v3.25.1
Fair Value of Financial Instruments and Other Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement
The Company’s financial instruments and other assets measured at fair value on the condensed consolidated statements of financial condition as of March 31, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:

Quoted Prices in
active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
(dollars in thousands)
As of March 31, 2025
Assets
Cash equivalents – Money market funds and other highly liquid investments$1,084,885 $— $— $1,084,885 
Other assets – Digital Assets – Canton Coins
— — 5,375 5,375 
Other assets – Investment in available for sale debt securities— — 13,627 13,627 
Total assets measured at fair value$1,084,885 $— $19,002 $1,103,887 
Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts$— $570 $— $570 
Total liabilities measured at fair value$— $570 $— $570 
As of December 31, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments$1,117,133 $— $— $1,117,133 
Receivable and due from affiliates – Foreign exchange derivative contracts— 7,844 — 7,844 
Other assets – Digital Assets – Canton Coins
— — 852 852 
Other assets – Investment in available for sale debt securities
— — 10,354 10,354 
Total assets measured at fair value$1,117,133 $7,844 $11,206 $1,136,183 
Schedule of Canton Coin Holdings
The following table presents the Company’s Canton Coin holdings as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Quantity of CoinsCost BasisFair ValueQuantity of CoinsCost BasisFair Value
(dollars in thousands)
Canton Coins1.5 billion$969 $5,375 1.2 billion$666 $852 
Summary of Changes in Fair Value for Level 3
The table below presents a summary of the changes in fair value for level 3 assets during the three months ended March 31, 2025:
Investment in Available for Sale Debt Securities
Digital AssetsTotal
Level 3 Assets
(dollars in thousands)
Balance - December 31, 2024$10,354 $852 $11,206 
Additions123 302 425 
Dispositions— — — 
Total realized and unrealized gains included in other income (loss), net— 4,221 4,221 
Total realized and unrealized gains included in other comprehensive income (loss)3,150 — 3,150 
Balance - March 31, 2025$13,627 $5,375 $19,002 
Schedule of Derivative Values
The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:
March 31,December 31,
20252024
(dollars in thousands)
Foreign currency forward contracts – Gross notional amount$283,976 $238,182 
The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:
Three Months Ended
March 31,
20252024
(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income$(6,320)$4,351 
Schedule of Financial Instruments Not Measured at Fair Value
The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of March 31, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:
Carrying ValueQuoted Prices in
active Markets
for Identical
Assets
(Level 1)
 Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)		Total Fair Value
As of March 31, 2025(dollars in thousands)
Assets
Cash and restricted cash$222,570 $222,570 $— $— $222,570 
Receivable from brokers and dealers and clearing organizations135,760 — 135,760 — 135,760 
Deposits with clearing organizations102,048 102,048 — — 102,048 
Accounts receivable271,505 — 271,505 — 271,505 
Other assets – Memberships in clearing organizations
3,126 — — 3,126 3,126 
Total$735,009 $324,618 $407,265 $3,126 $735,009 
Liabilities
Payable to brokers and dealers and clearing organizations$104,799 $— $104,799 $— $104,799 
Total$104,799 $— $104,799 $— $104,799 
As of December 31, 2024
Assets
Cash and restricted cash$224,169 $224,169 $— $— $224,169 
Receivable from brokers and dealers and clearing organizations67,805 — 67,805 — 67,805 
Deposits with clearing organizations54,702 54,702 — — 54,702 
Accounts receivable222,268 — 222,268 — 222,268 
Other assets – Memberships in clearing organizations
2,918 — — 2,918 2,918 
Total$571,862 $278,871 $290,073 $2,918 $571,862 
Liabilities
Payable to brokers and dealers and clearing organizations$67,816 $— $67,816 $— $67,816 
Total$67,816 $— $67,816 $— $67,816