GOODWILL, INTANGIBLE ASSETS, DERIVATIVES, AND DIGITAL ASSETS (Tables)

6 Months Ended

Jun. 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	—		—		—		(269)		(269)
Balance as of June 30, 2026	$	—	$	43,736	$	—	$	18,206	$	61,942

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	—		(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 Amount		Accumulated Amortization		Foreign Currency Translation		Net Book Value
Exchange licenses	Indefinite	$	148,000	$	—	$	(1,393)	$	146,607
FCM license	Indefinite	6,000		—		—		6,000
Customer relationships	13.1	20,250		(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 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	—		(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 Amount		Accumulated Amortization		Foreign Currency Translation		Net Book Value
Exchange licenses	Indefinite	$	148,000	$	—	$	(1,393)	$	146,607
FCM license	Indefinite	6,000		—		—		6,000
Customer relationships	13.1	20,250		(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 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	$	459
2027	1,273
2028	1,273
2029	1,273
2030	1,273
Thereafter	10,861
Total	$	16,412