v3.26.1
Fair Value of Financial Instruments and Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026 and December 31, 2025 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, 2026
Assets
Cash equivalents – Money market funds and other highly liquid investments$1,722,837 $— $— $1,722,837 
Investment in available for sale debt securities (1)
— — 26,076 26,076 
Investment in equity securities (1)
— 26,585 — 26,585 
Digital assets – Canton Coins (1)
243,498 — — 243,498 
Receivable and due from related parties – Foreign exchange derivative contracts
— 2,981 — 2,981 
Total assets measured at fair value$1,966,335 $29,566 $26,076 $2,021,977 
(1)Included as a component of digital assets and other investments at fair value on the condensed consolidated statements of financial condition.

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 December 31, 2025
Assets
Cash equivalents – Money market funds and other highly liquid investments$1,810,560 $— $— $1,810,560 
Investment in available for sale debt securities (1)
— — 24,857 24,857 
Digital asset loan receivable (1)
— 24,411 — 24,411 
Digital assets – Canton Coins (1)
242,729 — — 242,729 
Total assets measured at fair value$2,053,289 $24,411 $24,857 $2,102,557 
Liabilities
Payable and due to related parties – Foreign exchange derivative contracts$— $6,657 $— $6,657 
Total liabilities measured at fair value$— $6,657 $— $6,657 
(1)Included as a component of digital assets and other investments at fair value on the condensed consolidated statements of financial condition.
Schedule of Canton Coin Holdings
The following table presents the Company’s Canton Coin holdings as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Quantity of CoinsCost BasisFair ValueQuantity of CoinsCost BasisFair Value
(dollars in thousands)
Canton Coins1.6 billion$15,130 $243,498 1.6 billion$11,461 $242,729 
Summary of Changes in Fair Value for Level 3
The following table presents a summary of the changes in fair value for Level 3 assets during the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
20262025
(dollars in thousands)
Investments in Available for Sale Debt Securities
Beginning balance$24,857 $10,354 
Additions129 123 
Dispositions— — 
Total realized and unrealized gains included in other comprehensive income (loss)1,090 3,150 
Ending balance$26,076 $13,627 
Digital Assets – Canton Coins
Beginning balance$852 
Additions302 
Dispositions— 
Total realized and unrealized gains included in other income (loss), net4,221 
Ending balance$5,375 
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,
20262025
(dollars in thousands)
Foreign currency forward contracts – Gross notional amount$355,106 $339,794 
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,
20262025
(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income$5,531 $(6,320)
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, 2026 and December 31, 2025 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
(dollars in thousands)
As of March 31, 2026
Assets
Cash and restricted cash$215,464 $215,464 $— $— $215,464 
Receivable from brokers and dealers and clearing organizations131,252 — 131,252 — 131,252 
Deposits with clearing organizations57,346 57,346 — — 57,346 
Accounts receivable351,009 — 351,009 — 351,009 
Other assets – Memberships in clearing organizations
3,268 — — 3,268 3,268 
Total$758,339 $272,810 $482,261 $3,268 $758,339 
Liabilities
Payable to brokers and dealers and clearing organizations$130,651 $— $130,651 $— $130,651 
Total$130,651 $— $130,651 $— $130,651 
Carrying ValueQuoted Prices in active Markets for Identical Assets
(Level 1)
 Significant Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)		Total Fair Value
(dollars in thousands)
As of December 31, 2025
Assets
Cash and restricted cash$275,179 $275,179 $— $— $275,179 
Receivable from brokers and dealers and clearing organizations8,630 — 8,630 — 8,630 
Deposits with clearing organizations58,282 58,282 — — 58,282 
Accounts receivable257,845 — 257,845 — 257,845 
Other assets – Memberships in clearing organizations
3,127 — — 3,127 3,127 
Total$603,063 $333,461 $266,475 $3,127 $603,063 
Liabilities
Payable to brokers and dealers and clearing organizations$3,363 $— $3,363 $— $3,363 
Total$3,363 $— $3,363 $— $3,363