BUSINESS COMBINATIONS AND ASSET ACQUISITIONS

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS

NOTE 4: BUSINESS COMBINATIONS AND ASSET ACQUISITIONS

Pending Acquisition of Bitstamp

In June 2024, we entered into an agreement to acquire all outstanding equity of Bitstamp, a globally-scaled cryptocurrency exchange with retail and institutional customers. The aggregate consideration to be paid by us is expected to be approximately $200 million, subject to customary purchase price adjustments

set forth in the agreement and payable in cash. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

Asset Acquisitions

On January 3, 2024, we acquired all outstanding stock of MNA Holdco LLC and its subsidiary Marex North America LLC (“MNA”) and licenses held by MNA for approximately $3 million (net of cash acquired in the amount of $125 million), which was determined to be an asset acquisition. The license acquired was recognized as an indefinite-lived intangible asset.