INVESTMENTS

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

As of March 31, 2025 and December 31, 2024, the Company’s investments were comprised of the following (in millions):


	March 31, 2025		December 31, 2024
Equity method investments:
Investment in 7Ridge Investments 3 LP	$	320.8	$	321.3
Total equity method investments	320.8		321.3

Other equity investments:
Investment in Japannext Co., Ltd.	36.5		36.5
Investment in Eris Innovations Holdings, LLC	9.5		9.5

Investment in CSD Br	5.9		5.9
Investment in Coin Metrics Inc.	4.4		4.4
Investment in Vest Group Inc.	2.9		2.9
Investment in OCC	0.3		0.3
Other equity investments	3.0		2.9
Total other equity investments	62.5		62.4

Total investments	$	383.3	$	383.7

Equity Method Investments

The Company’s investment in 7Ridge Investments 3 LP (“7Ridge Fund”), as a limited partner, 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 March 31, 2025, or $320.8 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, which are included in the carrying value of the investment balance. The carrying value of the investment is included in investments within the condensed 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.

The Company holds an option to acquire Trading Technologies International Inc. (“Trading Technologies”), which is wholly-owned by the 7Ridge Fund. In January 2025, the Company received notification from the 7Ridge Fund that certain performance goals were met and the exit option to acquire Trading Technologies became exercisable. As of March 31, 2025, the option has not been exercised by the limited partners. If the option is not exercised by the limited partners, the general partner of the 7Ridge Fund may market Trading Technologies for sale. If Trading Technologies is sold, the general partner of the 7Ridge Fund would be entitled to receive a variable portion of the sales proceeds, and the limited partners would be entitled to receive a portion of the sales proceeds in accordance with the investment agreements. The estimated value of the option, which includes certain assumptions related to the estimated value of Trading Technologies, is included in the carrying value of the investment balance as of March 31, 2025.

Other Equity Investments

The carrying value of other equity investments is included in investments in the condensed 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.