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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 69,107 $ 39,385
Adjustments to reconcile net income to net cash provided by operating activities:    
Advisory and license fees paid in gold, other precious metals and cryptocurrency (51,354) (39,028)
Stock-based compensation 16,645 15,952
Loss on extinguishment of convertible notes 13,011 30,632
Deferred income taxes 2,628 2,103
Amortization of issuance costs—convertible notes 2,151 1,266
Gains on financial instruments owned, at fair value (1,914) (2,575)
Depreciation and amortization 1,735 1,248
Imputed interest on payable to GBH 1,405 2,039
Amortization of right of use asset 1,003 976
Net losses on investments 49 619
Changes in operating assets and liabilities:    
Accounts receivable 582 (9,344)
Prepaid expenses (2,351) (1,635)
Gold, other precious metals and cryptocurrency 49,686 38,603
Other assets (482) (150)
Fund management and administration payable (749) (6)
Compensation and benefits payable (6,328) (8,251)
Income taxes payable (40) 1,919
Operating lease liabilities (987) (991)
Accounts payable and other liabilities (540) 6,124
Net cash provided by operating activities 93,257 78,886
Cash flows from investing activities:    
Purchase of financial instruments owned, at fair value (25,314) (57,855)
Purchase of investments (17,553)
Cash paid—software development (2,015) (1,790)
Purchase of fixed assets (154) (128)
Proceeds from the sale of financial instruments owned, at fair value 8,860 42,388
Proceeds from the exit from investment in Securrency, Inc. 465
Proceeds from held-to-maturity securities maturing or called prior to maturity 18
Net cash used in investing activities (36,176) (16,902)
Cash flows from financing activities:    
Common stock repurchased (102,732) (62,870)
Repurchase and maturity of convertible notes (36,681) (132,713)
Dividends paid (13,218) (14,745)
Issuance costs—convertible notes (11,064) (7,667)
Repurchase of Series A Non-Voting Convertible Preferred Stock (143,812)
Repurchase costs—Series A Non-Voting Convertible Preferred Stock (132)
Proceeds from the issuance of convertible notes 475,000 345,000
Net cash provided by/(used in) financing activities 311,305 (16,939)
Increase in cash flow due to changes in foreign exchange rate 6,274 2,133
Net increase in cash, cash equivalents and restricted cash 374,660 47,178
Cash, cash equivalents and restricted cash—beginning of year 181,191 129,305
Cash, cash equivalents and restricted cash—end of period 555,851 176,483
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 19,999 17,807
Cash paid for interest $ 15,198 $ 9,913