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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements [Abstract]

Schedule 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 and nine months ended September 30, 2025 and 2024, there were no transfers between Levels 2 and 3.

		September 30, 2025
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	199,576			$	199,576			$	—			$	—
Financial instruments owned, at fair value:
ETFs			79,862				79,862				—				—
Pass-through GSEs			6,205				—				6,205				—
Other assets—seed capital (WisdomTree Digital Funds):
U.S. treasuries			5,510				—				5,510				—
Equities			10,030				10,030				—				—
Fixed income			2,676				1,071				1,605				—
Total		$	303,859			$	290,539			$	13,320			$	—
Non-recurring fair value measurements:
Fnality International Limited—Series B-1 Preference Shares(1)		$	8,035			$	—			$	—			$	8,035

⁽¹⁾ Fair value determined on September 10, 2025. Not included in the table above are prospective changes in value due to fluctuations in the British pound to U.S. dollar exchange rate.

		December 31, 2024
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	48,336			$	48,336			$	—			$	—
Financial instruments owned, at fair value:
ETFs			62,907				62,907				—				—
Pass-through GSEs			6,898				—				6,898				—
Other assets—seed capital (WisdomTree Digital Funds):
U.S. treasuries			5,251				—				5,251
Equities			8,478				8,478				—				—
Fixed income			1,905				1,019				886				—
Other investments			687				—				—				687
Total		$	134,462			$	120,740			$	13,035			$	687
Non-recurring fair value measurements:
Fnality International Limited—Series B-1 Preference Shares(1)		$	8,288			$	—			$	—			$	8,288

⁽¹⁾ Fair value determined on June 17, 2024. Not included in the table above are prospective changes in value due to fluctuations in the British pound to U.S. dollar exchange rate.

Schedule of Instruments

These instruments consist of the following:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Investments in Convertible Notes (Note 6)
Beginning balance		$	850			$	—			$	687			$	—
Net unrealized gains(1)			121				—				284				—
Conversion			(971	)			—				(971	)
Ending balance		$	—			$	—			$	—			$	—

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

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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