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GOODWILL, INTANGIBLE ASSETS, DERIVATIVES, AND DIGITAL ASSETS
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
GOODWILL, INTANGIBLE ASSETS, DERIVATIVES, AND DIGITAL ASSETS GOODWILL, INTANGIBLE ASSETS, DERIVATIVES AND DIGITAL ASSETS
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 $62,211 
Foreign currency translation
— — — (269)(269)
Balance as of June 30, 2026$— $43,736 $— $18,206 $61,942 
The following table presents the details of the carrying value of intangible assets by segment (in thousands):
Options
Futures
Equities
International
Total
Balance as of December 31, 2025$— $88,812 $— $81,962 $170,774 
Amortization— (203)— (430)(633)
Foreign currency translation
— — — (1,122)(1,122)
Balance as of June 30, 2026$— $88,609 $— $80,410 $169,019 
The following table presents the gross carrying value and accumulated amortization for intangible assets (in thousands):
June 30, 2026
Weighted Average Remaining Useful Life (Years)Gross Carrying AmountAccumulated AmortizationForeign Currency TranslationNet Book Value
Exchange licenses
Indefinite$148,000 $— $(1,393)$146,607 
FCM license
Indefinite6,000 — — 6,000 
Customer relationships
13.120,250 (3,566)(272)16,412 
Other
—200 (200)— — 
Total
$174,450 $(3,766)$(1,665)$169,019 
December 31, 2025
Weighted Average Remaining Useful Life (Years)Gross Carrying AmountAccumulated AmortizationForeign Currency TranslationNet Book Value
Exchange licenses
Indefinite$148,000 $— $(452)$147,548 
FCM license
Indefinite6,000 — — 6,000 
Customer relationships
13.620,250 (2,930)(94)17,226 
Other
—200 (200)— — 
Total
$174,450 $(3,130)$(546)$170,774 
The Company recorded amortization expense of $0.4 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively. The estimated future amortization expense of the intangible assets is as follows (in thousands):
Remainder of 2026$459 
20271,273 
20281,273 
20291,273 
20301,273 
Thereafter
10,861 
Total$16,412 
In 2021, BSX entered into agreements with a wholly owned subsidiary of Pyth Data Foundation (“Pyth”) to provide certain data to the Pyth Network in exchange for 500 million Pyth tokens. These tokens were locked, restricted from trading and subject to a four-year unlocking schedule commencing on May 20, 2024. While the Pyth tokens are locked they are not in the control or possession of BSX, cannot be traded by BSX, and are held by another entity. The Pyth tokens unlock on the schedule based on the agreement under which they were issued, and do not require any further performance by BSX. Accordingly, the locked Pyth tokens represent rights to receive crypto tokens.
Upon becoming entitled to receive crypto tokens, BSX evaluates whether such rights contain an embedded feature that meets the definition of a derivative under Accounting Standard Codification (“ASC”) 815, Derivatives and Hedging. This assessment is performed at each reporting date based on facts and circumstances then existing.
Prior to the development of an active market for Pyth tokens during the second quarter of 2024, BSX concluded that the rights to receive Pyth tokens did not meet the definition of a derivative because there was no market mechanism to net settle the contracts. Following the establishment of an active market, BSX concluded that the rights to receive Pyth tokens contained embedded derivatives that require separate accounting under ASC 815. The embedded derivatives are measured at fair value at each reporting date and presented as derivative assets in the condensed consolidated balance sheets. Changes in fair value are recognized within non-operating (expense) income in the condensed consolidated statements of operations.
On May 20, 2024, the initial 125 million unlocked Pyth tokens were received by BSX and were sold nearly immediately for $52.6 million.
On May 20, 2025, the second tranche of the 125 million right to receive Pyth tokens were unlocked by the Pyth Network. Upon unlocking, these Pyth tokens were derecognized as derivative assets and subsequently recognized as intangible asset measured at fair value. Shortly thereafter, BSX sold the entire tranche for net proceeds of $16.2 million and recognized a loss on sale of $2.1 million, representing the difference between the carrying value of the related intangible asset and the net proceeds received. The loss on sale of intangible asset was recorded in non-operating (expense) income on the condensed consolidated statement of operations.
On May 20, 2026, an additional 125 million Pyth tokens were unlocked and distributed to BSX in accordance with the unlocking schedule. Upon distribution, the related derivative assets were derecognized and the tokens were recognized as digital assets accounted for as intangible assets measured at fair value in accordance with ASC 350-60, Intangibles –Goodwill and Other – Accounting for and Disclosure of Crypto Assets. Subsequent changes in fair value are recorded in non-operating (expense) income in the condensed consolidated statements of operations. As of June 30, 2026, the digital assets related to unlocked Pyth tokens had a fair value of $4.8 million and were included in other assets, net in the condensed consolidated balance sheet. The change in fair value of the digital assets resulted in an unrealized loss of $0.5 million during the three and six months ended June 30, 2026, which was included in unrealized loss on derivative and digital assets within non-operating (expense) income on the condensed consolidated statements of operations.
The remaining 125 million locked Pyth tokens as of June 30, 2026 are expected to be distributed by the Pyth Network upon unlocking on May 20, 2027. In addition, the Company received 1.2 million locked reward Pyth tokens that are scheduled to unlock at various dates during the remainder of 2026 through 2028.
As of June 30, 2026 and December 31, 2025, the aggregate fair value of derivative assets related to the remaining locked Pyth tokens was $3.8 million and $11.1 million, respectively. Derivative assets are classified as current or noncurrent in the condensed consolidated balance sheets based on the expected timing of the unlocking of the related Pyth tokens. Changes in the fair value of the derivative assets resulted in an unrealized gain of $0.2 million and an unrealized loss of $4.6 million during the three months ended June 30, 2026 and 2025, respectively, and an unrealized loss of $2.4 million and an unrealized loss of $47.0 million during the six months ended June 30, 2026 and 2025, respectively. These changes in fair value are included in unrealized loss on derivative and digital assets within non-operating (expense) income on the condensed consolidated statements of operations.