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GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD
 6 Months Ended
Jun. 30, 2023
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):
Six Months Ended June 30, 2023Year Ended December 31, 2022
Balance, beginning of period$1,073,906 $625,758 
Additions due to business combinations65,764 454,417 
Measurement period adjustments(1)
— (6,269)
Balance, end of period$1,139,670 $1,073,906 
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(1)The measurement period adjustments during the year ended December 31, 2022 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 were no measurement period adjustments during the three and six months ended June 30, 2023.
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 June 30, 2023Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetWeighted Average Remaining Useful Life (in Years)
Amortizing intangible assets
Acquired developed technology$119,992 $(95,042)$24,950 2.6
User base2,997 (2,720)277 0.3
Customer relationships103,790 (55,748)48,042 3.5
Non-compete agreement2,402 (1,882)520 1.1
Assembled workforce60,800 (60,800)— — 
Trade relationships3,400 (1,605)1,795 1.6
In-process research and development(1)
4,300 — 4,300 N/A
Indefinite-lived intangible assets
Domain name250 — 250 N/A
Licenses28,000 — 28,000 N/A
Total$325,931 $(217,797)$108,134 
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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, 2022Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetWeighted Average Remaining Useful Life (in Years)
Amortizing intangible assets
Acquired developed technology$126,692 $(81,172)$45,520 2.3
User base2,997 (2,154)843 0.8
Customer relationships86,691 (45,717)40,974 2.6
Non-compete agreement2,402 (1,641)761 1.6
Assembled workforce60,800 (44,857)15,943 0.4
Trade relationships3,400 (1,039)2,361 2.1
In-process research and development(1)
1,877 — 1,877 N/A
Indefinite-lived intangible assets
Domain name250— 250N/A
Licenses26,900 — 26,900 N/A
Total$312,009 $(176,580)$135,429 
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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 $21.5 million and $47.9 million for the three and six months ended June 30, 2023, respectively. Amortization expense of intangible assets was $26.4 million and $52.3 million for the three and six months ended June 30, 2022, respectively. The Company estimates that there is no significant residual value related to its amortizing intangible assets.
During the six months ended June 30, 2023, the Company recorded impairment charges of $0.5 million, related to its intangible assets, excluding crypto assets held. The Company did not record any impairment charges related to its intangible assets, excluding crypto assets held, during the three months ended June 30, 2023. During the three and six months ended June 30, 2022, the Company recorded impairment charges of $3.2 million and $4.4 million, respectively, related to its intangible assets, excluding crypto assets held. Impairment expense is included in other operating expense (income), net in the condensed consolidated statements of operations.
The expected future amortization expense for amortizing intangible assets other than IPR&D as of June 30, 2023 is as follows (in thousands):
2023 (for the remainder of)$21,396 
202424,216 
202515,966 
20267,665 
20273,026 
Thereafter3,315 
Total expected future amortization expense$75,584 
Crypto assets held
Crypto assets held consisted of the following (in thousands):
June 30,December 31,
20232022
Recorded at impaired cost
Crypto assets held as investments$321,525 $155,251 
Crypto assets held for operating purposes78,432 67,577 
Total crypto assets held recorded at impaired cost399,957 222,828 
Recorded at fair value(1)
Crypto assets held as investments— 133,416 
Crypto assets borrowed85,390 68,149 
Total crypto assets held recorded at fair value85,390 201,565 
Total crypto assets held$485,347 $424,393 
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(1)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 $25.4 million and $54.3 million during the three and six months ended June 30, 2023, respectively, due to the observed market price of crypto assets decreasing below the carrying value during the respective periods. The Company recorded gross impairment charges of $435.2 million and $663.2 million during the three and six months ended June 30, 2022, 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 (income), net in the condensed consolidated statements of operations.
See Note 13. Derivatives, for additional details regarding crypto assets held designated as hedged items in fair value hedges. See Note 14. Fair Value Measurements, for additional details regarding the carrying value of the Company’s crypto assets held.
When the Company borrows crypto assets, it may be required to pledge collateral to maintain a required collateral percentage. See Note 11. Collateral for additional details regarding assets pledged as collateral.