SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Certain Financial Information for the Company's Reportable Operating Segments and Corporate and Other

The following table presents certain selected financial information for the Company’s reportable operating segments and Corporate and Other (in thousands):

	Three Months Ended June 30, 2026
	Options		Equities		Futures		International		Corporate and Other		Consolidated
Revenues	$	316,494	$	40,579	$	24,562	$	5,744	$	250	$	387,629
Less: Cost of revenue	192,100		35,037		19,468		—		(89)		246,516
Revenues less cost of revenue	124,394		5,542		5,094		5,744		339		141,113
Operating expenses
Compensation and benefits	18,945		3,915		9,701		2,297		6,108		40,966
Information technology and communication costs	4,597		1,656		3,041		620		288		10,202
Depreciation and amortization	4,494		1,306		1,800		551		627		8,778
Professional fees and outside services	4,860		327		256		308		5,697		11,448
Litigation settlement	22,500		—		—		—		7,500		30,000
General, administrative, and other expenses	4,064		674		2,986		874		3,324		11,922
Total operating expenses	59,460		7,878		17,784		4,650		23,544		113,316
Operating income (loss)	64,934		(2,336)		(12,690)		1,094		(23,205)		27,797
Non-operating (expense) income
Interest income	114		—		151		186		4,803		5,254
Interest expense	—		—		—		—		(44)		(44)
Unrealized loss on derivative and digital assets	—		—		—		(337)		—		(337)
Gain on sale of business	—		—		—		—		23		23
Other, net	(1)		—		(3,205)		—		(705)		(3,911)
Income (loss) before income tax provision	$	65,047	$	(2,336)	$	(15,744)	$	943	$	(19,128)	$	28,782

	Three Months Ended June 30, 2025
	Options		Equities		Futures		International		Corporate and Other		Consolidated
Revenues	$	261,759	$	40,364	$	23,117	$	2,291	$	253	$	327,784
Less: Cost of revenue	168,994		36,001		18,127		—		—		223,122
Revenues less cost of revenue	92,765		4,363		4,990		2,291		253		104,662
Operating expenses											—
Compensation and benefits	18,409		3,213		11,834		1,495		5,259		40,210
Information technology and communication costs	3,799		1,737		2,513		555		247		8,851
Depreciation and amortization	3,405		1,553		984		446		550		6,938
Professional fees and outside services	4,185		490		719		390		4,311		10,095
Acquisition-related costs	—		—		—		—		2,247		2,247
General, administrative, and other expenses	3,774		475		1,753		555		2,473		9,030
Total operating expenses	33,572		7,468		17,803		3,441		15,087		77,371
Operating income (loss)	59,193		(3,105)		(12,813)		(1,150)		(14,834)		$	27,291
Non-operating (expense) income
Change in fair value of puttable common stock	—		—		—		—		(1,688)		(1,688)
Change in fair value of puttable warrants issued with debt	—		—		—		—		(1,486)		(1,486)
Interest income	336		—		196		20		866		1,418
Interest expense and amortization of debt issuance costs	—		—		(35)		—		(4,867)		(4,902)
Loss on sale of intangible assets	—		—		—		(2,054)		—		(2,054)
Unrealized loss on derivative assets	—		—		—		(4,605)		—		(4,605)
Other, net	—		—		629		(62)		10,114		10,681
Income (loss) before income tax provision	$	59,529	$	(3,105)	$	(12,023)	$	(7,851)	$	(11,895)	$	24,655

	Six Months Ended June 30, 2026
	Options		Equities		Futures		International		Corporate and Other		Consolidated
Revenues	$	621,946	$	74,544	$	48,900	$	11,388	$	541	$	757,319
Less: Cost of revenue	386,285		62,338		39,176		—		(186)		487,613
Revenues less cost of revenue	235,661		12,206		9,724		11,388		727		269,706
Operating expenses
Compensation and benefits	39,995		8,080		20,142		4,528		12,611		85,356
Information technology and communication costs	8,900		3,201		5,955		1,073		556		19,685
Depreciation and amortization	8,820		2,362		3,363		986		1,335		16,866
Professional fees and outside services	9,718		599		561		770		11,207		22,855
Litigation settlement	22,500		—		—		—		7,500		30,000
General, administrative, and other expenses	7,994		1,354		4,840		1,674		5,317		21,179
Total operating expenses	97,927		15,596		34,861		9,031		38,526		195,941
Operating income (loss)	137,734		(3,390)		(25,137)		2,357		(37,799)		73,765
Non-operating (expense) income
Interest income	224		—		265		345		8,806		9,640
Interest expense	—		—		—		—		(89)		(89)
Unrealized loss on derivative and digital assets	—		—		—		(2,878)		—		(2,878)
Gain on sale of business	—		—		—		—		50,570		50,570
Other, net	(1)		—		(1,875)		—		(303)		(2,179)
Income (loss) before income tax provision	$	137,957	$	(3,390)	$	(26,747)	$	(176)	$	21,185	$	128,829

	Six Months Ended June 30, 2025
	Options		Equities		Futures		International		Corporate and Other		Consolidated
Revenues	$	522,853	$	80,438	$	47,914	$	3,117	$	539	$	654,861
Less: Cost of revenue	348,864		72,416		37,035		—		—		458,315
Revenues less cost of revenue	173,989		8,022		10,879		3,117		539		196,546
Operating expenses
Compensation and benefits	35,074		6,639		23,309		2,612		10,347		77,981
Information technology and communication costs	7,145		3,300		4,490		1,013		451		16,399
Depreciation and amortization	6,467		3,040		1,963		603		1,035		13,108
Professional fees and outside services	8,249		1,020		1,464		576		8,043		19,352
Acquisition-related costs	—		—		—		—		2,901		2,901
General, administrative, and other expenses	7,278		1,131		3,727		918		4,167		17,221
Total operating expenses	64,213		15,130		34,953		5,722		26,944		146,962
Operating income (loss)	109,776		(7,108)		(24,074)		(2,605)		(26,405)		49,584
Non-operating (expense) income
Change in fair value of puttable common stock	—		—		—		—		(1,891)		(1,891)
Change in fair value of puttable warrants issued with debt	—		—		—		—		(917)		(917)
Interest income	766		—		392		20		1,535		2,713
Interest expense and amortization of debt issuance costs	—		—		(70)		—		(9,262)		(9,332)
Loss on sale of intangible assets	—		—		—		(2,054)		—		(2,054)
Unrealized loss on derivative assets	—		—		—		(47,018)		—		(47,018)
Other, net	(1)		—		2,244		(62)		10,179		12,360
Income (loss) before income tax provision	$	110,541	$	(7,108)	$	(21,508)	$	(51,719)	$	(26,761)	$	3,445