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GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD (Tables) | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of goodwill | The following table reflects the changes in the carrying amount of goodwill (in thousands):
| Nine Months Ended September 30, 2022 |  | Year Ended December 31, 2021
Balance, beginning of period | $ | 625,758 |  |  | $ | 77,212 |
Additions due to business combinations | 454,417 |  |  | 548,546 |
Measurement period adjustments(1) | (6,269) |  |  | — |
Balance, end of period | $ | 1,073,906 |  |  | $ | 625,758 |
__________________ (1) The measurement period adjustments consisted of $4.1 million, $0.3 million and $1.9 million related to the Unbound acquisition, FairX acquisition and certain other acquisitions that were material when aggregated, respectively, and which were associated with the changes in deferred tax assets as a result of changes in estimates.
Schedule of finite-lived intangible assets | Intangible assets, net consisted of the following (in thousands, except years data):
As of September 30, 2022 | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted Average Remaining Useful Life (in Years)
Amortizing intangible assets |  |  |  |  |  |  |
Acquired developed technology | $ | 128,292 |  |  | $ | (71,147) |  |  | $ | 57,145 |  |  | 2.36
User base | 2,997 |  |  | (1,870) |  |  | 1,127 |  |  | 1.00
Customer relationships | 86,691 |  |  | (41,170) |  |  | 45,521 |  |  | 2.80
Non-compete agreement | 2,402 |  |  | (1,521) |  |  | 881 |  |  | 1.84
Assembled workforce | 60,800 |  |  | (35,699) |  |  | 25,101 |  |  | 0.69
Trade Relationships | 3,400 |  |  | (756) |  |  | 2,644 |  |  | 2.34
In-process research and development(1) | 2,100 |  |  | — |  |  | 2,100 |  |  | N/A
Indefinite-lived intangible assets |  |  |  |  |  |  |
Domain name | 250 |  |  | — |  |  | 250 |  |  | N/A
Licenses | 26,900 |  |  | — |  |  | 26,900 |  |  | N/A
Total | $ | 313,832 |  |  | $ | (152,163) |  |  | $ | 161,669 |  |  |
__________________ (1)Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service.
As of December 31, 2021 | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted Average Remaining Useful Life (in Years)
Amortizing intangible assets |  |  |  |  |  |  |
Acquired developed technology | $ | 100,908 |  |  | $ | (34,865) |  |  | $ | 66,043 |  |  | 1.97
User base | 2,997 |  |  | (1,020) |  |  | 1,977 |  |  | 1.75
Customer relationships | 79,491 |  |  | (27,789) |  |  | 51,702 |  |  | 3.68
Non-compete agreement | 2,402 |  |  | (1,161) |  |  | 1,241 |  |  | 2.58
Assembled workforce | 60,800 |  |  | (8,324) |  |  | 52,476 |  |  | 1.43
In-process research and development(1) | 3,000 |  |  | — |  |  | 3,000 |  |  | N/A
Indefinite-lived intangible assets |  |  |  |  |  |  |
Domain name | 250 |  |  | — |  |  | 250 |  |  | N/A
Total | $ | 249,848 |  |  | $ | (73,159) |  |  | $ | 176,689 |  |  |
__________________ (1)Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service. Crypto assets held consisted of the following (in thousands):
| September 30, |  | December 31,
| 2022 |  | 2021
Recorded at impaired cost |  |  |
Crypto assets held as investments | $ | 289,587 |  |  | $ | 209,415 |
Crypto assets held for operating purposes(1) | 123,514 |  |  | 357,093 |
Total crypto assets held recorded at impaired cost | 413,101 |  |  | 566,508 |
Recorded at fair value(2) |  |  |
Crypto assets held as investments | 2,392 |  |  | — |
Crypto assets borrowed | 207,580 |  |  | 421,685 |
Total crypto assets held recorded at fair value | 209,972 |  |  | 421,685 |
Total crypto assets held | $ | 623,073 |  |  | $ | 988,193 |
__________________ (1)Crypto assets held as of September 30, 2022 and December 31, 2021 includes $3.3 million and $38.1 million, respectively, of crypto assets loaned to customers as these did not meet the criteria for derecognition. (2)Recorded at fair value as these crypto assets are held as the hedged item in qualifying fair value hedges.
Schedule of indefinite-lived intangible assets | Intangible assets, net consisted of the following (in thousands, except years data):
As of September 30, 2022 | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted Average Remaining Useful Life (in Years)
Amortizing intangible assets |  |  |  |  |  |  |
Acquired developed technology | $ | 128,292 |  |  | $ | (71,147) |  |  | $ | 57,145 |  |  | 2.36
User base | 2,997 |  |  | (1,870) |  |  | 1,127 |  |  | 1.00
Customer relationships | 86,691 |  |  | (41,170) |  |  | 45,521 |  |  | 2.80
Non-compete agreement | 2,402 |  |  | (1,521) |  |  | 881 |  |  | 1.84
Assembled workforce | 60,800 |  |  | (35,699) |  |  | 25,101 |  |  | 0.69
Trade Relationships | 3,400 |  |  | (756) |  |  | 2,644 |  |  | 2.34
In-process research and development(1) | 2,100 |  |  | — |  |  | 2,100 |  |  | N/A
Indefinite-lived intangible assets |  |  |  |  |  |  |
Domain name | 250 |  |  | — |  |  | 250 |  |  | N/A
Licenses | 26,900 |  |  | — |  |  | 26,900 |  |  | N/A
Total | $ | 313,832 |  |  | $ | (152,163) |  |  | $ | 161,669 |  |  |
__________________ (1)Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service.
As of December 31, 2021 | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted Average Remaining Useful Life (in Years)
Amortizing intangible assets |  |  |  |  |  |  |
Acquired developed technology | $ | 100,908 |  |  | $ | (34,865) |  |  | $ | 66,043 |  |  | 1.97
User base | 2,997 |  |  | (1,020) |  |  | 1,977 |  |  | 1.75
Customer relationships | 79,491 |  |  | (27,789) |  |  | 51,702 |  |  | 3.68
Non-compete agreement | 2,402 |  |  | (1,161) |  |  | 1,241 |  |  | 2.58
Assembled workforce | 60,800 |  |  | (8,324) |  |  | 52,476 |  |  | 1.43
In-process research and development(1) | 3,000 |  |  | — |  |  | 3,000 |  |  | N/A
Indefinite-lived intangible assets |  |  |  |  |  |  |
Domain name | 250 |  |  | — |  |  | 250 |  |  | N/A
Total | $ | 249,848 |  |  | $ | (73,159) |  |  | $ | 176,689 |  |  |
__________________ (1)Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service.
Schedule of finite-lived intangible assets, future amortization expense | The expected future amortization expense for intangible assets other than IPR&D as of September 30, 2022 is as follows (in thousands):
2022 (for the remainder of) | $ | 25,352 |
2023 | 67,591 |
2024 | 21,360 |
2025 | 13,119 |
2026 | 4,818 |
Thereafter | 179 |
Total expected future amortization expense | $ | 132,419 |

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