Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Categorization of Assets and Liabilities Measured at Fair Value

The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the three months ended March 31, 2022 and 2021 there were no transfers between Levels 2 and 3.

	March 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash equivalents	$	449	$	449	$	—	$	—
Securities owned, at fair value
ETFs		16,035		16,035		—		—
Pass-through GSEs		115,858		24,503		91,355		—
Corporate bonds		1,953		—		1,953		—
Investments
Fnality International Limited – convertible note (Note 7)		6,700		—		—		6,700
Total	$	140,995	$	40,987	$	93,308	$	6,700
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 9)	$	245,177	$	—	$	—	$	245,177

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash equivalents	$	11,488	$	11,488	$	—	$	—
Securities owned, at fair value
ETFs		18,812		18,812		—		—
Pass-through GSEs		106,245		24,720		81,525		—
Corporate bonds		2,109		—		2,109		—
Total	$	138,654	$	55,020	$	83,634	$	—
Non-recurring fair value measurements:
Securrency, Inc. – Series A convertible preferred stock(1)		8,488		—		—		8,488
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 9)	$	228,062	$	—	$	—	$	228,062

(1) Fair value of $8,488 and $8,349 determined on June 9, 2021 and March 8, 2021, respectively (Note 7).

Summary of Reconciliation of Recurring Fair Value Measurements

Fair Value Measurements classified as Level 3 – The following tables presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:

	Three Months Ended March 31,
	2022			2021
Fnality International Limited – Convertible note (Note 7)
Beginning balance	$	—		$	—
Purchases		6,863			—
Net unrealized gains/(losses)(1)		(163	)		—
Ending balance	$	6,700		$	—

(1) Recorded in other losses, net in the Consolidated Statements of Operations.

	Three Months Ended March 31,
	2022			2021
Deferred consideration (Note 9)
Beginning balance	$	228,062		$	230,137
Net realized losses(1)		4,450			4,270
Net unrealized losses/(gains)(2)		17,018			(2,832	)
Settlements		(4,353	)		(4,429	)
Ending balance	$	245,177		$	227,146

(1) Recorded as contractual gold payments expense in the Consolidated Statements of Operations.

(2) Recorded as (loss)/gain on revaluation of deferred consideration – gold payments in the Consolidated Statements of Operations.