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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Presents Significant Expenses Provided to the CODM | The following table presents significant expenses provided to the CODM for the three and six months ended June 30, 2025 and 2024.
|  | For the Three Months Ended June 30, |  |  | For the six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Equity and option order flow rebates |  | $ | 68,688,838 |  |  | $ | 43,316,935 |  |  | $ | 132,800,020 |  |  | $ | 87,229,052 |
Interest related income |  |  | 36,286,533 |  |  |  | 31,898,791 |  |  |  | 67,426,597 |  |  |  | 64,396,420 |
Handling charge income |  |  | 20,105,503 |  |  |  | 10,365,426 |  |  |  | 37,652,513 |  |  |  | 20,069,935 |
Other revenues |  |  | 6,412,476 |  |  |  | 4,314,736 |  |  |  | 10,983,055 |  |  |  | 7,136,201 |
Total revenues |  |  | 131,493,350 |  |  |  | 89,895,888 |  |  |  | 248,862,185 |  |  |  | 178,831,608 |
Segment expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brokerage and transaction |  |  | 34,800,716 |  |  |  | 18,963,229 |  |  |  | 58,046,172 |  |  |  | 36,896,073 |
Technology and development(1) |  |  | 17,554,435 |  |  |  | 12,774,376 |  |  |  | 32,980,484 |  |  |  | 25,427,230 |
Marketing and branding(1) |  |  | 29,719,577 |  |  |  | 32,685,242 |  |  |  | 52,400,406 |  |  |  | 66,173,288 |
General and administrative(1) |  |  | 26,174,593 |  |  |  | 25,864,876 |  |  |  | 53,535,320 |  |  |  | 48,400,149 |
Other segment items(2) |  |  | 26,969,402 |  |  |  | 8,474,119 |  |  |  | 35,038,447 |  |  |  | 20,610,934 |
Total operating expenses per condensed consolidated statements of operations and comprehensive loss |  |  | 135,218,723 |  |  |  | 98,761,842 |  |  |  | 232,000,829 |  |  |  | 197,507,674 |
Operating (loss) income |  |  | (3,725,373 | ) |  |  | (8,865,954 | ) |  |  | 16,861,356 |  |  |  | (18,676,066 | )
Other expense, net |  |  | 17,659,796 |  |  |  | 1,416,988 |  |  |  | 18,749,213 |  |  |  | 1,443,480 |
Provision for income taxes |  |  | 6,999,777 |  |  |  | 1,397,200 |  |  |  | 13,558,002 |  |  |  | 4,112,661 |
Net loss |  | $ | (28,384,946 | ) |  | $ | (11,680,142 | ) |  | $ | (15,445,859 | ) |  | $ | (24,232,207 | )
(1) | Excludes share-based compensation. See Note 9 for operating expense allocation.
(2) | Other segment items represent share-based compensation.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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