v3.25.2
Fair Value Measurement
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value Measurement [Abstract]    
FAIR VALUE MEASUREMENT

NOTE 16 — FAIR VALUE MEASUREMENT

 

Our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 are as follows:

 

   Level 1   Level 2   Level 3   Total 
Assets                
Financial instruments owned                
Equities(1)  $4,281,944   $
—
   $
—
   $4,281,944 
U.S Treasury Bills(2)   99,657,752    
—
    
—
    99,657,752 
Customer-held fractional shares   127,456,614    
—
    
—
    127,456,614 
Total financial assets  $231,396,310   $
—
   $
—
   $231,396,310 
                     
Liabilities                    
FX forward contract(3)  $34,885   $
—
   $
—
   $34,885 
Financial instruments sold not yet purchased(3)   
—
    
—
    
—
    
—
 
Equity   4,952,733    
—
    
—
    4,952,733 
Fractional share repurchase obligation(3)   127,456,614    
—
    
—
    127,456,614 
Total financial liabilities  $132,444,232   $
—
   $
—
   $132,444,232 

 

(1)Fair value of equities are classified within prepaid expenses and other current assets on our condensed consolidated statements of financial position.
(2)Represents U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash equivalents within our condensed consolidated statements of financial position.
(3)Fair value of obligation is classified within payables due to customers on the condensed consolidated statements of financial position.

 

During the six months ended June 30, 2025, there were no transfers between levels for financial assets and liabilities.

 

Our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are as follows:

 

   Level 1   Level 2   Level 3   Total 
Assets                
Financial instruments owned(1)                
Equities  $529,984   $
—
   $
—
   $529,984 
U.S Treasury Bills(2)   233,445,264    
—
    
—
    233,445,264 
FX forward contract(1)   60,879              60,879 
Customer-held fractional shares   108,252,531    
—
    
—
    108,252,531 
Total financial assets  $342,288,658   $
—
   $
—
   $342,288,658 
                     
Liabilities                    
Financial instruments sold not yet purchased                    
Equity options  $2,196   $
—
   $
—
   $2,196 
Fractional share repurchase obligation(3)   108,252,531    
—
    
—
    108,252,531 
Total financial liabilities  $108,254,727   $
—
   $
—
   $108,254,727 
(1)Fair value of financial instruments owned are classified within prepaid expenses and other current assets on our condensed consolidated statements of financial position.
(2)Represents U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash equivalents within our condensed consolidated statements of financial position.
(3)Fair value of obligation is classified within payables due to customers on our condensed consolidated statements of financial position.

 

During the year ended December 31, 2024, there were no transfers between levels for financial assets and liabilities.

NOTE 25 — FAIR VALUE MEASUREMENT

 

Our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are as follows:

 

   December 31, 2024 
   Level 1   Level 2   Level 3   Total 
Assets                
Financial instruments owned                
Equities(1)  $529,984   $
–
   $
–
   $529,984 
U.S Treasury Bills(2)   233,445,264    
–
    
–
    233,445,264 
FX forward contract(1)   60,879              60,879 
Customer-held fractional shares   108,252,531    
–
    
–
    108,252,531 
Total financial assets  $342,288,658   $
–
   $
–
   $342,288,658 
                     
Liabilities                    
Financial instruments sold not yet purchased(3)                    
Equity options  $2,196   $
–
   $
–
   $2,196 
Fractional share repurchase obligation(3)   108,252,531    
–
    
–
    108,252,531 
Total financial liabilities  $108,254,727   $
–
   $
–
   $108,254,727 

 

(1) Fair value of financial instruments owned are classified within prepaid expenses and other current assets on the consolidated statements of financial position.
(2) Represents U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash and cash equivalents segregated under federal and foreign requirements within our consolidated statements of financial position.
(3) Fair value of obligation is classified within payables due to customers on the consolidated statements of financial position.

 

During the year ended December 31, 2024, there were no transfers between levels for financial assets and liabilities.

 

Our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 are as follows:

 

   December 31, 2023 
   Level 1   Level 2   Level 3   Total 
Assets                
Financial instruments owned                
Equities(1)  $562,051   $
–
   $
–
   $562,051 
U.S Treasury Bills(2)   189,143,720    
–
    
–
    189,143,720 
                     
Customer-held fractional shares   45,528,829    
–
    
–
    45,528,829 
Total financial assets  $235,234,600   $
–
   $
–
   $235,234,600 
                     
Liabilities                    
Financial instruments sold not yet purchased(3)                    
Equity options  $2,083   $
–
   $
–
   $2,083 
Fractional share repurchase obligation(3)   45,528,829    
–
    
–
    45,528,829 
Total financial liabilities  $45,530,912   $
–
   $
–
   $45,530,912 

 

(1) Fair value of financial instruments owned are classified within prepaid expenses and other current assets on the consolidated statements of financial position.
(2) Represents U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash and cash equivalents segregated under federal and foreign requirements within our consolidated statements of financial position.
(3) Fair value of obligation is classified within payables due to customers on the consolidated statements of financial position.

 

During the year ended December 31, 2023, there were no transfers between levels for financial assets and liabilities.