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GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD (Tables)
 9 Months Ended
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, 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 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, 2023Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetWeighted Average Remaining Useful Life (in Years)
Amortizing intangible assets
Acquired developed technology$119,991 $(102,348)$17,643 3.1
User base2,997 (2,943)54 0.1
Customer relationships103,791 (61,014)42,777 3.3
Non-compete agreement2,402 (2,002)400 0.8
Trade relationships3,400 (1,889)1,511 1.3
IPR&D(1)
4,300 — 4,300 N/A
Indefinite-lived intangible assets
Domain name250 — 250 N/A
Licenses28,000 — 28,000 N/A
        Total$265,131 $(170,196)$94,935 
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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
IPR&D(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.
Schedule of indefinite-lived intangible assets
Intangible assets, net consisted of the following (in thousands, except years data):
As of September 30, 2023Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetWeighted Average Remaining Useful Life (in Years)
Amortizing intangible assets
Acquired developed technology$119,991 $(102,348)$17,643 3.1
User base2,997 (2,943)54 0.1
Customer relationships103,791 (61,014)42,777 3.3
Non-compete agreement2,402 (2,002)400 0.8
Trade relationships3,400 (1,889)1,511 1.3
IPR&D(1)
4,300 — 4,300 N/A
Indefinite-lived intangible assets
Domain name250 — 250 N/A
Licenses28,000 — 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, 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
IPR&D(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.
Crypto assets held consisted of the following (in thousands):
September 30,December 31,
20232022
Recorded at impaired cost
Crypto assets held as investments$310,873 $155,251 
Crypto assets held for operating purposes82,003 67,577 
Crypto assets borrowed6,546 — 
Total crypto assets held recorded at impaired cost399,422 222,828 
Recorded at fair value(1)
Crypto assets held as investments— 133,416 
Crypto assets held for operating purposes6,672 — 
Crypto assets borrowed49,892 68,149 
Total crypto assets held recorded at fair value56,564 201,565 
Total crypto assets held$455,986 $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.
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 
202424,216 
202515,966 
20267,665 
20273,026 
Thereafter3,315 
Total expected future amortization expense$62,385 
Schedule of impaired intangible assets
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(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