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Segment Reporting (Tables)

6 Months Ended

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

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- References

No definition available.

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