v3.26.3
Goodwill and Other Intangible Assets, Net
 12 Months Ended
Dec. 31, 2025
Coinshares International Limited [Member]  
Goodwill and Other Intangible Assets, Net [Line Items]  
Goodwill and other intangible assets, net

15. Goodwill and other intangible assets, net

The Group has two reportable segments, which include Asset Management and Capital Markets. All of the Group’s goodwill is included within the Asset Management reportable segment. The following table provides a reconciliation of changes in goodwill for the years indicated:

Balance as of January 1, 2024

  

 

  

 

Goodwill

  

$

8,167

 

Accumulated impairment loss

  

 

(6,968

)
   

 

1,199

 

Additions from new business combinations (Note 18)

  

 

1,670

 

Currency translation adjustments

  

 

(50

)
   

 

  

 

Balance as of December 31, 2024

  

 

  

 

Goodwill

  

 

9,787

 

Accumulated impairment loss

  

 

(6,968

)
   

 

2,819

 

Currency translation adjustments

  

 

1

 
   

 

  

 

Balance as of December 31, 2025

  

 

  

 

Goodwill

  

 

9,788

 

Accumulated impairment loss

  

 

(6,968

)
   

$

2,820

 

During the years ended December 31, 2025, 2024, and 2023, there was no impairment recognized against goodwill and no measurement period adjustments.

Other intangible assets, net

The Group’s other intangible assets, net consisted of the following:

 

As of December 31, 2025

(in thousands, except years)

  

Weighted
Average
Remaining
Useful Lives
(Years)

  

Gross Carrying
Amount

  

Accumulated
Amortization

  

Other
Intangible
Assets, Net

Fee Generating Contracts

  

5.50

  

$

15,400

  

$

(7,839

)

  

$

7,561

Software

  

1.85

  

 

5,194

  

 

(858

)

  

 

4,336
       

$

20,594

  

$

(8,697

)

  

$

11,897
 

As of December 31, 2024

(in thousands, except years)

  

Weighted
Average
Remaining
Useful Lives
(Years)

  

Gross Carrying
Amount

  

Accumulated
Amortization

  

Other
Intangible
Assets, Net

Fee Generating Contracts

  

6.49

  

$

15,393

  

$

(7,063

)

  

$

8,330

Software

  

2.10

  

 

3,421

  

 

(638

)

  

 

2,783
       

$

18,814

  

$

(7,701

)

  

$

11,113

For the years ended December 31, 2025, 2024, and 2023, amortization expense related to intangible assets was $1.9 million, $2.0 million and $2.2 million, respectively.

As of December 31, 2025, the expected future amortization expense for intangible assets was as follows:

 

Amortization
Expense

2026

  

$

2,421

2027

  

 

2,227

2028

  

 

1,981

2029

  

 

1,561

2030

  

 

1,336

Thereafter

  

 

2,371

Total expected future amortization expense

  

$

11,897