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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
22. Goodwill and Intangible Assets
Goodwill
The table below sets forth goodwill which is tested annually for impairment on November 30
th
:
 
    
Total
  
Balance at January 1, 2023
    $               85,856      
Changes
      —      
    
 
 
  
Balance at March 31, 2023
    $ 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 U.K. The remainder of the goodwill is deductible for U.S. tax purposes.
Intangible Assets
The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30
th
:
 
Balance at March 31, 2023
  
Item
   
Gross Asset
     
Accumulated
Amortization
     
Net Asset
  
ETFS acquisition
     $     601,247        $         —           $     601,247   
Software development
      2,822         (101)           2,721   
    
 
 
     
 
 
     
 
 
  
Balance at March 31, 2023
     $ 604,069        $ (101)          $ 603,968   
    
 
 
     
 
 
     
 
 
  
 
Balance at December 31, 2022
  
Item
   
Gross Asset
     
Accumulated
Amortization
     
Net Asset
  
ETFS acquisition
     $     601,247        $         —           $     601,247   
Software development
      2,370         (50)           2,320   
    
 
 
     
 
 
     
 
 
  
Balance at December 31, 2022
     $ 603,617        $ (50)          $ 603,567   
    
 
 
     
 
 
     
 
 
  
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.
Software Development (Finite-Lived)
Internally-developed software is amortized over a useful life of three years. During the three-month period ended March 31, 2023, the Company recognized amortization expense on internally-developed software of $51.
 
As of March 31, 2023, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:
 
Remained of 2023
     $ 656      
2024
      940      
2025
      891      
2026
      234      
2027
      —      
2028 and thereafter
      —      
    
 
 
  
Total expected amortization expense
     $       2,721      
    
 
 
  
The weighted-average remaining useful life of the finite-lived intangible assets is 2.9 years.