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INVESTMENTS | 12 Months Ended
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Dec. 31, 2023
INVESTMENTS |
INVESTMENTS | 6. INVESTMENTS As of December 31, 2023 and 2022, the Company's investments were comprised of the following (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Equity method investments: | ​ | ​ | ​ | ​ | ​ | ​
Investment in 7Ridge Investments 3 LP | ​ | $ | 292.0 | ​ | $ | 215.4
Total equity method investments | ​ | ​ | 292.0 | ​ | ​ | 215.4
​ | ​ | ​ | ​ | ​ | ​ | ​
Other equity investments: | ​ | ​ | ​ | ​ | ​ | ​
Investment in Eris Innovations Holdings, LLC | ​ | ​ | 20.0 | ​ | ​ | 20.0
Investment in Globacap Technology Limited | ​ | ​ | 16.0 | ​ | ​ | —
Investment in CSD Br | ​ | ​ | 5.9 | ​ | ​ | 5.9
Investment in Coin Metrics Inc. | ​ | ​ | 5.0 | ​ | ​ | 5.0
Investment in Cboe Vest Financial Group, Inc. | ​ | ​ | 2.9 | ​ | ​ | 2.9
Investment in Effective Investing Limited | ​ | ​ | — | ​ | ​ | 1.8
Investment in OCC | ​ | ​ | 0.3 | ​ | ​ | 0.3
Other equity investments | ​ |  | 3.2 | ​ |  | 1.9
Total other equity investments | ​ | ​ | 53.3 | ​ | ​ | 37.8
​ | ​ | ​ | ​ | ​ | ​ | ​
Total investments | ​ | $ | 345.3 | ​ | $ | 253.2
​ Equity Method Investments The Company’s investment in the 7Ridge Fund represents a nonconsolidated variable interest entity (“VIE”). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e. the Company does not have unilateral substantive “kick-out” or “liquidation” rights). The Company’s interest in the 7Ridge Fund is equal to the carrying value of the investment as of December 31, 2023, or $292.0 million, which includes periodic capital contributions to the 7Ridge Fund, as well as the Company’s share of 7Ridge Fund’s profit or loss, including gains or losses arising from the fair value measurement of the investment held by the 7Ridge Fund, booked against the investment account. The carrying value of the investment is included in investments within the consolidated balance sheets. The Company’s maximum loss exposure, in the unlikely event that all of the VIE’s assets become worthless, is limited to the carrying value of Company’s investment. Other Equity Investments In the second quarter of 2022, the Company invested $5.0 million in a funding raise by Coin Metrics, Inc., a digital asset intelligence and crypto data startup, $5.9 million in a funding raise by CSD Br, a Brazilian bank and financial intermediary, and completed the purchase of ErisX, which was subsequently rebranded to Cboe Digital. Eris Innovations Holdings, LLC was not a part of this transaction and the Company retains its minority equity ownership interest in Eris Innovations Holdings, LLC. See Note 5 (“Acquisitions”) for more information. In the third quarter of 2022, the Company invested $1.8 million in a funding raise by Effective Investing Limited, an emerging global sustainability data provider measuring the social and environmental impact of companies and investment portfolios. In the fourth quarter of 2022 the Company invested an additional $0.1 million in a funding raise by StratiFi Technologies, Inc, a risk management platform that provides a one-stop-shop solution for portfolio risk analysis. The Company previously held a minority stake in StratiFi and the funding raise allowed the Company to maintain its current investment percentage. In the second quarter of 2023, the Company invested $16.0 million in Globacap Technology Limited, a white label service provider to capital market participants, which focuses on three core areas: private placement, securities administration, and secondary liquidity. In the fourth quarter of 2023, the Company invested $1.3 million in Osaka Digital Exchange, an equity proprietary trading system in the Japanese equity markets focused on launching the first secondary trading market for security tokens in Japan. Additionally, in the fourth quarter of 2023, Effective Investing Limited, a minority investment of the Company included within other equity investments, announced plans to wind down the company. The Company wrote off the investment as of December 31, 2023. The loss related to the write-off was included within other income (expense), net in the consolidated statements of income. The carrying value of other equity investments is included in investments in the consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held.

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