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GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD | GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD The following table presents the details of goodwill by segment (in millions):
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Global FX |  | Total
Balance as of December 31, 2024 | $ | 306.0 |  |  | $ | 1,990.8 |  |  | $ | 560.0 |  |  | $ | 267.4 |  |  | $ | 3,124.2 |
Changes in foreign currency exchange rates | — |  |  | 4.9 |  |  | 17.8 |  |  | — |  |  | 22.7 |
Balance as of September 30, 2025 | $ | 306.0 |  |  | $ | 1,995.7 |  |  | $ | 577.8 |  |  | $ | 267.4 |  |  | $ | 3,146.9 |
Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No goodwill has been allocated to the Futures segment. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following table presents the details of the intangible assets by segment (in millions):
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Global FX |  | Total
Balance as of December 31, 2024 | $ | 126.4 |  |  | $ | 879.6 |  |  | $ | 326.7 |  |  | $ | 44.2 |  |  | $ | 1,376.9 |
Sales | — |  |  | (0.6) |  |  | — |  |  | — |  |  | (0.6) |
Amortization | (4.8) |  |  | (30.0) |  |  | (10.7) |  |  | (7.3) |  |  | (52.8) |
Changes in foreign currency exchange rates | — |  |  | 2.2 |  |  | 23.5 |  |  | — |  |  | 25.7 |
Impairment | — |  |  | — |  |  | (18.9) |  |  | — |  |  | (18.9) |
Balance as of September 30, 2025 | $ | 121.6 |  |  | $ | 851.2 |  |  | $ | 320.6 |  |  | $ | 36.9 |  |  | $ | 1,330.3 |
Following the April 2024 announcement of the Cboe Digital spot market wind down and unwinding of the minority ownership structure in the holding company parent of the Cboe Digital entities, the Company performed an interim impairment test for the intangible assets recognized in the Digital reporting unit as the announcement was considered a potential indication of impairment. The Company concluded that the carrying value of the trading registrations and licenses and technology exceeded their estimated fair value, as their projected future cash flows, subsequent to the decision to wind down the business, did not support their valuation, and recorded an impairment charge of $81.0 million in the condensed consolidated statements of income during the three and six months ended June 30, 2024. In the second quarter of 2025, Cboe Japan experienced declines in its market share as a result of increased market competition. The decline in market share was evaluated as a potential indication of impairment and the Company performed an interim impairment test for the long-lived intangible assets recognized in the Europe and Asia Pacific reporting unit. The Company concluded that the carrying value of Cboe Japan’s customer relationships long-lived intangible assets exceeded their estimated fair value, as their projected future cash flows did not support their valuation, and recorded an impairment charge of $17.1 million in the condensed consolidated statements of income for the three and six months ended June 30, 2025. The Company also evaluated the indefinite-lived intangible assets and goodwill of the Europe and Asia Pacific reporting unit and, based on the results of the assessments, determined there was no additional impairment required for the three and six months ended June 30, 2025 as the fair values exceeded the carrying values, respectively. On July 23, 2025, the Company announced its decision to wind down Cboe’s Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025 and expects to formally close the businesses subject to consultation with regulators. As a result, the Company recorded an additional impairment charge of $1.8 million related to indefinite-lived intangible assets for the three months ended September 30, 2025. The Company recorded impairment charges totaling $18.9 million related to intangible assets for the nine months ended September, 2025. For the three and nine months ended September 30, 2025 and 2024, amortization expense was $17.2 million and $20.7 million, and $52.8 million and $68.2 million, respectively. The estimated future amortization expense is $17.2 million for the remainder of 2025, $62.7 million for 2026, $55.8 million for 2027, $50.2 million for 2028, and $45.6 million for 2029. Intangible assets have been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No intangible assets have been allocated to the Futures segment. Indefinite-lived intangibles impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following tables present the categories of intangible assets by segment as of September 30, 2025 and December 31, 2024 (in millions, except as stated):
| September 30, 2025 |  | Weighted Average Amortization Period (in years)
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Global FX |  |  |
Trading registrations and licenses | $ | 95.5 |  |  | $ | 604.4 |  |  | $ | 218.6 |  |  | $ | — |  |  |  |  | Indefinite
Customer relationships | 46.6 |  |  | 411.4 |  |  | 203.8 |  |  | 140.0 |  |  |  |  | 13
Market data customer relationships | 53.6 |  |  | 322.0 |  |  | 64.9 |  |  | 64.4 |  |  |  |  | 7
Technology | 28.1 |  |  | 56.0 |  |  | 35.6 |  |  | 22.5 |  |  |  |  | 6
Trademarks and trade names | 12.9 |  |  | 8.1 |  |  | 2.5 |  |  | 1.2 |  |  |  |  | 4
Digital assets held | — |  |  | 0.8 |  |  | — |  |  | — |  |  |  |  | Indefinite
Accumulated amortization | (115.1) |  |  | (551.5) |  |  | (204.8) |  |  | (191.2) |  |  |  |  |
| $ | 121.6 |  |  | $ | 851.2 |  |  | $ | 320.6 |  |  | $ | 36.9 |  |  |  |  |
| December 31, 2024 |  | Weighted Average Amortization Period (in years)
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Global FX |  |  |
Trading registrations and licenses | $ | 95.5 |  |  | $ | 603.4 |  |  | $ | 205.2 |  |  | $ | — |  |  |  |  | Indefinite
Customer relationships | 46.6 |  |  | 409.7 |  |  | 209.2 |  |  | 140.0 |  |  |  |  | 14
Market data customer relationships | 53.6 |  |  | 322.0 |  |  | 60.8 |  |  | 64.4 |  |  |  |  | 7
Technology | 28.1 |  |  | 55.5 |  |  | 33.6 |  |  | 22.5 |  |  |  |  | 7
Trademarks and trade names | 12.9 |  |  | 8.1 |  |  | 2.3 |  |  | 1.2 |  |  |  |  | 5
Digital assets held | — |  |  | 1.2 |  |  | — |  |  | — |  |  |  |  | Indefinite
Accumulated amortization | (110.3) |  |  | (520.3) |  |  | (184.4) |  |  | (183.9) |  |  |  |  |
| $ | 126.4 |  |  | $ | 879.6 |  |  | $ | 326.7 |  |  | $ | 44.2 |  |  |  |  |
In October 2022, the Company, through its wholly-owned subsidiary Cboe Netherlands Services Company B.V., entered into a Data Provider Agreement with Pyth Data Association (“Pyth”) to create a data feed and begin publishing limited derived equities market data for certain symbols from EDGA on the Pyth Network, a decentralized financial market data distribution platform for aggregated data. In exchange, Pyth granted Cboe Netherlands Services Company B.V. 16,666,666 restricted PYTH tokens which unlock annually over a four-year period in equal tranches; the first and second 25% tranches of PYTH tokens unlocked in May 2024 and 2025, respectively. The PYTH tokens, which are included within intangible assets, net in the condensed consolidated balance sheets, are carried at their historical value of $0.06 per token and are reviewed each reporting period for potential impairment. In May 2024, the Company recorded $1.0 million in market data fees revenue on the condensed consolidated statements of income, which represents the historical value of the grant of 16,666,666 restricted PYTH tokens earned for satisfying the performance obligations outlined in the Data Provider Agreement. The Company has earned additional PYTH tokens by continuing to provide data to the Pyth Network through various Pyth Reward Programs that have run since May 2023. During the three and nine months ended September 30, 2025, the Company sold 4.3 million and 8.5 million PYTH tokens, respectively, and recognized a $0.4 million and $1.0 million gain, respectively. Through September 30, 2025, the Company earned approximately 790,000 additional PYTH tokens via the Pyth Reward Programs. The Company recorded additional intangible assets and revenue based on the token's fair value when earned.

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