Fair Value of Financial Instruments and Other Assets (Tables)

6 Months Ended

Jun. 30, 2026

The Company’s financial instruments and other assets measured at fair value on the condensed consolidated statements of financial condition as of June 30, 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 June 30, 2026
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,846,688	$	—	$	—	$	1,846,688
Investment in available for sale debt securities (1)	—		38,615		—		38,615
Investment in equity securities (1)	8,391		14,535		—		22,926
Digital assets – Canton Coins (1)	230,046		—		—		230,046
Receivable and due from related parties – Foreign exchange derivative contracts	—		6,857		—		6,857
Total assets measured at fair value	$	2,085,125	$	60,007	$	—	$	2,145,132





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 June 30, 2026 and December 31, 2025:


	June 30, 2026					December 31, 2025
	Quantity of Coins	Cost Basis		Fair Value		Quantity of Coins	Cost Basis		Fair Value

	(dollars in thousands)
Canton Coins (1)	1.6 billion	$	16,827	$	230,046	1.6 billion	$	11,461	$	242,729

(1)As of June 30, 2026, the Company was restricted from transferring to third parties a total of 1.3 billion of its Canton Coins valued at $181.6 million as a result of its election under the Canton Coin Lockup Restrictions described above, which could affect the Company’s ability to sell these assets, including during periods of price volatility or reduced liquidity. The Company had no restrictions on its ability to transfer any of its Canton Coins as of December 31, 2025.

Schedule 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 and six months ended June 30, 2026 and 2025:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

	(dollars in thousands)
Investments in Available for Sale Debt Securities
Beginning balance	$	26,076	$	13,627	$	24,857	$	10,354
Transfer out of Level 3 (1)	(26,076)		—		(24,857)		—
Additions	—		130		—		253
Dispositions	—		—		—		—

Total realized and unrealized gains included in other comprehensive income (loss)	—		375		—		3,525
Ending balance	$	—	$	14,132	$	—	$	14,132

Digital Assets – Canton Coins
Beginning balance			$	5,375			$	852

Additions			1,756				2,058
Dispositions			—				—
Total realized and unrealized gains included in other income (loss), net			18,065				22,286
Ending balance			$	25,196			$	25,196

(1)Transfers between levels of the fair value hierarchy occur when there are changes in the observability of significant valuation inputs and/or the significance of valuation inputs and are reported at the beginning of the reporting period in which they occur.

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:


	June 30,		December 31,
	2026		2025

	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	357,502	$	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				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	4,672	$	(14,488)	$	10,203	$	(20,808)

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 June 30, 2026 and December 31, 2025 have been categorized based upon the fair value hierarchy as follows:


	Carrying Value		Quoted 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 June 30, 2026
Assets
Cash and restricted cash	$	212,241	$	212,241	$	—	$	—	$	212,241
Receivable from brokers and dealers and clearing organizations	11,491		—		11,491		—		11,491
Deposits with clearing organizations	55,477		55,477		—		—		55,477
Accounts receivable	309,368		—		309,368		—		309,368
Other assets – Memberships in clearing organizations	3,269		—		—		3,269		3,269
Total	$	591,846	$	267,718	$	320,859	$	3,269	$	591,846

Liabilities

Payable to brokers and dealers and clearing organizations	$	7,649	$	—	$	7,649	$	—	$	7,649
Total	$	7,649	$	—	$	7,649	$	—	$	7,649


	Carrying Value		Quoted 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 organizations	8,630		—		8,630		—		8,630
Deposits with clearing organizations	58,282		58,282		—		—		58,282
Accounts receivable	257,845		—		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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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