Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 44,208,000	$ 23,527,000	$ 214,432,000	$ 2,107,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of debt discount and issue cost	2,000	1,189,000	5,000	2,201,000
Settlement of interest payable in common stock			61,000	0
Depreciation and amortization	8,778,000	6,938,000	16,866,000	13,108,000
Share based compensation expense			15,963,000	18,909,000
Provision for accounts receivable credit losses			(215,000)	99,000
Provision for deferred income taxes			(85,762,000)	73,000
Impairment of long-lived assets			0	739,000
Change in fair value of puttable common stock	0	1,688,000	0	1,891,000
Change in fair value of puttable warrants issued with debt	0	1,486,000	0	917,000
Unrealized loss (gain) on equity securities owned			2,640,000	(10,559,000)
Loss on sale of intangible asset	0	2,054,000	0	2,054,000
Proceeds from sale of Pyth tokens			0	16,239,000
Unrealized loss on derivative and digital assets	337,000	4,605,000	2,878,000	47,018,000
Gain on sale of business	(23,000)	0	(50,570,000)	0
Other			0	(860,000)
Changes in operating assets and liabilities:
Accounts receivable			(21,881,000)	(8,455,000)
Clearing house performance bonds and guarantee funds			33,201,000	(22,636,000)
Participant margin deposits			0	(85,000)
Receivables from broker-dealers, futures commission merchants, and clearing organizations			(4,796,000)	14,080,000
Other current assets			2,862,000	2,627,000
Other assets			6,479,000	7,765,000
Accounts payable and other liabilities			65,911,000	362,000
Accrued compensation payable			(13,444,000)	(11,980,000)
Other liabilities			(3,795,000)	(629,000)
Deferred transaction revenue			820,000	917,000
Payables to customers			(3,718,000)	(7,011,000)
Payables to clearing organizations			5,705,000	(2,746,000)
Net cash provided by operating activities			183,642,000	66,145,000
Cash flows from investing activities:
Capital expenditures			(27,992,000)	(16,929,000)
Capitalization of internally developed software			(5,086,000)	(6,586,000)
Return of capital from non-marketable equity securities			500,000	0
Proceeds from sale of business, net of cash and cash equivalents sold			59,860,000	0
Purchase of certificates of deposits			(2,644,000)
Purchases of investments			(1,250,000)	0
Proceeds from sale of business, net of cash and cash equivalents sold			0	(56,458,000)
Net cash provided by (used in) investing activities			23,388,000	(79,973,000)
Cash flows from financing activities:
Proceeds from debt issuance, net of debt discount and lender issuance costs			0	36,881,000
Payment of other debt issuance costs			0	(1,975,000)
Repayment of capital lease obligations			(77,000)	(74,000)
Repurchases of common stock from employee stock incentive plans			(17,036,000)	(1,944,000)
Proceeds from issuance of common stock and convertible preferred stock			57,219,000	4,307,000
Net cash provided by financing activities			40,106,000	37,195,000
Effect of exchange rate changes on cash and cash equivalents			(431,000)	146,000
Increase in cash, cash equivalents, segregated cash, and restricted cash			246,705,000	23,513,000
Cash, cash equivalents, segregated cash and restricted cash at beginning of period			557,584,000	276,398,000
Cash, cash equivalents, segregated cash, and restricted cash at end of period	804,289,000	299,911,000	804,289,000	299,911,000
Reconciliation of cash, cash equivalents, segregated cash, and restricted cash:
Cash and cash equivalents	660,462,000	195,319,000	660,462,000	195,319,000
Cash segregated under federal and other regulations	26,894,000	32,330,000	26,894,000	32,330,000
Restricted cash	13,654,000	6,005,000	13,654,000	6,005,000
Restricted cash (clearing house performance bonds and guarantee funds)	103,279,000	65,108,000	103,279,000	65,108,000
Restricted cash (participant margin deposits)	0	1,149,000	0	1,149,000
Total	$ 804,289,000	$ 299,911,000	804,289,000	299,911,000
Supplemental disclosure of cash transactions:
Cash paid for income taxes			159,000	1,114,000
Income tax refunds			30,000	6,000
Cash paid for interest			21,000	7,169,000
Supplemental disclosure of non-cash investing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities			1,278,000	5,608,000
Assets acquired under capital leases			115,000	144,000
Non-cash amounts related to capitalized internally developed software			233,000	451,000
Total non-cash investing activities			1,626,000	6,203,000
Supplemental disclosure of non-cash financing activities:
Conversion of puttable warrants into non-puttable warrants			0	25,692,000
Total non-cash financing activities			$ 0	$ 25,692,000