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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Information [Abstract]  
Segment Information

21. Segment Information

The Company, through its subsidiaries in the U.S. and Europe, offers a diverse suite of ETPs, models, solutions and products leveraging blockchain technology. The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the CODM to allocate resources and assess performance and other factors. The accounting policies of the segment are the same as those described in Note 2.

The key measures of segment profit or loss that the CODM uses to allocate resources and assess performance are the Company’s consolidated net income, as reported on the Consolidated Statements of Operations, as well as adjusted operating income and adjusted operating income margin, which are exclusive of items that are non-recurring or not core to the Company’s operating business.

The table below discloses these key measures and is inclusive of a reconciliation of the Company’s operating income and operating income margin as computed under U.S. GAAP to the Company’s Non-GAAP adjusted operating income and adjusted operating income margin utilized by the CODM:

  

Three Months Ended

March 31,

   2025  2024
Net income  $24,629   $22,111 
           
Adjusted Operating Income Margin          
Operating revenues  $108,082   $96,838 
Less: Legal expenses covered by insurance   
—
    (453)
Operating revenues, as adjusted  $108,082   $96,385 
Operating income  $34,162   $27,950 
Add back: Expenses incurred in response to an activist campaign   
—
    695 
Adjusted operating income  $34,162   $28,645 
Operating income margin   31.6%   28.9% 
Adjusted operating income margin   31.6%    29.7% 

Expenses incurred in response to an activist campaign for the three months ended March 31, 2024 include $695 of professional fees.

All expense categories on the Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, financial instruments owned, accounts receivable and securities held-to-maturity, reduced by current liabilities, seed capital and regulatory capital requirements.

There are no intra-entity sales or transfers and no significant expense categories regularly provided to the CODM beyond those disclosed in the Consolidated Statements of Operations. The CODM manages the business using consolidated expense information, adjusted for items that are non-recurring or not core to the Company’s operating business as disclosed in the table above, as well as regularly provided budgeted or forecasted expense information for the single operating segment.

Information related to the Company’s products and services and geographical distribution of revenues is disclosed in Note 13.