Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

22. Goodwill and Intangible Assets

Goodwill

The table below sets forth goodwill which is tested annually for impairment on November 30


	Total
Balance at January 1, 2022	$	85,856
Changes		—

Balance at June 30, 2022	$	85,856

Goodwill arising from the ETFS Acquisition of $84,057 is not deductible for tax purposes as the acquisition was structured as a stock acquisition occurring in the United Kingdom. The remainder of the goodwill is deductible for U.S. tax purposes.

Intangible Assets


Item	Gross Asset		Accumulated Amortization		Net Asset

ETFS acquisition	$	601,247	$	—	$	601,247
Software development		724		—		724

Balance at June 30, 2022	$	601,971	$	—	$	601,971

ETFS Acquisition (Indefinite-Lived)

In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. These intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes. The Company’s tests these indefinite-lived intangible assets annually for impairment on November 30

Software Development (Finite-Lived)

Internally-developed software is amortized over a useful life of three years. As of June 30, 2022, the assets were not subject to amortization, as none of the related projects have completed the software development stage.

As of June 30, 2022, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:


Remainder of 2022	$	105
2023		241
2024		241
2025		137
2026		—
2027 and thereafter		—

Total expected amortization expense	$	724

The weighted-average remaining useful life of the finite-lived intangible assets is 3.0 years.