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GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 |  | Year Ended December 31, 2022
Balance, beginning of period | $ | 1,073,906 |  |  | $ | 625,758 |
Additions due to business combinations | 65,764 |  |  | 454,417 |
Measurement period adjustments(1) | — |  |  | (6,269) |
Balance, end of period | $ | 1,139,670 |  |  | $ | 1,073,906 |
__________________ (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 nine months ended September 30, 2023.
Schedule of finite-lived intangible assets | Intangible assets, net consisted of the following (in thousands, except years data):
As of September 30, 2023 | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted Average Remaining Useful Life (in Years)
Amortizing intangible assets |  |  |  |  |  |  |
Acquired developed technology | $ | 119,991 |  |  | $ | (102,348) |  |  | $ | 17,643 |  |  | 3.1
User base | 2,997 |  |  | (2,943) |  |  | 54 |  |  | 0.1
Customer relationships | 103,791 |  |  | (61,014) |  |  | 42,777 |  |  | 3.3
Non-compete agreement | 2,402 |  |  | (2,002) |  |  | 400 |  |  | 0.8
Trade relationships | 3,400 |  |  | (1,889) |  |  | 1,511 |  |  | 1.3
IPR&D(1) | 4,300 |  |  | — |  |  | 4,300 |  |  | N/A
Indefinite-lived intangible assets |  |  |  |  |  |  |
Domain name | 250 |  |  | — |  |  | 250 |  |  | N/A
Licenses | 28,000 |  |  | — |  |  | 28,000 |  |  | N/A
Total | $ | 265,131 |  |  | $ | (170,196) |  |  | $ | 94,935 |  |  |
__________________ (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, 2022 | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted Average Remaining Useful Life (in Years)
Amortizing intangible assets |  |  |  |  |  |  |
Acquired developed technology | $ | 126,692 |  |  | $ | (81,172) |  |  | $ | 45,520 |  |  | 2.3
User base | 2,997 |  |  | (2,154) |  |  | 843 |  |  | 0.8
Customer relationships | 86,691 |  |  | (45,717) |  |  | 40,974 |  |  | 2.6
Non-compete agreement | 2,402 |  |  | (1,641) |  |  | 761 |  |  | 1.6
Assembled workforce | 60,800 |  |  | (44,857) |  |  | 15,943 |  |  | 0.4
Trade relationships | 3,400 |  |  | (1,039) |  |  | 2,361 |  |  | 2.1
IPR&D(1) | 1,877 |  |  | — |  |  | 1,877 |  |  | N/A
Indefinite-lived intangible assets |  |  |  |  |  |  |
Domain name | 250 |  | — |  |  | 250 |  | N/A
Licenses | 26,900 |  |  | — |  |  | 26,900 |  |  | N/A
Total | $ | 312,009 |  |  | $ | (176,580) |  |  | $ | 135,429 |  |  |
__________________ (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 indefinite-lived intangible assets | Intangible assets, net consisted of the following (in thousands, except years data):
As of September 30, 2023 | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted Average Remaining Useful Life (in Years)
Amortizing intangible assets |  |  |  |  |  |  |
Acquired developed technology | $ | 119,991 |  |  | $ | (102,348) |  |  | $ | 17,643 |  |  | 3.1
User base | 2,997 |  |  | (2,943) |  |  | 54 |  |  | 0.1
Customer relationships | 103,791 |  |  | (61,014) |  |  | 42,777 |  |  | 3.3
Non-compete agreement | 2,402 |  |  | (2,002) |  |  | 400 |  |  | 0.8
Trade relationships | 3,400 |  |  | (1,889) |  |  | 1,511 |  |  | 1.3
IPR&D(1) | 4,300 |  |  | — |  |  | 4,300 |  |  | N/A
Indefinite-lived intangible assets |  |  |  |  |  |  |
Domain name | 250 |  |  | — |  |  | 250 |  |  | N/A
Licenses | 28,000 |  |  | — |  |  | 28,000 |  |  | N/A
Total | $ | 265,131 |  |  | $ | (170,196) |  |  | $ | 94,935 |  |  |
__________________ (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, 2022 | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Weighted Average Remaining Useful Life (in Years)
Amortizing intangible assets |  |  |  |  |  |  |
Acquired developed technology | $ | 126,692 |  |  | $ | (81,172) |  |  | $ | 45,520 |  |  | 2.3
User base | 2,997 |  |  | (2,154) |  |  | 843 |  |  | 0.8
Customer relationships | 86,691 |  |  | (45,717) |  |  | 40,974 |  |  | 2.6
Non-compete agreement | 2,402 |  |  | (1,641) |  |  | 761 |  |  | 1.6
Assembled workforce | 60,800 |  |  | (44,857) |  |  | 15,943 |  |  | 0.4
Trade relationships | 3,400 |  |  | (1,039) |  |  | 2,361 |  |  | 2.1
IPR&D(1) | 1,877 |  |  | — |  |  | 1,877 |  |  | N/A
Indefinite-lived intangible assets |  |  |  |  |  |  |
Domain name | 250 |  | — |  |  | 250 |  | N/A
Licenses | 26,900 |  |  | — |  |  | 26,900 |  |  | N/A
Total | $ | 312,009 |  |  | $ | (176,580) |  |  | $ | 135,429 |  |  |
__________________ (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,
| 2023 |  | 2022
Recorded at impaired cost |  |  |
Crypto assets held as investments | $ | 310,873 |  |  | $ | 155,251 |
Crypto assets held for operating purposes | 82,003 |  |  | 67,577 |
Crypto assets borrowed | 6,546 |  |  | — |
Total crypto assets held recorded at impaired cost | 399,422 |  |  | 222,828 |
Recorded at fair value(1) |  |  |
Crypto assets held as investments | — |  |  | 133,416 |
Crypto assets held for operating purposes | 6,672 |  |  | — |
Crypto assets borrowed | 49,892 |  |  | 68,149 |
Total crypto assets held recorded at fair value | 56,564 |  |  | 201,565 |
Total crypto assets held | $ | 455,986 |  |  | $ | 424,393 |
__________________ (1)Recorded at fair value as these crypto assets are held as the hedged item in qualifying fair value hedges.
Schedule of finite-lived intangible assets, future amortization expense | The expected future amortization expense for amortizing intangible assets other than IPR&D as of September 30, 2023 is as follows (in thousands):
2023 (for the remainder of) | $ | 8,197 |
2024 | 24,216 |
2025 | 15,966 |
2026 | 7,665 |
2027 | 3,026 |
Thereafter | 3,315 |
Total expected future amortization expense | $ | 62,385 |
Schedule of impaired intangible assets |
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |  |
| (in thousands) | (in thousands) |  |
Gross crypto asset impairment expense | $ | 22,868 |  |  | $ | 25,918 |  |  | $ | 77,151 |  |  | $ | 689,077 |  |  |  |  |  |
Recoveries | (15,688) |  |  | (13,768) |  |  | (60,062) |  |  | (34,115) |  |  |  |  |  |
Crypto asset impairment, net | $ | 7,180 |  |  | $ | 12,150 |  |  | $ | 17,089 |  |  | $ | 654,962 |  |  |  |  |  |

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