Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurement [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are as follows:

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Financial instruments owned
Equities(1)	$	529,984	$	–	$	–	$	529,984
U.S Treasury Bills(2)		233,445,264		–		–		233,445,264
FX forward contract(1)		60,879						60,879
Customer-held fractional shares		108,252,531		–		–		108,252,531
Total financial assets	$	342,288,658	$	–	$	–	$	342,288,658
Liabilities
Financial instruments sold not yet purchased(3)
Equity options	$	2,196	$	–	$	–	$	2,196
Fractional share repurchase obligation(3)		108,252,531		–		–		108,252,531
Total financial liabilities	$	108,254,727	$	–	$	–	$	108,254,727

(1)	Fair value of financial instruments owned are classified within prepaid expenses and other current assets on the consolidated statements of financial position.
(2)	Represents U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash and cash equivalents segregated under federal and foreign requirements within our consolidated statements of financial position.
(3)	Fair value of obligation is classified within payables due to customers on the consolidated statements of financial position.

Our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 are as follows:

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Financial instruments owned
Equities(1)	$	562,051	$	–	$	–	$	562,051
U.S Treasury Bills(2)		189,143,720		–		–		189,143,720
Customer-held fractional shares		45,528,829		–		–		45,528,829
Total financial assets	$	235,234,600	$	–	$	–	$	235,234,600
Liabilities
Financial instruments sold not yet purchased(3)
Equity options	$	2,083	$	–	$	–	$	2,083
Fractional share repurchase obligation(3)		45,528,829		–		–		45,528,829
Total financial liabilities	$	45,530,912	$	–	$	–	$	45,530,912

(1)	Fair value of financial instruments owned are classified within prepaid expenses and other current assets on the consolidated statements of financial position.
(2)	Represents U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash and cash equivalents segregated under federal and foreign requirements within our consolidated statements of financial position.
(3)	Fair value of obligation is classified within payables due to customers on the consolidated statements of financial position.