v3.25.2
Unaudited Condensed Consolidated Statements of Financial Position - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Cash and cash equivalents $ 476,682,552 $ 270,728,008 $ 372,340,353
Cash and cash equivalents segregated under federal and foreign requirements 1,190,513,861 939,232,153 621,802,114
Receivables from brokers, dealers, and clearing organizations 307,518,448 262,093,040 60,717,238
Receivables from customers, net 306,401,011 301,107,428 14,877,829
Prepaid expenses and other current assets 82,585,247 50,344,836 67,403,943
Customer-held fractional shares 127,456,614 108,252,531 45,528,829
Total current assets 2,491,157,733 1,931,757,996 1,182,670,306
Right-of-use assets 64,192,028 66,293,751 11,907,557
Property and equipment, net 32,894,047 33,629,770 34,298,383
Intangible assets, net 20,477,208 19,415,963 21,397,953
Goodwill 5,197,438 5,197,438 5,197,438
Deferred tax assets 9,727,864 12,374,499 4,646,193
Other non-current assets 1,000,000 19,301
Total non-current assets 133,488,585 136,911,421 77,466,825
Total assets 2,624,646,318 2,068,669,417 1,260,137,131
Liabilities, mezzanine equity, and shareholders’ equity      
Payables due to customers 1,693,545,054 1,378,625,130 624,728,444
Payables due to brokers, dealers, and clearing organizations 3,877,449 1,490,537 2,661,653
Lease liabilities – current portion 3,375,029 4,969,959 3,474,199
Accounts payable and other accrued expenses 55,998,312 61,079,799 49,650,338
Total current liabilities 1,756,795,844 1,446,165,425 680,514,634
Lease liabilities – non-current portion 9,618,423 10,438,555 9,594,373
Unsecured promissory notes 100,000,000  
Deferred tax liabilities 5,676,865 5,292,255 5,771,900
Total non-current liabilities 115,295,288 15,730,810 15,366,273
Total liabilities 1,872,091,132 1,461,896,235 695,880,907
Commitments and Contingencies (Note 15)
Mezzanine equity      
Total mezzanine equity 2,861,748,733 2,326,363,413
Shareholders’ deficit      
Treasury shares
Additional paid in capital 2,987,559,282
Accumulated deficit (2,231,782,461) (2,241,054,086)  
Accumulated other comprehensive loss (4,226,213) (15,195,946) (6,859,801)
Total shareholders’ equity (deficit) 751,555,450 (2,256,248,639) (1,762,767,410)
Noncontrolling interest 999,736 1,273,088 660,221
Total equity (deficit) 752,555,186 (2,254,975,551) (1,762,107,189)
Total liabilities, mezzanine equity, and total equity (deficit) 2,624,646,318 2,068,669,417 1,260,137,131
Convertible redeemable preferred shares      
Mezzanine equity      
Total mezzanine equity 2,861,748,733 2,326,363,413
Class A Ordinary Shares      
Shareholders’ deficit      
Ordinary shares value 4,012 1,393  
Class B Ordinary Shares      
Shareholders’ deficit      
Ordinary shares value $ 830
Previously Reported      
Shareholders’ deficit      
Accumulated deficit   (2,241,066,624) (1,755,921,317)
Total equity (deficit)   (2,254,975,551) (1,762,107,189)
Previously Reported | Class A Ordinary Shares      
Shareholders’ deficit      
Ordinary shares value   $ 13,931 $ 13,708