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EQUITY SECURITIES | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
EQUITY SECURITIES | 8. EQUITY SECURITIES Our equity securities accounted for under the equity method under ASC 323 include equity securities in which we can exercise significant influence, but not control, over these entities through holding more than a 20% voting interest in the entity. The following table includes our equity securities accounted for under the equity method and related ownership interest as of December 31, 2021:
| Ownership interest
Medici Ventures, L.P. | 99%
tZERO Group, Inc. | 40%
The carrying amount of our equity method securities was $342.5 million at December 31, 2021. The following table summarizes the net income recognized on equity method securities recorded in Other income (expense), net in our consolidated statements of operations for the year ended December 31, 2021 (in thousands):
| Year ended December 31,
| 2021 |  |  |  |
Net income recognized on our proportionate share of the net income of our equity method securities | $ | 9,953 |  |  |  |  |
Increase in fair value of equity method securities held under fair value option | 2,632 |  |  |  |  |
Certain of our equity securities accounted for under ASC 321, which had a carrying value of $174,000 and $1.1 million at December 31, 2021 and 2020, respectively, are carried at fair value based on Level 1 inputs. See Note 2—Accounting Policies and Supplemental Disclosures, Fair value of financial instruments above. Regulation S-X Rule 4-08(g) For the period ended December 31, 2021, certain investments subject to Regulation S-X Rule 4-08(g) held by the Company in aggregate have met the significance criteria as defined under SEC guidance. As such, the Company is required to present summarized financial information for these significant investees that qualified as equity method securities during the respective periods presented as practicable (including the pre-deconsolidation results of operations for those investments that qualified prior to the Medici Closing) that were for the years ended December 31, 2021 and 2020 and such information is as follows (in thousands):
|  | December 31,
Balance Sheet |  | 2021 |  | 2020
Assets |  | $ | 319,121 |  |  | $ | 45,926 |
Liabilities |  | (21,717) |  |  | (24,891) |
Equity |  | $ | (297,404) |  |  | $ | (21,035) |
|  | Year ended December 31,
Results of Operations |  | 2021 |  | 2020
Revenues |  | $ | 20,801 |  |  | $ | 4,788 |
Pre-tax loss |  | (18,373) |  |  | (36,553) |
Net loss |  | (18,435) |  |  | (36,625) |
For our investments in Medici Ventures, L.P. and tZERO there is no difference in the carrying amount of the assets and liabilities and our maximum exposure to loss. Regulation S-X Rule 3-09 For the period ended December 31, 2021, certain investments subject to Regulation S-X Rule 3-09 held by the Company have met the significance criteria as defined under SEC guidance. As such, the Company is required to present separate audited financial statement for these significant investees that qualified as equity method securities during the respective periods presented as practicable for the year ended December 31, 2021. As a result and in accordance with Rule 3-09 of Regulation S-X, separate audited financial statements of Medici Ventures, L.P. for the period ended September 30, 2021, their fiscal year-end, are being filed herewith as Exhibit 99.1.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI http://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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