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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Information [Abstract] |
Segment Information | 20. 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating revenues |  | $ | 125,616 |  |  | $ | 113,168 |  |  | $ | 346,319 |  |  | $ | 317,040 |
Less: Legal expenses expected to be covered by insurance |  |  | — |  |  |  | (3,661 | ) |  |  | — |  |  |  | (4,114 | )
Operating revenues, as adjusted |  | $ | 125,616 |  |  | $ | 109,507 |  |  | $ | 346,319 |  |  | $ | 312,926 |
Operating income |  |  | 45,654 |  |  |  | 40,792 |  |  |  | 114,448 |  |  | $ | 102,253 |
Add back: Expenses incurred in response to an activist campaign |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,966 |
Add back: Acquisition-related costs |  |  | 2,409 |  |  |  | — |  |  |  | 4,376 |  |  |  | — |
Adjusted operating income |  | $ | 48,063 |  |  | $ | 40,792 |  |  | $ | 118,824 |  |  | $ | 107,219 |
Operating income margin |  |  | 36.3% |  |  |  | 36.0% |  |  |  | 33.0% |  |  |  | 32.3% |
Adjusted operating income margin |  |  | 38.3% |  |  |  | 37.3% |  |  |  | 34.3% |  |  |  | 34.3% |
Acquisition-related costs for the three and nine months ended September 30, 2025 include professional fees of $2,409 and $4,376, respectively. Expenses incurred in response to an activist campaign for the nine months ended September 30, 2024 include $4,857 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.

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