v3.26.3
SEGMENT REPORTING - Schedule of Certain Financial Information for the Company's Reportable Operating Segments and Corporate and Other (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]        
Revenues $ 376,183 $ 339,778 $ 1,133,502 $ 994,639
Less: Cost of revenue 245,174 230,295 732,787 688,610
Revenues less cost of revenues 131,009 109,483 400,715 306,029
Operating expenses:        
Compensation and benefits 40,286 68,753 125,642 146,734
Information technology and communication costs 9,601 9,290 29,286 25,689
Depreciation and amortization 9,453 8,229 26,319 21,337
Professional fees and outside services 15,386 10,807 38,241 30,159
Litigation settlement 0 0 30,000 0
Acquisition-related costs 0 0 0 2,901
General, administrative, and other expenses 9,079 12,709 30,258 29,930
Total operating expenses 83,805 109,788 279,746 256,750
Operating income (loss) 47,204 (305) 120,969 49,279
Non-operating (expense) income:        
Change in fair value of puttable common stock 0 (338) 0 (2,229)
Change in fair value of puttable warrants issued with debt 0 (255) 0 (1,172)
Interest income 5,941 2,658 15,581 5,371
Interest expense and amortization of debt issuance costs (42) (3,378) (131) (12,710)
Loss on sale of intangible asset 0 0 0 (2,054)
Unrealized gain (loss) on derivative and digital assets 9,797 7,979 6,919 (39,039)
Loss on debt extinguishment 0 (107,656) 0 (107,656)
Gain on sale of business 0 0 50,570 0
Other, net 1,181 (1,595) (998) 10,765
Income (loss) before income tax provision 64,081 (102,890) 192,910 (99,445)
Operating Segments | Options        
Segment Reporting [Line Items]        
Revenues 317,286 276,540 939,232 799,393
Less: Cost of revenue 204,700 182,041 590,985 530,905
Revenues less cost of revenues 112,586 94,499 348,247 268,488
Operating expenses:        
Compensation and benefits 18,589 27,373 58,584 62,447
Information technology and communication costs 4,359 3,896 13,259 11,041
Depreciation and amortization 4,626 3,826 13,446 10,293
Professional fees and outside services 7,552 4,189 17,270 12,438
Litigation settlement     22,500  
Acquisition-related costs       0
General, administrative, and other expenses 3,561 3,851 11,555 11,129
Total operating expenses 38,687 43,135 136,614 107,348
Operating income (loss) 73,899 51,364 211,633 161,140
Non-operating (expense) income:        
Change in fair value of puttable common stock   0   0
Change in fair value of puttable warrants issued with debt   0   0
Interest income 213 482 437 1,248
Interest expense and amortization of debt issuance costs 0 0 0 0
Loss on sale of intangible asset       0
Unrealized gain (loss) on derivative and digital assets 0 0 0 0
Loss on debt extinguishment   0   0
Gain on sale of business     0  
Other, net 0 0 (1) (1)
Income (loss) before income tax provision 74,112 51,846 212,069 162,387
Operating Segments | Equities        
Segment Reporting [Line Items]        
Revenues 28,694 38,028 103,238 118,466
Less: Cost of revenue 22,034 33,676 84,372 106,092
Revenues less cost of revenues 6,660 4,352 18,866 12,374
Operating expenses:        
Compensation and benefits 3,909 4,712 11,989 11,351
Information technology and communication costs 1,608 1,819 4,809 5,119
Depreciation and amortization 1,601 1,570 3,963 4,610
Professional fees and outside services 1,813 514 2,412 1,534
Litigation settlement     0  
Acquisition-related costs       0
General, administrative, and other expenses 603 595 1,957 1,726
Total operating expenses 9,534 9,210 25,130 24,340
Operating income (loss) (2,874) (4,858) (6,264) (11,966)
Non-operating (expense) income:        
Change in fair value of puttable common stock   0   0
Change in fair value of puttable warrants issued with debt   0   0
Interest income 0 0 0 0
Interest expense and amortization of debt issuance costs 0 0 0 0
Loss on sale of intangible asset       0
Unrealized gain (loss) on derivative and digital assets 0 0 0 0
Loss on debt extinguishment   0   0
Gain on sale of business     0  
Other, net 0 0 0 0
Income (loss) before income tax provision (2,874) (4,858) (6,264) (11,966)
Operating Segments | Futures        
Segment Reporting [Line Items]        
Revenues 23,772 19,364 72,672 67,278
Less: Cost of revenue 18,794 14,578 57,970 51,613
Revenues less cost of revenues 4,978 4,786 14,702 15,665
Operating expenses:        
Compensation and benefits 9,476 16,574 29,618 39,883
Information technology and communication costs 2,763 2,653 8,718 7,143
Depreciation and amortization 2,087 1,692 5,450 3,655
Professional fees and outside services 517 265 1,078 1,729
Litigation settlement     0  
Acquisition-related costs       0
General, administrative, and other expenses 2,300 2,138 7,140 5,865
Total operating expenses 17,143 23,322 52,004 58,275
Operating income (loss) (12,165) (18,536) (37,302) (42,610)
Non-operating (expense) income:        
Change in fair value of puttable common stock   0   0
Change in fair value of puttable warrants issued with debt   0   0
Interest income 261 207 526 599
Interest expense and amortization of debt issuance costs 0 (36) 0 (106)
Loss on sale of intangible asset       0
Unrealized gain (loss) on derivative and digital assets 0 0 0 0
Loss on debt extinguishment   0   0
Gain on sale of business     0  
Other, net 1,905 (61) 30 2,183
Income (loss) before income tax provision (9,999) (18,426) (36,746) (39,934)
Operating Segments | International        
Segment Reporting [Line Items]        
Revenues 6,139 5,533 17,527 8,650
Less: Cost of revenue 0 0 0 0
Revenues less cost of revenues 6,139 5,533 17,527 8,650
Operating expenses:        
Compensation and benefits 2,566 2,720 7,094 5,332
Information technology and communication costs 595 663 1,668 1,676
Depreciation and amortization 521 435 1,507 1,038
Professional fees and outside services 268 305 1,038 881
Litigation settlement     0  
Acquisition-related costs       0
General, administrative, and other expenses 844 627 2,518 1,545
Total operating expenses 4,794 4,750 13,825 10,472
Operating income (loss) 1,345 783 3,702 (1,822)
Non-operating (expense) income:        
Change in fair value of puttable common stock   0   0
Change in fair value of puttable warrants issued with debt   0   0
Interest income 222 111 567 131
Interest expense and amortization of debt issuance costs 0 0 0 0
Loss on sale of intangible asset       (2,054)
Unrealized gain (loss) on derivative and digital assets 9,797 7,979 6,919 (39,039)
Loss on debt extinguishment     0
Gain on sale of business     0  
Other, net 0 0 0 (62)
Income (loss) before income tax provision 11,364 8,873 11,188 (42,846)
Corporate & Other        
Segment Reporting [Line Items]        
Revenues 292 313 833 852
Less: Cost of revenue (354) 0 (540) 0
Revenues less cost of revenues 646 313 1,373 852
Operating expenses:        
Compensation and benefits 5,746 17,374 18,357 27,721
Information technology and communication costs 276 259 832 710
Depreciation and amortization 618 706 1,953 1,741
Professional fees and outside services 5,236 5,534 16,443 13,577
Litigation settlement     7,500  
Acquisition-related costs       2,901
General, administrative, and other expenses 1,771 5,498 7,088 9,665
Total operating expenses 13,647 29,371 52,173 56,315
Operating income (loss) (13,001) (29,058) (50,800) (55,463)
Non-operating (expense) income:        
Change in fair value of puttable common stock   (338)   (2,229)
Change in fair value of puttable warrants issued with debt   (255)   (1,172)
Interest income 5,245 1,858 14,051 3,393
Interest expense and amortization of debt issuance costs (42) (3,342) (131) (12,604)
Loss on sale of intangible asset       0
Unrealized gain (loss) on derivative and digital assets 0 0 0 0
Loss on debt extinguishment   (107,656)   (107,656)
Gain on sale of business     50,570  
Other, net (724) (1,534) (1,027) 8,645
Income (loss) before income tax provision $ (8,522) $ (140,325) $ 12,663 $ (167,086)