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Operating Expenses (Tables)
 6 Months Ended
Jun. 30, 2025
Operating Expenses [Abstract]  
Schedule of Consolidated Statements of Operations and Other Comprehensive (Loss) Income

The following tables present a breakdown of our expense categories as presented within our condensed consolidated statements of operations and other comprehensive loss 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 
Brokerage and Transaction:                
Clearing and operation cost  $22,489,442   $12,565,945   $37,267,389   $24,240,577 
Market and data fees   5,271,994    3,738,722    10,340,088    7,474,045 
Handling charge expense   7,039,280    2,658,562    10,438,695    5,181,451 
Total  $34,800,716   $18,963,229   $58,046,172   $36,896,073 
                     
Technology and Development:                    
Employee compensation benefits  $13,602,455    9,991,185   $24,819,003   $19,895,969 
Cloud service fees   3,513,522    3,273,670    6,921,435    6,641,153 
System costs   2,024,472    1,735,291    4,324,903    3,353,106 
Total  $19,140,449   $15,000,146   $36,065,341   $29,890,228 
                     
Marketing and Branding                    
Advertising and promotions  $22,237,232    27,849,187   $40,441,568   $55,605,445 
Free stock promotions   4,828,103    3,773,825    8,588,422    8,584,785 
Employee compensation and benefits   3,235,499    1,559,500    4,261,882    3,006,347 
Total  $30,300,834   $33,182,512   $53,291,872   $67,196,577 
                     
General and Administrative                    
Employee compensation and benefits  $38,057,910    19,479,962   $61,044,723    40,626,381 
Compliance fees   1,824,891    4,453,301    3,319,827    7,229,836 
Office related   5,805,943    4,273,848    11,133,823    8,046,280 
Professional services   3,324,013    2,417,355    5,776,021    5,483,598 
Depreciation and amortization   1,371,063    777,680    2,153,929    1,702,140 
Other   592,904    213,809    1,169,121    436,561 
Total  $50,976,724   $31,615,955   $84,597,444   $63,524,796