INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

As of December 31, 2025 and 2024, the Company's investments were comprised of the following (in millions):

	December 31, 2025		December 31, 2024
Equity method investments:
Investment in 7Ridge Investments 3 LP	$	1.5	$	321.3
Total equity method investments	1.5		321.3
Other equity investments:
Investment in Japannext Co., Ltd.	—		36.5
Investment in Eris Innovations Holdings, LLC	9.5		9.5
Investment in CSD BR	10.3		5.9
Investment in Talos Global, Inc.	5.0		4.4
Investment in Vest Group Inc.	2.9		2.9
Investment in OCC	0.3		0.3
Other equity investments	2.9		2.9
Total other equity investments	30.9		62.4
Total investments	$	32.4	$	383.7

Equity Method Investments

The Company’s investment in 7Ridge Investments 3 LP ("7Ridge Fund"), as a limited partner, represents a nonconsolidated variable interest entity (“VIE”). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e., the Company does not have unilateral substantive “kick-out” or “liquidation” rights).

The Company’s interest in the 7Ridge Fund is equal to the carrying value of the investment as of December 31, 2025, or $1.5 million, inclusive of the Company’s share of 7Ridge Fund’s profit or loss. The carrying value of the investment is included in investments within the consolidated balance sheets. The Company’s maximum loss exposure, in the unlikely event that all of the VIE’s assets become worthless, is limited to the carrying value of the Company’s investment.

On July 30, 2025, Trading Technologies International Inc. ("Trading Technologies"), which was wholly-owned by the 7Ridge Fund, announced an investment transaction that would result in its sale to a third-party. The investment transaction closed in November 2025 and Cboe received $406.6 million in proceeds from its investment in the 7Ridge Fund, resulting in an $84.2 million gain recorded to earnings on investments, net on the consolidated statements of income for the year ended December 31, 2025. The remaining interest in the 7Ridge Fund is intended to cover closing proceedings and we expect a full liquidation from the fund in 2026.

Other Equity Investments

The carrying value of other equity investments is included in investments in the consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held.

In the fourth quarter of 2024, the Company invested $36.5 million in Japannext Co., Ltd. ("Japannext"), a Japanese PTS and alternative trading venue. On December 12, 2025, the Company sold its minority investment in Japannext for its original investment amount.

Additionally, in the fourth quarter of 2024, the Company recorded an impairment charge of $11.1 million on its minority investments in Eris Innovations Holdings, LLC and Coin Metrics, Inc., based on management's assessment of the fair value of the investments. The loss was recorded in other income (expense), net in the consolidated statements of income.

In the third quarter of 2025, the Company recorded a gain of $5.0 million related to the Company's investments in CSD BR and Talos Global, Inc. (following Talos Global's acquisition of Coin Metrics, Inc.). The gain was recorded based on management's assessment of the fair value of the investments due to observable transactions. The gain was recorded to earnings on investments, net on the consolidated statements of income.