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Fair Value Measurement (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Measurement [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | Our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 are as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments owned |  |  |  |  |  |  |  |  |  |  |  |
Equities(1) |  | $ | 4,281,944 |  |  | $ | – |  |  | $ | – |  |  | $ | 4,281,944 |
U.S Treasury Bills(2) |  |  | 99,657,752 |  |  |  | – |  |  |  | – |  |  |  | 99,657,752 |
Customer-held fractional shares |  |  | 127,456,614 |  |  |  | – |  |  |  | – |  |  |  | 127,456,614 |
Total financial assets |  | $ | 231,396,310 |  |  | $ | – |  |  | $ | – |  |  | $ | 231,396,310 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX forward contract(3) |  | $ | 34,885 |  |  | $ | – |  |  | $ | – |  |  | $ | 34,885 |
Financial instruments sold not yet purchased(3) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Equity |  |  | 4,952,733 |  |  |  | – |  |  |  | – |  |  |  | 4,952,733 |
Fractional share repurchase obligation(3) |  |  | 127,456,614 |  |  |  | – |  |  |  | – |  |  |  | 127,456,614 |
Total financial liabilities |  | $ | 132,444,232 |  |  | $ | – |  |  | $ | – |  |  | $ | 132,444,232 |
(1) | Fair value of equities are classified within prepaid expenses and other current assets on our condensed consolidated statements of financial position.
(2) | Represents U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash equivalents within our condensed consolidated statements of financial position.
(3) | Fair value of obligation is classified within payables due to customers on the condensed consolidated statements of financial position.
Our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments owned(1) |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 529,984 |  |  | $ | – |  |  | $ | – |  |  | $ | 529,984 |
U.S Treasury Bills(2) |  |  | 233,445,264 |  |  |  | – |  |  |  | – |  |  |  | 233,445,264 |
FX forward contract(1) |  |  | 60,879 |  |  |  |  |  |  |  |  |  |  |  | 60,879 |
Customer-held fractional shares |  |  | 108,252,531 |  |  |  | – |  |  |  | – |  |  |  | 108,252,531 |
Total financial assets |  | $ | 342,288,658 |  |  | $ | – |  |  | $ | – |  |  | $ | 342,288,658 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments sold not yet purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity options |  | $ | 2,196 |  |  | $ | – |  |  | $ | – |  |  | $ | 2,196 |
Fractional share repurchase obligation(3) |  |  | 108,252,531 |  |  |  | – |  |  |  | – |  |  |  | 108,252,531 |
Total financial liabilities |  | $ | 108,254,727 |  |  | $ | – |  |  | $ | – |  |  | $ | 108,254,727 |
(1) | Fair value of financial instruments owned are classified within prepaid expenses and other current assets on our condensed consolidated statements of financial position.
(2) | Represents U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash equivalents within our condensed consolidated statements of financial position.
(3) | Fair value of obligation is classified within payables due to customers on our condensed consolidated statements of financial position.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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