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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Categorization of Assets and Liabilities Measured at Fair Value

The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the years ended December 31, 2022 and 2021, there were no transfers between Levels 2 and 3.

		December 31, 2022
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	930			$	930			$	—			$	—
Financial instruments owned, at fair value
ETFs			23,772				23,772				—				—
U.S. treasuries			2,980				2,980				—				—
Pass-through GSEs			96,837				23,290				73,547				—
Corporate bonds			885				—				885				—
Other assets—seed capital			1,765				—				1,765				—
Investments in Convertible Notes
Securrency, Inc.—convertible note (Note 8)			14,500				—				—				14,500
Fnality International Limited—convertible note (Note 8)			6,921				—				—				6,921
Total		$	148,590			$	50,972			$	76,197			$	21,421
Non-recurring fair value measurements:
Other investments(1)		$	312			$	—			$	—			$	312
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 10)		$	200,290			$	—			$	—			$	200,290

(1)  Fair value determined on May 10, 2022.

		December 31, 2021
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	11,488			$	11,488			$	—			$	—
Financial instruments owned, at fair value
ETFs			18,812				18,812				—				—
Pass-through GSEs			106,245				24,720				81,525				—
Corporate bonds			2,109				—				2,109				—
Total		$	138,654			$	55,020			$	83,634			$	—
Non-recurring fair value measurements:
Securrency, Inc.—Series A convertible preferred stock(1)		$	8,488			$	—			$	—			$	8,488
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 10)		$	228,062			$	—			$	—			$	228,062

(1)  Fair value of $8,488 and $8,349 determined on June 9, 2021 and March 8, 2021, respectively (Note 8).

Summary of Reconciliation of Recurring Fair Value Measurements

The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:

		Years Ended December 31,
		2022				2021
Investments in Convertible Notes (Note 8)
Beginning balance		$	—			$	—
Purchases			21,863				—
Net unrealized losses(1)			(442	)			—
Ending balance		$	21,421			$	—
Deferred Consideration (Note 10)
Beginning balance		$	228,062			$	230,137
Net realized losses(2)			17,108				17,096
Net unrealized gains(3)			(27,765	)			(2,018	)
Settlements			(17,115	)			(17,153	)
Ending balance		$	200,290			$	228,062

(1)  Recorded in other losses and gains, net in the Consolidated Statements of Operations.

(2)  Recorded as contractual gold payments expense in the Consolidated Statements of Operations.

(3)  Recorded as gain on revaluation of deferred consideration—gold payments in the Consolidated Statements of Operations.

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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