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Fair Value of Financial Instruments and Other Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement
The Company’s financial instruments and other assets measured at fair value on the condensed consolidated statements of financial condition as of September 30, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:

Quoted Prices in
active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
(dollars in thousands)
As of September 30, 2025
Assets
Cash equivalents – Money market funds and other highly liquid investments$1,660,643 $— $— $1,660,643 
Other assets – Digital assets – Canton Coins
— — 55,759 55,759 
Other assets – Investment in available for sale debt securities— — 20,197 20,197 
Total assets measured at fair value$1,660,643 $— $75,956 $1,736,599 
Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts$— $11,633 $— $11,633 
Total liabilities measured at fair value$— $11,633 $— $11,633 
As of December 31, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments$1,117,133 $— $— $1,117,133 
Receivable and due from affiliates – Foreign exchange derivative contracts— 7,844 — 7,844 
Other assets – Digital assets – Canton Coins
— — 852 852 
Other assets – Investment in available for sale debt securities
— — 10,354 10,354 
Total assets measured at fair value$1,117,133 $7,844 $11,206 $1,136,183 
Schedule of Canton Coin Holdings
The following table presents the Company’s Canton Coin holdings as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Quantity of CoinsCost BasisFair ValueQuantity of CoinsCost BasisFair Value
(dollars in thousands)
Canton Coins1.7 billion$4,962 $55,759 1.2 billion$666 $852 
Summary of Changes in Fair Value for Level 3
The table below presents a summary of the changes in fair value for level 3 assets during the three and nine months ended September 30, 2025 and 2024:
Three Months EndedNine Months Ended
September 30, September 30,
2025202420252024
(dollars in thousands)
Investment in Available for Sale Debt Securities
Beginning balance$14,132 $10,102 $10,354 $— 
Additions132 126 385 10,228 
Dispositions— — — — 
Total realized and unrealized gains included in other comprehensive income (loss)5,933 — 9,458 — 
Ending balance$20,197 $10,228 $20,197 $10,228 
Digital Assets
Beginning balance$25,196 $— $852 $— 
Additions2,314 382 4,372 382 
Dispositions(15,000)— (15,000)— 
Total realized and unrealized gains included in other income (loss), net43,249 10 65,535 10 
Ending balance$55,759 $392 $55,759 $392 
Schedule of Derivative Values
The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:
September 30,December 31,
20252024
(dollars in thousands)
Foreign currency forward contracts – Gross notional amount$328,276 $238,182 
The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income$(1,815)$(3,139)$(22,623)$3,772 
Schedule of Financial Instruments Not Measured at Fair Value
The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of September 30, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:
Carrying ValueQuoted Prices in
active Markets
for Identical
Assets
(Level 1)
 Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)		Total Fair Value
As of September 30, 2025(dollars in thousands)
Assets
Cash and restricted cash$248,279 $248,279 $— $— $248,279 
Receivable from brokers and dealers and clearing organizations91,640 — 91,640 — 91,640 
Deposits with clearing organizations64,936 64,936 — — 64,936 
Accounts receivable271,241 — 271,241 — 271,241 
Other assets – Memberships in clearing organizations
3,125 — — 3,125 3,125 
Total$679,221 $313,215 $362,881 $3,125 $679,221 
Liabilities
Payable to brokers and dealers and clearing organizations$79,662 $— $79,662 $— $79,662 
Total$79,662 $— $79,662 $— $79,662 
As of December 31, 2024
Assets
Cash and restricted cash$224,169 $224,169 $— $— $224,169 
Receivable from brokers and dealers and clearing organizations67,805 — 67,805 — 67,805 
Deposits with clearing organizations54,702 54,702 — — 54,702 
Accounts receivable222,268 — 222,268 — 222,268 
Other assets – Memberships in clearing organizations
2,918 — — 2,918 2,918 
Total$571,862 $278,871 $290,073 $2,918 $571,862 
Liabilities
Payable to brokers and dealers and clearing organizations$67,816 $— $67,816 $— $67,816 
Total$67,816 $— $67,816 $— $67,816