GOODWILL, INTANGIBLE ASSETS, DERIVATIVES, AND DIGITAL ASSETS (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Intangible Asset, Goodwill and Other [Abstract] |
|
| Goodwill |
The following table presents the details of goodwill by segment (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Futures | | Equities | | International | | Total | | Balance as of December 31, 2025 | $ | — | | | $ | 43,736 | | | $ | — | | | $ | 18,475 | | | $ | 62,211 | | Foreign currency translation | — | | | — | | | — | | | (211) | | | (211) | | | Balance as of September 30, 2026 | $ | — | | | $ | 43,736 | | | $ | — | | | $ | 18,264 | | | $ | 62,000 | |
|
| Intangible Asset, Indefinite-Lived |
The following table presents the details of the carrying value of intangible assets by segment (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Futures | | Equities | | International | | Total | | Balance as of December 31, 2025 | $ | — | | | $ | 88,812 | | | $ | — | | | $ | 81,962 | | | $ | 170,774 | | | Amortization | — | | | (304) | | | — | | | (648) | | | (952) | | Foreign currency translation | — | | | — | | | — | | | (875) | | | (875) | | | Balance as of September 30, 2026 | $ | — | | | $ | 88,508 | | | $ | — | | | $ | 80,439 | | | $ | 168,947 | |
The following table presents the gross carrying value and accumulated amortization for intangible assets (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Weighted Average Remaining Useful Life (Years) | | Gross Carrying Amount | | Accumulated Amortization | | Foreign Currency Translation | | Net Book Value | Exchange licenses | Indefinite | | $ | 148,000 | | | $ | — | | | $ | (1,190) | | | $ | 146,810 | | FCM license | Indefinite | | 6,000 | | | — | | | — | | | 6,000 | | Customer relationships | 12.8 | | 20,250 | | | (3,885) | | | (228) | | | 16,137 | | Other | — | | 200 | | | (200) | | | — | | | — | | Total | | | $ | 174,450 | | | $ | (4,085) | | | $ | (1,418) | | | $ | 168,947 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Weighted Average Remaining Useful Life (Years) | | Gross Carrying Amount | | Accumulated Amortization | | Foreign Currency Translation | | Net Book Value | Exchange licenses | Indefinite | | $ | 148,000 | | | $ | — | | | $ | (452) | | | $ | 147,548 | | FCM license | Indefinite | | 6,000 | | | — | | | — | | | 6,000 | | Customer relationships | 13.6 | | 20,250 | | | (2,930) | | | (94) | | | 17,226 | | Other | — | | 200 | | | (200) | | | — | | | — | | Total | | | $ | 174,450 | | | $ | (3,130) | | | $ | (546) | | | $ | 170,774 | |
|
| Intangible Asset, Finite-Lived |
The following table presents the details of the carrying value of intangible assets by segment (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Futures | | Equities | | International | | Total | | Balance as of December 31, 2025 | $ | — | | | $ | 88,812 | | | $ | — | | | $ | 81,962 | | | $ | 170,774 | | | Amortization | — | | | (304) | | | — | | | (648) | | | (952) | | Foreign currency translation | — | | | — | | | — | | | (875) | | | (875) | | | Balance as of September 30, 2026 | $ | — | | | $ | 88,508 | | | $ | — | | | $ | 80,439 | | | $ | 168,947 | |
The following table presents the gross carrying value and accumulated amortization for intangible assets (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Weighted Average Remaining Useful Life (Years) | | Gross Carrying Amount | | Accumulated Amortization | | Foreign Currency Translation | | Net Book Value | Exchange licenses | Indefinite | | $ | 148,000 | | | $ | — | | | $ | (1,190) | | | $ | 146,810 | | FCM license | Indefinite | | 6,000 | | | — | | | — | | | 6,000 | | Customer relationships | 12.8 | | 20,250 | | | (3,885) | | | (228) | | | 16,137 | | Other | — | | 200 | | | (200) | | | — | | | — | | Total | | | $ | 174,450 | | | $ | (4,085) | | | $ | (1,418) | | | $ | 168,947 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Weighted Average Remaining Useful Life (Years) | | Gross Carrying Amount | | Accumulated Amortization | | Foreign Currency Translation | | Net Book Value | Exchange licenses | Indefinite | | $ | 148,000 | | | $ | — | | | $ | (452) | | | $ | 147,548 | | FCM license | Indefinite | | 6,000 | | | — | | | — | | | 6,000 | | Customer relationships | 13.6 | | 20,250 | | | (2,930) | | | (94) | | | 17,226 | | Other | — | | 200 | | | (200) | | | — | | | — | | Total | | | $ | 174,450 | | | $ | (3,130) | | | $ | (546) | | | $ | 170,774 | |
|
| Schedule of Future Amortization Expense of Intangible Assets |
The estimated future amortization expense of the intangible assets is as follows (in thousands): | | | | | | | Remainder of 2026 | $ | 184 | | | 2027 | 1,273 | | | 2028 | 1,273 | | | 2029 | 1,273 | | | 2030 | 1,273 | | Thereafter | 10,861 | | | Total | $ | 16,137 | |
|