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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023 and 2022, there were no transfers between Levels 2 and 3.

		March 31, 2023
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	336			$	336			$	—			$	—
Financial instruments owned, at fair value
ETFs			33,728				33,728				—				—
U.S. treasuries			2,993				2,993				—				—
Pass-through GSEs			81,046				23,352				57,694				—
Other assets—seed capital (WisdomTree blockchain-enabled funds)
U.S. treasuries			4,901				4,901				—				—
Equities			4,937				4,937				—				—
Fixed income			1,915				—				1,915				—
Other			660				—				660				—
Investments in Convertible Notes
Securrency, Inc.—convertible note (Note 7)			10,051				—				—				10,051
Fnality International Limited—convertible note (Note 7)			7,451				—				—				7,451
Total		$	148,018			$	70,247			$	60,269			$	17,502

		March 31, 2023
		Total				Level 1				Level 2				Level 3
Non-recurring fair value measurements:
Securrency, Inc.—Series A convertible preferred stock (1)		$	3,588			$	—			$	—			$	3,588
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 9)		$	179,831			$	—			$	—			$	179,831
		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 (WisdomTree blockchain-enabled funds)			1,765				—				1,765				—
Investments in Convertible Notes
Securrency, Inc.—convertible note (Note 7)			14,500				—				—				14,500
Fnality International Limited—convertible note (Note 7)			6,921				—				—				6,921
Total		$	148,590			$	50,972			$	76,197			$	21,421
Non-recurring fair value measurements:
Other investments(2)		$	312			$	—			$	—			$	312
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 9)		$	200,290			$	—			$	—			$	200,290

(1) Fair value determined on March 31, 2023.

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

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:

				Three Months Ended, March 31,
				2023				2022
		Investments in Convertible Notes (Note 7)
		Beginning balance		$	21,421			$	—
		Purchases			—				6,863
		Net unrealized losses(1)			(3,919	)			(163	)
		Ending balance		$	17,502			$	6,700
		Deferred Consideration (Note 9)
		Beginning balance		$	200,290			$	228,062
		Net realized losses(2)			4,486				4,450
		Net unrealized (gains)/losses(3)			(20,592	)			17,018
		Settlements			(4,353	)			(4,353	)
		Ending balance		$	179,831			$	245,177

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

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

(3) Recorded as gain/(loss) 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- Definition

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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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