Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 20, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference [Text Block] | The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders to be held in 2024, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates. | ||
Entity Information [Line Items] | |||
Entity Registrant Name | WisdomTree, Inc. | ||
Entity Central Index Key | 0000880631 | ||
Entity File Number | 001-10932 | ||
Entity Tax Identification Number | 13-3487784 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 948,550,832 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 250 West 34th Street | ||
Entity Address, Address Line Two | 3rd Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10119 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | 212 | ||
Local Phone Number | 801-2080 | ||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 151,853,699 | ||
Common Stock, $0.01 par value | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | WT | ||
Security Exchange Name | NYSE | ||
Preferred Stock Purchase Rights | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
Trading Symbol | None | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents (including $5,007 and $0 invested in WisdomTree Government Money Market Digital Fund at December 31, 2023 and 2022, respectively) | $ 129,305 | $ 132,101 |
Financial instruments owned, at fair value (including $47,559 and $25,283 invested in WisdomTree products at December 31, 2023 and 2022, respectively) | 58,722 | 126,239 |
Accounts receivable (including $28,511 and $24,139 due from related parties at December 31, 2023 and 2022, respectively) | 35,473 | 30,549 |
Prepaid expenses | 5,258 | 4,684 |
Other current assets | 1,036 | 390 |
Total current assets | 229,794 | 293,963 |
Fixed assets, net | 427 | 544 |
Indemnification receivable (Note 22) | 1,353 | |
Securities held-to-maturity | 230 | 259 |
Deferred tax assets, net | 11,057 | 10,536 |
Investments (Note 7) | 9,684 | 35,721 |
Right of use assets—operating leases (Note13) | 563 | 1,449 |
Goodwill (Note 24) | 86,841 | 85,856 |
Intangible assets, net (Note 24) | 605,082 | 603,567 |
Other noncurrent assets | 459 | 571 |
Total assets | 944,137 | 1,033,819 |
Current liabilities: | ||
Fund management and administration payable | 30,085 | 36,521 |
Compensation and benefits payable | 38,111 | 24,121 |
Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) (Note 12) | 14,804 | |
Income taxes payable | 3,866 | 1,599 |
Operating lease liabilities (Note 13) | 578 | 1,125 |
Convertible notes—current (Note 10) | 59,197 | |
Deferred consideration—gold payments (Note 9) | 16,796 | |
Accounts payable and other liabilities | 15,772 | 9,075 |
Total current liabilities | 103,216 | 148,434 |
Convertible notes (Note 10) | 274,888 | 262,019 |
Payable to GBH (Note 12) | 24,328 | |
Deferred consideration—gold payments (Note 9) | 183,494 | |
Operating lease liabilities (Note 13) | 339 | |
Other noncurrent liabilities (Note 22) | 1,353 | |
Total liabilities | 402,432 | 595,639 |
Preferred stock—Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding; redemption value of $96,869 and $77,969 at December 31, 2023 and 2022, respectively) (Note 11) | 132,569 | 132,569 |
Contingencies (Note 14) | ||
Stockholders’ equity | ||
Preferred stock, par value $0.01; 2,000 shares authorized: | ||
Common stock, par value $0.01; 400,000 shares authorized; issued and outstanding: 150,330 and 146,517 at December 31, 2023 and 2022, respectively | 1,503 | 1,465 |
Additional paid-in capital | 312,440 | 291,847 |
Accumulated other comprehensive loss | (548) | (1,420) |
Retained earnings | 95,741 | 13,719 |
Total stockholders’ equity | 409,136 | 305,611 |
Total liabilities and stockholders’ equity | $ 944,137 | $ 1,033,819 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000 | 2,000 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000 | 400,000 |
Common stock, shares issued | 150,330 | 146,517 |
Common stock, shares outstanding | 150,330 | 146,517 |
Series A Non-Voting Convertible | ||
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 14.75 | 14.75 |
Preferred stock, shares issued | 14.75 | 14.75 |
Preferred stock, shares outstanding | 14.75 | 14.75 |
Preferred stock redemption value (in Dollars) | $ 96,869 | $ 77,969 |
Related Party | ||
Accounts receivable from related parties (in Dollars) | 28,511 | 24,139 |
WisdomTree ETF | ||
Cash and cash equivalents (in Dollars) | 5,007 | 0 |
Financial instruments owned, at fair value (in Dollars) | $ 47,559 | $ 25,283 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating Revenues: | ||||
Total revenues | $ 349,035 | $ 301,345 | $ 304,318 | |
Operating Expenses: | ||||
Compensation and benefits | 109,532 | 97,897 | 88,163 | |
Fund management and administration | 71,348 | 64,761 | 58,912 | |
Marketing and advertising | 17,256 | 15,302 | 14,090 | |
Sales and business development | 13,584 | 11,871 | 9,907 | |
Contractual gold payments (Note 9) | 6,069 | 17,108 | 17,096 | |
Professional fees | 18,969 | 13,800 | 7,616 | |
Occupancy, communications and equipment | 4,684 | 3,898 | 4,629 | |
Depreciation and amortization | 872 | 262 | 738 | |
Third-party distribution fees | 9,377 | 7,656 | 7,176 | |
Other | 9,852 | 8,705 | 6,933 | |
Total operating expenses | 261,543 | 241,260 | 215,260 | |
Operating income | 87,492 | 60,085 | 89,058 | |
Other Income/(Expenses): | ||||
Interest expense | (15,242) | (14,935) | (12,332) | |
Gain on revaluation/termination of deferred consideration—gold payments (Note 9) | [1] | 61,953 | 27,765 | 2,018 |
Interest income | 4,099 | 3,320 | 2,009 | |
Impairments (Note 26) | (7,942) | (16,156) | ||
Loss on extinguishment of debt (Note 10) | (9,721) | |||
Other losses, net | (1,631) | (36,285) | (7,926) | |
Income before income taxes | 119,008 | 39,950 | 56,671 | |
Income tax expense/(benefit) | 16,462 | (10,734) | 6,874 | |
Net income | $ 102,546 | $ 50,684 | $ 49,797 | |
Earnings per share—basic (in Dollars per share) | $ 0.66 | $ 0.31 | $ 0.31 | |
Earnings per share—diluted (in Dollars per share) | $ 0.64 | $ 0.31 | $ 0.31 | |
Weighted-average common shares—basic (in Shares) | 144,707 | 143,020 | 143,847 | |
Weighted-average common shares—diluted (in Shares) | 170,413 | 158,914 | 161,263 | |
Cash dividends declared per common share (in Dollars per share) | $ 0.12 | $ 0.12 | $ 0.12 | |
Advisory fees | ||||
Operating Revenues: | ||||
Total revenues | $ 333,227 | $ 293,632 | $ 298,052 | |
Other income | ||||
Operating Revenues: | ||||
Total revenues | $ 15,808 | $ 7,713 | $ 6,266 | |
[1]Gains on revaluation/termination of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward -looking |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 102,546 | $ 50,684 | $ 49,797 |
Other comprehensive income/(loss) | |||
Foreign currency translation adjustment, net of income taxes | 872 | (2,102) | (420) |
Other comprehensive income/(loss) | 872 | (2,102) | (420) |
Comprehensive income | $ 103,418 | $ 48,582 | $ 49,377 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity - USD ($) | Series C Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income/(Loss) | (Accumulated Deficit)/Retained Earnings | Total |
Balance at Dec. 31, 2020 | $ 1,487,000 | $ 317,075,000 | $ 1,102,000 | $ (53,399,000) | $ 266,265,000 | |
Balance (in Shares) at Dec. 31, 2020 | 148,716 | |||||
Restricted stock issued and vesting of restricted stock units, net | $ 13,000 | (13,000) | ||||
Restricted stock issued and vesting of restricted stock units, net (in Shares) | 1,369 | |||||
Shares repurchased | $ (51,000) | (34,455,000) | (34,506,000) | |||
Shares repurchased (in Shares) | (5,121) | |||||
Exercise of stock options, net | $ 2,000 | 813,000 | 815,000 | |||
Exercise of stock options, net (in Shares) | 143 | |||||
Stock-based compensation | 9,998,000 | 9,998,000 | ||||
Other comprehensive income | (420,000) | (420,000) | ||||
Dividends | (19,459,000) | (19,459,000) | ||||
Net income | 49,797,000 | 49,797,000 | ||||
Balance at Dec. 31, 2021 | $ 1,451,000 | 289,736,000 | 682,000 | (22,445,000) | 269,424,000 | |
Balance (in Shares) at Dec. 31, 2021 | 145,107 | |||||
Reclassification of equity component related to convertible notes, net of deferred taxes of $1,022, upon the implementation of Accounting Standards Update 2020-06 (Note 10) | (3,682,000) | 616,000 | (3,066,000) | |||
Balance | $ 1,487,000 | 313,393,000 | 1,102,000 | (52,783,000) | 263,199,000 | |
Balance (in Shares) | 148,716 | |||||
Restricted stock issued and vesting of restricted stock units, net | $ 20,000 | (20,000) | ||||
Restricted stock issued and vesting of restricted stock units, net (in Shares) | 2,003 | |||||
Shares repurchased | $ (6,000) | (3,412,000) | (3,418,000) | |||
Shares repurchased (in Shares) | (593) | |||||
Stock-based compensation | 10,385,000 | 10,385,000 | ||||
Other comprehensive income | (2,102,000) | (2,102,000) | ||||
Dividends | (4,842,000) | (14,520,000) | (19,362,000) | |||
Net income | 50,684,000 | 50,684,000 | ||||
Balance at Dec. 31, 2022 | $ 1,465,000 | 291,847,000 | (1,420,000) | 13,719,000 | 305,611,000 | |
Balance (in Shares) at Dec. 31, 2022 | 146,517 | |||||
Restricted stock issued and vesting of restricted stock units, net | $ 34,000 | (34,000) | ||||
Restricted stock issued and vesting of restricted stock units, net (in Shares) | 3,412 | |||||
Shares issued in connection with convertible notes that matured on June 15, 2023 (Note 10) | $ 10,000 | 35,000 | 45,000 | |||
Shares issued in connection with convertible notes that matured on June 15, 2023 (Note 10) (in Shares) | 1,037 | |||||
Shares issued in connection with termination of the deferred consideration—gold payments obligation, net of issuance costs (Note 9) | 86,801,000 | 86,801,000 | ||||
Shares issued in connection with termination of the deferred consideration—gold payments obligation, net of issuance costs (Note 9) (in Shares) | 13 | |||||
Shares repurchased that were issued in connection with termination of the deferred consideration—gold payments obligation, net of issuance costs (Notes 12 and 23) | (78,835,000) | (78,835,000) | ||||
Shares repurchased that were issued in connection with termination of the deferred consideration—gold payments obligation, net of issuance costs (Notes 12 and 23) (in Shares) | (13) | |||||
Shares repurchased | $ (6,000) | (3,564,000) | (3,570,000) | |||
Shares repurchased (in Shares) | (636) | |||||
Stock-based compensation | 16,190,000 | 16,190,000 | ||||
Other comprehensive income | 872,000 | 872,000 | ||||
Dividends | (20,524,000) | (20,524,000) | ||||
Net income | 102,546,000 | 102,546,000 | ||||
Balance at Dec. 31, 2023 | $ 1,503,000 | $ 312,440,000 | $ (548,000) | $ 95,741,000 | $ 409,136,000 | |
Balance (in Shares) at Dec. 31, 2023 | 150,330 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders’ Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Reclassification of equity component related to convertible notes, net of deferred taxes | $ 1,022 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities: | ||||
Net income | $ 102,546 | $ 50,684 | $ 49,797 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Gain on revaluation of deferred consideration—gold payments | [1] | (61,953) | (27,765) | (2,018) |
Advisory fees received in gold and other precious metals | (49,400) | (57,290) | (74,970) | |
Stock-based compensation | 16,190 | 10,385 | 9,998 | |
Loss on extinguishment of debt | 9,721 | |||
Impairments | 7,942 | 16,156 | ||
Contractual gold payments | 6,069 | 17,108 | 17,096 | |
Amortization of issuance costs—convertible notes | 1,817 | 2,592 | 2,187 | |
Amortization of right of use asset | 1,285 | 963 | 1,950 | |
Depreciation and amortization | 872 | 262 | 738 | |
Losses on financial instruments owned, at fair value | 517 | 16,516 | 3,715 | |
Deferred income taxes | (481) | (1,296) | 316 | |
Imputed interest on payable to GBH | 297 | |||
Losses on investments | 242 | |||
Gain on sale—Canadian ETF business, including remeasurement of contingent consideration | (787) | |||
Other | (1,984) | (272) | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (6,212) | (720) | (3,506) | |
Prepaid expenses | (518) | (808) | (139) | |
Gold and other precious metals | 42,150 | 41,847 | 57,417 | |
Other assets | 281 | (309) | (394) | |
Fund management and administration payable | 5,837 | 3,723 | 1,348 | |
Compensation and benefits payable | 1,209 | 4,485 | 10,242 | |
Income taxes payable | 2,260 | (2,308) | 3,101 | |
Operating lease liabilities | (1,284) | (965) | (15,560) | |
Accounts payable and other liabilities | 6,213 | (33) | (1,097) | |
Net cash provided by operating activities | 85,600 | 55,087 | 75,318 | |
Cash flows from investing activities: | ||||
Purchase of financial instruments owned, at fair value | (57,364) | (67,734) | (115,526) | |
Purchase of investments | (11,228) | (21,863) | (5,750) | |
Cash paid—software development | (2,149) | |||
Cash paid—acquisition of Securrency Transfers, Inc. (net of cash acquired) | (985) | |||
Purchase of fixed assets | (113) | (220) | (293) | |
Proceeds from the sale of financial instruments owned, at fair value | 123,564 | 52,115 | 19,441 | |
Proceeds from the exit from investment in Securrency, Inc. | 28,818 | |||
Proceeds from receipt of contingent consideration related to the sale of Canadian ETF business | 1,477 | 2,360 | ||
Proceeds from held-to-maturity securities maturing or called prior to maturity | 29 | 45 | 136 | |
Net cash provided by/(used in) investing activities | 82,049 | (37,657) | (99,632) | |
Cash flows from financing activities: | ||||
Repurchase and maturity of convertible notes | (184,272) | |||
Termination of deferred consideration—gold payments | (50,005) | |||
Repurchase of Series C Preferred Stock | (40,000) | |||
Dividends paid | (20,144) | (19,362) | (19,459) | |
Shares repurchased | (3,570) | (3,418) | (34,506) | |
Issuance costs—convertible notes | (3,548) | (4,297) | ||
Issuance costs—Series C Preferred Stock | (97) | |||
Proceeds from the issuance of convertible notes (Note 10) | 130,000 | 150,000 | ||
Proceeds from exercise of stock options | 815 | |||
Net cash (used in)/provided by financing activities | (171,636) | (22,780) | 92,553 | |
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 1,191 | (3,258) | (955) | |
Net (decrease)/increase in cash and cash equivalents | (2,796) | (8,608) | 67,284 | |
Cash and cash equivalents—beginning of year | 132,101 | 140,709 | 73,425 | |
Cash and cash equivalents—end of year | 129,305 | 132,101 | 140,709 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 16,156 | 12,500 | 8,456 | |
Cash paid for interest | $ 10,709 | $ 12,313 | $ 9,898 | |
[1]Gains on revaluation/termination of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward -looking |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business WisdomTree, Inc., through its global subsidiaries (collectively, “WisdomTree” or the “Company”), is a global financial innovator, offering a well -diversified -traded -generation -enabled -native -owned • WisdomTree Asset Management, Inc. -traded -consolidated -end • WisdomTree Management Jersey Limited -and-inverse • WisdomTree Multi Asset Management Limited -consolidated • WisdomTree Management Limited -consolidated • WisdomTree UK Limited • WisdomTree Europe Limited • WisdomTree Ireland Limited • WisdomTree Digital Commodity Services, LLC -traded • WisdomTree Digital Management, Inc. -consolidated -end • WisdomTree Digital Movement, Inc. -native • WisdomTree Securities, Inc. -dealer • WisdomTree Transfers, Inc. • WisdomTree Digital Trust Company, LLC |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The consolidated financial statements include the accounts of the Company’s wholly -owned Consolidation The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”). The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a majority voting interest in a VOE, the entity is consolidated. The Company has a controlling financial interest in a VIE when the Company has a variable interest that provides it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company reassesses its evaluation of whether an entity is a VOE or VIE when certain reconsideration events occur. Segment and Geographic Information The Company, through its subsidiaries in the U.S. and Europe, 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 chief operating decision maker to allocate resources and other factors. Foreign Currency Translation Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. The impact of the foreign currency translation adjustment is included in the Consolidated Statements of Comprehensive Income as a component of other comprehensive income/(loss). Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates. Revenue Recognition The Company earns substantially all of its revenue in the form of advisory fees from its ETPs and recognizes this revenue over time, as the performance obligation is satisfied. Advisory fees are based on a percentage of the ETPs’ average daily net assets. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. Contractual Gold Payments Contractual gold payments are measured and paid monthly based upon the average daily spot price of gold (Note 9). The Company’s obligation to continue making these payments terminated on May 10, 2023. Marketing and Advertising Marketing and advertising costs, including media advertising and production costs, are expensed when incurred. Depreciation and Amortization Depreciation and amortization is provided for using the straight -line Equipment 3 to 5 years Internally -developed 3 years The assets listed above are recorded at cost less accumulated depreciation and amortization. Stock-Based Awards Accounting for stock -based -based -date Third-Party Distribution Fees The Company pays a percentage of its advisory fee revenues based on incremental growth in assets under management (“AUM”), subject to caps or minimums, to marketing agents to sell WisdomTree ETPs and for including WisdomTree ETPs on third -party Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be classified as cash equivalents. The Company maintains deposits with financial institutions in an amount that is in excess of federally insured limits. Accounts Receivable Accounts receivable are customer and other obligations due under normal trade terms. The Company measures credit losses, if any, by applying historical loss rates, adjusted for current conditions and reasonable and supportable forecasts to amounts outstanding using the aging method. Impairment of Long-Lived Assets The Company performs a review for the impairment of long -lived Financial Instruments Owned and Financial Instruments Sold, but Not yet Purchased (at Fair Value) Financial instruments owned and financial instruments sold, but not yet purchased are financial instruments classified as either trading or available -for-sale -related -related -related Securities Held-to-Maturity The Company accounts for certain of its securities as held -to-maturity -to-maturity -likely-than-not -to-maturity -accrual -to-maturity -accrual The Company reviews its portfolio of held -to-maturity Investments in pass -through -sponsored Investments The Company accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed in Accounting Standards Codification (“ASC”) Topic 321, Investments – Equity Securities Investments in debt instruments are accounted for at fair value, with changes in fair value reported in other income/(expenses). Goodwill Goodwill is the excess of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests goodwill for impairment at least annually and at the time of a triggering event requiring re -evaluation Goodwill is allocated to the Company’s U.S. business and European business components. For impairment testing purposes, these components are aggregated as a single reporting unit as they fall under the same operating segment and have similar economic characteristics. Goodwill is assessed for impairment annually on November 30 th Intangible Assets Indefinite -lived -lived Finite -lived -lived The Company may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of reasonably identifiable cash flows independent of other assets. The annual impairment testing date for all of the Company’s intangible assets is November 30 th Software Development Costs Software development costs incurred after the preliminary project stage is complete are capitalized if it is probable that the project will be completed and the software will be used as intended. Capitalized costs consist of employee compensation costs and fees paid to third parties who are directly involved in the application development efforts and are included in intangible assets, net in the Consolidated Balance Sheets. Such costs are amortized over the estimated useful life of the software on a straight -line Leases The Company accounts for its lease obligations in accordance with ASC Topic 842, Leases -of-use -of-use -line -term -term -line ASC 842 also provides a practical expedient which allows for consideration in a contract to be accounted for as a single lease component rather than allocated between lease and non -lease Deferred Consideration—Gold Payments Deferred consideration—gold payments represented the present value of an obligation to pay gold to a third party into perpetuity and was measured using forward -looking Convertible Notes Convertible notes are carried at amortized cost, net of issuance costs. The Company accounts for convertible instruments as a single liability (applicable to the convertible notes) or equity with no separate accounting for embedded conversion features unless the conversion feature meets the criteria for accounting under the substantial premium model or does not qualify for a derivative scope exception. Interest expense is recognized using the effective interest method and includes amortization of issuance costs over the life of the debt. Contingencies The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company evaluates the likelihood of an unfavorable outcome of all legal or regulatory proceedings to which it is a party and accrues a loss contingency when the loss is probable and reasonably estimable. Contingent Payments The Company recognizes a gain on contingent payments when the contingency is resolved and the gain is realized. Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted -average -voting -based -forfeitable -class -based Diluted EPS is calculated under the treasury stock method and the two -class -based -voting -voting -converted Income Taxes The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more -likely-than-not Tax positions are evaluated utilizing a two -step -likely-than-not The Global Intangible Low -Taxed Non -income Recently Issued Accounting Pronouncements On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023 -07 Segment Reporting—Improvements to Reportable Segment Disclosures -maker On December 13, 2023, the FASB issued ASU 2023 -08 Accounting for and Disclosure of Crypto Assets On December 14, 2023, the FASB issued ASU 2023 -09 Improvements to Income Tax Disclosures Recently Adopted Accounting Pronouncements On January 1, 2021, the Company early adopted ASU 2020 -06 Debt – Debt with Conversion and Other Options -06 -per-share -in |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 3. Cash and Cash Equivalents Of the total cash and cash equivalents of $129,305 and $132,101 at December 31, 2023 and 2022, $116,895 and $131,104, respectively, were held at three financial institutions. At December 31, 2023 and 2022, cash equivalents were approximately $50,226 and $930, respectively. Certain of the Company’s subsidiaries are required to maintain a minimum level of regulatory capital, which was $29,156 and $25,988 at December 31, 2023 and 2022, respectively. These requirements are generally satisfied by cash on hand. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The fair value of financial instruments is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. ASC 820, Fair Value Measurement Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model -derived Level 3 — Instruments whose significant drivers are unobservable. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the years ended December 31, 2023 and 2022, there were no transfers between Levels 2 and 3. December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 50,226 $ 50,226 $ — $ — Financial instruments owned, at fair value: ETFs 35,181 35,181 — — Pass-through GSEs 10,240 — 10,240 — Other assets—seed capital (WisdomTree Digital Funds): U.S. treasuries 5,007 — 5,007 — Equities 6,337 6,337 — — Fixed income 1,957 1,008 949 — Total $ 108,948 $ 92,752 $ 16,196 $ — Non-recurring fair value measurements: Fnality International Limited—Series B-1 Preference Shares ( 1) 9,684 — — 9,684 Other investments ( 2 ) — — — — Total $ 9,684 $ — $ — $ 9,684 (1) (2) December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 930 $ 930 $ — $ — Financial instruments owned, at fair value: ETFs 23,772 23,772 — — U.S. treasuries 2,980 2,980 — — Pass-through GSEs 96,837 23,290 73,547 — Fixed income 885 — 885 — Other assets—seed capital (WisdomTree Digital Funds): 1,765 — 1,765 — Investments in Convertible Notes Securrency, Inc.—convertible note (Note 7) 14,500 — — 14,500 Fnality International Limited—convertible note (Note 7) 6,921 — — 6,921 Total $ 148,590 $ 50,972 $ 76,197 $ 21,421 Non-recurring fair value measurements: Other investments ( 1) $ 312 $ — $ — $ 312 Liabilities: Recurring fair value measurements: Deferred consideration (Note 9) $ 200,290 $ — $ — $ 200,290 (1) Recurring Fair Value Measurements - Methodology Cash Equivalents (Note 3) – 90 Financial instruments owned (Note 5) – -through -through -through Fair Value Measurements classified as Level 3 These instruments consist of the following: Years Ended December 31, December 31, Investments in Convertible Notes (Note 7): Beginning balance $ 21,421 $ — Purchases 11,228 21,863 Settlements (28,818) — Conversions (1) (9,684) — Net realized gains/(losses) (2) 5,853 (442) Ending balance $ — $ 21,421 Deferred Consideration (Note 7): Beginning balance $ 200,290 $ 228,062 Net realized losses (3) 6,069 17,108 Net unrealized gains (4) (61,953) (27,765) Settlements (144,406) (17,115) Ending balance $ — $ 200,290 (1) -1 (2) (3) (4) |
Financial Instruments Owned
Financial Instruments Owned | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments Owned [Abstract] | |
Financial instruments owned | 5. Financial instruments owned These instruments consist of the following: December 31, December 31, Financial instruments owned: Trading securities $ 45,421 $ 124,474 Other assets—seed capital (WisdomTree Digital Funds) 13,301 1,765 Total $ 58,722 $ 126,239 The Company recognized net trading losses on financial instruments owned that were still held at the reporting dates of $536 and $12,721 during the years ended December 31, 2023 and 2022, respectively, which were recorded in other losses, net, in the Consolidated Statements of Operations. |
Securities Held-to-Maturity
Securities Held-to-Maturity | 12 Months Ended |
Dec. 31, 2023 | |
Securities Held-to-Maturity [Abstract] | |
Securities Held-to-Maturity | 6. Securities Held-to-Maturity The following table is a summary of the Company’s securities held -to-maturity December 31, December 31, Debt instruments: Pass-through GSEs (amortized cost) $ 230 $ 259 During the years ended December 31, 2023 and 2022, the Company received proceeds of $29 and $45, respectively, from held -to-maturity The following table summarizes unrealized gains, losses, and fair value (classified as Level 2 within the fair value hierarchy) of securities held -to-maturity December 31, 2023 2022 Cost/amortized cost $ 230 $ 259 Gross unrealized losses (15) (20) Gross unrealized gains — — Fair value $ 215 $ 239 An allowance for credit losses was not provided on the Company’s held -to-maturity -through The following table sets forth the maturity profile of the securities held -to-maturity December 31, 2023 2022 Due within one year $ — $ — Due one year through five years — — Due five years through ten years 22 27 Due over ten years 208 232 Total $ 230 $ 259 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | 7. Investments The following table sets forth the Company’s investments: December 31, 2023 December 31, 2022 Carrying Cost Carrying Cost Securrency, Inc.: Series A Shares $ — $ — $ 8,488 $ 8,112 Series B Shares — — 5,500 5,500 Convertible note — — 14,500 15,000 Subtotal—Securrency, Inc. — — 28,488 28,612 Fnality International Limited: Convertible note — — 6,921 6,863 Series B-1 Preference Shares 9,684 8,091 — — Subtotal—Fnality International Limited 9,684 8,091 6,921 6,863 Other investments — 250 312 250 Total $ 9,684 $ 8,341 $ 35,721 $ 35,725 Securrency, Inc. Exit from Investment – Year Ended December 31, 2023 On December 7, 2023, the Company received proceeds of $28,818 relating to the exit from its investment in Securrency, Inc. (“Securrency”), a developer of institutional -grade -based Disclosures Pertaining to December 31, 2022 Preferred Stock The Company owned approximately 22% (or 18% on a fully -diluted -1 -cumulative -1 These investments were accounted for under the measurement alternative prescribed in ASC 321, as they did not have a readily determinable fair value and were not considered to be in -substance During the year ended December 31, 2021, the Company recognized a gain of $376 on its Series A Shares, which were re -measured -Scholes The table below presents the inputs used in the backsolve valuation approach (classified as Level 3 in the fair value hierarchy): Inputs June 9, March 8, Expected volatility 50% 55% Time to exit (in years) 4.75 5.00 Convertible Note In April and November 2022, the Company participated in a convertible note financing, making an aggregate investment of $15,000 in Securrency. In consideration for its investment, the Company was issued a 7% Convertible Promissory Note maturing on April 21, 2023. The note was convertible into either Securrency’s common stock or the class of securities convertible into, exchangeable for, or conferring the right to purchase Securrency’s common stock that was issued in the event of a future equity financing at a conversion price equal to a discount of 25% (or, if applicable, a greater discount offered to other holders of convertible securities in such future equity financing round) to the lowest price paid per equity share issued in the future equity financing round. The note was redeemable upon the occurrence of a corporate transaction for an amount which was the greater of (i) the principal amount and all accrued interest and (ii) the amount that would be received had the note been converted to common stock immediately prior to the occurrence of the corporate transaction. At maturity, redemption or conversion could occur upon the election by the holders of a majority -in-interest The note was accounted for at fair value. Fair value was determined by the Company using the probability -weighted -measuring The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy) and the time to exit: December 31, Conversion of note upon a future equity financing 60% Redemption of note upon a corporate transaction 25% Default 15% Time to potential outcome (in years) 0.33 Fnality International Limited Series B-1 Preference Shares (December 31, 2023) The Company owns approximately 5.4% (or 4.8% on a fully -diluted -to-peer -border -1 -1 This investment is accounted for under the measurement alternative prescribed in ASC 321, as it does not have a readily determinable fair value and is otherwise not subject to the equity method of accounting. The investment is assessed for impairment and similar observable transactions on a quarterly basis. During the year ended December 31, 2023, the Company recognized a gain of $1,534 on its investment in Fnality which was re -measured -2 -2 -1 -1 Fair value of the Company’s investments in Fnality were determined using the backsolve method, a valuation approach that determines the value of shares for companies with complex capital structures based upon the price paid for shares recently issued. Fair value is allocated across the capital structure using the Black -Scholes The table below presents the inputs used in the backsolve valuation approach (classified as Level 3 in the fair value hierarchy): December 31, Expected volatility 60% Time to exit (in years) 5.00 Probability that Series B-2 Preference Shares convert into Series B-1 Preference Shares 75% There was no impairment recognized during the year ended December 31, 2023 based upon a qualitative assessment. Convertible Note (December 31, 2022) In February 2022, the Company participated in a convertible note financing, making a £5,000 ($6,863) investment in Fnality International Limited (“Fnality”), a company incorporated in England and Wales and focused on creating a peer -to-peer -border The note was convertible into equity shares in the event of a future financing round at a conversion price equal to the lower of (i) a discount of 20% to lowest price paid per equity share issued pursuant to such future financing round and (ii) an amount paid per share subject to a pre -money The note was redeemable upon the occurrence of a change of control for an amount which was the greater of (i) the principal amount and all accrued interest and (ii) the amount that would have been received had the note been converted to equity shares immediately prior to the occurrence of the change of control. Redemption could also occur on or after maturity or prior to maturity upon approval by holders of at least 50% and 75%, respectively, of the outstanding notes, or in connection with bankruptcy or other liquidation events. The note was accounted for at fair value. Fair value was determined by the Company using the PWERM and was also remeasured for changes in the British pound and U.S. dollar exchange rate. During the year ended December 31, 2022, the Company recognized a gain of $58 when re -measuring The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy) and the time to exit: December 31, Conversion of note upon a future financing round 85% Redemption of note upon a change of control 10% Default 5% Time to potential outcome (in years) 0.25 Other Investments During the year ended December 31, 2023, the Company recognized an impairment of $312 on its other investments. |
Fixed Assets, Net
Fixed Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Fixed Assets, net [Abstract] | |
Fixed Assets, net | 8. Fixed Assets, net The following table summarizes fixed assets: December 31, 2023 2022 Equipment $ 1,097 $ 962 Less: accumulated depreciation (670) (418) Total $ 427 $ 544 |
Deferred Consideration_gold pay
Deferred Consideration—gold payments | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Consideration Gold Payments [Abstract] | |
Deferred Consideration—gold payments | 9. Deferred Consideration—gold payments Deferred consideration—gold payments represented an obligation the Company assumed in connection with its acquisition of the European exchange -traded -and-inverse On May 10, 2023, the Company terminated its Contractual Gold Payments obligation for aggregate consideration totaling $136,903 pursuant to a Sale, Purchase and Assignment Deed (the “SPA Agreement”) with WisdomTree International Holdings Ltd, Electra Target HoldCo Limited, ETFS Capital, WGC, GBH, GT and RIL. Under the terms of the transaction, GBH received approximately $4,371 in cash and 13,087 On November 20, 2023, the Company repurchased the 13,087 -free The Company determined the present value of the deferred consideration of $0 and $200,290 at December 31, 2022 using the following assumptions: December 31, 2022 Forward-looking gold price (low)—per ounce $ 1,858 Forward-looking gold price (high)—per ounce $ 3,126 Forward-looking gold price (weighted average)—per ounce $ 2,237 Discount rate 11.0% Perpetual growth rate 1.3% The forward -looking -average -looking -looking -looking Current and long -term During the years ended December 31, 2023 and 2022, the Company recognized the following in respect of deferred consideration: Years Ended December 31, 2023 2022 2021 Contractual gold payments $ 6,069 $ 17,108 $ 17,096 Contractual gold payments—gold ounces paid 3,167 9,500 9,500 Gain on revaluation/termination of deferred consideration—gold payments ( 1 ) $ 61,953 $ 27,765 $ 2,018 (1) -looking |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Notes [Abstract] | |
Convertible Notes | 10. Convertible Notes On February 14, 2023, the Company issued and sold $130,000 in aggregate principal amount of 5.75% Convertible Senior Notes due 2028 (the “2023 Notes”) pursuant to an indenture dated February 14, 2023, between the Company and U.S. Bank Trust Company, National Association, as trustee (or its successor in interest, the “Trustee”), in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”). On June 14, 2021, the Company issued and sold $150,000 in aggregate principal amount of 3.25% Convertible Senior Notes due 2026 (the “2021 Notes”) pursuant to an indenture dated June 14, 2021, between the Company and the Trustee, in a private offering to qualified institutional buyers pursuant to Rule 144A. On June 16, 2020, the Company issued and sold $150,000 in aggregate principal amount of 4.25% Convertible Senior Notes due 2023 (the “June 2020 Notes”) pursuant to an indenture dated June 16, 2020, between the Company and the Trustee, in a private offering to qualified institutional buyers pursuant to Rule 144A. On August 13, 2020, the Company issued and sold $25,000 in aggregate principal amount of 4.25% Convertible Senior Notes due 2023 at a price equal to 101% of the principal amount thereof, plus interest deemed to have accrued since June 16, 2020, which constitute a further issuance of, and form a single series with, the Company’s June 2020 Notes (the “August 2020 Notes” and together with the June 2020 Notes, the “2020 Notes”). In connection with the issuance of the 2023 Notes, the Company repurchased $115,000 in aggregate principal amount of the 2020 Notes. As a result of this repurchase, the Company recognized a loss on extinguishment of approximately $9,721 during the year ended December 31, 2023. The remainder of the 2020 Notes matured on June 15, 2023 and were settled for $59,955 in cash and 1,037,288 After the repurchase and maturity of the 2020 Notes and the issuance of the 2023 Notes (and together with the 2021 Notes, the “Convertible Notes”), the Company had $280,000 in aggregate principal amount of Convertible Notes outstanding. Key terms of the Convertible Notes are as follows: 2023 Notes 2021 Notes Principal outstanding $ 130,000 $ 150,000 Maturity date (unless earlier converted, repurchased or redeemed) August 15, 2028 June 15, 2026 Interest rate 5.75% 3.25% Conversion price $ 9.54 $ 11.04 Conversion rate 104.8658 90.5797 Redemption price $ 12.40 $ 14.35 • Interest rate: • Conversion price: • Conversion: five ten • Cash settlement of principal amount: • Redemption price: th • Limited investor put rights: • Conversion rate increase in certain customary circumstances: -whole • Seniority and Security: -Voting The indentures contain customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the respective holders of not less than 25% in aggregate principal amount of the respective series of Convertible Notes outstanding may declare the entire principal amount of all such respective Convertible Notes to be repurchased, plus any accrued special interest, if any, to be immediately due and payable. The following table provides a summary of the Convertible Notes at December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 2023 Notes 2021 Notes Total 2021 Notes 2020 Notes Total Principal amount $ 130,000 $ 150,000 $ 280,000 $ 150,000 $ 175,000 $ 325,000 Plus: Premium — — — — 250 250 Gross proceeds 130,000 150,000 280,000 150,000 175,250 325,250 Less: Unamortized issuance costs (2,987) (2,125) (5,112) (2,981) (1,053) (4,034) Carrying amount 127,013 $ 147,875 $ 274,888 $ 147,019 $ 174,197 $ 321,216 Effective interest rate ( 1) 6.25% 3.83% 4.96% 3.83% 5.26% 4.60% (1) Interest expense on the Convertible Notes during the years ended December 31, 2023, 2022 and 2021 was $14,945, $14,935 and $12,332, respectively. Interest payable of $3,041 and $621 at December 31, 2023 and 2022, respectively, is included in accounts payable and other liabilities on the Consolidated Balance Sheets. The fair value of the Convertible Notes (classified as Level 2 in the fair value hierarchy) was $281,897 and $320,513 at December 31, 2023 and 2022, respectively. The if -converted |
Series A Preferred Stock
Series A Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Series A Preferred Stock [Abstract] | |
Series A Preferred Stock | 11. Series A Preferred Stock On April 10, 2018, the Company filed a Certificate of Designations of Series A Non -Voting -converted As described in the Certificate of Designations, the Company will not issue, and ETFS Capital does not have the right to require the Company to issue, any shares of common stock upon conversion of the Series A Preferred Stock, if, as a result of such conversion, ETFS Capital (together with certain attribution parties) would beneficially own more than 9.99% of the Company’s outstanding common stock immediately after giving effect to such conversion. In connection with the completion of the ETFS Acquisition, the Company issued 14,750 -Voting The following is a summary of the Series A Preferred Stock balance: December 31, December 31, Issuance of Series A Preferred Stock $ 132,750 $ 132,750 Less: Issuance costs (181) (181) Series A Preferred Stock—carrying value $ 132,569 $ 132,569 Cash dividends declared per share (quarterly) $ 0.03 $ 0.03 Temporary equity classification is required for redeemable instruments for which redemption triggers are outside of the issuer’s control. ETFS Capital has the right to redeem all the Series A Preferred Stock specified to be converted during the period of time specified in the Certificate of Designations in the event that: (a) the number of shares of the Company’s common stock authorized by its certificate of incorporation is insufficient to permit the Company to convert all of the Series A Preferred Stock requested by ETFS Capital to be converted; or (b) ETFS Capital does not, upon completion of a change of control of the Company, receive the same amount per share of Series A Preferred Stock as it would have received had each outstanding share of Series A Preferred Stock been converted into common stock immediately prior to the change of control. However, the Company will not be obligated to make any such redemption payments to the extent such payments would be a breach of any covenant or obligation the Company owes to any of its secured creditors or is otherwise prohibited by applicable law. Any such redemption will be at a price per Preferred Share equal to the dollar volume -weighted -trading The carrying amount of the Series A Preferred Stock was not adjusted as it was not probable that such shares would become redeemable. |
Payable to Gold Bullion Holding
Payable to Gold Bullion Holdings Jersey Limited GBH | 12 Months Ended |
Dec. 31, 2023 | |
Payable to Gold Bullion Holdings Jersey Limited GBH [Abstract] | |
Payable to Gold Bullion Holdings Jersey Limited GBH | 12. Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) On November 20, 2023, the Company repurchased its Series C Preferred Stock which was convertible into 13,087,000 -free -free Under U.S. GAAP, the obligation was recorded at its present value utilizing a market rate of interest on the closing date of 7.0% and the corresponding discount is being amortized as interest expense pursuant to the effective interest method of accounting over the life of the obligation. The aggregate consideration payable was valued at $38,835 on the closing date and the carrying value of this obligation is as follows: December 31, Current: $ 14,804 Long-term 24,328 Total $ 39,132 Interest expense recognized during the year ended December 31, 2023 was $297 and is included as a component of total interest expense recognized on the Statements of Operations. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 13. Leases The Company has entered into operating leases for its corporate headquarters office facilities, financial data terminals and equipment. The Company has no finance leases. The following table provides additional information regarding the Company’s leases: Years Ended 2023 2022 Lease cost: Operating lease cost $ 1,285 $ 963 Short-term lease cost 191 223 Total lease cost $ 1,476 $ 1,186 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 1,284 $ 965 Right-of-use assets obtained in exchange for new operating lease liabilities n/a n/a Weighted-average remaining lease term (in years)—operating leases 0.4 1.2 Weighted-average discount rate—operating leases 5.9% 6.4% None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations. On September 9, 2021, the Company entered into a Surrender Agreement to terminate the lease for its principal executive office at 245 Park Avenue, New York, New York effective immediately. In consideration for the landlord’s agreement to enter into the Surrender Agreement and accelerate the expiration date of the term of the lease from August 31, 2029, the Company paid a termination fee of $12,725. As a result, the Company recognized a loss on the termination of a lease of $9,277 during the year ended December 31, 2021, which was inclusive of the write -off -of-use Additionally, the Company recognized an impairment loss of $303 resulting from the derecognition of a right -of-use The Company’s leases also included extension, automatic renewal and termination provisions. These provisions were also not reasonably certain of being exercised and were therefore not recognized as part of the right -of-use The following table discloses future minimum lease payments at December 31, 2023 with respect to the Company’s operating lease liabilities: 2024 $ 584 2025 — 2026 — 2027 — 2028 — 2029 and thereafter — Total future minimum lease payments (undiscounted) $ 584 The following table reconciles the future minimum lease payments (disclosed above) at December 31, 2023 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets: Amounts recognized in the Company’s Consolidated Balance Sheets Lease liability—short term $ 578 Lease liability—long term — Subtotal 578 Difference between undiscounted and discounted cash flows 6 Total future minimum lease payments (undiscounted) $ 584 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies [Abstract] | |
Contingencies | 14. Contingencies The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. Closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP In December 2020, WMAI, WTMAML, WTUK and WisdomTree Ireland Limited (“WT Ireland”) were served with a writ of summons to appear before the Court of Milan, Italy. In January 2021, WTUK was served with a writ of summons to appear before the Court of Udine, Italy. Investors had filed actions seeking damages resulting from the closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP (“3OIL”) in March 2020. The product was dependent on the receipt of payments from a swap provider to satisfy payment obligations to the investors. Due to an extreme adverse move in oil futures relative to the oil futures’ closing price, the swap contract underlying 3OIL was terminated by the swap provider, which resulted in the compulsory redemption of 3OIL, all in accordance with the prospectus. In February 2022, the Court of Udine ruled in the Company’s favor. Also in February 2022, WMAI, WTMAML, WTUK and WT Ireland were served with another writ of summons to appear before the Court of Milan by additional investors seeking damages resulting from the closure of 3OIL. In March 2022, WMAI and WTUK were served with a writ of summons to appear before the Court of Turin and two writs of summons to appear before the Court of Milan by additional investors seeking damages. These writs also were served on the intermediary brokers for the respective claimants, with the claimants alleging joint and several liability of WMAI, WTUK and such intermediary brokers. In July 2023, the Court of Milan ruled in favor of WMAI and WTUK in respect of one of these claims. Total damages sought by all investors related to these claims are approximately €15,200 ($16,778) at December 31, 2023. Additionally, in July 2023, WT Ireland received a letter from counsel on behalf of additional investors seeking damages of up to approximately €8,400 ($9,272) resulting from the closure of 3OIL. The claim is in its preliminary stages and a writ of summons has not been served. The Company is currently assessing these claims with its external counsel. The Company expects that losses, if any, arising from these claims will be covered under its insurance policies, less a $500 deductible. An accrual has not been made with respect to these matters at December 31, 2023 and 2022. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 15. Variable Interest Entities VIEs are entities with any of the following characteristics: (i) the entity does not have enough equity to finance its activities without additional financial support; (ii) the equity holders, as a group, lack the characteristics of a controlling financial interest; or (iii) the entity is structured with non -substantive Consolidation of a VIE is required for the party deemed to be the primary beneficiary, if any. The primary beneficiary is the party who has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company is not the primary beneficiary of any entities in which it has a variable interest as it does not have the power to direct the activities that most significantly impact the entities’ economic performance. Such power is conveyed through the entities’ boards of directors and the Company does not have control over the boards. The following table presents information about the Company’s variable interests in non -consolidated December 31, December 31, Carrying Amount—Assets (Securrency): Preferred stock—Series A Shares $ — $ 8,488 Preferred stock—Series B Shares — 5,500 Convertible note — 14,500 Subtotal—Securrency $ — $ 28,488 Carrying Amount—Assets (Fnality): Convertible note — 6,921 Series B-1 Preference Shares 9,684 — Subtotal—Fnality $ 9,684 $ 6,921 Carrying Amount—Assets (Other investments): $ — $ 312 Total (Note 7) $ 9,684 $ 35,721 Maximum exposure to loss $ 9,684 $ 35,721 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenues from Contracts with Customers [Abstract] | |
Revenues from Contracts with Customers | 16. Revenues from Contracts with Customers The following table presents the Company’s total revenues from contracts with customers: Years Ended December 31, 2023 2022 2021 Revenues from contracts with customers: Advisory fees $ 333,227 $ 293,632 $ 298,052 Other 15,808 7,713 6,266 Total operating revenues $ 349,035 $ 301,345 $ 304,318 The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised services are transferred to the customer. A service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the service. Transfer of control happens either over time or at a point in time. When a performance obligation is satisfied over time, an entity is required to select a single method of measuring progress for each performance obligation that depicts the entity’s performance in transferring control of services to the customer. Substantially all the Company’s revenues from contracts with customers are derived primarily from investment advisory agreements with related parties (Note 17). These advisory fees are recognized over time, are earned from the Company’s ETPs and are calculated based on a percentage of the ETPs’ average daily net assets. There is no significant judgment in calculating amounts due which are invoiced monthly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. There are no contract assets or liabilities that arise in connection with the recognition of advisory fee revenue. In addition, there are no costs incurred to obtain or fulfill the contracts with customers, all of which are investment advisory agreements with related parties. Other income includes revenues the Company earns from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are either based on a percentage of the ETPs’ average daily net assets or flows associated with certain products. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. Geographic Distribution of Revenues The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Years Ended December 31, 2023 2022 2021 Revenues from contracts with customers: United States $ 220,117 $ 184,036 $ 179,016 Jersey 113,325 103,692 114,623 Ireland 15,593 13,617 10,679 Total operating revenues $ 349,035 $ 301,345 $ 304,318 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. Related Party Transactions Investment Advisory Agreements The Company’s revenues are derived primarily from investment advisory agreements with related parties. Under these agreements, the Company has licensed to related parties the use of certain of its own indexes for the U.S. WisdomTree ETFs, WisdomTree Digital Funds and WisdomTree UCITS ETFs. The relevant board of trustees or board of directors (including certain officers of the Company) of each of the related parties is primarily responsible for overseeing the management and affairs of the entities for the benefit of their respective stakeholders and have contracted with the Company to provide for general management and administration services. The Company is also responsible for certain expenses of the related parties, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non -distribution The following table summarizes accounts receivable from related parties which are included as a component of accounts receivable in the Consolidated Balance Sheets: December 31, 2023 2022 Receivable from WTT $ 21,226 $ 16,399 Receivable from ManJer Issuers 4,411 4,485 Receivable from WMAI and WTICAV 2,874 3,255 Total $ 28,511 $ 24,139 The allowance for credit losses on accounts receivable from related parties is insignificant when applying historical loss rates, adjusted for current conditions and supportable forecasts, to the amounts outstanding in the table above. Amounts outstanding are all invoiced in arrears, are less than 30 days aged and are collected shortly after the applicable reporting period. The following table summarizes revenues from advisory services provided to related parties: Years Ended December 31, 2023 2022 2021 Advisory services provided to WTT $ 218,834 $ 183,409 $ 178,511 Advisory services provided to ManJer Issuers 98,800 96,606 108,862 Advisory services provided to WMAI and WTICAV 15,593 13,617 10,679 Total $ 333,227 $ 293,632 $ 298,052 Pursuant to a license agreement between WisdomTree, Inc. (“WTI”) and WML to provide indices for a number of the sub -funds Investments in WisdomTree Products The Company also has investments in certain WisdomTree products of approximately $52,566 and $25,283 at December 31, 2023 and 2022, respectively. This includes $18,308 and $1,765, respectively, of investments in certain consolidated affiliated Digital Funds advised by WT Digital Management, referred to herein as “other assets–seed capital.” Net unrealized and realized gains and losses related to trading WisdomTree products during the years ended December 31, 2023, 2022 and 2021 were $1,294, ($107) and ($451), respectively, which are recorded in other losses, net on the Consolidated Statements of Operations. Deferred Consideration—Gold Payments – Termination On May 10, 2023, the Company terminated its contractual gold payments obligation to ETFS Capital, which included the payment of $45,634 to an entity controlled by GT, a stockholder of the Company. See Note 9 for additional information. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Awards [Abstract] | |
Stock-Based Awards | 18. Stock-Based Awards On July 15, 2022, the Company’s stockholders approved the 2022 Equity Plan under which the Company may issue up to 16,000,000 -based The Company grants equity awards to employees and directors which include restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance -based Stock options: Generally issued for terms of ten years and may vest after at least one year of service and have an exercise price equal to the Company’s stock price on the grant date. The Company estimates the fair value of stock options (when granted) using the Black -Scholes RSAs/RSUs: Awards are valued based on the Company’s stock price on grant date and generally vest ratably, on an annual basis, over three years. PRSUs: These awards cliff vest three years from the grant date and contain a market condition whereby the number of PRSUs ultimately vesting is tied to how the Company’s total shareholder return (“TSR”) compares to a peer group of other publicly traded asset managers over the three -year The number of PRSUs vesting ranges from 0% to 200% of the target number of PRSUs granted, as follows: • th • th • th th th • During the years ended December 31, 2023, 2022 and 2021, total stock -based The actual tax benefit realized for the tax deductions for share -based A summary of unrecognized stock -based December 31, 2023 Unrecognized Weighted-Average Employees and directors $ 19,165 0.92 Stock Options There was no RSAs, RSUs and PRSUs The aggregate fair value of RSAs, RSUs and PRSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $10,158, $9,466 and $10,940, respectively. A summary of activity is as follows: RSA RSU PRSU (1) Shares Weighted Shares Weighted Shares Weighted Unvested Balance at January 1, 2021 3,580,743 $ 5.38 39,408 $ 4.46 341,312 $ 5.17 Granted 1,642,266 5.46 31,170 5.43 257,043 (2) 6.49 Vested (1,897,699) 5.78 (15,136) 4.73 — — Forfeited (288,405) 5.11 (452) 5.37 (47,669) 5.74 Unvested Balance at December 31, 2021 3,036,905 $ 5.20 54,990 $ 4.93 550,686 $ 5.73 Granted 2,170,432 5.71 116,247 5.18 319,838 (2) 6.80 Vested (1,621,201) 5.31 (27,894) 5.10 (202,336) 6.24 Forfeited (195,054) 5.43 (1,380) 5.73 — — Unvested Balance at December 31, 2022 3,391,082 $ 5.46 141,963 $ 5.09 668,188 $ 6.09 Granted 3,363,501 5.63 152,265 6.24 576,240 (2) 6.49 Vested (1,629,925) 5.28 (72,461) 5.66 (108,113) 3.11 Forfeited (114,436) 5.55 (34,385) 5.70 — — Stock dividends accrued — — 2,762 6.24 37,777 6.49 Unvested Balance at December 31, 2023 5,010,222 $ 5.63 190,144 ( 3 ) $ 5.70 1,174,092 $ 6.58 (1) (2) -day Granted in Granted in Granted in Historical stock price volatility (low) 37% 33% 34% Historical stock price volatility (high) 56% 57% 57% Historical stock price volatility (average) 47% 44% 44% Risk free interest rate 3.80% 1.28% 0.17% Expected dividend yield 0.00% 0.00% 0.00% (3) |
Stockholder Rights Plan
Stockholder Rights Plan | 12 Months Ended |
Dec. 31, 2023 | |
Stockholder Rights Plan [Abstract] | |
Stockholder Rights Plan | 19. Stockholder Rights Plan On March 17, 2023, the Board of Directors of the Company adopted a stockholder rights plan, as set forth in the Stockholder Rights Agreement, dated March 17, 2023, between the Company and Continental Stock Transfer & Trust Company, as Rights Agent, as amended by Amendment No. 1 thereto, dated May 4, 2023 (“Amendment No. 1”), and by Amendment No. 2 thereto, dated May 10, 2023 (“Amendment No. 2”) (as amended, the “Stockholder Rights Agreement”). At the Company’s 2023 Annual Meeting of Stockholders held on June 16, 2023, the Company’s stockholders ratified the adoption by the Board of Directors of the Stockholder Rights Agreement. Pursuant to the terms of the Stockholder Rights Agreement, the Board of Directors declared a dividend distribution of (i) one Right (as defined below) for each outstanding share of common stock, par value $0.01 per share, of the Company’s common stock and (ii) 1,000 Rights for each outstanding share of the Company’s Series A Non -Voting -thousandth Initially, the Rights are not exercisable and are attached to and trade with all shares of common stock and Series A Preferred Stock outstanding as of, and issued subsequent to, the Record Date. The Rights will separate from the common stock and Series A Preferred Stock and will become exercisable upon the earlier of (i) the close of business on the tenth calendar day following the first public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired beneficial ownership of 10% (or 20% in the case of a person or group which, together with all affiliates and associates of such person or group, is the beneficial owner of shares of common stock of the Company representing less than 20% of the shares of common stock of the Company then outstanding, and which is entitled to file, and files, a statement on Schedule 13G pursuant to Rule 13d -1 -1 For purposes of the Stockholder Rights Agreement, beneficial ownership is defined to include ownership of securities that are subject to a derivative transaction and acquired derivative securities. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Stockholder Rights Agreement are excepted from such imputed beneficial ownership. Pursuant to Amendment No. In the event that a Stock Acquisition Date occurs, proper provision will be made so that each holder of a Right (other than an Acquiring Person or its associates or affiliates, whose Rights shall become null and void) will thereafter have the right to receive upon exercise, in lieu of a number of shares of Series B Preferred Stock, that number of shares of common stock of the Company (or, in certain circumstances, including if there are insufficient shares of common stock to permit the exercise in full of the Rights, Units of Series B Preferred Stock, other securities, cash or property, or any combination of the foregoing) having a market value of two times the Exercise Price of the Right (such right being referred to as the “Subscription Right”). In the event that, at any time following the Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other person, and the Company is not the continuing or surviving corporation, (ii) any person consolidates with the Company, or merges with and into the Company and the Company is the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the shares of common stock are changed into or exchanged for stock or other securities of any other person or cash or any other property, or (iii) 50% or more of the Company’s assets or earning power is sold, mortgaged or otherwise transferred, each holder of a Right (other than an Acquiring Person or its associates or affiliates, whose Rights shall become null and void) will thereafter have the right to receive, upon exercise, common stock of the acquiring company having a market value equal to two times the Exercise Price of the Right (such right being referred to as the “Merger Right”). The holder of a Right will continue to have the Merger Right whether or not such holder has exercised the Subscription Right. Rights that are or were beneficially owned by an Acquiring Person may (under certain circumstances specified in the Stockholder Rights Agreement) become null and void. The Rights may be redeemed in whole, but not in part, at a price of $0.01 per Right (payable in cash, common stock or other consideration deemed appropriate by the Board of Directors) by the Board of Directors only until the earlier of (i) the time at which any person becomes an Acquiring Person or (ii) the expiration date of the Stockholder Rights Agreement. Immediately upon the action of the Board of Directors ordering redemption of the Rights, the Rights will terminate and thereafter the only right of the holders of Rights will be to receive the redemption price. The Stockholder Rights Agreement may be amended by the Board of Directors in its sole discretion at any time prior to the time at which any person becomes an Acquiring Person. After such time the Board of Directors may, subject to certain limitations set forth in the Stockholder Rights Agreement, amend the Stockholder Rights Agreement only to cure any ambiguity, defect or inconsistency, to shorten or lengthen any time period, or to make changes that do not adversely affect the interests of Rights holders (excluding the interests of an Acquiring Person or its associates or affiliates). Until a Right is exercised, the holder will have no rights as a stockholder of the Company (beyond those as an existing stockholder), including the right to vote or to receive dividends. While the distribution of the Rights will not be taxable to stockholders or to the Company, stockholders may, depending upon the circumstances, recognize taxable income in the event that the Rights become exercisable for shares of common stock, other securities of the Company, other consideration or for common stock of an acquiring company. The Rights are not exercisable until the Distribution Date and will expire at the close of business on March 16, 2024, unless previously redeemed or exchanged by the Company. The Stockholder Rights Agreement provides the holders of the common stock with the ability to exempt an offer to acquire, or engage in another business combination transaction involving, the Company that is deemed a “Qualifying Offer” (as defined in the Stockholder Rights Agreement) from the terms of the Stockholder Rights Agreement. A Qualifying Offer is, in summary, an offer determined by a majority of the independent members of the Board to have specific characteristics that are generally intended to preclude offers that are coercive, abusive or highly contingent. Among those characteristics are that it be: (i) a fully financed all -cash Pursuant to the Stockholder Rights Agreement, if the Company receives a Qualifying Offer and the Board of Directors has not redeemed the outstanding Rights or exempted such Qualifying Offer from the terms of the Stockholder Rights Agreement or called a special meeting of stockholders (the “Special Meeting”) for the purpose of voting on whether to exempt such Qualifying Offer from the terms of the Stockholder Rights Agreement, in each case by the end of the 90 business day period following the commencement of such Qualifying Offer, provided such offer remains a Qualifying Offer during such period, the holders of 10% of the common stock may request that the Board call a Special Meeting to vote on a resolution authorizing the exemption of the Qualifying Offer from the terms of the Stockholder Rights Agreement. If such a Special Meeting is not held by the 90th business day following the receipt of such a request from stockholders to call a Special Meeting, the Qualifying Offer will be deemed exempt from the terms of the Stockholder Rights Agreement on the 10th business day thereafter. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 20. Employee Benefit Plans The Company has a 401(k) savings plan covering all eligible employees in which the Company can make discretionary contributions from its profits. The amounts included in the table below are recorded in compensation expense in the Consolidated Statements of Operations. A summary of discretionary contributions made by the Company is as follows: Years Ended December 31, 2023 2022 2021 $ 1,450 $ 1,342 $ 1,080 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. Earnings Per Share The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented: Years Ended December 31, 2023 2022 2021 Basic Earnings per Share Net income $ 102,546 $ 50,684 $ 49,797 Add: Gain on repurchase of Series C Preferred Stock 7,966 — — Less: Income distributed to participating securities (2,770) (2,186) (2,168) Less: Undistributed income allocable to participating securities (12,680) (3,528) (3,378) Net income available to common stockholders—Basic EPS $ 95,062 $ 44,970 $ 44,251 Weighted average common shares (in 144,707 143,020 143,847 Basic earnings per share $ 0.66 $ 0.31 $ 0.31 Years Ended December 31, 2023 2022 2021 Diluted Earnings per Share Net income available to common stockholders $ 95,062 $ 44,970 $ 44,251 Add back: Undistributed income allocable to participating securities 12,680 3,528 3,378 Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive (12,449) (3,522) (3,353) Net income available to common stockholders—Diluted EPS $ 95,293 $ 44,976 $ 44,276 Weighted Average Diluted Shares (in thousands) Weighted average common shares 144,707 143,020 143,847 Dilutive effect of common stock equivalents, excluding participating securities 3,120 275 1,208 Weighted average diluted shares, excluding participating securities (in thousands) 147,827 143,295 145,055 Diluted earnings per share $ 0.64 $ 0.31 $ 0.31 Diluted earnings per share presented above is calculated using the two -class Total antidilutive non -participating -participating There were no potential common shares associated with the conversion option embedded in the Convertible Notes included in weighted average diluted shares for the years ended December 31, 2023 and 2022 as the Company’s average stock price was lower than the conversion price. Potential common shares associated with the conversion option embedded in the Convertible Notes for the year ended December 31, 2021 were 1,186 (shares herein are reported in thousands). The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above: Years Ended December 31, 2023 2022 2021 Reconciliation of Weighted Average Diluted Shares (in thousands) Weighted average diluted shares as disclosed on the Consolidated Statements of Operations 170,413 158,914 161,263 Less: Participating securities: Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) (14,750) (14,750) (14,750) Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 11) (6,992) — — Potentially dilutive restricted stock awards (844) (869) (1,458) Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above 147,827 143,295 145,055 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 22. Income Taxes Income before Income Tax Expense – Domestic and Foreign The U.S. and foreign components of income before income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 U.S. $ 4,652 $ (4,067) $ 15,986 Foreign 114,356 44,017 40,685 Total $ 119,008 $ 39,950 $ 56,671 Income Tax Expense/(Benefit) – By Jurisdiction The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2023, 2022 and 2021 are as follows: Years Ended December 31, 2023 2022 2021 Current: Federal $ 6,957 $ 4,685 $ 5,857 State and local 1,883 1,415 1,538 Foreign 8,103 (15,538) (837) $ 16,943 $ (9,438) $ 6,558 Deferred: Federal $ (494) $ (6) $ (1,217) State and local (102) (1) (251) Foreign 115 (1,289) 1,784 $ (481) $ (1,296) $ 316 Income tax expense/(benefit) $ 16,462 $ (10,734) $ 6,874 Reconciliation of Statutory Federal Income Tax Rate to the Effective Income Tax Rate A reconciliation of the statutory federal income tax expense and the Company’s total income tax expense is as follows: Years Ended December 31, 2023 2022 2021 U.S. federal statutory income tax $ 24,992 $ 8,386 $ 11,901 Gain on revaluation/termination of deferred consideration (1) (13,007) (5,842) (424) Non-deductible loss on extinguishment of convertible notes 2,263 — — Foreign operations (1,868) (2,919) (3,211) Non-deductible executive compensation 1,833 789 881 Decrease in unrecognized tax benefits, net (1,386) (19,871) (4,998) Change in valuation allowance – Capital losses 1,340 4,761 5 Expiration of capital losses 796 — — Stock-based compensation tax shortfalls 373 507 647 Change in tax-related indemnification assets, net 291 4,173 1,053 Change in foreign net operating losses (“NOLs”) 174 — — Blended state income tax rate, net of federal benefit 153 (134) 526 Change in valuation allowance—Foreign NOLs and interest carryforwards — (1,609) — GILTI — 499 — Other differences, net 508 526 494 Income tax expense/(benefit) $ 16,462 $ (10,734) $ 6,874 (1) -owned Income Tax Payments A summary of income taxes paid by jurisdiction for the years ended December 31, 2023, 2022 and 2021 is as follows: Years Ended December 31, 2023 2022 2021 Federal $ 4,824 $ 6,424 $ 4,258 State and local 1,457 1,431 1,020 Foreign 9,875 4,645 3,178 $ 16,156 $ 12,500 $ 8,456 Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at December 31, 2023 and 2022 is as follows: 2023 2022 Deferred tax assets: Capital losses $ 22,489 $ 17,541 Accrued expenses 6,000 6,030 Stock-based compensation 2,468 1,526 NOLs—Foreign 1,502 1,609 Goodwill and intangible assets 895 1,085 Unrealized losses 335 3,821 Foreign currency translation adjustment 146 173 NOLs—U.S. 127 255 Operating lease liabilities 96 313 Outside basis differences — 122 Other 401 341 Deferred tax assets 34,459 32,816 Deferred tax liabilities: Fixed assets and prepaid assets 296 278 Unremitted earnings—European subsidiaries 186 205 Right of use assets—operating leases 96 313 Deferred tax liabilities 578 796 Total deferred tax assets less deferred tax liabilities 33,881 32,020 Less: Valuation allowance (22,824) (21,484) Deferred tax assets, net $ 11,057 $ 10,536 Net Operating and Capital Losses – U.S. The Company’s tax effected NOLs at December 31, 2023 were $127, which expire in 2024 The Company’s tax effected capital losses at December 31, 2023 were $22,489. These capital losses expire between the years 2024 and 2028. During the year ended December 31, 2023, tax effected capital losses in the amount of $3,278 expired. Net Operating Losses – Europe One of the Company’s European subsidiaries generated NOLs outside the U.S. These tax effected NOLs, all of which are carried forward indefinitely, were $1,502 at December 31, 2023. Valuation Allowance The Company’s valuation allowance has been established on its net capital losses, unrealized losses and outside basis differences, as it is more -likely-than-not During the year ended December 31, 2022, the Company released the valuation allowance on its European net operating losses of $1,609 as it is more -likely-than-not Uncertain Tax Positions Tax positions are evaluated utilizing a two -step -likely-than-not In connection with the ETFS Acquisition, the Company accrued a liability for uncertain tax positions and interest and penalties at the acquisition date. The Company also recorded an offsetting indemnification asset provided by ETFS Capital as part of its agreement to indemnify the Company for any potential claims. The table below sets forth the aggregate changes in the balance of these gross unrecognized tax benefits: Total Unrecognized Interest and Balance at January 1, 2022 $ 21,925 $ 18,218 $ 3,707 Decrease—Settlements (1) (13,052) (11,865) (1,187) Decrease—Lapse of statute of limitations (1) (6,845) (4,825) (2,020) Increases 26 — 26 Foreign currency translation (2) (701) (571) (130) Balance at December 31, 2022 $ 1,353 $ 957 $ 396 Decrease—Lapse of statute of limitations (1,353) (957) (396) Balance at December 31, 2023 $ — $ — $ — (1) -based (2) The gross unrecognized tax benefits and interest and penalties totaling $1,353 at December 31, 2022 is included in other non -current Income Tax Examinations The Company is subject to U.S. federal income tax as well as income tax of multiple state, local and certain foreign jurisdictions. ManJer’s tax returns (a Jersey -based As of December 31, 2023, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for the years before 2019. Undistributed Earnings of Foreign Subsidiaries ASC 740 -30 |
Shares Repurchased
Shares Repurchased | 12 Months Ended |
Dec. 31, 2023 | |
Shares Repurchased [Abstract] | |
Shares Repurchased | 23. Shares Repurchased On February 22, 2022, the Company’s Board of Directors approved an increase of $85,709 to the Company’s share repurchase program to $100,000 and extended the term for three During the years ended December 31, 2023, 2022 and 2021, the Company repurchased 635,653, 593,261 and 5,120,496 As of December 31, 2023, $96,406 remained under this program for future purchases. In addition, as further described in Note 11, the Company also repurchased its Series C Preferred Stock, which was convertible into 13,087,000 -free |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | 24. Goodwill and Intangible Assets Goodwill The table below sets forth goodwill which is tested annually for impairment on November 30 th Total Balance at January 1, 2023 $ 85,856 Changes 985 (1) Balance at December 31, 2023 $ 86,841 (1) Goodwill was tested for impairment on November 30, 2023. The quantitative impairment test was performed using a market approach, whereby the market capitalization of the Company (a single reporting unit) was compared to its carrying value. The market capitalization was derived from the Company’s publicly traded stock price plus a reasonable control premium. The fair value of the reporting unit exceeded its carrying value and therefore no impairment was recognized. Of the total goodwill of $86,841 at December 31, 2023, $85,042 is not deductible for tax purposes as the acquisitions that gave rise to the goodwill were structured as stock acquisitions. The remainder of the goodwill is deductible for U.S. tax purposes. Intangible Assets The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30 th Balance at December 31, 2023 Item Gross Asset Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 4,519 (684) 3,835 Balance at December 31, 2023 $ 605,766 $ (684) $ 605,082 Balance at December 31, 2022 Item Gross Asset Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 2,370 (50) 2,320 Balance at December 31, 2022 $ 603,617 $ (50) $ 603,567 ETFS Acquisition (Indefinite-Lived) In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. These intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes. The Company performed its indefinite -lived Software Development (Finite-Lived) Internally -developed three -developed As of December 31, 2023, expected amortization expense for the unamortized finite -lived five 2024 $ 1,375 2025 1,440 2026 873 2027 130 2028 17 2029 and thereafter — Total expected amortization expense $ 3,835 The weighted -average -lived 2.6 |
Contingent Payments
Contingent Payments | 12 Months Ended |
Dec. 31, 2023 | |
Contingent Payments [Abstract] | |
Contingent Payments | 25. Contingent Payments The Company recognized a gain of $1,477 and $787 during the years ended December 31, 2023 and 2021, respectively, from remeasuring contingent payments arising from the sale of its former Canadian ETF business to their realizable value. These gains were recorded in other losses, net. |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2023 | |
Impairments [Abstract] | |
Impairments | 26. Impairments The following table summarizes impairments recognized by the Company: Years Ended December 31, 2023 2022 2021 Lease termination–New York office (Note 13) $ — $ — $ 9,277 Fixed assets–New York office (Note 8) — — 6,576 Lease termination–London office (Note 13) — — 303 Securrency (Note 7) 7,630 — — Other investments (Note 7) 312 — — Total $ 7,942 $ — $ 16,156 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 27. Subsequent Events The Company evaluated subsequent events through the date of issuance of the consolidated financial statements. There were no events requiring disclosure. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 102,546 | $ 50,684 | $ 49,797 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The consolidated financial statements include the accounts of the Company’s wholly -owned |
Consolidation | Consolidation The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity (“VOE”) or a variable interest entity (“VIE”). The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a majority voting interest in a VOE, the entity is consolidated. The Company has a controlling financial interest in a VIE when the Company has a variable interest that provides it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company reassesses its evaluation of whether an entity is a VOE or VIE when certain reconsideration events occur. |
Segment and Geographic Information | Segment and Geographic Information The Company, through its subsidiaries in the U.S. and Europe, 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 chief operating decision maker to allocate resources and other factors. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. The impact of the foreign currency translation adjustment is included in the Consolidated Statements of Comprehensive Income as a component of other comprehensive income/(loss). |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition The Company earns substantially all of its revenue in the form of advisory fees from its ETPs and recognizes this revenue over time, as the performance obligation is satisfied. Advisory fees are based on a percentage of the ETPs’ average daily net assets. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. |
Contractual Gold Payments | Contractual Gold Payments Contractual gold payments are measured and paid monthly based upon the average daily spot price of gold (Note 9). The Company’s obligation to continue making these payments terminated on May 10, 2023. |
Marketing and Advertising | Marketing and Advertising Marketing and advertising costs, including media advertising and production costs, are expensed when incurred. |
Depreciation and Amortization | Depreciation and Amortization Depreciation and amortization is provided for using the straight -line Equipment 3 to 5 years Internally -developed 3 years The assets listed above are recorded at cost less accumulated depreciation and amortization. |
Stock-Based Awards | Stock-Based Awards Accounting for stock -based -based -date |
Third-Party Distribution Fees | Third-Party Distribution Fees The Company pays a percentage of its advisory fee revenues based on incremental growth in assets under management (“AUM”), subject to caps or minimums, to marketing agents to sell WisdomTree ETPs and for including WisdomTree ETPs on third -party |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be classified as cash equivalents. The Company maintains deposits with financial institutions in an amount that is in excess of federally insured limits. |
Accounts Receivable | Accounts Receivable Accounts receivable are customer and other obligations due under normal trade terms. The Company measures credit losses, if any, by applying historical loss rates, adjusted for current conditions and reasonable and supportable forecasts to amounts outstanding using the aging method. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company performs a review for the impairment of long -lived |
Financial Instruments Owned and Financial Instruments Sold, but Not yet Purchased (at Fair Value) | Financial Instruments Owned and Financial Instruments Sold, but Not yet Purchased (at Fair Value) Financial instruments owned and financial instruments sold, but not yet purchased are financial instruments classified as either trading or available -for-sale -related -related -related |
Securities Held-to-Maturity | Securities Held-to-Maturity The Company accounts for certain of its securities as held -to-maturity -to-maturity -likely-than-not -to-maturity -accrual -to-maturity -accrual The Company reviews its portfolio of held -to-maturity Investments in pass -through -sponsored |
Investments | Investments The Company accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed in Accounting Standards Codification (“ASC”) Topic 321, Investments – Equity Securities Investments in debt instruments are accounted for at fair value, with changes in fair value reported in other income/(expenses). |
Goodwill | Goodwill Goodwill is the excess of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests goodwill for impairment at least annually and at the time of a triggering event requiring re -evaluation Goodwill is allocated to the Company’s U.S. business and European business components. For impairment testing purposes, these components are aggregated as a single reporting unit as they fall under the same operating segment and have similar economic characteristics. Goodwill is assessed for impairment annually on November 30 th |
Intangible Assets | Intangible Assets Indefinite -lived -lived Finite -lived -lived The Company may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of reasonably identifiable cash flows independent of other assets. The annual impairment testing date for all of the Company’s intangible assets is November 30 th |
Software Development Costs | Software Development Costs Software development costs incurred after the preliminary project stage is complete are capitalized if it is probable that the project will be completed and the software will be used as intended. Capitalized costs consist of employee compensation costs and fees paid to third parties who are directly involved in the application development efforts and are included in intangible assets, net in the Consolidated Balance Sheets. Such costs are amortized over the estimated useful life of the software on a straight -line |
Leases | Leases The Company accounts for its lease obligations in accordance with ASC Topic 842, Leases -of-use -of-use -line -term -term -line ASC 842 also provides a practical expedient which allows for consideration in a contract to be accounted for as a single lease component rather than allocated between lease and non -lease |
Deferred Consideration—Gold Payments | Deferred Consideration—Gold Payments Deferred consideration—gold payments represented the present value of an obligation to pay gold to a third party into perpetuity and was measured using forward -looking |
Convertible Notes | Convertible Notes Convertible notes are carried at amortized cost, net of issuance costs. The Company accounts for convertible instruments as a single liability (applicable to the convertible notes) or equity with no separate accounting for embedded conversion features unless the conversion feature meets the criteria for accounting under the substantial premium model or does not qualify for a derivative scope exception. Interest expense is recognized using the effective interest method and includes amortization of issuance costs over the life of the debt. |
Contingencies | Contingencies The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company evaluates the likelihood of an unfavorable outcome of all legal or regulatory proceedings to which it is a party and accrues a loss contingency when the loss is probable and reasonably estimable. |
Contingent Payments | Contingent Payments The Company recognizes a gain on contingent payments when the contingency is resolved and the gain is realized. |
Earnings per Share | Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted -average -voting -based -forfeitable -class -based Diluted EPS is calculated under the treasury stock method and the two -class -based -voting -voting -converted |
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more -likely-than-not Tax positions are evaluated utilizing a two -step -likely-than-not The Global Intangible Low -Taxed Non -income |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023 -07 Segment Reporting—Improvements to Reportable Segment Disclosures -maker On December 13, 2023, the FASB issued ASU 2023 -08 Accounting for and Disclosure of Crypto Assets On December 14, 2023, the FASB issued ASU 2023 -09 Improvements to Income Tax Disclosures |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2021, the Company early adopted ASU 2020 -06 Debt – Debt with Conversion and Other Options -06 -per-share -in |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Depreciation Method, Straight-Line [Member] | |
Significant Accounting Policies (Tables) [Line Items] | |
Schedule of Depreciation and Amortization | Depreciation and amortization is provided for using the straight -line Equipment 3 to 5 years Internally -developed 3 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 years ended December 31, 2023 and 2022, there were no transfers between Levels 2 and 3. December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 50,226 $ 50,226 $ — $ — Financial instruments owned, at fair value: ETFs 35,181 35,181 — — Pass-through GSEs 10,240 — 10,240 — Other assets—seed capital (WisdomTree Digital Funds): U.S. treasuries 5,007 — 5,007 — Equities 6,337 6,337 — — Fixed income 1,957 1,008 949 — Total $ 108,948 $ 92,752 $ 16,196 $ — Non-recurring fair value measurements: Fnality International Limited—Series B-1 Preference Shares ( 1) 9,684 — — 9,684 Other investments ( 2 ) — — — — Total $ 9,684 $ — $ — $ 9,684 (1) (2) December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 930 $ 930 $ — $ — Financial instruments owned, at fair value: ETFs 23,772 23,772 — — U.S. treasuries 2,980 2,980 — — Pass-through GSEs 96,837 23,290 73,547 — Fixed income 885 — 885 — Other assets—seed capital (WisdomTree Digital Funds): 1,765 — 1,765 — Investments in Convertible Notes Securrency, Inc.—convertible note (Note 7) 14,500 — — 14,500 Fnality International Limited—convertible note (Note 7) 6,921 — — 6,921 Total $ 148,590 $ 50,972 $ 76,197 $ 21,421 Non-recurring fair value measurements: Other investments ( 1) $ 312 $ — $ — $ 312 Liabilities: Recurring fair value measurements: Deferred consideration (Note 9) $ 200,290 $ — $ — $ 200,290 (1) |
Schedule of Beginning and Ending Balances of Recurring Fair Value Measurements Classified | These instruments consist of the following: Years Ended December 31, December 31, Investments in Convertible Notes (Note 7): Beginning balance $ 21,421 $ — Purchases 11,228 21,863 Settlements (28,818) — Conversions (1) (9,684) — Net realized gains/(losses) (2) 5,853 (442) Ending balance $ — $ 21,421 Deferred Consideration (Note 7): Beginning balance $ 200,290 $ 228,062 Net realized losses (3) 6,069 17,108 Net unrealized gains (4) (61,953) (27,765) Settlements (144,406) (17,115) Ending balance $ — $ 200,290 (1) -1 (2) (3) (4) |
Financial Instruments Owned (Ta
Financial Instruments Owned (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments Owned [Abstract] | |
Schedule of Financial Instruments Owned | These instruments consist of the following: December 31, December 31, Financial instruments owned: Trading securities $ 45,421 $ 124,474 Other assets—seed capital (WisdomTree Digital Funds) 13,301 1,765 Total $ 58,722 $ 126,239 |
Securities Held-to-Maturity (Ta
Securities Held-to-Maturity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Securities Held-to-Maturity [Abstract] | |
Schedule of Securities Held-to-Maturity | The following table is a summary of the Company’s securities held -to-maturity December 31, December 31, Debt instruments: Pass-through GSEs (amortized cost) $ 230 $ 259 |
Schedule of Unrealized Losses, Gains and Fair Value of Securities Held-to-Maturity | The following table summarizes unrealized gains, losses, and fair value (classified as Level 2 within the fair value hierarchy) of securities held -to-maturity December 31, 2023 2022 Cost/amortized cost $ 230 $ 259 Gross unrealized losses (15) (20) Gross unrealized gains — — Fair value $ 215 $ 239 |
Schedule of Maturity Profile of the Securities Held-to-Maturity | The following table sets forth the maturity profile of the securities held -to-maturity December 31, 2023 2022 Due within one year $ — $ — Due one year through five years — — Due five years through ten years 22 27 Due over ten years 208 232 Total $ 230 $ 259 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Schedule of Investments | The following table sets forth the Company’s investments: December 31, 2023 December 31, 2022 Carrying Cost Carrying Cost Securrency, Inc.: Series A Shares $ — $ — $ 8,488 $ 8,112 Series B Shares — — 5,500 5,500 Convertible note — — 14,500 15,000 Subtotal—Securrency, Inc. — — 28,488 28,612 Fnality International Limited: Convertible note — — 6,921 6,863 Series B-1 Preference Shares 9,684 8,091 — — Subtotal—Fnality International Limited 9,684 8,091 6,921 6,863 Other investments — 250 312 250 Total $ 9,684 $ 8,341 $ 35,721 $ 35,725 |
Schedule of Backsolve Valuation Approach | The table below presents the inputs used in the backsolve valuation approach (classified as Level 3 in the fair value hierarchy): Inputs June 9, March 8, Expected volatility 50% 55% Time to exit (in years) 4.75 5.00 December 31, Expected volatility 60% Time to exit (in years) 5.00 Probability that Series B-2 Preference Shares convert into Series B-1 Preference Shares 75% |
Schedule of Presents the Probability Ascribed to Potential Outcomes Used in the Pwerm | The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy) and the time to exit: December 31, Conversion of note upon a future equity financing 60% Redemption of note upon a corporate transaction 25% Default 15% Time to potential outcome (in years) 0.33 December 31, Conversion of note upon a future financing round 85% Redemption of note upon a change of control 10% Default 5% Time to potential outcome (in years) 0.25 |
Fixed Assets, Net (Tables)
Fixed Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fixed Assets, net [Abstract] | |
Schedule of Fixed Assets | The following table summarizes fixed assets: December 31, 2023 2022 Equipment $ 1,097 $ 962 Less: accumulated depreciation (670) (418) Total $ 427 $ 544 |
Deferred Consideration_gold p_2
Deferred Consideration—gold payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Consideration Gold Payments [Abstract] | |
Schedule of Valuation of Deferred Consideration | The Company determined the present value of the deferred consideration of $0 and $200,290 at December 31, 2022 using the following assumptions: December 31, 2022 Forward-looking gold price (low)—per ounce $ 1,858 Forward-looking gold price (high)—per ounce $ 3,126 Forward-looking gold price (weighted average)—per ounce $ 2,237 Discount rate 11.0% Perpetual growth rate 1.3% |
Schedule of Deferred Consideration | During the years ended December 31, 2023 and 2022, the Company recognized the following in respect of deferred consideration: Years Ended December 31, 2023 2022 2021 Contractual gold payments $ 6,069 $ 17,108 $ 17,096 Contractual gold payments—gold ounces paid 3,167 9,500 9,500 Gain on revaluation/termination of deferred consideration—gold payments ( 1 ) $ 61,953 $ 27,765 $ 2,018 (1) -looking |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Notes [Abstract] | |
Schedule of Key Terms of Convertible Notes | Key terms of the Convertible Notes are as follows: 2023 Notes 2021 Notes Principal outstanding $ 130,000 $ 150,000 Maturity date (unless earlier converted, repurchased or redeemed) August 15, 2028 June 15, 2026 Interest rate 5.75% 3.25% Conversion price $ 9.54 $ 11.04 Conversion rate 104.8658 90.5797 Redemption price $ 12.40 $ 14.35 |
Schedule of Convertible Notes | The following table provides a summary of the Convertible Notes at December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 2023 Notes 2021 Notes Total 2021 Notes 2020 Notes Total Principal amount $ 130,000 $ 150,000 $ 280,000 $ 150,000 $ 175,000 $ 325,000 Plus: Premium — — — — 250 250 Gross proceeds 130,000 150,000 280,000 150,000 175,250 325,250 Less: Unamortized issuance costs (2,987) (2,125) (5,112) (2,981) (1,053) (4,034) Carrying amount 127,013 $ 147,875 $ 274,888 $ 147,019 $ 174,197 $ 321,216 Effective interest rate ( 1) 6.25% 3.83% 4.96% 3.83% 5.26% 4.60% (1) |
Series A Preferred Stock (Table
Series A Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Series A Preferred Stock [Abstract] | |
Schedule of Series A Preferred Stock Balance | The following is a summary of the Series A Preferred Stock balance: December 31, December 31, Issuance of Series A Preferred Stock $ 132,750 $ 132,750 Less: Issuance costs (181) (181) Series A Preferred Stock—carrying value $ 132,569 $ 132,569 Cash dividends declared per share (quarterly) $ 0.03 $ 0.03 |
Payable to Gold Bullion Holdi_2
Payable to Gold Bullion Holdings Jersey Limited GBH (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payable to Gold Bullion Holdings Jersey Limited GBH [Abstract] | |
Schedule of Aggregate Consideration Payable | The aggregate consideration payable was valued at $38,835 on the closing date and the carrying value of this obligation is as follows: December 31, Current: $ 14,804 Long-term 24,328 Total $ 39,132 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Additional Information Related to Operating Lease | The following table provides additional information regarding the Company’s leases: Years Ended 2023 2022 Lease cost: Operating lease cost $ 1,285 $ 963 Short-term lease cost 191 223 Total lease cost $ 1,476 $ 1,186 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 1,284 $ 965 Right-of-use assets obtained in exchange for new operating lease liabilities n/a n/a Weighted-average remaining lease term (in years)—operating leases 0.4 1.2 Weighted-average discount rate—operating leases 5.9% 6.4% |
Schedule of Future Minimum Lease Payments | The following table discloses future minimum lease payments at December 31, 2023 with respect to the Company’s operating lease liabilities: 2024 $ 584 2025 — 2026 — 2027 — 2028 — 2029 and thereafter — Total future minimum lease payments (undiscounted) $ 584 |
Schedule of Reconciliation of Future Minimum Lease Payments to Balance Sheet | The following table reconciles the future minimum lease payments (disclosed above) at December 31, 2023 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets: Amounts recognized in the Company’s Consolidated Balance Sheets Lease liability—short term $ 578 Lease liability—long term — Subtotal 578 Difference between undiscounted and discounted cash flows 6 Total future minimum lease payments (undiscounted) $ 584 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Schedule of Information about Variable Interests | The following table presents information about the Company’s variable interests in non -consolidated December 31, December 31, Carrying Amount—Assets (Securrency): Preferred stock—Series A Shares $ — $ 8,488 Preferred stock—Series B Shares — 5,500 Convertible note — 14,500 Subtotal—Securrency $ — $ 28,488 Carrying Amount—Assets (Fnality): Convertible note — 6,921 Series B-1 Preference Shares 9,684 — Subtotal—Fnality $ 9,684 $ 6,921 Carrying Amount—Assets (Other investments): $ — $ 312 Total (Note 7) $ 9,684 $ 35,721 Maximum exposure to loss $ 9,684 $ 35,721 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenues from Contracts with Customers [Abstract] | |
Schedule of Revenues from Contracts with Customers | The following table presents the Company’s total revenues from contracts with customers: Years Ended December 31, 2023 2022 2021 Revenues from contracts with customers: Advisory fees $ 333,227 $ 293,632 $ 298,052 Other 15,808 7,713 6,266 Total operating revenues $ 349,035 $ 301,345 $ 304,318 |
Schedule of Geographic Distribution of Revenues | The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Years Ended December 31, 2023 2022 2021 Revenues from contracts with customers: United States $ 220,117 $ 184,036 $ 179,016 Jersey 113,325 103,692 114,623 Ireland 15,593 13,617 10,679 Total operating revenues $ 349,035 $ 301,345 $ 304,318 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Receivable from Related Parties | The following table summarizes accounts receivable from related parties which are included as a component of accounts receivable in the Consolidated Balance Sheets: December 31, 2023 2022 Receivable from WTT $ 21,226 $ 16,399 Receivable from ManJer Issuers 4,411 4,485 Receivable from WMAI and WTICAV 2,874 3,255 Total $ 28,511 $ 24,139 |
Schedule of Revenues from Advisory Services Provided to Related Parties | The following table summarizes revenues from advisory services provided to related parties: Years Ended December 31, 2023 2022 2021 Advisory services provided to WTT $ 218,834 $ 183,409 $ 178,511 Advisory services provided to ManJer Issuers 98,800 96,606 108,862 Advisory services provided to WMAI and WTICAV 15,593 13,617 10,679 Total $ 333,227 $ 293,632 $ 298,052 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Awards [Abstract] | |
Schedule of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period | A summary of unrecognized stock -based December 31, 2023 Unrecognized Weighted-Average Employees and directors $ 19,165 0.92 |
Schedule of Restricted Stock Activity and Restricted Stock Unit | A summary of activity is as follows: RSA RSU PRSU (1) Shares Weighted Shares Weighted Shares Weighted Unvested Balance at January 1, 2021 3,580,743 $ 5.38 39,408 $ 4.46 341,312 $ 5.17 Granted 1,642,266 5.46 31,170 5.43 257,043 (2) 6.49 Vested (1,897,699) 5.78 (15,136) 4.73 — — Forfeited (288,405) 5.11 (452) 5.37 (47,669) 5.74 Unvested Balance at December 31, 2021 3,036,905 $ 5.20 54,990 $ 4.93 550,686 $ 5.73 Granted 2,170,432 5.71 116,247 5.18 319,838 (2) 6.80 Vested (1,621,201) 5.31 (27,894) 5.10 (202,336) 6.24 Forfeited (195,054) 5.43 (1,380) 5.73 — — Unvested Balance at December 31, 2022 3,391,082 $ 5.46 141,963 $ 5.09 668,188 $ 6.09 Granted 3,363,501 5.63 152,265 6.24 576,240 (2) 6.49 Vested (1,629,925) 5.28 (72,461) 5.66 (108,113) 3.11 Forfeited (114,436) 5.55 (34,385) 5.70 — — Stock dividends accrued — — 2,762 6.24 37,777 6.49 Unvested Balance at December 31, 2023 5,010,222 $ 5.63 190,144 ( 3 ) $ 5.70 1,174,092 $ 6.58 (1) (2) -day (3) |
Schedule of Share Based Payment Awards Other than Options Valuation Assumptions | the following additional assumptions: Granted in Granted in Granted in Historical stock price volatility (low) 37% 33% 34% Historical stock price volatility (high) 56% 57% 57% Historical stock price volatility (average) 47% 44% 44% Risk free interest rate 3.80% 1.28% 0.17% Expected dividend yield 0.00% 0.00% 0.00% |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans [Abstract] | |
Summary of Discretionary Contributions | A summary of discretionary contributions made by the Company is as follows: Years Ended December 31, 2023 2022 2021 $ 1,450 $ 1,342 $ 1,080 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Basic and Diluted Earnings Per Share | The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented: Years Ended December 31, 2023 2022 2021 Basic Earnings per Share Net income $ 102,546 $ 50,684 $ 49,797 Add: Gain on repurchase of Series C Preferred Stock 7,966 — — Less: Income distributed to participating securities (2,770) (2,186) (2,168) Less: Undistributed income allocable to participating securities (12,680) (3,528) (3,378) Net income available to common stockholders—Basic EPS $ 95,062 $ 44,970 $ 44,251 Weighted average common shares (in 144,707 143,020 143,847 Basic earnings per share $ 0.66 $ 0.31 $ 0.31 Years Ended December 31, 2023 2022 2021 Diluted Earnings per Share Net income available to common stockholders $ 95,062 $ 44,970 $ 44,251 Add back: Undistributed income allocable to participating securities 12,680 3,528 3,378 Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive (12,449) (3,522) (3,353) Net income available to common stockholders—Diluted EPS $ 95,293 $ 44,976 $ 44,276 Weighted Average Diluted Shares (in thousands) Weighted average common shares 144,707 143,020 143,847 Dilutive effect of common stock equivalents, excluding participating securities 3,120 275 1,208 Weighted average diluted shares, excluding participating securities (in thousands) 147,827 143,295 145,055 Diluted earnings per share $ 0.64 $ 0.31 $ 0.31 |
Schedule of Weighted Average Number of Shares | The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings per share as disclosed in the table above: Years Ended December 31, 2023 2022 2021 Reconciliation of Weighted Average Diluted Shares (in thousands) Weighted average diluted shares as disclosed on the Consolidated Statements of Operations 170,413 158,914 161,263 Less: Participating securities: Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) (14,750) (14,750) (14,750) Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 11) (6,992) — — Potentially dilutive restricted stock awards (844) (869) (1,458) Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above 147,827 143,295 145,055 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Domestic and Foreign Components of Income before Income Tax Expense | The U.S. and foreign components of income before income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 U.S. $ 4,652 $ (4,067) $ 15,986 Foreign 114,356 44,017 40,685 Total $ 119,008 $ 39,950 $ 56,671 |
Schedule of Components of Current and Deferred Income Tax Expense | The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2023, 2022 and 2021 are as follows: Years Ended December 31, 2023 2022 2021 Current: Federal $ 6,957 $ 4,685 $ 5,857 State and local 1,883 1,415 1,538 Foreign 8,103 (15,538) (837) $ 16,943 $ (9,438) $ 6,558 Deferred: Federal $ (494) $ (6) $ (1,217) State and local (102) (1) (251) Foreign 115 (1,289) 1,784 $ (481) $ (1,296) $ 316 Income tax expense/(benefit) $ 16,462 $ (10,734) $ 6,874 |
Schedule of Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate | A reconciliation of the statutory federal income tax expense and the Company’s total income tax expense is as follows: Years Ended December 31, 2023 2022 2021 U.S. federal statutory income tax $ 24,992 $ 8,386 $ 11,901 Gain on revaluation/termination of deferred consideration (1) (13,007) (5,842) (424) Non-deductible loss on extinguishment of convertible notes 2,263 — — Foreign operations (1,868) (2,919) (3,211) Non-deductible executive compensation 1,833 789 881 Decrease in unrecognized tax benefits, net (1,386) (19,871) (4,998) Change in valuation allowance – Capital losses 1,340 4,761 5 Expiration of capital losses 796 — — Stock-based compensation tax shortfalls 373 507 647 Change in tax-related indemnification assets, net 291 4,173 1,053 Change in foreign net operating losses (“NOLs”) 174 — — Blended state income tax rate, net of federal benefit 153 (134) 526 Change in valuation allowance—Foreign NOLs and interest carryforwards — (1,609) — GILTI — 499 — Other differences, net 508 526 494 Income tax expense/(benefit) $ 16,462 $ (10,734) $ 6,874 (1) -owned |
Schedule of Income Tax Payments By Jurisdiction | A summary of income taxes paid by jurisdiction for the years ended December 31, 2023, 2022 and 2021 is as follows: Years Ended December 31, 2023 2022 2021 Federal $ 4,824 $ 6,424 $ 4,258 State and local 1,457 1,431 1,020 Foreign 9,875 4,645 3,178 $ 16,156 $ 12,500 $ 8,456 |
Schedule of Components of the Company’s Deferred Tax Assets | A summary of the components of the Company’s deferred tax assets at December 31, 2023 and 2022 is as follows: 2023 2022 Deferred tax assets: Capital losses $ 22,489 $ 17,541 Accrued expenses 6,000 6,030 Stock-based compensation 2,468 1,526 NOLs—Foreign 1,502 1,609 Goodwill and intangible assets 895 1,085 Unrealized losses 335 3,821 Foreign currency translation adjustment 146 173 NOLs—U.S. 127 255 Operating lease liabilities 96 313 Outside basis differences — 122 Other 401 341 Deferred tax assets 34,459 32,816 Deferred tax liabilities: Fixed assets and prepaid assets 296 278 Unremitted earnings—European subsidiaries 186 205 Right of use assets—operating leases 96 313 Deferred tax liabilities 578 796 Total deferred tax assets less deferred tax liabilities 33,881 32,020 Less: Valuation allowance (22,824) (21,484) Deferred tax assets, net $ 11,057 $ 10,536 |
Schedule of Changes in Balance of Gross Unrecognized Tax Benefits | The table below sets forth the aggregate changes in the balance of these gross unrecognized tax benefits: Total Unrecognized Interest and Balance at January 1, 2022 $ 21,925 $ 18,218 $ 3,707 Decrease—Settlements (1) (13,052) (11,865) (1,187) Decrease—Lapse of statute of limitations (1) (6,845) (4,825) (2,020) Increases 26 — 26 Foreign currency translation (2) (701) (571) (130) Balance at December 31, 2022 $ 1,353 $ 957 $ 396 Decrease—Lapse of statute of limitations (1,353) (957) (396) Balance at December 31, 2023 $ — $ — $ — (1) -based (2) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of Goodwill | The table below sets forth goodwill which is tested annually for impairment on November 30 th Total Balance at January 1, 2023 $ 85,856 Changes 985 (1) Balance at December 31, 2023 $ 86,841 (1) |
Schedule of Intangible Assets | The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30 th Balance at December 31, 2023 Item Gross Asset Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 4,519 (684) 3,835 Balance at December 31, 2023 $ 605,766 $ (684) $ 605,082 Balance at December 31, 2022 Item Gross Asset Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 2,370 (50) 2,320 Balance at December 31, 2022 $ 603,617 $ (50) $ 603,567 |
Schedule of Expected Amortization Expense | As of December 31, 2023, expected amortization expense for the unamortized finite -lived five 2024 $ 1,375 2025 1,440 2026 873 2027 130 2028 17 2029 and thereafter — Total expected amortization expense $ 3,835 |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Impairments [Abstract] | |
Schedule of Summarizes Impairments Recognized | The following table summarizes impairments recognized by the Company: Years Ended December 31, 2023 2022 2021 Lease termination–New York office (Note 13) $ — $ — $ 9,277 Fixed assets–New York office (Note 8) — — 6,576 Lease termination–London office (Note 13) — — 303 Securrency (Note 7) 7,630 — — Other investments (Note 7) 312 — — Total $ 7,942 $ — $ 16,156 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||||
Benefit percentage of tax rate | 50% | |||
Accumulated deficit | $ 616 | $ 95,741 | $ 13,719 | |
Increasing carrying value of convertible notes | 4,088 | |||
Additional paid-in capital | 3,682 | |||
Deferred tax liabilities | $ 1,022 | |||
Interest expense recognized | 15,242 | $ 14,935 | $ 12,332 | |
Accounting Standards Update 2020-06 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Interest expense recognized | $ 420 | $ 1,680 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of Depreciation and Amortization | Dec. 31, 2023 |
Equipment [Member] | Minimum [Member] | |
Schedule of Depreciation and Amortization [Line Items] | |
Estimated useful lives | 3 years |
Equipment [Member] | Maximum [Member] | |
Schedule of Depreciation and Amortization [Line Items] | |
Estimated useful lives | 5 years |
Software Development [Member] | |
Schedule of Depreciation and Amortization [Line Items] | |
Estimated useful lives | 3 years |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Line Items] | ||
Total cash and cash equivalents | $ 129,305 | $ 132,101 |
Cash equivalents, at carrying value | 50,226 | 930 |
European Business Segment [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Net liquid assets international subsidiary regulatory capital requirements | 29,156 | 25,988 |
Two Financial Institutions [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash and cash equivalents | $ 116,895 | $ 131,104 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Liquid investments, original maturities | 90 days |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of Assets and Liabilities Measured at Fair Value - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Fair Value, Recurring [Member] | |||||
Recurring fair value measurements: | |||||
Cash equivalents | $ 50,226 | $ 930 | |||
Investments in Convertible Notes | |||||
Total | 108,948 | 148,590 | |||
Recurring fair value measurements: | |||||
Deferred consideration (Note 9) | 200,290 | ||||
Fair Value, Recurring [Member] | Securrency, Inc.—convertible note [Member] | |||||
Investments in Convertible Notes | |||||
Investments in Convertible Notes | 14,500 | ||||
Fair Value, Recurring [Member] | ETFs [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 35,181 | 23,772 | |||
Fair Value, Recurring [Member] | Pass-through GSEs [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 10,240 | 96,837 | |||
Fair Value, Recurring [Member] | U.S. treasuries [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 2,980 | ||||
Fair Value, Recurring [Member] | Corporate bonds [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 885 | ||||
Fair Value, Recurring [Member] | WisdomTree Digital Funds [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 1,765 | ||||
Fair Value, Recurring [Member] | Level 1 [Member] | |||||
Recurring fair value measurements: | |||||
Cash equivalents | 50,226 | 930 | |||
Investments in Convertible Notes | |||||
Total | 92,752 | 50,972 | |||
Recurring fair value measurements: | |||||
Deferred consideration (Note 9) | |||||
Fair Value, Recurring [Member] | Level 1 [Member] | Securrency, Inc.—convertible note [Member] | |||||
Investments in Convertible Notes | |||||
Investments in Convertible Notes | |||||
Fair Value, Recurring [Member] | Level 1 [Member] | ETFs [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 35,181 | 23,772 | |||
Fair Value, Recurring [Member] | Level 1 [Member] | Pass-through GSEs [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 23,290 | ||||
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. treasuries [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 2,980 | ||||
Fair Value, Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Level 1 [Member] | WisdomTree Digital Funds [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Level 2 [Member] | |||||
Recurring fair value measurements: | |||||
Cash equivalents | |||||
Investments in Convertible Notes | |||||
Total | 16,196 | 76,197 | |||
Recurring fair value measurements: | |||||
Deferred consideration (Note 9) | |||||
Fair Value, Recurring [Member] | Level 2 [Member] | Securrency, Inc.—convertible note [Member] | |||||
Investments in Convertible Notes | |||||
Investments in Convertible Notes | |||||
Fair Value, Recurring [Member] | Level 2 [Member] | ETFs [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Level 2 [Member] | Pass-through GSEs [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 10,240 | 73,547 | |||
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. treasuries [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 885 | ||||
Fair Value, Recurring [Member] | Level 2 [Member] | WisdomTree Digital Funds [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 1,765 | ||||
Fair Value, Recurring [Member] | Level 3 [Member] | |||||
Recurring fair value measurements: | |||||
Cash equivalents | |||||
Investments in Convertible Notes | |||||
Total | 21,421 | ||||
Recurring fair value measurements: | |||||
Deferred consideration (Note 9) | 200,290 | ||||
Fair Value, Recurring [Member] | Level 3 [Member] | Securrency, Inc.—convertible note [Member] | |||||
Investments in Convertible Notes | |||||
Investments in Convertible Notes | 14,500 | ||||
Fair Value, Recurring [Member] | Level 3 [Member] | ETFs [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Level 3 [Member] | Pass-through GSEs [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. treasuries [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Level 3 [Member] | WisdomTree Digital Funds [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fair Value, Recurring [Member] | Fnality International Limited—convertible note [Member] | |||||
Investments in Convertible Notes | |||||
Investments in Convertible Notes | 6,921 | ||||
Fair Value, Recurring [Member] | Fnality International Limited—convertible note [Member] | Level 1 [Member] | |||||
Investments in Convertible Notes | |||||
Investments in Convertible Notes | |||||
Fair Value, Recurring [Member] | Fnality International Limited—convertible note [Member] | Level 2 [Member] | |||||
Investments in Convertible Notes | |||||
Investments in Convertible Notes | |||||
Fair Value, Recurring [Member] | Fnality International Limited—convertible note [Member] | Level 3 [Member] | |||||
Investments in Convertible Notes | |||||
Investments in Convertible Notes | 6,921 | ||||
Fair Value, Nonrecurring [Member] | |||||
Investments in Convertible Notes | |||||
Total | 9,684 | ||||
Fair Value, Nonrecurring [Member] | Fnality International Limited—B-1 Preference Shares [Member] | |||||
Non-recurring fair value measurements: | |||||
Non-recurring fair value measurements | [1] | 9,684 | |||
Fair Value, Nonrecurring [Member] | Other Investments [Member] | |||||
Non-recurring fair value measurements: | |||||
Non-recurring fair value measurements | [2] | 312 | [3] | ||
Fair Value, Nonrecurring [Member] | Level 1 [Member] | |||||
Investments in Convertible Notes | |||||
Total | |||||
Fair Value, Nonrecurring [Member] | Level 1 [Member] | Fnality International Limited—B-1 Preference Shares [Member] | |||||
Non-recurring fair value measurements: | |||||
Non-recurring fair value measurements | [1] | ||||
Fair Value, Nonrecurring [Member] | Level 1 [Member] | Other Investments [Member] | |||||
Non-recurring fair value measurements: | |||||
Non-recurring fair value measurements | [2] | [3] | |||
Fair Value, Nonrecurring [Member] | Level 2 [Member] | |||||
Investments in Convertible Notes | |||||
Total | |||||
Fair Value, Nonrecurring [Member] | Level 2 [Member] | Fnality International Limited—B-1 Preference Shares [Member] | |||||
Non-recurring fair value measurements: | |||||
Non-recurring fair value measurements | [1] | ||||
Fair Value, Nonrecurring [Member] | Level 2 [Member] | Other Investments [Member] | |||||
Non-recurring fair value measurements: | |||||
Non-recurring fair value measurements | [2] | [3] | |||
Fair Value, Nonrecurring [Member] | Level 3 [Member] | |||||
Investments in Convertible Notes | |||||
Total | 9,684 | ||||
Fair Value, Nonrecurring [Member] | Level 3 [Member] | Fnality International Limited—B-1 Preference Shares [Member] | |||||
Non-recurring fair value measurements: | |||||
Non-recurring fair value measurements | [1] | 9,684 | |||
Fair Value, Nonrecurring [Member] | Level 3 [Member] | Other Investments [Member] | |||||
Non-recurring fair value measurements: | |||||
Non-recurring fair value measurements | [2] | $ 312 | [3] | ||
U.S. treasuries [Member] | Fair Value, Recurring [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 5,007 | ||||
U.S. treasuries [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 5,007 | ||||
U.S. treasuries [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Equities [Member] | Fair Value, Recurring [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 6,337 | ||||
Equities [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 6,337 | ||||
Equities [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Equities [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
Fixed income [Member] | Fair Value, Recurring [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 1,957 | ||||
Fixed income [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 1,008 | ||||
Fixed income [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | 949 | ||||
Fixed income [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | |||||
Financial instruments owned, at fair value: | |||||
Financial instruments owned, at fair value | |||||
[1]Fair value determined on October 31, 2023[2]Fair value determined on September 30, 2023[3]Fair value determined on May 10, 2022 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of Beginning and Ending Balances of Recurring Fair Value Measurements Classified - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Investments in Convertible Notes (Note 7): | ||||
Beginning balance | $ 21,421 | |||
Purchases | 11,228 | 21,863 | ||
Settlements | (28,818) | |||
Conversions | (9,684) | [1] | ||
Net realized gains/(losses) | [2] | 5,853 | (442) | |
Ending balance | 21,421 | |||
Deferred Consideration Obligation [Member] | ||||
Investments in Convertible Notes (Note 7): | ||||
Beginning balance | 200,290 | 228,062 | ||
Settlements | (144,406) | (17,115) | ||
Net realized gains/(losses) | [3] | 6,069 | 17,108 | |
Net unrealized gains | [4] | (61,953) | (27,765) | |
Ending balance | $ 200,290 | |||
[1]The Fnality convertible notes converted into Series B -1 |
Financial Instruments Owned (De
Financial Instruments Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments Owned [Line Items] | ||
Net trading losses | $ 536 | $ 12,721 |
Financial Instruments Owned (_2
Financial Instruments Owned (Details) - Schedule of Financial Instruments Owned - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial instruments owned: | ||
Financial instruments owned | $ 58,722 | $ 126,239 |
Trading Securities [Member] | ||
Financial instruments owned: | ||
Financial instruments owned | 45,421 | 124,474 |
Other assets—seed capital (WisdomTree Digital Funds) [Member] | ||
Financial instruments owned: | ||
Financial instruments owned | $ 13,301 | $ 1,765 |
Securities Held-to-Maturity (De
Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Securities Held-to-Maturity [Abstract] | ||
Proceeds received | $ 29 | $ 45 |
Securities Held-to-Maturity (_2
Securities Held-to-Maturity (Details) - Schedule of Securities Held-to-Maturity - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Agency [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 230 | $ 259 |
Securities Held-to-Maturity (_3
Securities Held-to-Maturity (Details) - Schedule of Unrealized Losses, Gains and Fair Value of Securities Held-to-Maturity - Level 2 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Securities Held-to-Maturity (Details) - Schedule of Unrealized Losses, Gains and Fair Value of Securities Held-to-Maturity [Line Items] | ||
Cost/amortized cost | $ 230 | $ 259 |
Gross unrealized losses | (15) | (20) |
Gross unrealized gains | ||
Fair value | $ 215 | $ 239 |
Securities Held-to-Maturity (_4
Securities Held-to-Maturity (Details) - Schedule of Maturity Profile of the Securities Held-to-Maturity - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Maturity Profile of the Securities Held to Maturity [Abstract] | ||
Due within one year | ||
Due one year through five years | ||
Due five years through ten years | 22 | 27 |
Due over ten years | 208 | 232 |
Total | $ 230 | $ 259 |
Investments (Details)
Investments (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||||||||
Dec. 07, 2023 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) shares | Nov. 20, 2023 shares | Nov. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Feb. 28, 2022 USD ($) | Feb. 28, 2022 EUR (€) | Mar. 31, 2021 shares | Dec. 31, 2019 shares | |
Investments [Line Items] | ||||||||||||
Proceeds received (in Dollars) | $ 28,818 | $ 28,818 | ||||||||||
Net impairment charge (in Dollars) | 7,630 | |||||||||||
Additional losses (in Dollars) | $ 1,777 | |||||||||||
Preferred stock investment (in Dollars) | $ 13,612 | |||||||||||
Convertible preferred stock (in Shares) | shares | 13,087,000 | |||||||||||
Dividend payable, percentage | 6% | |||||||||||
Gain on shares (in Dollars) | 376 | |||||||||||
Convertible notes (in Dollars) | $ 15,000 | $ 15,000 | ||||||||||
Conversion price discount rate | 25% | |||||||||||
Recognized gain (loss) (in Dollars) | $ (517) | $ (16,516) | (3,715) | |||||||||
Ownership interest percentage | 5.40% | |||||||||||
Investment of fair value | $ (8,091) | € 6,000 | $ (6,863) | € 5,000 | ||||||||
Recognized gain of investment (in Dollars) | $ 1,294 | (107) | $ (451) | |||||||||
Ownership interest percentage | 5% | 5% | ||||||||||
Percentage of discount on future equity financing for preferred stock | 20% | 20% | ||||||||||
Percentage of outstanding convertible note | 75% | |||||||||||
Percentage of voting approval required to redeem all of the outstanding notes at maturity | 50% | |||||||||||
Percentage of voting approval required to redeem all of the outstanding notes before maturity | 75% | |||||||||||
Other investment (in Dollars) | $ 312 | |||||||||||
Fnality International Limited [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Recognized gain (loss) (in Dollars) | $ 58 | |||||||||||
Maximum [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Capital stock, percentage | 22% | |||||||||||
Minimum [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Capital stock, percentage | 18% | |||||||||||
Convertible Promissory Note [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Percentage of convertible promissory note | 7% | |||||||||||
Convertible debt, maturity date | Apr. 21, 2023 | |||||||||||
Convertible Note [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Recognized gain (loss) (in Dollars) | $ 500 | |||||||||||
Series A convertible preferred stock [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Convertible preferred stock (in Shares) | shares | 2,004,665 | 5,178,488 | ||||||||||
Series A Preferred Shares [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Shares percentage | 60% | 60% | ||||||||||
Series B Preferred Shares [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Shares percentage | 90% | 90% | ||||||||||
Fnality International Limited [Member] | ||||||||||||
Investments [Line Items] | ||||||||||||
Ownership interest percentage | 4.80% | |||||||||||
Ownership interest shares (in Shares) | shares | 2,340,378 | 2,340,378 | ||||||||||
Recognized gain of investment (in Dollars) | $ 1,534 |
Investments (Details) - Schedul
Investments (Details) - Schedule of Investments - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securrency, Inc.: | ||
Carrying value of investment | $ 9,684 | $ 35,721 |
Cost of investment | 8,341 | 35,725 |
Securrency, Inc. Series A convertible preferred stock [Member] | ||
Securrency, Inc.: | ||
Carrying value of investment | 8,488 | |
Cost of investment | 8,112 | |
Securrency, Inc. Series B convertible preferred stock [Member] | ||
Securrency, Inc.: | ||
Carrying value of investment | 5,500 | |
Cost of investment | 5,500 | |
Securrency Convertible Note [Member] | ||
Securrency, Inc.: | ||
Carrying value of investment | 14,500 | |
Cost of investment | 15,000 | |
Securrency Inc Sub Total [Member] | ||
Securrency, Inc.: | ||
Carrying value of investment | 28,488 | |
Cost of investment | 28,612 | |
Convertible note [Member] | ||
Securrency, Inc.: | ||
Carrying value of investment | 6,921 | |
Cost of investment | 6,863 | |
B-1 convertible preference shares [Member] | ||
Securrency, Inc.: | ||
Carrying value of investment | 9,684 | |
Cost of investment | 8,091 | |
Subtotal—Fnality International Limited [Member] | ||
Securrency, Inc.: | ||
Carrying value of investment | 9,684 | 6,921 |
Cost of investment | 8,091 | 6,863 |
Other Investments [Member] | ||
Securrency, Inc.: | ||
Carrying value of investment | 312 | |
Cost of investment | $ 250 | $ 250 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Backsolve Valuation Approach | 3 Months Ended | ||
Dec. 31, 2023 | Jun. 09, 2021 | Mar. 08, 2021 | |
Schedule Of Backsolve Valuation Approach Abstract | |||
Expected volatility | 60% | 50% | 55% |
Time to exit (in years) | 5 years | 4 years 9 months | 5 years |
Probability that Series B-2 Preference Shares convert into Series B-1 Preference Shares | 75% |
Investments (Details) - Sched_3
Investments (Details) - Schedule of Presents the Probability Ascribed to Potential Outcomes Used in the Pwerm - Fair Value, Inputs, Level 3 [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Statements, Captions [Line Items] | |
Conversion of note upon a future equity financing | 60% |
Redemption of note upon a corporate transaction | 25% |
Default | 15% |
Time to potential outcome (in years) | 3 months 29 days |
Conversion of note upon a future financing round | 85% |
Redemption of note upon a change of control | 10% |
Default | 5% |
Time to potential outcome (in years) | 3 months |
Fixed Assets, Net (Details) - S
Fixed Assets, Net (Details) - Schedule of Fixed Assets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (670) | $ (418) |
Total | 427 | 544 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment | $ 1,097 | $ 962 |
Deferred Consideration_gold p_3
Deferred Consideration—gold payments (Details) g in Thousands, $ in Thousands | 12 Months Ended | ||||
Nov. 20, 2023 USD ($) shares | May 10, 2023 USD ($) shares | Dec. 31, 2023 USD ($) oz g shares | Jun. 15, 2023 USD ($) | Dec. 31, 2022 USD ($) g | |
Deferred Consideration [Line Items] | |||||
Deferred consideration | g | 0 | 200,290 | |||
Cash | $ 59,955 | ||||
Conversion of stock shares converted (in Shares) | shares | 13,087,000 | ||||
Deferred consideration current | $ 16,796 | ||||
Deferred consideration noncurrent | $ 183,494 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | |||||
Deferred Consideration [Line Items] | |||||
Preferred stock shares issued (in Shares) | shares | 13,087 | ||||
Conversion of stock shares converted (in Shares) | shares | 13,087,000 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | Gold Bullion Holdings [Member] | |||||
Deferred Consideration [Line Items] | |||||
Cash | $ 4,371 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | Rodber Investments Limited [Member] | |||||
Deferred Consideration [Line Items] | |||||
Cash | 45,634 | ||||
SPA Agreement [Member] | |||||
Deferred Consideration [Line Items] | |||||
Aggregate consideration | $ 136,903 | ||||
ETFS Capital [Member] | |||||
Deferred Consideration [Line Items] | |||||
Deferred consideration | oz | 9,500 | ||||
Contractual gold payments [Member] | |||||
Deferred Consideration [Line Items] | |||||
Deferred consideration | oz | 6,333 | ||||
First Installments [Member] | |||||
Deferred Consideration [Line Items] | |||||
Aggregate consideration | $ 84,411 | ||||
Second Installments [Member] | |||||
Deferred Consideration [Line Items] | |||||
Aggregate consideration | 40,000 | ||||
Third Installments [Member] | |||||
Deferred Consideration [Line Items] | |||||
Aggregate consideration | $ 44,411 | ||||
Gold Bullion Holdings (Jersey) Limited [Member] | Series C Redeemable Convertible Preferred Stock [Member] | |||||
Deferred Consideration [Line Items] | |||||
Repurchased shares (in Shares) | shares | 13,087 |
Deferred Consideration_gold p_4
Deferred Consideration—gold payments (Details) - Schedule of Valuation of Deferred Consideration oz in Thousands | 12 Months Ended |
Dec. 31, 2023 oz | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | |
Discount rate | 11% |
Perpetual growth rate | 1.30% |
Minimum [Member] | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | |
Forward Looking Gold Price | 1,858 |
Maximum [Member] | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | |
Forward Looking Gold Price | 3,126 |
Weighted Average [Member] | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | |
Forward Looking Gold Price | 2,237 |
Deferred Consideration_gold p_5
Deferred Consideration—gold payments (Details) - Schedule of Deferred Consideration oz in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) oz | Dec. 31, 2022 USD ($) oz | Dec. 31, 2021 USD ($) oz | ||
Schedule Of Deferred Consideration [Abstract] | ||||
Contractual gold payments | $ 6,069 | $ 17,108 | $ 17,096 | |
Contractual gold payments—gold ounces paid (in Ounces) | oz | 3,167 | 9,500 | 9,500 | |
Gain on revaluation/termination of deferred consideration—gold payments | [1] | $ 61,953 | $ 27,765 | $ 2,018 |
[1]Gains on revaluation/termination of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward -looking |
Convertible Notes (Details)
Convertible Notes (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Feb. 14, 2023 USD ($) shares | Jun. 14, 2021 USD ($) shares | Aug. 13, 2020 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Jun. 15, 2023 USD ($) shares | Jun. 16, 2020 USD ($) | |
Convertible Senior Notes [Line Items] | ||||||||
Loss on extinguishment | $ 9,721 | |||||||
Cash | $ 59,955 | |||||||
Common stock, shares issued | shares | 150,330 | 146,517 | ||||||
Interest expense on the convertible notes | $ 15,242 | $ 14,935 | $ 12,332 | |||||
Accounts Payable and Accrued Liabilities [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Interest payable | $ 3,041 | 621 | ||||||
Convertible Senior Notes due 2028 [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Principal amount | $ 130,000 | |||||||
Interest rate | 5.75% | |||||||
Convertible Senior Notes due 2026 [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Principal amount | $ 150,000 | |||||||
Interest rate | 3.25% | |||||||
Trading days | 20 | |||||||
Conversion price ratio | 130 | |||||||
Redemption price equal percentage | 100% | |||||||
Maximum conversion rate | 167.7853 | |||||||
Convertible Senior Notes due 2023 [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Principal amount | $ 25,000 | $ 280,000 | $ 150,000 | |||||
Interest rate | 4.25% | 4.25% | ||||||
Principal interest rate | 101% | |||||||
Aggregate principal amount, percentage | 25% | |||||||
Two Thousand And Twenty Notes [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Principal amount | $ 115,000 | 175,000 | ||||||
Common stock, shares issued | shares | 1,037,288,000 | |||||||
Convertible Senior Notes [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Conversion shares value | $ 1,000 | |||||||
Consecutive trading days | 30 | |||||||
Measurement days | 5 years | |||||||
Measurement period for determining share price | 10 years | |||||||
Principal amount of trading price | $ 1,000 | |||||||
Parentage of sale and conversion price | 98% | |||||||
Redemption price equal percentage | 100% | |||||||
Maximum conversion rate | 144.9275 | |||||||
Conversion price | $ / shares | $ 1,000 | |||||||
Number of shares issuable upon conversion | shares | 43,551,214 | 43,551,214 | ||||||
Convertible Notes Payable [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Trading days | 20 | |||||||
Consecutive trading days | 30 | |||||||
Interest expense on the convertible notes | $ 14,945 | 14,935 | $ 12,332 | |||||
Convertible Notes [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Principal amount | $ 280,000 | 325,000 | ||||||
Conversion price of convertible notes | 130% | |||||||
Level 2 [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Fair value of the convertible notes | $ 281,897 | $ 320,513 |
Convertible Notes (Details) - S
Convertible Notes (Details) - Schedule of Key Terms of Convertible Notes $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | |
2023 Notes [Member] | ||
Schedule of Key Terms of Convertible Notes [Line Items] | ||
Principal outstanding | $ | $ 130,000 | |
Maturity date (unless earlier converted, repurchased or redeemed) | Aug. 15, 2028 | |
Interest rate | 5.75% | |
Conversion price | $ 9.54 | |
Conversion rate | 104.8658 | |
Redemption price | $ 12.4 | |
2021 Notes [Member] | ||
Schedule of Key Terms of Convertible Notes [Line Items] | ||
Principal outstanding | $ | $ 150,000 | $ 150,000 |
Maturity date (unless earlier converted, repurchased or redeemed) | Jun. 15, 2026 | |
Interest rate | 3.25% | |
Conversion price | $ 11.04 | |
Conversion rate | 90.5797 | |
Redemption price | $ 14.35 |
Convertible Notes (Details) -_2
Convertible Notes (Details) - Schedule of Convertible Notes - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
2023 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 130,000 | ||
Plus: Premium | |||
Gross proceeds | 130,000 | ||
Less: Unamortized issuance costs | (2,987) | ||
Carrying amount | $ 127,013 | ||
Effective interest rate | [1] | 6.25% | |
2021 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 150,000 | $ 150,000 | |
Plus: Premium | |||
Gross proceeds | 150,000 | 150,000 | |
Less: Unamortized issuance costs | (2,125) | (2,981) | |
Carrying amount | $ 147,875 | $ 147,019 | |
Effective interest rate | [1] | 3.83% | 3.83% |
Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 280,000 | $ 325,000 | |
Plus: Premium | 250 | ||
Gross proceeds | 280,000 | 325,250 | |
Less: Unamortized issuance costs | (5,112) | (4,034) | |
Carrying amount | $ 274,888 | $ 321,216 | |
Effective interest rate | [1] | 4.96% | 4.60% |
2020 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 115,000 | $ 175,000 | |
Plus: Premium | 250 | ||
Gross proceeds | 175,250 | ||
Less: Unamortized issuance costs | (1,053) | ||
Carrying amount | $ 174,197 | ||
Effective interest rate | [1] | 5.26% | |
[1]Includes amortization of the issuance costs and premium. |
Series A Preferred Stock (Detai
Series A Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 10, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | |
Preferred Stock [Line Items] | |||
Outstanding common stock percentage | 9.99% | ||
Preferred Stock [Member] | |||
Preferred Stock [Line Items] | |||
Preferred shares redemption value | $ 96,869 | $ 77,969 | |
ETFS Acquisition [Member] | |||
Preferred Stock [Line Items] | |||
Fair value of consideration | $ 132,750 | ||
Common stock per share (in Dollars per share) | $ 9 | ||
ETFS Acquisition [Member] | Common Stock [Member] | |||
Preferred Stock [Line Items] | |||
Convertible into common stock (in Shares) | 14,750,000 | ||
ETFS Acquisition [Member] | Series A Non-Voting Convertible Preferred Stock [Member] | |||
Preferred Stock [Line Items] | |||
Issued shares (in Shares) | 14,750 |
Series A Preferred Stock (Det_2
Series A Preferred Stock (Details) - Schedule of Series A Preferred Stock Balance - Preferred Shares [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Preferred Units [Line Items] | ||
Issuance of Series A Preferred Stock | $ 132,750 | $ 132,750 |
Less: Issuance costs | (181) | (181) |
Series A Preferred Stock—carrying value | $ 132,569 | $ 132,569 |
Cash dividends declared per share (quarterly) (in Dollars per share) | $ 0.03 | $ 0.03 |
Payable to Gold Bullion Holdi_3
Payable to Gold Bullion Holdings Jersey Limited GBH (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Nov. 20, 2023 | Dec. 31, 2023 | |
Payable to Gold Bullion Holdings Jersey Limited GBH (Details) [Line Items] | ||
Convertible preferred stock shares (in Shares) | 13,087,000 | |
Aggregate cash | $ 84,411 | |
Repurchase price per share interest rate transaction (in Dollars per share) | $ 6.02 | |
Present value of market rate interest | 7% | |
Aggregate consideration payable | $ 38,835 | |
interest expense recognized | $ 297 | |
GBH [Member] | ||
Payable to Gold Bullion Holdings Jersey Limited GBH (Details) [Line Items] | ||
Transaction paid | $ 40,000 |
Payable to Gold Bullion Holdi_4
Payable to Gold Bullion Holdings Jersey Limited GBH (Details) - Schedule of Aggregate Consideration Payable $ in Thousands | Dec. 31, 2023 USD ($) |
Schedule of Aggregate Consideration Payable [Abstract] | |
Current: | $ 14,804 |
Long-term | 24,328 |
Total | $ 39,132 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Termination fee | $ 12,725 | ||
Lease termination | $ 9,277 | ||
Operating lease, impairment loss | $ 303 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Additional Information Related to Operating Lease - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease cost: | ||
Operating lease cost | $ 1,285 | $ 963 |
Short-term lease cost | 191 | 223 |
Total lease cost | 1,476 | 1,186 |
Other information: | ||
Cash paid for amounts included in the measurement of operating liabilities (operating leases) | 1,284 | 965 |
Right-of-use assets obtained in exchange for new operating lease liabilities | ||
Weighted-average remaining lease term (in years)—operating leases | 4 months 24 days | 1 year 2 months 12 days |
Weighted-average discount rate—operating leases | 5.90% | 6.40% |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Future Minimum Lease Payments $ in Thousands | Dec. 31, 2023 USD ($) |
Schedule of Future Minimum Lease Payments [Abstract] | |
2024 | $ 584 |
2025 | |
2026 | |
2027 | |
2028 | |
2029 and thereafter | |
Total future minimum lease payments (undiscounted) | $ 584 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Reconciliation of Future Minimum Lease Payments to Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Reconciliation of Future Minimum Lease Payments to Balance Sheet [Abstract] | ||
Lease liability—short term | $ 578 | $ 1,125 |
Lease liability—long term | $ 339 | |
Subtotal | 578 | |
Difference between undiscounted and discounted cash flows | 6 | |
Total future minimum lease payments (undiscounted) | $ 584 |
Contingencies (Details)
Contingencies (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 USD ($) | Jul. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | |
Contingencies [Line Items] | ||||
Loss contingency acrual | $ 9,272 | € 8,400 | $ 16,778 | € 15,200 |
Amount of deductible | $ 500 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - Schedule of Information about Variable Interests - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | $ 9,684 | $ 35,721 |
Securrency, Inc. Series A convertible preferred stock [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | 8,488 | |
Securrency, Inc. Series B convertible preferred stock [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | 5,500 | |
Securrency Convertible Note [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | 14,500 | |
Securrency Inc Sub Total [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | 28,488 | |
Convertible note [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | 6,921 | |
B-1 Preference Shares [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | 9,684 | |
Subtotal—Fnality [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | 9,684 | 6,921 |
Other investments [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | 312 | |
Maximum exposure to loss [Member] | ||
Carrying Amount—Assets (Securrency): | ||
Carrying Amount—Assets | $ 9,684 | $ 35,721 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Details) - Schedule of Revenues from Contracts with Customers - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Revenues from Contracts with Customers [Line Items] | |||
Total operating revenues | $ 349,035 | $ 301,345 | $ 304,318 |
Advisory fees [Member] | |||
Schedule of Revenues from Contracts with Customers [Line Items] | |||
Total operating revenues | 333,227 | 293,632 | 298,052 |
Other [Member] | |||
Schedule of Revenues from Contracts with Customers [Line Items] | |||
Total operating revenues | $ 15,808 | $ 7,713 | $ 6,266 |
Revenues from Contracts with _4
Revenues from Contracts with Customers (Details) - Schedule of Geographic Distribution of Revenues - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from contracts with customers: | |||
Total operating revenues | $ 349,035 | $ 301,345 | $ 304,318 |
United States [Member] | |||
Revenues from contracts with customers: | |||
Total operating revenues | 220,117 | 184,036 | 179,016 |
Jersey [Member] | |||
Revenues from contracts with customers: | |||
Total operating revenues | 113,325 | 103,692 | 114,623 |
Ireland [Member] | |||
Revenues from contracts with customers: | |||
Total operating revenues | $ 15,593 | $ 13,617 | $ 10,679 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | May 10, 2023 USD ($) | |
Related Party Transactions [Line Items] | |||||||
Earned revenue | $ (1,128) | € 1,044 | $ (671) | € 642 | $ (710) | € 612 | |
Investments | 13,612 | ||||||
Net gains (losses) related to certain WisdomTree ETFs | 1,294 | (107) | $ (451) | ||||
Contractual obligation | $ 45,634 | ||||||
WisdomTree Products [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Investments | 52,566 | 25,283 | |||||
WisdomTree Products [Member] | Affiliated Blockchain Enabled Funds [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Investments | $ 18,308 | $ 1,765 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Accounts Receivable from Related Parties - Related Party [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Accounts Receivable from Related Parties [Line Items] | ||
Accounts receivable from related parties | $ 28,511 | $ 24,139 |
Receivable from WTT [Member] | ||
Schedule of Accounts Receivable from Related Parties [Line Items] | ||
Accounts receivable from related parties | 21,226 | 16,399 |
Receivable from ManJer Issuers [Member] | ||
Schedule of Accounts Receivable from Related Parties [Line Items] | ||
Accounts receivable from related parties | 4,411 | 4,485 |
Receivable from WMAI and WTICAV [Member] | ||
Schedule of Accounts Receivable from Related Parties [Line Items] | ||
Accounts receivable from related parties | $ 2,874 | $ 3,255 |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of Revenues from Advisory Services Provided to Related Parties - Related Party [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Revenues from Advisory Services Provided to Related Parties [Line Items] | |||
Revenues from advisory services | $ 333,227 | $ 293,632 | $ 298,052 |
Advisory services provided to WTT [Member] | |||
Schedule of Revenues from Advisory Services Provided to Related Parties [Line Items] | |||
Revenues from advisory services | 218,834 | 183,409 | 178,511 |
Advisory services provided to ManJer Issuers [Member] | |||
Schedule of Revenues from Advisory Services Provided to Related Parties [Line Items] | |||
Revenues from advisory services | 98,800 | 96,606 | 108,862 |
Advisory services provided to WMAI and WTICAV [Member] | |||
Schedule of Revenues from Advisory Services Provided to Related Parties [Line Items] | |||
Revenues from advisory services | $ 15,593 | $ 13,617 | $ 10,679 |
Stock-Based Awards (Details)
Stock-Based Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 15, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock, shares issued (in Shares) | 16,000,000 | |||
Vesting period | 1 year | |||
Stock-based awards,description | The number of PRSUs vesting ranges from 0% to 200% of the target number of PRSUs granted, as follows: • If the relative TSR is below the 25th percentile, then 0% of the target number of PRSUs granted will vest; • If the relative TSR is at the 25th percentile, then 50% of the target number of PRSUs granted will vest; • If the relative TSR is above the 25th percentile, then linear scaling is applied such that the percent of the target number of PRSUs vesting is 100% at the 50th percentile and capped at 200% of the target number of PRSUs granted for performance at the 85th percentile; and • If the Company’s TSR is negative, the target number of PRSUs vesting is capped at 100% regardless of the relative TSR percentile. | |||
Stock-based compensation expense | $ 16,190 | $ 10,385 | $ 9,998 | |
Related tax benefit | 3,919 | 2,371 | 2,327 | |
Tax benefit | 1,820 | 1,548 | ||
Actual tax benefit for share-based compensation | 2,032 | |||
Total intrinsic value of options exercised | 51 | |||
Cash received from option exercises | 815 | |||
Aggregate fair value of awards that vested | $ 10,158 | $ 9,466 | $ 10,940 | |
Below Twenty Fifth Percentile [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares granted and outstanding, vesting percentage | 200% | 77% | 0% | |
Stock options [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock option issuance period | 10 years | |||
Performance Based Restricted Stock Unit [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares granted and outstanding, vesting percentage | 0% | |||
Performance Based Restricted Stock Unit [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares granted and outstanding, vesting percentage | 200% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Deferred RSUs that have vested (in Shares) | 57,779 |
Stock-Based Awards (Details) -
Stock-Based Awards (Details) - Schedule of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period - Employees And Directors [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $ 19,165 |
Weighted-Average Remaining Vesting Period (Years) | 11 months 1 day |
Stock-Based Awards (Details) _2
Stock-Based Awards (Details) - Schedule of Restricted Stock Activity and Restricted Stock Unit - $ / shares | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
RSA [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unvested Beginning Balance, Shares | 3,391,082 | 3,036,905 | 3,580,743 | ||
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.46 | $ 5.2 | $ 5.38 | ||
Granted, Shares | 3,363,501 | 2,170,432 | 1,642,266 | ||
Granted, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.63 | $ 5.71 | $ 5.46 | ||
Vested, Shares | (1,629,925) | (1,621,201) | (1,897,699) | ||
Vested, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.28 | $ 5.31 | $ 5.78 | ||
Forfeited, Shares | (114,436) | (195,054) | (288,405) | ||
Forfeited, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.55 | $ 5.43 | $ 5.11 | ||
Unvested, Ending Balance, Shares | 5,010,222 | 3,391,082 | 3,036,905 | ||
Unvested, Ending Balance,Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.63 | $ 5.46 | $ 5.2 | ||
RSU [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unvested Beginning Balance, Shares | 141,963 | 54,990 | 39,408 | ||
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.09 | $ 4.93 | $ 4.46 | ||
Granted, Shares | 152,265 | 116,247 | 31,170 | ||
Granted, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 6.24 | $ 5.18 | $ 5.43 | ||
Vested, Shares | (72,461) | (27,894) | (15,136) | ||
Vested, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.66 | $ 5.1 | $ 4.73 | ||
Forfeited, Shares | (34,385) | (1,380) | (452) | ||
Forfeited, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.7 | [1] | $ 5.73 | $ 5.37 | |
Stock dividends, Shares | [1] | 2,762 | |||
Stock dividends, Weighted Average Grant Date Fair Value (in Dollars per share) | [1] | $ 6.24 | |||
Unvested, Ending Balance, Shares | [2] | 141,963 | 54,990 | ||
Unvested, Ending Balance,Weighted Average Grant Date Fair Value (in Dollars per share) | $ 5.7 | $ 5.09 | $ 4.93 | ||
PRSU [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unvested Beginning Balance, Shares | [1] | 668,188 | 550,686 | 341,312 | |
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in Dollars per share) | [1] | $ 6.09 | $ 5.73 | $ 5.17 | |
Granted, Shares | [1],[3] | ||||
Granted, Weighted Average Grant Date Fair Value (in Dollars per share) | [1] | $ 6.49 | $ 6.8 | $ 6.49 | |
Vested, Shares | [1] | (108,113) | (202,336) | ||
Vested, Weighted Average Grant Date Fair Value (in Dollars per share) | [1] | $ 3.11 | $ 6.24 | ||
Forfeited, Shares | [1] | (47,669) | |||
Forfeited, Weighted Average Grant Date Fair Value (in Dollars per share) | [1] | $ 5.74 | |||
Stock dividends, Shares | 37,777 | ||||
Stock dividends, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 6.49 | ||||
Unvested, Ending Balance, Shares | [1] | 1,174,092 | 668,188 | 550,686 | |
Unvested, Ending Balance,Weighted Average Grant Date Fair Value (in Dollars per share) | [1] | $ 6.58 | $ 6.09 | $ 5.73 | |
[1]Represents the target number of PRSUs granted and outstanding. The number of PRSUs that ultimately vest ranges from 0% to 200% of this amount. During the years ended December 31, 2023, 2022 and 2021, 200%, 77% and 0%, respectively, of the target number of PRSUs granted ultimately vested, inclusive of accrued stock dividends.[2]Includes 57,779 deferred RSUs that have vested.[3]A Monte Carlo simulation was used to value these awards using the following assumptions for the Company and the peer group: (i) beginning 90 -day |
Stock-Based Awards (Details) _3
Stock-Based Awards (Details) - Schedule of Share Based Payment Awards Other than Options Valuation Assumptions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Share Based Payment Awards Other than Options Valuation Assumptions [Abstract] | |||
Historical stock price volatility (low) | 37% | 33% | 34% |
Historical stock price volatility (high) | 56% | 57% | 57% |
Historical stock price volatility (average) | 47% | 44% | 44% |
Risk free interest rate | 3.80% | 1.28% | 0.17% |
Expected dividend yield | 0% | 0% | 0% |
Stockholder Rights Plan (Detail
Stockholder Rights Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 17, 2023 | Dec. 31, 2022 | |
Stockholder Rights Plan [Line Items] | |||
Right for outstanding shares (in Shares) | 1 | ||
Common stock, par or stated value per share (in Dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, par or stated value per share (in Dollars per share) | $ 0.01 | $ 0.01 | |
Percentage of assets sold | 50% | ||
Percentage of common stock | 10% | ||
Series A Non Voting Convertible Preferred Stock [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Right for outstanding shares (in Shares) | 1,000 | ||
Stockholder Right Agreement [Member] | Series A Non Voting Convertible Preferred Stock [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Preferred stock, par or stated value per share (in Dollars per share) | $ 0.01 | ||
Board of Directors Chairman [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Right for outstanding shares (in Shares) | 1,000 | ||
Stockholder Right Agreement [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Exercise price per unit (in Dollars per share) | $ 32 | ||
Percentage of common stock acquired | 20% | ||
Stockholder Right Agreement [Member] | Common Stock [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Common stock, par or stated value per share (in Dollars per share) | $ 0.01 | $ 0.01 | |
Stockholder Right Agreement [Member] | Minimum [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Percentage of beneficial ownership | 10% | ||
Stockholder Right Agreement [Member] | Minimum [Member] | Acquiring Person [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Ownership percentage | 10% | ||
Stockholder Right Agreement [Member] | Minimum [Member] | Passive stockholders [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Ownership percentage | 10% | ||
Stockholder Right Agreement [Member] | Maximum [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Percentage of beneficial ownership | 20% | ||
Stockholder Right Agreement [Member] | Maximum [Member] | Acquiring Person [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Ownership percentage | 20% | ||
Stockholder Right Agreement [Member] | Maximum [Member] | Passive stockholders [Member] | |||
Stockholder Rights Plan [Line Items] | |||
Ownership percentage | 20% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Summary of Discretionary Contributions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit Plans [Abstract] | |||
Discretionary contributions | $ 1,450 | $ 1,342 | $ 1,080 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share (Details) [Line Items] | ||||
Recognized redemption (in Dollars) | $ 7,966 | |||
Antidilutive non-participating common stock equivalents | 405 | 132 | ||
Conversion option embedded in the Convertible Notes | 1,186 | |||
Forecast [Member] | ||||
Earnings Per Share (Details) [Line Items] | ||||
Recognized redemption (in Dollars) | $ 7,966 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Reconciliation of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic Earnings per Share | |||
Net income | $ 102,546 | $ 50,684 | $ 49,797 |
Add: Gain on redemption of Series C Non-Voting Convertible Preferred Stock | 7,966 | ||
Less: Income distributed to participating securities | (2,770) | (2,186) | (2,168) |
Less: Undistributed income allocable to participating securities | (12,680) | (3,528) | (3,378) |
Net income available to common stockholders—Basic EPS | 95,062 | 44,970 | 44,251 |
Add back: Undistributed income allocable to participating securities | 12,680 | 3,528 | 3,378 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive | (12,449) | (3,522) | (3,353) |
Net income available to common stockholders—Diluted EPS | $ 95,293 | $ 44,976 | $ 44,276 |
Weighted average common shares (in Shares) | 144,707 | 143,020 | 143,847 |
Dilutive effect of common stock equivalents, excluding participating securities (in Shares) | 3,120 | 275 | 1,208 |
Weighted average diluted shares, excluding participating securities (in thousands) (in Shares) | 147,827 | 143,295 | 145,055 |
Diluted earnings per share (in Dollars per share) | $ 0.64 | $ 0.31 | $ 0.31 |
Basic earnings per share (in Dollars per share) | $ 0.66 | $ 0.31 | $ 0.31 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Weighted Average Number of Shares - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Weighted Average Number of Shares [Line Items] | |||
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations | 170,413 | 158,914 | 161,263 |
Less: Participating securities: | |||
Weighted average shares of common stock issuable upon conversion of the Preferred Shares | (14,750) | (14,750) | (14,750) |
Potentially dilutive restricted stock awards | (844) | (869) | (1,458) |
Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above | 147,827 | 143,295 | 145,055 |
Series C Preferred Stock [Member] | |||
Less: Participating securities: | |||
Weighted average shares of common stock issuable upon conversion of the Preferred Shares | (6,992) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Income Tax [Line Items] | |||
Net operating loss | $ 127 | ||
NOL expiration date | 2024 | ||
Capital losses | $ 22,489 | $ 17,541 | |
Tax effected capital losses | 3,278 | ||
Tax of carried forward | $ 1,502 | ||
European net operating losses | (1,609) | ||
Uncertain tax rate | 50% | ||
Unrecognized tax benefits | 1,353 | $ 21,925 | |
Deferred tax liabilities and earnings of foreign subsidaries | $ 186 | 205 | |
Other Noncurrent Liabilities [Member] | |||
Schedule Of Income Tax [Line Items] | |||
Unrecognized tax benefits and interest and penalties | 1,353 | ||
ManJers [Member] | |||
Schedule Of Income Tax [Line Items] | |||
Unrecognized tax benefits | $ 19,897 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Domestic and Foreign Components of Income before Income Tax Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes (Details) - Schedule of Domestic and Foreign Components of Income before Income Tax Expense [Line Items] | |||
income tax expense | $ 119,008 | $ 39,950 | $ 56,671 |
U.S. [Member] | |||
Income Taxes (Details) - Schedule of Domestic and Foreign Components of Income before Income Tax Expense [Line Items] | |||
income tax expense | 4,652 | (4,067) | 15,986 |
Foreign [Member] | |||
Income Taxes (Details) - Schedule of Domestic and Foreign Components of Income before Income Tax Expense [Line Items] | |||
income tax expense | $ 114,356 | $ 44,017 | $ 40,685 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Components of Current and Deferred Income Tax Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 6,957 | $ 4,685 | $ 5,857 |
State and local | 1,883 | 1,415 | 1,538 |
Foreign | 8,103 | (15,538) | (837) |
Total current | 16,943 | (9,438) | 6,558 |
Federal | (494) | (6) | (1,217) |
State and local | (102) | (1) | (251) |
Foreign | 115 | (1,289) | 1,784 |
Total deferred | (481) | (1,296) | 316 |
Income tax expense/(benefit) | $ 16,462 | $ (10,734) | $ 6,874 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Taxes [Abstract] | ||||
U.S. federal statutory income tax | $ 24,992 | $ 8,386 | $ 11,901 | |
Gain on revaluation/termination of deferred consideration | [1] | (13,007) | (5,842) | (424) |
Non-deductible loss on extinguishment of convertible notes | 2,263 | |||
Foreign operations | (1,868) | (2,919) | (3,211) | |
Non-deductible executive compensation | 1,833 | 789 | 881 | |
Decrease in unrecognized tax benefits, net | (1,386) | (19,871) | (4,998) | |
Change in valuation allowance – Capital losses | 1,340 | 4,761 | 5 | |
Expiration of capital losses | 796 | |||
Stock-based compensation tax shortfalls | 373 | 507 | 647 | |
Change in tax-related indemnification assets, net | 291 | 4,173 | 1,053 | |
Change in foreign net operating losses (“NOLs”) | 174 | |||
Blended state income tax rate, net of federal benefit | 153 | (134) | 526 | |
Change in valuation allowance—Foreign NOLs and interest carryforwards | (1,609) | |||
GILTI | 499 | |||
Other differences, net | 508 | 526 | 494 | |
Income tax expense/(benefit) | $ 16,462 | $ (10,734) | $ 6,874 | |
[1]The gain on revaluation of deferred consideration is not adjusted for income taxes as the obligation was assumed by a wholly -owned |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of Income Tax Payments By Jurisdiction - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Federal | $ 6,957 | $ 4,685 | $ 5,857 |
Foreign | 8,103 | (15,538) | (837) |
Income taxes paid net | 16,156 | 12,500 | 8,456 |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Federal | 4,824 | 6,424 | 4,258 |
State and local [Member] | |||
Income Taxes [Line Items] | |||
State and local | 1,457 | 1,431 | 1,020 |
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Foreign | $ 9,875 | $ 4,645 | $ 3,178 |
Income Taxes (Details) - Sche_5
Income Taxes (Details) - Schedule of Components of the Company’s Deferred Tax Assets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Capital losses | $ 22,489 | $ 17,541 |
Accrued expenses | 6,000 | 6,030 |
Stock-based compensation | 2,468 | 1,526 |
NOLs—Foreign | 1,502 | 1,609 |
Goodwill and intangible assets | 895 | 1,085 |
Unrealized losses | 335 | 3,821 |
Foreign currency translation adjustment | 146 | 173 |
NOLs—U.S. | 127 | 255 |
Operating lease liabilities | 96 | 313 |
Outside basis differences | 122 | |
Other | 401 | 341 |
Deferred tax assets | 34,459 | 32,816 |
Deferred tax liabilities: | ||
Fixed assets and prepaid assets | 296 | 278 |
Unremitted earnings—European subsidiaries | 186 | 205 |
Right of use assets—operating leases | 96 | 313 |
Deferred tax liabilities | 578 | 796 |
Total deferred tax assets less deferred tax liabilities | 33,881 | 32,020 |
Less: Valuation allowance | (22,824) | (21,484) |
Deferred tax assets, net | $ 11,057 | $ 10,536 |
Income Taxes (Details) - Sche_6
Income Taxes (Details) - Schedule of Changes in Balance of Gross Unrecognized Tax Benefits - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Income Taxes [Line Items] | ||||
Beginning balance | $ 1,353 | $ 21,925 | ||
Ending balance | 1,353 | |||
Decrease—Settlements | [1] | (13,052) | ||
Decrease—Lapse of statute of limitations | (1,353) | (6,845) | [1] | |
Increases | 26 | |||
Foreign currency translation | [2] | (701) | ||
Unrecognized Tax Benefits [Member] | ||||
Income Taxes [Line Items] | ||||
Beginning balance | 957 | 18,218 | ||
Ending balance | 957 | |||
Decrease—Settlements | [1] | (11,865) | ||
Decrease—Lapse of statute of limitations | (957) | (4,825) | [1] | |
Increases | ||||
Foreign currency translation | [2] | (571) | ||
Interest And Penalties [Member] | ||||
Income Taxes [Line Items] | ||||
Beginning balance | 396 | 3,707 | ||
Ending balance | 396 | |||
Decrease—Settlements | [1] | (1,187) | ||
Decrease—Lapse of statute of limitations | $ (396) | (2,020) | [1] | |
Increases | 26 | |||
Foreign currency translation | [2] | $ (130) | ||
[1]In January 2022, an audit of ManJer’s tax returns (a Jersey -based |
Shares Repurchased (Details)
Shares Repurchased (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 22, 2022 | Feb. 22, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares Repurchased [Line Items] | |||||
Stock repurchase program period in force | 3 years | ||||
Stock repurchase program period in force date | Apr. 27, 2025 | ||||
Aggregate cost | $ 3,570,000 | $ 3,418,000 | $ 34,506,000 | ||
Remained future purchases | $ 96,406,000 | ||||
Convertible shares (in Shares) | 13,087,000 | ||||
Purchase price payable | $ (40,000,000) | ||||
Minimum [Member] | |||||
Shares Repurchased [Line Items] | |||||
Common stock purchase authorized amount | $ 85,709,000 | $ 85,709,000 | |||
Maximum [Member] | |||||
Shares Repurchased [Line Items] | |||||
Common stock purchase authorized amount | $ 100,000,000 | $ 100,000,000 | |||
World Gold Council [Member] | |||||
Shares Repurchased [Line Items] | |||||
Aggregate cost | $ 84,411,000 | ||||
Board of Directors [Member] | Common Stock [Member] | |||||
Shares Repurchased [Line Items] | |||||
Repurchased shares (in Shares) | 635,653 | 593,261 | 5,120,496 | ||
Gold Bullion Holdings [Member] | |||||
Shares Repurchased [Line Items] | |||||
Purchase price payable | $ 40,000,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 11, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 11, 2018 | |
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill | $ 86,841 | $ 85,856 | ||
Intangible assets, net | $ 605,082 | 603,567 | ||
Revenue growth rate | 3% | |||
Percentage of weighted average cost capital | 10.50% | |||
Finite-lived useful life | 5 years | |||
Amortization expense | $ 684 | 50 | ||
Software Development [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Finite-lived useful life | 3 years | |||
Amortization expense | $ 634 | $ 50 | ||
Finite-lived intangible assets remaining useful life | 2 years 219 days | |||
Securrency [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Percentage of equity interest Acquired | 100% | |||
Aggregate purchase price | $ 985 | |||
Goodwill | $ 86,841 | |||
Goodwill not deductible for tax purposes | $ 85,042 | |||
ETFS Acquisition [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Acquisition completion date | Apr. 11, 2018 | |||
Intangible assets, net | $ 601,247 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details) - Schedule of Goodwill $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Goodwill [Line Items] | ||
Beginning balance | $ 85,856 | |
Changes | [1] | |
Ending balance | $ 86,841 | |
[1]On April 11, 2023, the Company acquired 100% of the capital stock of Securrency Transfers, Inc. (renamed WisdomTree Transfers, Inc.) for an aggregate purchase price of $985 (net of cash acquired). The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, and resulted in all consideration being allocated to goodwill |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Gross Asset | $ 605,766 | $ 603,617 |
Accumulated Amortization | (684) | (50) |
Net Asset | 605,082 | 603,567 |
ETFS acquisition [Member] | ||
Goodwill [Line Items] | ||
Gross Asset | 601,247 | 601,247 |
Accumulated Amortization | ||
Net Asset | 601,247 | 601,247 |
Software development [Member] | ||
Goodwill [Line Items] | ||
Gross Asset | 4,519 | 2,370 |
Accumulated Amortization | (684) | (50) |
Net Asset | $ 3,835 | $ 2,320 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Details) - Schedule of Expected Amortization Expense $ in Thousands | Dec. 31, 2023 USD ($) |
Schedule of Unamortized Finite-Lived Intangible Assets [Abstract] | |
2024 | $ 1,375 |
2025 | 1,440 |
2026 | 873 |
2027 | 130 |
2028 | 17 |
2029 and thereafter | |
Total expected amortization expense | $ 3,835 |
Contingent Payments (Details)
Contingent Payments (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2021 CAD ($) | |
Sale of Canadian ETF Business [Member] | ||
Contingent Payments [Line Items] | ||
Recognized a gain | $ 1,477 | $ 787 |
Impairments (Details) - Schedul
Impairments (Details) - Schedule of Summarizes Impairments Recognized - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Total | $ 7,942 | $ 16,156 | |
Securrency [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Total | 7,630 | ||
Other investments [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Total | 312 | ||
Lease termination [Member] | New York office [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Total | 9,277 | ||
Lease termination [Member] | London office [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Total | 303 | ||
Fixed assets [Member] | New York office [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Total | $ 6,576 |