing. If interest rates increase prior to maturity or refinancing, our interest expense would increase upon entering into new or replacement financing arrangements. Due to the short-term nature of the cash and cash equivalent holdings against our GUSD reserve and against custodial USD balances, we do not believe we have material exposure to interest rate risk from these investments. Digital Assets Risks Changes in digital asset prices impact our operations through unrealized gains and losses on digital assets inventory held. As of June 30, 2026 and December 31, 2025, unencumbered digital assets had an aggregate fair value of $72.3 million and $37.1 million, respectively, representing 5% and 2% of our total assets, respectively. A hypothetical 50% increase or decrease in digital assets prices as of June 30, 2026 and December 31, 2025 would result in a $36.2 million and $18.6 million impact, respectively, to the value of our unencumbered Crypto assets held. We maintain digital asset-denominated liabilities, including borrowings from related parties that are collateralized by digital assets. While the principal amounts of these liabilities are substantially matched by corresponding digital asset holdings on our balance sheet, limiting our net exposure to digital asset price risk on principal balances, the interest expense on our related party digital asset borrowings is payable in U.S. dollars. As a result, appreciation in digital asset prices increases our interest expense in digital asset terms, while depreciation in digital asset prices decreases our interest expense in digital asset terms, creating additional exposure to digital asset price volatility. Decreases in digital asset prices may have an adverse impact on operating results. Certain transaction revenues are generated in digital assets and accordingly, decreases in digital asset prices would reduce the U.S. dollar value of such revenues when converted. Additionally, significant declines in digital asset prices have historically correlated with reduced market sentiment and trading activity, which could result in lower transaction volumes and associated revenues on our platform. 69 Our financing agreement with Galaxy is collateralized by bitcoin holdings. Material declines in bitcoin prices may trigger margin calls, requiring us to post additional collateral or repay outstanding amounts, which could create liquidity demands and impact our cash flows. Foreign Currency Risk Revenues, expenses, and financial results of our foreign subsidiaries are recorded in the functional currencies of these subsidiaries. Historically, our primary foreign currency exposures have been to the Singaporean Dollar (“SGD”) and British Pound (“GBP”). Following the announcement in February 2026 of our plan to exit and wind down operations in the United Kingdom and certain other international markets, we expect our exposure to GBP-denominated revenues and expenses to decrease over time. Our remaining foreign currency exposure is primarily related to SGD-denominated operations. Our foreign currency exposure arises from: Foreign currency transaction risk Our international subsidiaries operate at a loss, with foreign currency-denominated expenses exceeding those of local foreign-denominated revenues. As a result, appreciation of foreign currencies relative to the U.S. dollar may negatively affect our results of operations as expressed in U.S. dollars. Foreign currency translation risk We maintain working capital in our foreign subsidiaries. Additionally, we maintain a modest inventory of foreign currencies resulting from net client trading activity. Changes in foreign exchange rates result in translation gains or losses when these balances are translated to U.S. dollars for consolidation purposes. We hold cash and digital assets denominated in foreign currencies on behalf of customers. These custodial assets are matched by corresponding custodial liabilities denominated in the same currencies, resulting in minimal net foreign currency exposure from these balances.