Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021 there were no transfers between Levels 2 and 3.

	September 30, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash equivalents	$	284	$	284	$	—	$	—
Securities owned, at fair value
ETFs		12,621		12,621		—		—
U.S. treasuries		8,437		8,437		—		—
Pass-through GSEs		102,248		23,694		78,554		—
Corporate bonds		1,804		—		1,804		—
Investments in Convertible Notes
Securrency, Inc.—convertible note (Note 7)		5,844		—		—		5,844
Fnality International Limited—convertible note (Note 7)		6,195		—		—		6,195
Total	$	137,433	$	45,036	$	80,358	$	12,039
Non-recurring fair value measurements:
Onramp Invest, Inc.—preferred stock (Note 7)(1)	$	312	$	—	$	—	$	312
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 9)	$	164,757	$	—	$	—	$	164,757

(1) Fair value determined on May 10, 2022 (Note 7).

	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 table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Investments in Convertible Notes (Note 7)
Beginning balance	$	11,712		$	—		$	—		$	—
Purchases		—			—			11,863			—
Net unrealized gains(1)		327			—			176			—
Ending balance	$	12,039		$	—		$	12,039		$	—
Deferred Consideration (Note 9)
Beginning balance	$	242,767		$	226,706		$	228,062		$	230,137
Net realized losses(2)		4,105			4,250			13,001			12,834
Net unrealized gains(3)		(77,895	)		(1,737	)		(63,188	)		(5,066	)
Settlements		(4,220	)		(4,266	)		(13,118	)		(12,952	)
Ending balance	$	164,757		$	224,953		$	164,757		$	224,953

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

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

(3)  Recorded as gain on revaluation of deferred consideration—gold payments in the Consolidated Statements of Operations