Fair Value of Financial Instruments and Other Assets (Tables)

9 Months Ended

Sep. 30, 2026

The Company’s financial instruments and other assets measured at fair value in the condensed consolidated statements of financial condition as of September 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 September 30, 2026
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,900,091	$	—	$	—	$	1,900,091
Investment in available for sale debt securities (1)	—		—		—		—
Investment in equity securities (1)	50,720		12,241		—		62,961
Digital assets – Canton Coins (1)	207,515		—		—		207,515
Receivable and due from related parties – Foreign exchange derivative contracts	—		8,418		—		8,418
Total assets measured at fair value	$	2,158,326	$	20,659	$	—	$	2,178,985





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 in the condensed consolidated statements of financial condition.

Schedule of Canton Coin Holdings

The following table presents the Company’s Canton Coin holdings as of September 30, 2026 and December 31, 2025:


	September 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	$	18,273	$	207,515	1.6 billion	$	11,461	$	242,729

(1)As of September 30, 2026, the Company was restricted from transferring to third parties a total of 1.3 billion of its Canton Coins valued at $163.7 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 months ended September 30, 2025 and nine months ended September 30, 2026 and 2025. There were no Level 3 assets held and no activity during the three months ended September 30, 2026.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025		2026		2025

	(dollars in thousands)
Investments in Available for Sale Debt Securities - Securitize
Beginning balance	$	14,132	$	24,857	$	10,354
Transfer out of Level 3 (1)	—		(24,857)		—
Additions	132		—		385
Dispositions	—		—		—

Total realized and unrealized gains included in other comprehensive income (loss)	5,933		—		9,458
Ending balance	$	20,197	$	—	$	20,197

Digital Assets – Canton Coins
Beginning balance	$	25,196			$	852

Additions	2,314				4,372
Dispositions	(15,000)				(15,000)
Total realized and unrealized gains included in other income (loss), net	43,249				65,535
Ending balance	$	55,759			$	55,759

(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. During the second quarter of 2026, the Company’s investment in the Securitize convertible note was reclassified from Level 3 to Level 2 of the fair value hierarchy as the valuation as of June 30, 2026 was based primarily on observable inputs from a comparable security. Previously, the convertible note was valued based on a probability-weighted expected return model that required assumptions that were both significant and unobservable.

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:


	September 30,		December 31,
	2026		2025

	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	369,446	$	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				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	3,995	$	(1,815)	$	14,198	$	(22,623)

Schedule of Financial Instruments Not Measured at Fair Value

The Company’s financial instruments not measured at fair value in the condensed consolidated statements of financial condition as of September 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 September 30, 2026
Assets
Cash and restricted cash	$	215,804	$	215,804	$	—	$	—	$	215,804
Receivable from brokers and dealers and clearing organizations	137,347		—		137,347		—		137,347
Deposits with clearing organizations	57,248		57,248		—		—		57,248
Accounts receivable	326,748		—		326,748		—		326,748
Other assets – Memberships in clearing organizations	3,266		—		—		3,266		3,266
Total	$	740,413	$	273,052	$	464,095	$	3,266	$	740,413

Liabilities

Payable to brokers and dealers and clearing organizations	$	90,989	$	—	$	90,989	$	—	$	90,989
Total	$	90,989	$	—	$	90,989	$	—	$	90,989


	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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