v3.25.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:          
Net (loss) income $ (15,445,859) $ (24,232,207) $ (23,182,152) $ 5,821,988 $ 50,077,626
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Deferred tax expense 3,031,244 (3,071,805) (7,743,603) (1,083,233) (5,427,880)
Depreciation and amortization 1,506,006 1,790,686 3,506,395 2,778,476 1,423,830
Gain on forgiveness of accrued interest     (1,414,529)
Non-cash loss on deconsolidation of subsidiaries     963,138
Provision for contingent liabilities (225,412) 1,236,905 326,711 (252,949)
Provision for expected credit losses 258,665 332,076
Share-based compensation 35,038,447 20,610,934 32,587,611 29,411,885 30,022,322
Unrealized foreign exchange (gain) loss (1,542,302) (154,018) (419,753) 14,270 1,418,131
Write-off of deferred equity offering costs 7,603,867      
Net effect of changes in assets and liabilities:          
Net receivables from brokers, dealers and clearing organizations (43,721,591) (57,279,747) (202,094,775) (26,008,752) 1,561,079
Net customer receivables and customer payables 311,899,108 199,543,371 466,726,102 545,640,513 1,602,492
Customer-held fractional shares (19,204,083) (28,083,311) (62,723,702) (45,042,939) (485,890)
Prepaid expenses and other current assets (1,593,216) 5,451,174 17,053,709 (27,617,754) (16,225,779)
Operating lease right-of-use assets 2,101,723 (56,144,310) (54,386,194) (819,913) (2,510,736)
Accounts payable and other accrued expenses (5,446,577) 1,292,018 11,979,068 (13,754,009) (94,978,200)
Operating lease liabilities-current (1,603,447) 1,572,952 1,495,760 963,137 1,025,006
Operating lease liabilities-non-current (820,132) 1,562,350 847,942 (33,548) 1,989,338
Net cash provided by operating activities 272,061,853 62,632,675 185,215,389 470,596,832 (31,213,001)
Cash flows from investing activities:          
Purchase of property and equipment and intangible assets (402,315) (971,028) (2,412,229) (4,543,933) (31,550,704)
Investment in limited liability company units (1,000,000)      
Proceeds from sale of investment securities     239,937
Purchases of investment securities     (1,009,400)
Cash paid for acquisition, net of cash acquired     (5,495,863) (109,163)
Net cash used in investing activities (1,402,315) (971,028) (2,412,229) (10,039,796) (32,429,330)
Cash flows from financing activities:          
Proceeds from sale of preferred shares 40,297,282 40,297,282 20,000,000
Borrowing from revolving credit agreement 30,000,000 5,000,000
Principal payments made on revolving credit agreement (30,000,000) (5,000,000)
Principal payments made on insurance premium financing agreement (470,751)      
Proceeds from exercise of options 48,700 48,991
Proceeds from incentive warrants exercised 168,270,630      
Proceeds from public warrants exercised 9,252,946      
Spin-off of subsidiary to shareholders     (7,162,982)
Receipt of preferred shares subscription receivable     73,723,814
Payment of preferred share repurchase payable     (55,000,006)
Receipt of ordinary shares subscription receivable     3,449
Repayment of loan     (10,839,877)
Proceeds from exercise of preferred share warrant     10,000,000
Net cash provided by financing activities 177,052,825 40,345,982 40,346,273 12,837,018 17,887,380
Net increase in cash, cash equivalents and segregated cash 447,712,363 102,007,629      
Net increase (decrease) in cash, cash equivalents, segregated cash and cash of discontinued operations     223,149,433 473,394,054 (45,754,951)
Effective of exchange rate changes 9,523,889 (2,764,555) (7,331,739) 2,451,391 (5,447,352)
Cash, cash equivalents and segregated cash at beginning of the period 1,209,960,161 994,142,467 994,142,467 518,297,022 569,499,325
Cash, cash equivalents and segregated cash at end of the period 1,667,196,413 1,093,385,541 1,209,960,161 994,142,467 518,297,022
Cash, cash equivalents, segregated cash and cash of discontinued operations          
Cash and cash equivalents 476,682,552   270,728,008 372,340,353 436,219,931
Cash and cash equivalents 476,682,552 335,912,084 20,980,248
Segregated cash 1,190,513,861 757,473,457 939,232,153 621,802,114 61,096,843
Cash, cash equivalents and segregated cash at end of the period 1,667,196,413 1,093,385,541 1,209,960,161 994,142,467 518,297,022
Cash of discontinued operations (Note 5) 476,682,552 335,912,084 20,980,248
Cash, cash equivalents, segregated cash, and cash of discontinued operations at end of the year 1,667,196,413 1,093,385,541 1,209,960,161 994,142,467 518,297,022
Non-cash financing activities:          
Equity issuance costs offset against offering proceeds 430,066      
Insurance premium financing agreement 2,166,090      
Ordinary share warrants issued to preferred shareholders 15,600,000      
Ordinary shares issued to preferred shareholders 513,080,828      
Ordinary shares issued to settle accounts payable 1,443,000      
Preferred shares redemption value accretion (21,702,737) (1,098,804,125)      
Promissory notes issued to repurchase preferred shares 100,000,000      
Reclassification of repurchased preferred shares’ excess carrying value from mezzanine equity to shareholders’ equity 38,093,537      
Reclassification of mezzanine equity to shareholders’ equity from conversion of redeemable preferred shares 2,745,357,933      
Non-cash investing and financing activities:          
Accretion to preferred shares redemption value     495,088,038 340,080,000 51,409,749
Conversion of loan payable to noncontrolling interest     1,196,037
Note receivable issuance     2,852,106
Supplemental disclosure:          
Income taxes paid 6,281,913 8,807,037 15,965,370 19,474,921 55,169,843
Interest paid $ 233,350 $ 26,042