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GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD
Goodwill
The following table reflects the changes in the carrying amount of goodwill (in thousands):
Nine Months Ended September 30, 2022Year Ended December 31, 2021
Balance, beginning of period$625,758 $77,212 
Additions due to business combinations454,417 548,546 
Measurement period adjustments(1)
(6,269)— 
Balance, end of period$1,073,906 $625,758 
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(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.

There was no impairment recognized against goodwill at the beginning or end of the periods presented.
Intangible assets, net
Intangible assets, net consisted of the following (in thousands, except years data):

As of September 30, 2022Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetWeighted Average Remaining Useful Life (in Years)
Amortizing intangible assets
Acquired developed technology$128,292 $(71,147)$57,145 2.36
User base2,997 (1,870)1,127 1.00
Customer relationships86,691 (41,170)45,521 2.80
Non-compete agreement2,402 (1,521)881 1.84
Assembled workforce60,800 (35,699)25,101 0.69
Trade Relationships3,400 (756)2,644 2.34
In-process research and development(1)
2,100 — 2,100 N/A
Indefinite-lived intangible assets
Domain name250 — 250 N/A
Licenses26,900 — 26,900 N/A
Total$313,832 $(152,163)$161,669 
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(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, 2021Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetWeighted Average Remaining Useful Life (in Years)
Amortizing intangible assets
Acquired developed technology$100,908 $(34,865)$66,043 1.97
User base2,997 (1,020)1,977 1.75
Customer relationships79,491 (27,789)51,702 3.68
Non-compete agreement2,402 (1,161)1,241 2.58
Assembled workforce60,800 (8,324)52,476 1.43
In-process research and development(1)
3,000 — 3,000 N/A
Indefinite-lived intangible assets
Domain name250 — 250 N/A
Total$249,848 $(73,159)$176,689 
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(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.
Amortization expense of intangible assets was $27.7 million and $80.0 million for the three and nine months ended September 30, 2022, respectively. Amortization expense of intangible assets was $12.3 million and $27.5 million for the three and nine months ended September 30, 2021, respectively. The Company estimates that there is no significant residual value related to its amortizing intangible assets.
During the three and nine months ended September 30, 2022, the Company recorded impairment charges of $0.1 million and $4.5 million, respectively, related to its intangible assets, excluding crypto assets held. The Company did not have any impairment charges in the three and nine months ended September 30, 2021. Impairment expense is included in other operating expense, net in the condensed consolidated statements of operations.
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 
202367,591 
202421,360 
202513,119 
20264,818 
Thereafter179 
Total expected future amortization expense$132,419 
Crypto assets held
Crypto assets held consisted of the following (in thousands):
September 30,December 31,
20222021
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 cost413,101 566,508 
Recorded at fair value(2)
Crypto assets held as investments2,392 — 
Crypto assets borrowed207,580 421,685 
Total crypto assets held recorded at fair value209,972 421,685 
Total crypto assets held$623,073 $988,193 
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(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.

The Company recorded gross impairment charges of $25.9 million and $689.1 million during the three and nine months ended September 30, 2022, respectively, and $58.4 million and $234.0 million during the three and nine months ended September 30, 2021, respectively, due to the observed market price of crypto assets decreasing below the carrying value during the respective periods. The Company partially recovered impairments recorded during the respective periods through subsequent crypto asset sales and disposals. Impairment expense is included in other operating expense, net in the condensed consolidated statements of operations.
See Note 12. Derivatives, for additional details regarding crypto assets held designated as hedged items in fair value hedges. See Note 13. Fair Value Measurements, for additional details regarding the carrying value of the Company’s crypto assets held.