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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 49,406 $ 43,870
Adjustments to reconcile net income to net cash provided by operating activities:    
Advisory and license fees paid in gold, other precious metals and cryptocurrency (32,532) (25,365)
Stock-based compensation 11,765 10,755
Deferred income taxes 4,206 4,326
Amortization of issuance costs—convertible notes 1,252 750
Depreciation and amortization 1,120 801
Imputed interest on payable to GBH 923 1,342
(Gains)/losses on investments (920) 1,195
Gains on financial instruments owned, at fair value (844) (1,772)
Amortization of right of use asset 662 647
Changes in operating assets and liabilities:    
Accounts receivable 3,562 (7,132)
Income taxes payable (4,770) (2,028)
Prepaid expenses (5,000) (3,353)
Gold and other precious metals 31,543 24,972
Other assets (143) (118)
Fund management and administration payable 1,272 (3,430)
Compensation and benefits payable (18,273) (17,657)
Operating lease liabilities (655) (662)
Accounts payable and other liabilities 2,602 4,031
Net cash provided by operating activities 45,176 31,172
Cash flows from investing activities:    
Purchase of financial instruments owned, at fair value (15,756) (14,193)
Purchase of investments (4,000)
Cash paid—software development (1,323) (1,184)
Purchase of fixed assets (117) (102)
Proceeds from the sale of financial instruments owned, at fair value 4,478 5,303
Proceeds from held-to-maturity securities maturing or called prior to maturity 6 12
Proceeds from the exit from investment in Securrency, Inc. 465
Net cash used in investing activities (16,712) (9,699)
Cash flows from financing activities:    
Common stock repurchased (12,714) (7,820)
Dividends paid (8,923) (9,873)
Excise taxes paid on common stock repurchased (1,868)
Net cash used in financing activities (23,505) (17,693)
Increase/(decrease) in cash flow due to changes in foreign exchange rate 7,523 (626)
Net increase in cash, cash equivalents and restricted cash 12,482 3,154
Cash, cash equivalents and restricted cash—beginning of year 181,191 129,305
Cash, cash equivalents and restricted cash—end of period 193,673 132,459
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 13,468 11,138
Cash paid for interest $ 8,850 $ 6,175