Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Period End Date | Mar. 31, 2023 | |
Trading Symbol | WT | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | WisdomTree, Inc. | |
Entity Central Index Key | 0000880631 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 149,263,168 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Entity File Number | 001-10932 | |
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 Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3487784 | |
City Area Code | 212 | |
Local Phone Number | 801-2080 | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Security Exchange Name | NYSE | |
No Trading Symbol Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents (Note 3) | $ 119,099 | $ 132,101 |
Financial instruments owned, at fair value (including $45,214 and $25,283 invested in WisdomTree products at March 31, 2023 and December 31, 2022, respectively) (Note 5) | 130,180 | 126,239 |
Accounts receivable (including $32,446 and $24,139 due from related parties at March 31, 2023 and December 31, 2022, respectively) | 35,496 | 30,549 |
Prepaid expenses | 5,877 | 4,684 |
Income taxes receivable | 1,799 | 0 |
Other current assets | 291 | 390 |
Total current assets | 292,742 | 293,963 |
Fixed assets, net | 515 | 544 |
Indemnification receivable (Note 20) | 0 | 1,353 |
Securities held-to-maturity | 253 | 259 |
Deferred tax assets, net (Note 20) | 5,871 | 10,536 |
Investments (Note 7) | 26,902 | 35,721 |
Right of use assets—operating leases (Note 12) | 1,153 | 1,449 |
Goodwill (Note 22) | 85,856 | 85,856 |
Intangible assets, net (Note 22) | 603,968 | 603,567 |
Other noncurrent assets | 507 | 571 |
Total assets | 1,017,767 | 1,033,819 |
Current liabilities: | ||
Convertible notes—current (Note 10) | 59,884 | 59,197 |
Fund management and administration payable | 27,830 | 36,521 |
Deferred consideration—gold payments (Note 9) | 17,984 | 16,796 |
Compensation and benefits payable | 9,341 | 24,121 |
Income taxes payable | 0 | 1,599 |
Operating lease liabilities (Note 12) | 1,041 | 1,125 |
Accounts payable and other liabilities | 14,846 | 9,075 |
Total current liabilities | 130,926 | 148,434 |
Convertible notes (Note 10) | 273,767 | 262,019 |
Deferred consideration—gold payments (Note 9) | 161,847 | 183,494 |
Operating lease liabilities (Note 12) | 120 | 339 |
Other noncurrent liabilities (Note 20) | 0 | 1,353 |
Total liabilities | 566,660 | 595,639 |
Preferred stock—Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding; redemption value of $86,638 and $77,969 at March 31, 2023 and December 31, 2022, respectively) (Note 11) | 132,569 | 132,569 |
Contingencies (Note 13) | ||
Stockholders' equity | ||
Preferred stock, par value $0.01; 2,000 shares authorized: | 0 | 0 |
Common stock, par value $0.01; 400,000 shares authorized; issued and outstanding: 149,291 and 146,517 at March 31, 2023 and December 31, 2022, respectively | 1,493 | 1,465 |
Additional paid-in capital | 292,971 | 291,847 |
Accumulated other comprehensive loss | (954) | (1,420) |
Retained earnings | 25,028 | 13,719 |
Total stockholders' equity | 318,538 | 305,611 |
Total liabilities and stockholders' equity | $ 1,017,767 | $ 1,033,819 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 149,291,000 | 146,517,000 |
Common stock, shares outstanding | 149,291,000 | 146,517,000 |
Accounts receivable from related parties | $ 32,446 | $ 24,139 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 14,750 | 14,750 |
Preferred stock, shares issued | 14,750 | 14,750 |
Preferred stock, shares outstanding | 14,750 | 14,750 |
Preferred Stock Redemption Value | $ 86,638 | $ 77,969 |
WisdomTree ETF [Member] | ||
Securities owned, at fair value | $ 45,214 | $ 25,283 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Operating Revenues: | ||||
Total revenues | $ 82,044 | $ 78,368 | ||
Operating Expenses: | ||||
Compensation and benefits | 27,398 | 24,787 | ||
Fund management and administration | 17,153 | 15,494 | ||
Marketing and advertising | 4,007 | 4,023 | ||
Sales and business development | 2,994 | 2,609 | ||
Contractual gold payments (Note 9) | 4,486 | 4,450 | ||
Professional fees | 3,715 | 4,459 | ||
Occupancy, communications and equipment | 1,101 | 753 | ||
Depreciation and amortization | 109 | 47 | ||
Third-party distribution fees | 2,253 | 2,212 | ||
Other | 2,257 | 1,845 | ||
Total operating expenses | 65,473 | 60,679 | ||
Operating income | 16,571 | 17,689 | ||
Other Income/(Expenses): | ||||
Interest expense | (4,002) | (3,732) | ||
Gain/(loss) on revaluation of deferred consideration—gold payments (Note 9) | [1] | 20,592 | (17,018) | |
Interest income | 1,083 | 794 | ||
Impairments (Note 7) | (4,900) | 0 | ||
Loss on extinguishment of convertible notes (Note 10) | (9,721) | 0 | ||
Other losses, net | (2,007) | (24,707) | ||
Income/(loss) before income taxes | 17,616 | (26,974) | ||
Income tax expense/(benefit) | 1,383 | (16,713) | ||
Net income/(loss) | $ 16,233 | $ (10,261) | ||
Earnings/(loss) per share—basic | $ 0.1 | $ (0.08) | ||
Earnings/(loss) per share—diluted | $ 0.1 | $ (0.08) | ||
Weighted-average common shares—basic | 143,862 | 142,782 | ||
Weighted-average common shares—diluted | 159,887 | 142,782 | [2] | |
Cash dividends declared per common share | $ 0.03 | $ 0.03 | ||
Advisory Fees [Member] | ||||
Operating Revenues: | ||||
Total revenues | $ 77,637 | $ 76,517 | ||
Other Income [Member] | ||||
Operating Revenues: | ||||
Total revenues | $ 4,407 | $ 1,851 | ||
[1]Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations.[2]Excludes 15,521 participating securities and 31 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2022, as the Company reported a net loss for the period (shares herein are reported in thousands). |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income/(loss) | $ 16,233 | $ (10,261) |
Other comprehensive income/(loss) | ||
Foreign currency translation adjustment, net of income taxes | 466 | (486) |
Other comprehensive income/(loss) | 466 | (486) |
Comprehensive income/(loss) | $ 16,699 | $ (10,747) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] As Adjusted [Member] | Retained Earnings/ (Accumulated Deficit) |
Balance at Dec. 31, 2021 | $ 269,424 | $ 1,451 | $ 289,736 | $ 682 | $ (22,445) | |
Balance, shares at Dec. 31, 2021 | 145,107,000 | |||||
Restricted stock issued and vesting of restricted stock units, net | 0 | $ 21 | (21) | $ 0 | 0 | |
Restricted stock issued and vesting of restricted stock units net, shares | 2,042,000 | |||||
Shares repurchased | (3,394) | $ (6) | (3,388) | 0 | 0 | |
Shares repurchased, shares | (589,000) | |||||
Stock-based compensation | 2,936 | $ 0 | 2,936 | 0 | 0 | |
Other comprehensive income/(loss) | (486) | 0 | 0 | (486) | 0 | |
Dividends | (4,842) | 0 | (4,842) | 0 | 0 | |
Net income (loss) | (10,261) | 0 | 0 | 0 | (10,261) | |
Balance at Mar. 31, 2022 | 253,377 | $ 1,466 | 284,421 | 196 | (32,706) | |
Balance, shares at Mar. 31, 2022 | 146,560,000 | |||||
Balance at Dec. 31, 2022 | $ 305,611 | $ 1,465 | 291,847 | (1,420) | 13,719 | |
Balance, shares at Dec. 31, 2022 | 146,517,000 | 146,517,000 | ||||
Restricted stock issued and vesting of restricted stock units, net | $ 0 | $ 34 | (34) | 0 | 0 | |
Restricted stock issued and vesting of restricted stock units net, shares | 3,379,000 | |||||
Shares repurchased | (3,384) | $ (6) | (3,378) | 0 | 0 | |
Shares repurchased, shares | (605,000) | |||||
Stock-based compensation | 4,536 | $ 0 | 4,536 | 0 | 0 | |
Other comprehensive income/(loss) | 466 | 0 | 0 | 466 | 0 | |
Dividends | (4,924) | 0 | 0 | 0 | (4,924) | |
Net income (loss) | 16,233 | 0 | 0 | 0 | 16,233 | |
Balance at Mar. 31, 2023 | $ 318,538 | $ 1,493 | $ 292,971 | $ (954) | $ 25,028 | |
Balance, shares at Mar. 31, 2023 | 149,291,000 | 149,291,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Cash flows from operating activities: | |||
Net income/(loss) | $ 16,233 | $ (10,261) | |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
(Gain)/loss on revaluation of deferred consideration—gold payments | [1] | (20,592) | 17,018 |
Advisory and license fees paid in gold, other precious metals and cryptocurrency | (12,760) | (16,052) | |
Loss on extinguishment of convertible notes | 9,721 | 0 | |
Impairments | 4,900 | 0 | |
Deferred income taxes | 4,783 | 5,273 | |
Stock-based compensation | 4,536 | 2,936 | |
Contractual gold payments | 4,486 | 4,450 | |
Losses on investments | 3,919 | 163 | |
(Gains)/losses on financial instruments owned, at fair value | (1,954) | 5,142 | |
Amortization of issuance costs—convertible notes | 579 | 645 | |
Amortization of right of use asset | 319 | 89 | |
Depreciation and amortization | 109 | 47 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (4,791) | (3,710) | |
Prepaid expenses | (1,161) | (2,264) | |
Gold and other precious metals | 8,332 | 11,959 | |
Other assets | 167 | (52) | |
Intangibles—software development | (452) | 0 | |
Fund management and administration payable | 3,638 | 3,199 | |
Compensation and benefits payable | (27,271) | (23,690) | |
Income taxes payable | (3,418) | (4,228) | |
Operating lease liabilities | (326) | (97) | |
Accounts payable and other liabilities | 5,606 | 6,741 | |
Net cash used in operating activities | (5,397) | (2,692) | |
Cash flows from investing activities: | |||
Purchase of financial instruments owned, at fair value | (20,278) | (25,461) | |
Purchase of investments | 0 | (6,863) | |
Purchase of fixed assets | (26) | (54) | |
Proceeds from the sale of financial instruments owned, at fair value | 18,290 | 13,639 | |
Proceeds from held-to-maturity securities maturing or called prior to maturity | 6 | 18 | |
Net cash used in investing activities | (2,008) | (18,721) | |
Cash flows from financing activities: | |||
Repurchase of convertible notes (See Note 10) | (124,317) | 0 | |
Dividends paid | (4,821) | (4,842) | |
Shares repurchased | (3,384) | (3,394) | |
Convertible notes issuance costs | (3,548) | 0 | |
Proceeds from the issuance of convertible notes (Note 10) | 130,000 | 0 | |
Net cash used in financing activities | (6,070) | (8,236) | |
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 473 | (665) | |
Net decrease in cash and cash equivalents | (13,002) | (30,314) | |
Cash and cash equivalents—beginning of year | 132,101 | 140,709 | |
Cash and cash equivalents—end of period | 119,099 | 110,395 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 1,422 | 2,123 | |
Cash paid for interest | $ 801 | $ 0 | |
[1]Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations. |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [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 suite of exchange-traded products (“ETPs”), models and solutions. Building on its heritage of innovation, the Company is also developing next-generation digital products and structures, including digital or blockchain-enabled mutual funds (“Digital Funds”) and tokenized assets, as well as its blockchain-native digital wallet, WisdomTree Prime ™ • WisdomTree Asset Management, Inc. non-consolidated open-end • WisdomTree Management Jersey Limited leveraged-and-inverse • WisdomTree Multi Asset Management Limited non-consolidated • WisdomTree Management Limited non-consolidated • WisdomTree UK Limited • WisdomTree Europe Limited • WisdomTree Ireland Limited • WisdomTree Digital Commodity Services, LLC • WisdomTree Digital Management, Inc. (“WT Digital Management”) is a New York based investment adviser registered with the SEC, providing investment advisory and other management services to the WisdomTree Digital Trust (“WTDT”) and WisdomTree Digital Funds. The WisdomTree Digital Funds are issued in the U.S. by WTDT. WTDT is a Delaware statutory trust registered with the SEC as an open-end management investment company. Each Digital Fund will use blockchain technology to maintain a secondary record of its shares on one or more blockchains (e.g., Stellar or Ethereum), but will not directly or indirectly invest in any assets that rely on blockchain technology, such as cryptocurrencies. • WisdomTree Digital Movement, Inc ™ • WisdomTree Securities, Inc |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 statement of financial condition, results of operations, and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in 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 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/(Loss) as a component of other comprehensive (loss)/income. 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). 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 method over the estimated useful lives of the related assets as follows: Equipment 3 to 5 years Internally-developed software 3 years The assets listed above are recorded at cost less accumulated depreciation and amortization. Stock-Based Awards Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. Forfeitures are recognized when they occur. 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 ETFs and for including WisdomTree ETFs on third-party customer platforms and recognizes these expenses as incurred. 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 assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable. 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 Securities Held-to-Maturity The Company accounts for certain of its securities as held-to-maturity held-to-maturity more-likely-than-not Held-to-maturity non-accrual held-to-maturity non-accrual The Company reviews its portfolio of held-to-maturity Investments in pass-through government-sponsored enterprises (“GSEs”) are determined to have an estimated loss rate of zero due to an implicit U.S. government guarantee. 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 intangible assets are tested for impairment at least annually and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values. Finite-lived intangible assets, if any, are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts. 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 basis and are included in depreciation and amortization in the Consolidated Statements of Operations. Once the application development stage is complete, additional costs are expensed as incurred. Leases The Company accounts for its lease obligations in accordance with ASC Topic 842, Leases right-of-use right-of-use 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 represents the present value of an obligation to pay gold to a third party into perpetuity and is measured using forward-looking gold prices observed on the CMX exchange, a selected discount rate and perpetual growth rate (Note 9). Changes in the fair value of this obligation are reported as gain/(loss) on revaluation of deferred consideration—gold payments in the Consolidated Statements of Operations. Convertible Notes Convertible notes are carried at amortized cost, net of issuance costs. In accordance with Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options 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 number of common shares outstanding for the period. Net income available to common stockholders represents net income of the Company reduced by an allocation of earnings to participating securities. The Series A non-voting non-forfeitable two-class Diluted EPS is calculated under the treasury stock method and the two-class non-voting non-voting if-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 more-likely-than-not The Global Intangible Low-Taxed Non-income |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 3. Cash and Cash Equivalents Of the total cash and cash equivalents of $119,099 and $132,101 at March 31, 2023 and December 31, 2022, $118,306 and $131,104, respectively, were held at two financial institutions. At March 31, 2023 and December 31, 2022, cash equivalents were approximately $336 and $930, respectively. Certain of the Company’s subsidiaries are required to maintain a minimum level of regulatory capital, which was $28,726 and $25,988 at March 31, 2023 and December 31, 2022, respectively. These requirements are generally satisfied by cash on hand. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [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 valuations whose inputs are observable or whose significant value drivers are observable. 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 three months ended March 31, 2023 and 2022, there were no transfers between Levels 2 and 3. March 31, 2023 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 336 $ 336 $ — $ — Financial instruments owned, at fair value ETFs 33,728 33,728 — — U.S. treasuries 2,993 2,993 — — Pass-through GSEs 81,046 23,352 57,694 — Other assets—seed capital (WisdomTree blockchain-enabled funds) U.S. treasuries 4,901 4,901 — — Equities 4,937 4,937 — — Fixed income 1,915 — 1,915 — Other 660 — 660 — Investments in Convertible Notes Securrency, Inc.—convertible note (Note 7) 10,051 — — 10,051 Fnality International Limited—convertible note (Note 7) 7,451 — — 7,451 Total $ 148,018 $ 70,247 $ 60,269 $ 17,502 March 31, 2023 Total Level 1 Level 2 Level 3 Non-recurring Securrency, Inc.—Series A convertible preferred stock (1) $ 3,588 $ — $ — $ 3,588 Liabilities: Recurring fair value measurements: Deferred consideration (Note 9) $ 179,831 $ — $ — $ 179,831 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 — Corporate bonds 885 — 885 — Other assets—seed capital (WisdomTree blockchain-enabled 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 Other investments (2) $ 312 $ — $ — $ 312 Liabilities: Recurring fair value measurements: Deferred consideration (Note 9) $ 200,290 $ — $ — $ 200,290 (1) (2) Recurring Fair Value Measurements—Methodology Cash Equivalents (Note 3) Financial instruments owned (Note 5) Fair Value Measurements classified as Level 3 Three Months Ended, March 31, 2023 2022 Investments in Convertible Notes (Note 7) Beginning balance $ 21,421 $ — Purchases — 6,863 Net unrealized losses (1) (3,919 ) (163 ) Ending balance $ 17,502 $ 6,700 Deferred Consideration (Note 9) Beginning balance $ 200,290 $ 228,062 Net realized losses (2) 4,486 4,450 Net unrealized (gains)/losses (3) (20,592 ) 17,018 Settlements (4,353 ) (4,353 ) Ending balance $ 179,831 $ 245,177 (1) (2) (3) |
Financial instruments owned
Financial instruments owned | 3 Months Ended |
Mar. 31, 2023 | |
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] | |
Financial instruments owned | 5. Financial instruments owned These instruments consist of the following: March 31, 2023 December 31, Financial instruments owned Trading securities $ 117,767 $ 124,474 Other assets—seed capital (WisdomTree blockchain-enabled funds) 12,413 1,765 $ 130,180 $ 126,239 The Company recognized net trading gains/(losses) on financial instruments owned that were still held at the reporting dates of $4,722 and ($4,316) during the three months ended March 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 | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Securities Held-to-Maturity | 6. Securities Held-to-Maturity The following table is a summary of the Company’s securities held-to-maturity: March 31, 2023 December 31, 2022 Debt instruments: Pass-through GSEs (amortized cost) $ 253 $ 259 During the three months ended March 31, 2023 and 2022, the Company received proceeds of $6 and $18, respectively, from held-to-maturity The following table summarizes unrealized losses, gains and fair value (classified as Level 2 within the fair value hierarchy) of securities held-to-maturity: March 31, 2023 December 31, Cost/amortized cost $ 253 $ 259 Gross unrealized losses (17 ) (20 ) Gross unrealized gains — — Fair value $ 236 $ 239 An allowance for credit losses was not provided on the Company’s held-to-maturity The following table sets forth the maturity profile of the securities held-to-maturity; March 31, 2023 December 31, 2022 Due within one year $ — $ — Due one year through five years — — Due five years through ten years 26 27 Due over ten years 227 232 Total $ 253 $ 259 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | 7. Investments The following table sets forth the Company’s investments: March 31, 2023 December 31, 2022 Carrying Value Cost Carrying Value Cost Securrency, Inc.—Series A convertible preferred stock $ 3,588 $ 8,112 $ 8,488 $ 8,112 Securrency, Inc.—Series B convertible preferred stock 5,500 5,500 5,500 5,500 Securrency, Inc.—convertible note 10,051 15,000 14,500 15,000 Subtotal—Securrency, Inc. $ 19,139 $ 28,612 $ 28,488 $ 28,612 Fnality International Limited—convertible note 7,451 6,863 6,921 6,863 Other investments 312 250 312 250 $ 26,902 $ 35,725 $ 35,721 $ 35,725 Securrency, Inc. – Preferred Stock The Company owns approximately 22% (or 17 % on a fully-diluted basis) of the capital stock of Securrency, Inc. (“Securrency”), a developer of institutional-grade blockchain-based financial and regulatory technology, issued as a result of strategic investments totaling $13,612. In consideration of such investments, the Company received 5,178,488 shares of Series A convertible preferred stock (“Securrency Series A Shares”) in December shares of Series B convertible preferred stock (“Securrency Series B Shares”) in March 2021. The Securrency Series B Shares contain a liquidation preference that is pari passu with shares of Series B-1 non-cumulative % dividend, payable if and when declared by the board of directors of Securrency. In addition, the Securrency Series A Shares and Securrency Series B Shares (together with the Securrency Series B-1 least % of the Securrency % of the Securrency Series B Shares (at any time on or after March 31, 2031). These investments are accounted for under the measurement alternative prescribed in ASC 321, as they do not have a readily determinable fair value and are not considered to be in-substance on its Securrency Series A Shares to reduce the carrying value of its investment to fair value. Fair value was determined using the probability-weighted expected return method (“PWERM”), a valuation approach that estimates fair value assuming various outcomes. The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy): March 31, 2023 Conversion of Securrency Series A Shares upon a future equity financing 33.3% Redemption of Securrency Series A Shares upon a corporate transaction 33.3% Default 33.4% There was no impairment recognized during the three months ended March 31, 2022 based upon a qualitative assessment. Securrency – Convertible Note In April and November 2022, the Company participated in a convertible note financing, making an aggregate investment of $15,000 in convertible notes of Securrency. In consideration for its investment, the Company was issued a 7% Convertible Promissory Note maturing on The notes are convertible into either common stock or a class of securities convertible into, exchangeable for, or conferring the right to purchase Securrency’s common stock that is issued in the event of a future equity financing of Securrency. The notes will convert 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 notes are redeemable upon the occurrence of a corporate transaction for an amount which is the greater of (i) the principal amount and all accrued interest and (ii) the amount that would be received had the note been converted, in accordance with the terms of the notes, to common stock immediately prior to the occurrence of the corporate transaction. At maturity, redemption or conversion may occur upon the election by the holders of a majority-in-interest The notes are accounted for at fair value. Fair value is determined by the Company using PWERM. During the three months ended March 31, 2023, the Company recognized an unrealized loss of $4,449 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: March 31, 2023 December 31, 2022 Conversion of note upon a future equity financing 33.3% 60% Redemption of note upon a corporate transaction 33.3% 25% Default 33.4% 15% Time to potential outcome (in years) 0.56 0.33 Fnality International Limited – Convertible Note In February 2022, the Company participated in a convertible note financing, making an investment of £5,000 ($6,863) in convertible notes of Fnality International Limited (“Fnality”), a company incorporated in England and Wales and focused on creating a peer-to-peer The note is convertible into equity shares in the event of a future equity financing of Fnality. The note will convert 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 is redeemable upon the occurrence of a change of control for an amount which is 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 equity shares immediately prior to the occurrence of the change of control. Redemption may 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 is accounted for at fair value. Fair value is determined by the Company using the PWERM and is also remeasured for changes in the British pound and U.S. dollar exchange rate. During the three months ended March 31, 2023, the Company recognized a gain of $530 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: March 31, 2023 December 31, 2022 Conversion of note upon a future financing round 85% 85% Redemption of note upon a change of control 10% 10% Default 5% 5% Time to potential outcome (in years) 0.08 0.25 |
Fixed Assets, net
Fixed Assets, net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets, net | 8. Fixed Assets, net The following table summarizes fixed assets: March 31, 2023 December 31, Equipment $ 997 $ 962 Less: accumulated depreciation (482) (418) Total $ 515 $ 544 |
Deferred Consideration
Deferred Consideration | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Deferred Consideration | 9. Deferred Consideration Deferred consideration represents an obligation the Company assumed in connection with its acquisition of the European exchange-traded commodity, currency and leveraged-and-inverse The Contractual Gold Payments are paid from advisory fee income generated by any Company-sponsored financial product backed by physical gold and are subject to adjustment and reduction for declines in advisory fee income generated by such products, with any reduction remaining due and payable until paid in full. ETFS Capital’s recourse is limited to such advisory fee income and it has no recourse back to the Company for any unpaid amounts that exceed advisory fees earned. ETFS Capital ultimately has the right to claw back Gold Bullion Securities Ltd. (a physically backed gold ETP issuer) if the Company fails to remit any amounts due. The Company determined the present value of the deferred consideration of $179,831 and $200,290 at March 31, 2023 and December 31, 2022 using the following assumptions: March 31, December 31, Forward-looking gold price (low)—per ounce $ 1,999 $ 1,858 Forward-looking gold price (high)—per ounce $ 3,567 $ 3,126 Forward-looking gold price (weighted average)—per ounce $ 2,401 $ 2,237 Discount rate 13.3% 11.0% Perpetual growth rate 1.5% 1.3% Fair value as of March 31, 2023 was determined using an equal weighting of a discounted cash flow approach and market approach. The forward-looking gold prices at March 31, 2023 were extrapolated from the last observable CMX exchange price (beyond 2028) and the weighted-average price per ounce was derived from the relative present values of the annual payment obligations. The perpetual growth rate at March 31, 2023 was determined based upon the increase in observable forward-looking gold prices through 2028. This obligation is classified as Level 3 as the discount rate, the extrapolated forward-looking gold prices and perpetual growth rate are significant unobservable inputs. An increase in spot gold prices, forward-looking gold prices and the perpetual growth rate would result in an increase in deferred consideration, whereas an increase in the discount rate would reduce the fair value. Current amounts payable were $17,984 and $16,796 and long-term amounts payable were $161,847 and $183,494 at March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, the Company recognized the following in respect of deferred consideration: Three Months Ended March 31, 2023 2022 Contractual Gold Payments $ 4,486 $ 4,450 Contractual Gold Payments—gold ounces paid 2,375 2,375 Gain/(loss) on revaluation of deferred consideration—gold payments (1) $ 20,592 $ (17,018) (1) Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations. |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [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, and 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 three months ended March 31, 2023. After the issuance of the 2023 Notes (and together with the remaining 2020 Notes and the 2021 Notes, the “Convertible Notes”), the Company had $340,000 in aggregate principal amount of Convertible Notes outstanding. Key terms of the Convertible Notes are as follows: 2023 Notes 2021 Notes 2020 Notes Principal outstanding $130.0 $150.0 $60.0 Maturity date (unless earlier converted, repurchased or redeemed) August 15, 2028 June 15, 2026 June 15, 2023 Interest rate 5.75% 3.25% 4.25% Conversion price $9.54 $11.04 $5.92 Conversion rate 104.8658 90.5797 168.9189 Redemption price $12.40 $14.35 $7.70 • Interest rate: • Conversion price: • Conversion: five business day ten consecutive trading day • Cash settlement of principal amount: • Redemption price: Convertible Notes then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes. • Limited investor put rights: • Conversion rate increase in certain customary circumstances: • Seniority and Security: Non-Voting The indentures contain customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Convertible Notes outstanding may declare the entire principal amount of all the 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 carrying value of the Convertible Notes at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 2023 2021 2020 Notes Total 2021 Notes 2020 Notes Total Principal amount $ 130,000 $ 150,000 $ 60,000 $ 340,000 $ 150,000 $ 175,000 $ 325,000 Plus: Premium — — 250 250 — 250 250 Gross proceeds 130,000 150,000 60,250 340,250 150,000 175,250 325,250 Less: Unamortized issuance costs (3,465) (2,768) (366) (6,599) (2,981) (1,053) (4,034) Carrying amount 126,535 $ 147,232 $ 59,884 $ 333,651 $ 147,019 $ 174,197 $ 321,216 Effective interest rate (1) 6.25% 3.83% 5.18% 5.00% 3.83% 5.26% 4.60% (1) Interest expense on the Convertible Notes during the three months ended March 31, 2023 and 2022 was $4,002 and $3,732, respectively. Interest payable of $3,243 and $621 at March 31, 2023 and December 31, 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 $331,766 and $320,513 at March 31, 2023 and December 31, 2022, respectively. The if-converted |
Series A Preferred Stock
Series A Preferred Stock | 3 Months Ended |
Mar. 31, 2023 | |
Series A Preferred Stock [Member] | |
Preferred Shares | 11. Series A Preferred Stock On April 10, 2018, the Company filed a Certificate of Designations of Series A Non-Voting as-converted As described in the Series A 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 shares of Series A Non-Voting The following is a summary of the Series A Preferred Stock balance: March 31, 2023 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 Series A 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 Series A Preferred Stock as it would have received had each outstanding 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 Series A Preferred Stock equal to the dollar volume-weighted average price for a share of common stock for the 30-trading The carrying amount of the Series A Preferred Stock was not adjusted as it was not probable that the Series A Preferred Stock would become redeemable. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Leases | 12. Leases The Company has entered into operating leases for its office facilities (including its corporate headquarters) and equipment. The Company has no finance leases. The following table provides additional information regarding the Company’s leases: Three Months Ended March 31, 2023 2022 Lease cost: Operating lease cost $ 319 $ 89 Short-term lease cost 56 276 Total lease cost $ 375 $ 365 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 326 $ 97 Right-of-use n/a n/a Weighted-average remaining lease term (in years)—operating leases 1.0 1.3 Weighted-average discount rate—operating leases 6.5% 4.4% 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. The following table discloses future minimum lease payments at March 31, 2023 with respect to the Company’s operating lease liabilities: Remainder of 2023 $ 803 2024 397 2025 — 2026 — 2027 — 2028 and thereafter — Total future minimum lease payments (undiscounted) $ 1,200 The following table reconciles the future minimum lease payments (disclosed above) at March 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 $ 1,041 Lease liability—long term 120 Subtotal 1,161 Difference between undiscounted and discounted cash flows 39 Total future minimum lease payments (undiscounted) $ 1,200 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 13. 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 writs of summons to appear before the Court of Turin and 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. Total damages sought by all investors are approximately €15,800 ($17,186) at March 31, 2023. The Company is currently assessing these claims with its external counsel. An accrual has not been made with respect to these matters at March 31, 2023 and December 31, 2022. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entities | 14. 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 March 31, 2023 December 31, 2022 Carrying Amount—Assets (Securrency): Preferred stock—Series A Shares $ 3,588 $ 8,488 Preferred stock—Series B Shares 5,500 5,500 Convertible note 10,051 14,500 Subtotal—Securrency $ 19,139 $ 28,488 Carrying Amount—Assets (Fnality): Convertible note 7,451 6,921 Carrying Amount—Assets (Other investments): 312 312 Total (Note 7) $ 26,902 $ 35,721 Maximum exposure to loss $ 26,902 $ 35,721 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | 15. Revenues from Contracts with Customers The following table presents the Company’s total revenues from contracts with customers: Three Months Ended March 31, 2023 2022 Revenues from contracts with customers: Advisory fees $ 77,637 $ 76,517 Other 4,407 1,851 Total operating revenues $ 82,044 $ 78,368 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 16). 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 , Geographic Distribution of Revenue The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Three Months Ended March 31, 2023 2022 Revenues from contracts with customers: United States $ 49,681 $ 46,229 Jersey 29,053 28,598 Ireland 3,310 3,541 Total operating revenues $ 82,044 $ 78,368 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions 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 and WisdomTree UCITS ETFs. The Board of Trustees and Board of Directors (including certain officers of the Company) of the related parties are primarily responsible for overseeing the management and affairs of the entities for the benefit of their 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: March 31, 2023 December 31, 2022 Receivable from WTT $ 17,124 $ 16,399 Receivable from ManJer Issuers 12,790 4,485 Receivable from WMAI and WTICAV 2,532 3,255 Total $ 32,446 $ 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: Three Months Ended March 31, 2023 2022 Advisory services provided to WTT $ 49,487 $ 46,070 Advisory services provided to ManJer Issuers 24,840 26,905 Advisory services provided to WMAI and WTICAV 3,310 3,542 Total $ 77,637 $ 76,517 The Company also has investments in certain WisdomTree products of approximately $45,214 and $25,283 at March 31, 2023 and December 31, 2022, respectively. This includes $12,413 and $1,765, respectively, of investments in certain consolidated affiliated blockchain-enabled funds advised by WT Digital Management, referred to herein as “other assets–seed capital.” Net unrealized and realized gains/(losses) related to trading WisdomTree products during the three months ended March 31, 2023 and 2022 |
Stock-Based Awards
Stock-Based Awards | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | 17. 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 shares of common stock (less one share for every share granted under the 2016 Equity Plan since March 31, 2022 and inclusive of shares available under the 2016 Equity Plan as of March 31, 2022) in the form of stock options and other stock-based awards. The Company grants equity awards to employees and directors which include restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”) and stock options. Certain awards described below are subject to acceleration under certain conditions. 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 option pricing model. 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 period. A Monte Carlo simulation is used to value these awards. 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 25 th • 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 (or 100th percentile for grants made in 2020); 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 during the three months ended March 31, 2023 and 2022 was $4,536 and $2,936, respectively. A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows: March 31, 2023 Unrecognized Stock- Compensation Weighted-Average Employees and directors $ 30,415 2.10 A summary of stock-based compensation award activity (shares) during the three months ended March 31, 2023 is as follows: RSA RSU PRSU Balance at January 1, 2023 3,391,082 141,963 668,188 Granted 3,273,263 73,855 576,240 (1) Vested (1,498,171 ) (26,837 ) (83,158 ) (2) Forfeited (11,885 ) (233 ) (24,955 ) (2) Balance at March 31, 2023 5,154,289 188,748 1,136,315 (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. 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 (2) The payout on PRSUs vesting in January 2023 was 77%. The remainder of the awards were forfeited. |
Stockholder Rights Plan
Stockholder Rights Plan | 3 Months Ended |
Mar. 31, 2023 | |
Stockholder Rights Plan [Abstract] | |
Stockholder Rights Plan | 18. 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 (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 Series A Preferred Stock”, to stockholders of record as of the close of business on March 28, 2023 (the “Record Date”). In addition, one Right will automatically attach to each share of common stock and 1,000 Rights will automatically attach to each share of Series A Preferred Stock, in each case, issued between the Record Date and the earlier of the Distribution Date (as defined below) and the expiration date of the Rights. Each “Right” entitles the registered holder thereof to purchase from the Company a unit consisting of one ten-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(b) 13d-1(c) 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. 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 Series B 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; provided that if the Company’s stockholders have not ratified the Stockholder Rights Agreement by the close of business on the first day after the Company’s 2023 annual meeting of stockholders (including any adjournments or postponements thereof), the Rights will expire at such time, in each case, 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 |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | 19. Earnings/(Loss) Per Share The following tables set forth reconciliations of the basic and diluted earnings/(loss) per share computations for the periods presented: Three Months Ended March 31, Basic Earnings/(Loss) per Share 2023 2022 Net income/(loss) $ 16,233 $ (10,261 ) Less: Income distributed to participating securities (498 ) (549 ) Less: Undistributed income allocable to participating securities (1,206 ) — Net income/(loss) available to common stockholders—Basic EPS $ 14,529 $ (10,810 ) Weighted average common shares (in thousands) 143,862 142,782 Basic earnings/(loss) per share $ 0.10 $ (0.08 ) Three Months Ended March 31, Diluted Earnings/(Loss) per Share 2023 2022 Net earnings/(loss) available to common stockholders $ 14,529 $ (10,810 ) Add back: Undistributed income allocable to participating securities 1,206 — Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive (1,202 ) — Net income/(loss) available to common stockholders—Diluted EPS $ 14,533 $ (10,810 ) Weighted Average Diluted Shares (in thousands) Weighted average common shares 143,862 142,782 Dilutive effect of common stock equivalents, excluding participating securities 569 — Weighted average diluted shares, excluding participating securities (in thousands) 144,431 142,782 Diluted earnings/(loss) per share $ 0.10 $ (0.08 ) Diluted earnings/(loss) per share presented above is calculated using the two-class non-participating There were no potential common shares associated with the conversion options embedded in the Convertible Notes included in weighted average diluted shares for the three months ended March 31, 2023 and 2022 as the Company’s average stock price was lower than the conversion price. The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above: Three Months Ended March 31, Reconciliation of Weighted Average Diluted Shares (in thousands) 2023 2022 Weighted average diluted shares as disclosed on the Consolidated Statements of Operations 159,887 142,782 (1) Less: Participating securities: Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) (14,750 ) — Potentially dilutive restricted stock awards (706 ) — Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above 144,431 142,782 (1) Excludes 15,521 participating securities and 31 potentially dilutive non-participating |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 20. Income Taxes Effective Income Tax Rate – Three Months Ended March 31, 2023 and March 31, 2022 The Company’s effective income tax rate during the three months ended March 31, 2023 was 7.9% resulting in income tax expense of $1,383. The effective income tax rate differs from the federal statutory tax rate of 21% primarily due to a non-taxable non-deductible The Company’s effective income tax rate during the three months ended March 31, 2022 of 62.0% resulted in an income tax benefit of $16,713. The effective income tax rate differs from the federal statutory tax rate of 21% primarily due to a $19,897 reduction in unrecognized tax benefits (including interest and penalties), a lower tax rate on foreign earnings and tax windfalls associated with the vesting of stock-based compensation awards. These items were partly offset by a non-taxable Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at March 31, 2023 and December 31, 2022 is as follows: March 31, 2023 December 31, 2022 Deferred tax assets: Capital losses $ 17,740 $ 17,541 Unrealized losses 4,781 3,821 NOLs—Foreign 1,625 1,609 Accrued expenses 1,527 6,030 Goodwill and intangible assets 1,038 1,085 Stock-based compensation 865 1,526 Interest carryforwards 476 — Operating lease liabilities 260 313 Foreign currency translation adjustment 254 173 NOLs—U.S. 127 255 Outside basis differences 122 122 March 31, 2023 December 31, Other 355 341 Deferred tax assets 29,170 32,816 Deferred tax liabilities: Fixed assets and prepaid assets 150 278 Unremitted earnings—European subsidiaries 246 205 Right of use assets—operating leases 260 313 Deferred tax liabilities 656 796 Total deferred tax assets less deferred tax liabilities 28,514 32,020 Less: Valuation allowance (22,643) (21,484) Deferred tax assets, net $ 5,871 $ 10,536 Net Operating and Capital Losses—U.S. The Company’s tax effected net operating losses (“NOLs”) at March 31, 2023 were $127, which expire in 2024. The net operating loss carryforwards have been reduced by the impact of annual limitations described in the Internal Revenue Code Section 382 that arose as a result of an ownership change. The Company’s tax effected capital losses at March 31, 2023 were $17,740. These capital losses expire between the years 2023 and 2028. 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 $1,625 at March 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 Uncertain Tax Positions Tax positions are evaluated utilizing a two-step more-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, 2023 $ 1,353 $ 957 $ 396 Decrease—Lapse of statute of limitations (1,353 ) (957 ) (396 ) Balance at March 31, 2023 $ — $ — $ — (1) The gross unrecognized tax benefits were accrued in British pounds. 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. As of March 31, 2023, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for the years before 2018. Undistributed Earnings of Foreign Subsidiaries ASC 740-30 |
Shares Repurchased
Shares Repurchased | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shares Repurchased | 21. 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 years through April 27, 2025. Included under the Company’s share repurchase program are purchases to offset future equity grants made under the Company’s equity plans and purchases made in open market or privately negotiated transactions. This authority may be exercised from time to time, subject to regulatory considerations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program may be suspended or terminated at any time without prior notice. Shares repurchased under this program are returned to the status of authorized and unissued on the Company’s books and records. During the three months ended March 31, 2023 and 2022, the Company repurchased 604,505 and 588,694 shares of its common stock, respectively, under this program for an aggregate cost of $3,384 and $3,394, respectively. Shares repurchased under this program were returned to the status of authorized and unissued on the Company’s books and records. As of March 31, 2023, $96,591,597 remained under this program for future purchases. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 22. 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 — Balance at March 31, 2023 $ 85,856 Goodwill arising from the ETFS Acquisition of $84,057 is not deductible for tax purposes as the acquisition was structured as a stock acquisition occurring in the U.K. 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 March 31, 2023 Item Gross Asset Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 2,822 (101) 2,721 Balance at March 31, 2023 $ 604,069 $ (101) $ 603,968 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. Software Development (Finite-Lived) Internally-developed software is amortized over a useful life of three years. During the three-month period ended March 31, 2023, the Company recognized amortization expense on internally-developed software of $51. As of March 31, 2023, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows: Remained of 2023 $ 656 2024 940 2025 891 2026 234 2027 — 2028 and thereafter — Total expected amortization expense $ 2,721 The weighted-average remaining useful life of the finite-lived intangible assets is 2.9 years. |
Contingent Payments
Contingent Payments | 3 Months Ended |
Mar. 31, 2023 | |
Contingent Payments [Abstract] | |
Contingent Payments | 23. Contingent Payments Sale of Canadian ETF Business On February 19, 2020, the Company completed the sale of all the outstanding shares of WisdomTree Asset Management Canada, Inc. 18-month 36-month A gain of $1,477 was recognized during the three months ended March 31, 2023, from remeasuring the contingent payment to its realizable value. These gains were recorded in other losses, net. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events The Company evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements. There were no events requiring disclosure. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 statement of financial condition, results of operations, and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
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/(Loss) as a component of other comprehensive (loss)/income. |
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). |
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 method over the estimated useful lives of the related assets as follows: Equipment 3 to 5 years Internally-developed software 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 compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. Forfeitures are recognized when they occur. |
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 ETFs and for including WisdomTree ETFs on third-party customer platforms and recognizes these expenses as incurred. |
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 assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable. |
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 |
Securities Held-to-Maturity | Securities Held-to-Maturity The Company accounts for certain of its securities as held-to-maturity held-to-maturity more-likely-than-not Held-to-maturity non-accrual held-to-maturity non-accrual The Company reviews its portfolio of held-to-maturity Investments in pass-through government-sponsored enterprises (“GSEs”) are determined to have an estimated loss rate of zero due to an implicit U.S. government guarantee. |
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 intangible assets are tested for impairment at least annually and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values. Finite-lived intangible assets, if any, are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts. 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 basis and are included in depreciation and amortization in the Consolidated Statements of Operations. Once the application development stage is complete, additional costs are expensed as incurred. |
Leases | Leases The Company accounts for its lease obligations in accordance with ASC Topic 842, Leases right-of-use right-of-use 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 represents the present value of an obligation to pay gold to a third party into perpetuity and is measured using forward-looking gold prices observed on the CMX exchange, a selected discount rate and perpetual growth rate (Note 9). Changes in the fair value of this obligation are reported as gain/(loss) on revaluation of deferred consideration—gold payments in the Consolidated Statements of Operations. |
Convertible Notes | Convertible Notes Convertible notes are carried at amortized cost, net of issuance costs. In accordance with Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options |
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 number of common shares outstanding for the period. Net income available to common stockholders represents net income of the Company reduced by an allocation of earnings to participating securities. The Series A non-voting non-forfeitable two-class Diluted EPS is calculated under the treasury stock method and the two-class non-voting non-voting if-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 more-likely-than-not The Global Intangible Low-Taxed Non-income |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Related Assets | Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows: Equipment 3 to 5 years Internally-developed software 3 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Categorization of Assets and Liabilities Measured at Fair Value | The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the three months ended March 31, 2023 and 2022, there were no transfers between Levels 2 and 3. March 31, 2023 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 336 $ 336 $ — $ — Financial instruments owned, at fair value ETFs 33,728 33,728 — — U.S. treasuries 2,993 2,993 — — Pass-through GSEs 81,046 23,352 57,694 — Other assets—seed capital (WisdomTree blockchain-enabled funds) U.S. treasuries 4,901 4,901 — — Equities 4,937 4,937 — — Fixed income 1,915 — 1,915 — Other 660 — 660 — Investments in Convertible Notes Securrency, Inc.—convertible note (Note 7) 10,051 — — 10,051 Fnality International Limited—convertible note (Note 7) 7,451 — — 7,451 Total $ 148,018 $ 70,247 $ 60,269 $ 17,502 March 31, 2023 Total Level 1 Level 2 Level 3 Non-recurring Securrency, Inc.—Series A convertible preferred stock (1) $ 3,588 $ — $ — $ 3,588 Liabilities: Recurring fair value measurements: Deferred consideration (Note 9) $ 179,831 $ — $ — $ 179,831 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 — Corporate bonds 885 — 885 — Other assets—seed capital (WisdomTree blockchain-enabled 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 Other investments (2) $ 312 $ — $ — $ 312 Liabilities: Recurring fair value measurements: Deferred consideration (Note 9) $ 200,290 $ — $ — $ 200,290 (1) (2) |
Summary of Reconciliation of Recurring Fair Value Measurements | The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3: Three Months Ended, March 31, 2023 2022 Investments in Convertible Notes (Note 7) Beginning balance $ 21,421 $ — Purchases — 6,863 Net unrealized losses (1) (3,919 ) (163 ) Ending balance $ 17,502 $ 6,700 Deferred Consideration (Note 9) Beginning balance $ 200,290 $ 228,062 Net realized losses (2) 4,486 4,450 Net unrealized (gains)/losses (3) (20,592 ) 17,018 Settlements (4,353 ) (4,353 ) Ending balance $ 179,831 $ 245,177 (1) (2) (3) |
Financial instruments owned (Ta
Financial instruments owned (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] | |
Schedule Of Trading Securities And Other Trading Assets | These instruments consist of the following: March 31, 2023 December 31, Financial instruments owned Trading securities $ 117,767 $ 124,474 Other assets—seed capital (WisdomTree blockchain-enabled funds) 12,413 1,765 $ 130,180 $ 126,239 |
Securities Held-to-Maturity (Ta
Securities Held-to-Maturity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Securities Held-to-Maturity | The following table is a summary of the Company’s securities held-to-maturity: March 31, 2023 December 31, 2022 Debt instruments: Pass-through GSEs (amortized cost) $ 253 $ 259 |
Schedule of Unrealized Losses, Gains and Fair Value of Securities Held-to-Maturity | The following table summarizes unrealized losses, gains and fair value (classified as Level 2 within the fair value hierarchy) of securities held-to-maturity: March 31, 2023 December 31, Cost/amortized cost $ 253 $ 259 Gross unrealized losses (17 ) (20 ) Gross unrealized gains — — Fair value $ 236 $ 239 |
Schedule of Maturity Profile of Securities Held-to-Maturity | The following table sets forth the maturity profile of the securities held-to-maturity; March 31, 2023 December 31, 2022 Due within one year $ — $ — Due one year through five years — — Due five years through ten years 26 27 Due over ten years 227 232 Total $ 253 $ 259 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment [Line Items] | |
Investments | The following table sets forth the Company’s investments: March 31, 2023 December 31, 2022 Carrying Value Cost Carrying Value Cost Securrency, Inc.—Series A convertible preferred stock $ 3,588 $ 8,112 $ 8,488 $ 8,112 Securrency, Inc.—Series B convertible preferred stock 5,500 5,500 5,500 5,500 Securrency, Inc.—convertible note 10,051 15,000 14,500 15,000 Subtotal—Securrency, Inc. $ 19,139 $ 28,612 $ 28,488 $ 28,612 Fnality International Limited—convertible note 7,451 6,863 6,921 6,863 Other investments 312 250 312 250 $ 26,902 $ 35,725 $ 35,721 $ 35,725 |
Securrency Inc [Member] | |
Investment [Line Items] | |
Summary of Inputs Used in PWERM Approach of Investment | The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy): March 31, 2023 Conversion of Securrency Series A Shares upon a future equity financing 33.3% Redemption of Securrency Series A Shares upon a corporate transaction 33.3% Default 33.4% |
Securrency Convertible Note [Member] | |
Investment [Line Items] | |
Summary of Inputs Used in PWERM Approach of Investment | 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: March 31, 2023 December 31, 2022 Conversion of note upon a future equity financing 33.3% 60% Redemption of note upon a corporate transaction 33.3% 25% Default 33.4% 15% Time to potential outcome (in years) 0.56 0.33 |
Fnality Convertible Note [Member] | |
Investment [Line Items] | |
Summary of Inputs Used in PWERM Approach of Investment | 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: March 31, 2023 December 31, 2022 Conversion of note upon a future financing round 85% 85% Redemption of note upon a change of control 10% 10% Default 5% 5% Time to potential outcome (in years) 0.08 0.25 |
Fixed Assets, net (Tables)
Fixed Assets, net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | The following table summarizes fixed assets: March 31, 2023 December 31, Equipment $ 997 $ 962 Less: accumulated depreciation (482) (418) Total $ 515 $ 544 |
Deferred Consideration (Tables)
Deferred Consideration (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Summary of valuation of deferred consideration | The Company determined the present value of the deferred consideration of $179,831 and $200,290 at March 31, 2023 and December 31, 2022 using the following assumptions: March 31, December 31, Forward-looking gold price (low)—per ounce $ 1,999 $ 1,858 Forward-looking gold price (high)—per ounce $ 3,567 $ 3,126 Forward-looking gold price (weighted average)—per ounce $ 2,401 $ 2,237 Discount rate 13.3% 11.0% Perpetual growth rate 1.5% 1.3% |
Schedule of Deferred Consideration | During the three months ended March 31, 2023 and 2022, the Company recognized the following in respect of deferred consideration: Three Months Ended March 31, 2023 2022 Contractual Gold Payments $ 4,486 $ 4,450 Contractual Gold Payments—gold ounces paid 2,375 2,375 Gain/(loss) on revaluation of deferred consideration—gold payments (1) $ 20,592 $ (17,018) (1) Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations. |
Convertible Notes (Tables)
Convertible Notes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of key terms of convertible notes | Key terms of the Convertible Notes are as follows: 2023 Notes 2021 Notes 2020 Notes Principal outstanding $130.0 $150.0 $60.0 Maturity date (unless earlier converted, repurchased or redeemed) August 15, 2028 June 15, 2026 June 15, 2023 Interest rate 5.75% 3.25% 4.25% Conversion price $9.54 $11.04 $5.92 Conversion rate 104.8658 90.5797 168.9189 Redemption price $12.40 $14.35 $7.70 |
Summary of the carrying value of the convertible notes | The following table provides a summary of the carrying value of the Convertible Notes at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 2023 2021 2020 Notes Total 2021 Notes 2020 Notes Total Principal amount $ 130,000 $ 150,000 $ 60,000 $ 340,000 $ 150,000 $ 175,000 $ 325,000 Plus: Premium — — 250 250 — 250 250 Gross proceeds 130,000 150,000 60,250 340,250 150,000 175,250 325,250 Less: Unamortized issuance costs (3,465) (2,768) (366) (6,599) (2,981) (1,053) (4,034) Carrying amount 126,535 $ 147,232 $ 59,884 $ 333,651 $ 147,019 $ 174,197 $ 321,216 Effective interest rate (1) 6.25% 3.83% 5.18% 5.00% 3.83% 5.26% 4.60% (1) |
Series A Preferred Stock (Table
Series A Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Series A Preferred Stock [Member] | |
Summary of Series A Preferred Stock Balance | The following is a summary of the Series A Preferred Stock balance: March 31, 2023 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 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Schedule for Summary of Additional Information Related to Operating Lease | The following table provides additional information regarding the Company’s leases: Three Months Ended March 31, 2023 2022 Lease cost: Operating lease cost $ 319 $ 89 Short-term lease cost 56 276 Total lease cost $ 375 $ 365 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 326 $ 97 Right-of-use n/a n/a Weighted-average remaining lease term (in years)—operating leases 1.0 1.3 Weighted-average discount rate—operating leases 6.5% 4.4% |
Schedule of Future Minimum Lease Payments | The following table discloses future minimum lease payments at March 31, 2023 with respect to the Company’s operating lease liabilities: Remainder of 2023 $ 803 2024 397 2025 — 2026 — 2027 — 2028 and thereafter — Total future minimum lease payments (undiscounted) $ 1,200 |
Schedule of Reconciliation of Future Minimum Lease Payments to Balance Sheet | The following table reconciles the future minimum lease payments (disclosed above) at March 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 $ 1,041 Lease liability—long term 120 Subtotal 1,161 Difference between undiscounted and discounted cash flows 39 Total future minimum lease payments (undiscounted) $ 1,200 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Variable Interests in Non-consolidated VIEs | The following table presents information about the Company’s variable interests in non-consolidated March 31, 2023 December 31, 2022 Carrying Amount—Assets (Securrency): Preferred stock—Series A Shares $ 3,588 $ 8,488 Preferred stock—Series B Shares 5,500 5,500 Convertible note 10,051 14,500 Subtotal—Securrency $ 19,139 $ 28,488 Carrying Amount—Assets (Fnality): Convertible note 7,451 6,921 Carrying Amount—Assets (Other investments): 312 312 Total (Note 7) $ 26,902 $ 35,721 Maximum exposure to loss $ 26,902 $ 35,721 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues from Contracts with Customers | The following table presents the Company’s total revenues from contracts with customers: Three Months Ended March 31, 2023 2022 Revenues from contracts with customers: Advisory fees $ 77,637 $ 76,517 Other 4,407 1,851 Total operating revenues $ 82,044 $ 78,368 |
Summary of Geographic Distribution of Revenue | The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Three Months Ended March 31, 2023 2022 Revenues from contracts with customers: United States $ 49,681 $ 46,229 Jersey 29,053 28,598 Ireland 3,310 3,541 Total operating revenues $ 82,044 $ 78,368 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Summary 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: March 31, 2023 December 31, 2022 Receivable from WTT $ 17,124 $ 16,399 Receivable from ManJer Issuers 12,790 4,485 Receivable from WMAI and WTICAV 2,532 3,255 Total $ 32,446 $ 24,139 |
Summary of Revenues from Advisory Services Provided to Related Parties | The following table summarizes revenues from advisory services provided to related parties: Three Months Ended March 31, 2023 2022 Advisory services provided to WTT $ 49,487 $ 46,070 Advisory services provided to ManJer Issuers 24,840 26,905 Advisory services provided to WMAI and WTICAV 3,310 3,542 Total $ 77,637 $ 76,517 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period | A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows: March 31, 2023 Unrecognized Stock- Compensation Weighted-Average Employees and directors $ 30,415 2.10 |
Summary of Restricted Stock Activity | A summary of stock-based compensation award activity (shares) during the three months ended March 31, 2023 is as follows: RSA RSU PRSU Balance at January 1, 2023 3,391,082 141,963 668,188 Granted 3,273,263 73,855 576,240 (1) Vested (1,498,171 ) (26,837 ) (83,158 ) (2) Forfeited (11,885 ) (233 ) (24,955 ) (2) Balance at March 31, 2023 5,154,289 188,748 1,136,315 (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. 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 (2) The payout on PRSUs vesting in January 2023 was 77%. The remainder of the awards were forfeited. |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | The following tables set forth reconciliations of the basic and diluted earnings/(loss) per share computations for the periods presented: Three Months Ended March 31, Basic Earnings/(Loss) per Share 2023 2022 Net income/(loss) $ 16,233 $ (10,261 ) Less: Income distributed to participating securities (498 ) (549 ) Less: Undistributed income allocable to participating securities (1,206 ) — Net income/(loss) available to common stockholders—Basic EPS $ 14,529 $ (10,810 ) Weighted average common shares (in thousands) 143,862 142,782 Basic earnings/(loss) per share $ 0.10 $ (0.08 ) Three Months Ended March 31, Diluted Earnings/(Loss) per Share 2023 2022 Net earnings/(loss) available to common stockholders $ 14,529 $ (10,810 ) Add back: Undistributed income allocable to participating securities 1,206 — Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive (1,202 ) — Net income/(loss) available to common stockholders—Diluted EPS $ 14,533 $ (10,810 ) Weighted Average Diluted Shares (in thousands) Weighted average common shares 143,862 142,782 Dilutive effect of common stock equivalents, excluding participating securities 569 — Weighted average diluted shares, excluding participating securities (in thousands) 144,431 142,782 Diluted earnings/(loss) per share $ 0.10 $ (0.08 ) |
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 three months ended March 31, 2023 and 2022, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above: Three Months Ended March 31, Reconciliation of Weighted Average Diluted Shares (in thousands) 2023 2022 Weighted average diluted shares as disclosed on the Consolidated Statements of Operations 159,887 142,782 (1) Less: Participating securities: Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) (14,750 ) — Potentially dilutive restricted stock awards (706 ) — Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above 144,431 142,782 (1) Excludes 15,521 participating securities and 31 potentially dilutive non-participating |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Deferred Tax Asset Recorded | Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at March 31, 2023 and December 31, 2022 is as follows: March 31, 2023 December 31, 2022 Deferred tax assets: Capital losses $ 17,740 $ 17,541 Unrealized losses 4,781 3,821 NOLs—Foreign 1,625 1,609 Accrued expenses 1,527 6,030 Goodwill and intangible assets 1,038 1,085 Stock-based compensation 865 1,526 Interest carryforwards 476 — Operating lease liabilities 260 313 Foreign currency translation adjustment 254 173 NOLs—U.S. 127 255 Outside basis differences 122 122 March 31, 2023 December 31, Other 355 341 Deferred tax assets 29,170 32,816 Deferred tax liabilities: Fixed assets and prepaid assets 150 278 Unremitted earnings—European subsidiaries 246 205 Right of use assets—operating leases 260 313 Deferred tax liabilities 656 796 Total deferred tax assets less deferred tax liabilities 28,514 32,020 Less: Valuation allowance (22,643) (21,484) Deferred tax assets, net $ 5,871 $ 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, 2023 $ 1,353 $ 957 $ 396 Decrease—Lapse of statute of limitations (1,353 ) (957 ) (396 ) Balance at March 31, 2023 $ — $ — $ — (1) The gross unrecognized tax benefits were accrued in British pounds. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary 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 — Balance at March 31, 2023 $ 85,856 |
Summary 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 March 31, 2023 Item Gross Asset Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 2,822 (101) 2,721 Balance at March 31, 2023 $ 604,069 $ (101) $ 603,968 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 |
Summary of Unamortized Finite-lived Intangible Assets | As of March 31, 2023, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows: Remained of 2023 $ 656 2024 940 2025 891 2026 234 2027 — 2028 and thereafter — Total expected amortization expense $ 2,721 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Internally-developed software | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cash and cash equivalents maturity period, maximum | 90 days | |
Short-term lease exception - Lease term | 12 months | 12 months |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cash equivalents | $ 336 | $ 930 |
Total cash and cash equivalents | 119,099 | 132,101 |
Two Financial Institutions [Member] | ||
Cash and cash equivalents | 118,306 | 131,104 |
European Business Segment [Member] | ||
Minimum level of regulatory net capital | $ 28,726 | $ 25,988 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liquid investments, original maturities | 90 days |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Categorization of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Deferred consideration (Note 10) | $ 179,831 | $ 200,290 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 336 | 930 |
Total | 148,018 | 148,590 |
Liabilities: | ||
Deferred consideration (Note 10) | 179,831 | 200,290 |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 4,901 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 4,937 | |
Fair Value, Measurements, Recurring [Member] | Fixed Income Investments [Member] | ||
Assets: | ||
Other assets fair value disclosure | 1,915 | |
Fair Value, Measurements, Recurring [Member] | Other Investment Companies [Member] | ||
Assets: | ||
Other assets fair value disclosure | 660 | |
Fair Value, Measurements, Recurring [Member] | Securrency Convertible Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 10,051 | 14,500 |
Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 33,728 | 23,772 |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 2,993 | 2,980 |
Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 81,046 | 96,837 |
Fair Value, Measurements, Recurring [Member] | Other assets—seed capital (WisdomTree blockchain-enabled funds) [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 1,765 | |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 885 | |
Fair Value, Measurements, Nonrecurring [Member] | Other Investments [Member] | ||
Assets: | ||
Investment owned, at fair value | 312 | |
Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Investment owned, at fair value | 3,588 | |
Fnality Convertible Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 7,451 | 6,921 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 336 | 930 |
Total | 70,247 | 50,972 |
Liabilities: | ||
Deferred consideration (Note 10) | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 4,901 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 4,937 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Investments [Member] | ||
Assets: | ||
Other assets fair value disclosure | 0 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment Companies [Member] | ||
Assets: | ||
Other assets fair value disclosure | 0 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Securrency Convertible Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 33,728 | 23,772 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 2,993 | 2,980 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 23,352 | 23,290 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other assets—seed capital (WisdomTree blockchain-enabled funds) [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | |
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Investments [Member] | ||
Assets: | ||
Investment owned, at fair value | 0 | |
Level 1 [Member] | Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Investment owned, at fair value | 0 | |
Level 1 [Member] | Fnality Convertible Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 60,269 | 76,197 |
Liabilities: | ||
Deferred consideration (Note 10) | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 0 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 0 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Investments [Member] | ||
Assets: | ||
Other assets fair value disclosure | 1,915 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment Companies [Member] | ||
Assets: | ||
Other assets fair value disclosure | 660 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Securrency Convertible Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 57,694 | 73,547 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other assets—seed capital (WisdomTree blockchain-enabled funds) [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 1,765 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 885 | |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Investments [Member] | ||
Assets: | ||
Investment owned, at fair value | 0 | |
Level 2 [Member] | Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Investment owned, at fair value | 0 | |
Level 2 [Member] | Fnality Convertible Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 17,502 | 21,421 |
Liabilities: | ||
Deferred consideration (Note 10) | 179,831 | 200,290 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 0 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Investments [Member] | ||
Assets: | ||
Other assets fair value disclosure | 0 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment Companies [Member] | ||
Assets: | ||
Other assets fair value disclosure | 0 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Securrency Convertible Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 10,051 | 14,500 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Other assets fair value disclosure | 0 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other assets—seed capital (WisdomTree blockchain-enabled funds) [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | |
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Investments [Member] | ||
Assets: | ||
Investment owned, at fair value | 312 | |
Level 3 [Member] | Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Investment owned, at fair value | 3,588 | |
Level 3 [Member] | Fnality Convertible Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | $ 7,451 | $ 6,921 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Reconciliation of Recurring Fair Value Measurements (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Deferred consideration (Note XX) | ||
Beginning balance | $ 21,421 | $ 0 |
Purchases | 0 | 6,863 |
Net unrealized (gains)/losses | (3,919) | (163) |
Ending balance | 17,502 | 6,700 |
Deferred Consideration Obligation [Member] | ||
Deferred consideration (Note XX) | ||
Beginning balance | 200,290 | 228,062 |
Net realized losses | 4,486 | 4,450 |
Net unrealized (gains)/losses | (20,592) | 17,018 |
Settlements | (4,353) | (4,353) |
Ending balance | $ 179,831 | $ 245,177 |
Financial instruments owned - D
Financial instruments owned - Debt Securities, Trading, and Equity Securities, FV-NI (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 130,180 | $ 126,239 |
WETF Trading Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 117,767 | 124,474 |
Other assets—seed capital (WisdomTree blockchain-enabled funds) [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 12,413 | $ 1,765 |
Financial instruments owned - A
Financial instruments owned - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financial Instruments Owned at Fair Value [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt and Equity Securities, Gain (Loss) | $ 4,722 | $ 4,316 |
Securities Held-to-Maturity - S
Securities Held-to-Maturity - Schedule of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 253 | $ 259 |
Pass-through GSEs [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 253 | $ 259 |
Securities Held-to-Maturity -_2
Securities Held-to-Maturity - Schedule of Unrealized Losses, Gains and Fair Value of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity cost or amortized cost | $ 253 | $ 259 |
Held-to-maturity gross unrealized losses | (17) | (20) |
Held-to-maturity gross unrealized gains | 0 | 0 |
Held-to-maturity fair value | $ 236 | $ 239 |
Securities Held-to-Maturity - A
Securities Held-to-Maturity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale and Maturity of Held-to-maturity Securities | $ 6 | $ 18 |
Securities Held-to-Maturity -_3
Securities Held-to-Maturity - Schedule of Maturity Profile of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity due within one year | $ 0 | $ 0 |
Held-to-maturity due one year through five years | 0 | 0 |
Held-to-maturity due five years through ten years | 26 | 27 |
Held-to-maturity due over ten years | 227 | 232 |
Held-to-maturity cost or amortized cost | $ 253 | $ 259 |
Investments - Details of Invest
Investments - Details of Investments Carried at Cost (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment [Line Items] | ||
Investments | $ 26,902 | $ 35,721 |
Other InvestmentsCarrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 26,902 | 35,721 |
Other Investments Cost [Member] | ||
Investment [Line Items] | ||
Investments | 35,725 | 35,725 |
Securrency Inc. - Series A Convertible Preferred Stock - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 3,588 | 8,488 |
Securrency Inc. - Series A Convertible Preferred Stock - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 8,112 | 8,112 |
Securrency Inc. - Series B Convertible Preferred Stock - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 5,500 | 5,500 |
Securrency Inc. - Series B Convertible Preferred Stock - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 5,500 | 5,500 |
Securrency Inc - Convertible Note - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 10,051 | 14,500 |
Securrency Inc - Convertible Note - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 15,000 | 15,000 |
Subtotal – Securrency, Inc. - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 19,139 | 28,488 |
Subtotal – Securrency, Inc. - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 28,612 | 28,612 |
Fnality International Limited Convertible Note Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 7,451 | 6,921 |
Fnality International Limited Convertible Note Cost [Member] | ||
Investment [Line Items] | ||
Investments | 6,863 | 6,863 |
Onramp Invest Inc Series A-4 Preferred Stock - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 312 | 312 |
Onramp Invest Inc - Series A-4 Preferred Stock - Cost [Member] | ||
Investment [Line Items] | ||
Investments | $ 250 | $ 250 |
Investments - Additional Inform
Investments - Additional Information (Detail) £ in Thousands, $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2031 | Dec. 31, 2029 | Mar. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | Mar. 31, 2021 shares | Dec. 31, 2019 shares | |
Investment [Line Items] | ||||||||
Cost of Investments | $ 26,902 | $ 35,721 | ||||||
Unrealized gain (loss) on investments | $ 1,954 | $ (5,142) | ||||||
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% | |||||||
Percentage of outstanding convertible note | 75 | |||||||
Subsequent Event [Member] | ||||||||
Investment [Line Items] | ||||||||
Percentage of voting approval required to redeem all of the outstanding series a shares | 60% | |||||||
Percentage of voting approval required to redeem all of the outstanding series B shares | 90% | |||||||
Securrency Inc [Member] | ||||||||
Investment [Line Items] | ||||||||
Cost of Investments | $ 13,612 | |||||||
Ownership interest percentage | 22% | 22% | ||||||
Original fully diluted ownership interest percentage | 17% | 17% | ||||||
Impairment Of Investments | $ 0 | |||||||
Securrency - Series A Preferred Stock [Member] | ||||||||
Investment [Line Items] | ||||||||
Number of shares purchased | shares | 5,178,488 | |||||||
Non-cumulative dividend | 6% | |||||||
Impairment Of Investments | $ 4,900 | |||||||
Securrency - Series B Convertible Preferred Stock [Member] | ||||||||
Investment [Line Items] | ||||||||
Number of shares purchased | shares | 2,004,665 | |||||||
Fnality International Limited Convertible Note | Accounting Standards Update 2016-01 [Member] | ||||||||
Investment [Line Items] | ||||||||
Fair value | $ 6,863 | £ 5,000 | ||||||
Fnality International Limited [Member] | ||||||||
Investment [Line Items] | ||||||||
Ownership interest percentage | 5% | 5% | ||||||
Percentage of discount on future equity financing for preferred stock | 20% | 20% | ||||||
Unrealized gain (loss) on investments | $ 530 | |||||||
Debt Instrument Maturity Date | Dec. 31, 2023 | |||||||
Securrency Convertible Note [Member] | ||||||||
Investment [Line Items] | ||||||||
Ownership interest percentage | 7% | 7% | ||||||
Percentage of discount on future equity financing for preferred stock | 25% | 25% | ||||||
Unrealized gain (loss) on investments | $ 4,449 | |||||||
Debt Instrument Maturity Date | Oct. 20, 2023 | |||||||
Securrency Convertible Note [Member] | Accounting Standards Update 2016-01 [Member] | ||||||||
Investment [Line Items] | ||||||||
Fair value | $ 15,000 |
Investments - Summary of Inputs
Investments - Summary of Inputs Used in PWERM Approach of Investment (Detail) - Fair Value, Inputs, Level 3 [Member] - yr | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Securrency Inc [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Conversion of Series A Shares upon a future equity financing | 33.30% | |
Redemption of Series A Shares upon a corporate transaction | 33.30% | |
Default | 33.40% | |
Securrency Convertible Note [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Default | 33.40% | 15% |
Conversion of note upon a future equity financing | 33.30% | 60% |
Redemption of note upon a corporate transaction | 33.30% | 25% |
Time to potential outcome (in years) | 0.56 | 0.33 |
Fnality Convertible Note [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Conversion of note upon a future financing round | 85% | 85% |
Redemption of note upon a change of control | 10% | 10% |
Default | 5% | 5% |
Time to potential outcome (in years) | 0.08 | 0.25 |
Fixed Assets, net - Schedule of
Fixed Assets, net - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (482) | $ (418) |
Total | 515 | 544 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 997 | $ 962 |
Deferred Consideration - Additi
Deferred Consideration - Additional Information (Detail) $ in Thousands | Mar. 31, 2023 USD ($) oz | Dec. 31, 2022 USD ($) |
Business Acquisition [Line Items] | ||
Deferred consideration | $ 179,831 | $ 200,290 |
Deferred consideration, current | 17,984 | 16,796 |
Deferred consideration, non-current | $ 161,847 | $ 183,494 |
April 1, 2018 through March 31, 2058 [Member] | ||
Business Acquisition [Line Items] | ||
Fixed payment ounces of gold | oz | 9,500 | |
April 1, 2058 and Thereafter [Member] | ||
Business Acquisition [Line Items] | ||
Fixed payment ounces of gold | oz | 6,333 |
Deferred Consideration - Summar
Deferred Consideration - Summary of valuation of deferred consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Discount rate | 13.30% | 11% |
Perpetual growth rate | 1.50% | 1.30% |
Minimum [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | $ 1,999 | $ 1,858 |
Maximum [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | 3,567 | 3,126 |
Weighted Average [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | $ 2,401 | $ 2,237 |
Deferred Consideration - Schedu
Deferred Consideration - Schedule of Deferred Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Contractual Gold Payments | $ 4,486 | $ 4,450 | |
Contractual Gold Payments – gold ounces paid | 2,375 | 2,375 | |
Gain/(loss) on revaluation of deferred consideration - gold payments | [1] | $ 20,592 | $ (17,018) |
[1]Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations. |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) | 3 Months Ended | |||||||
Feb. 14, 2023 USD ($) Day $ / shares shares | Jun. 14, 2021 USD ($) Day $ / shares shares | Aug. 13, 2020 USD ($) Day $ / shares | Jun. 16, 2020 USD ($) Day $ / shares shares | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) $ / shares | |
Convertible Senior Notes [Line Items] | ||||||||
Convertible senior notes face value | $ 340,000,000 | $ 325,000,000 | ||||||
Loss on extinguishment of debt (Note 11) | (9,721,000) | $ 0 | ||||||
Accounts Payable and Accrued Liabilities [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Interest payable | 3,243,000 | 621,000 | ||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Interest expense | 4,002,000 | $ 3,732,000 | ||||||
Convertible senior notes face value | $ 25,000,000 | $ 150,000,000 | 340,000,000 | |||||
Convertible senior notes stated rate of interest | 4.25% | 4.25% | ||||||
Covertible senior notes year of maturity | 2023 | 2023 | ||||||
Redemption provisions - Convertible notes, threshold consecutive trading days | Day | 30 | 30 | 30 | 30 | ||||
Minimum percentage of lenders required to have entire principal amount of convertible notes repurchased by the Company upon certain events of default | 25% | |||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Fair Value Of Convertible Notes | $ 331,766,000 | 320,513,000 | ||||||
Convertible Senior Notes [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Convertible debt instrument terms of interest payment | • Interest rate: Payable semiannually in arrears on February 15 and August 15 of each year for the 2023 Notes (beginning on August 15, 2023) and June 15 and December 15 of each year for the 2020 Notes and the 2021 Notes. | |||||||
Convertible debt instrument conversion price | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Convertible debt instrument terms of conversion | • Conversion: Holders may convert at their option at any time prior to the close of business on the business day immediately preceding May 15, 2028, March 15, 2026 and March 15, 2023 for the 2023 Notes, 2021 Notes and 2020 Notes, respectively, only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the respective Convertible Notes on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of the Company’s common stock and the conversion rate on each such trading day; (iii) upon a notice of redemption delivered by the Company in accordance with the terms of the indentures but only with respect to the Convertible Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events. On or after May 15, 2028, March 15, 2026 and March 15, 2023 in respect of the 2023 Notes, 2021 Notes and 2020 Notes, respectively, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances. | • Conversion: Holders may convert at their option at any time prior to the close of business on the business day immediately preceding May 15, 2028, March 15, 2026 and March 15, 2023 for the 2023 Notes, 2021 Notes and 2020 Notes, respectively, only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the respective Convertible Notes on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of the Company’s common stock and the conversion rate on each such trading day; (iii) upon a notice of redemption delivered by the Company in accordance with the terms of the indentures but only with respect to the Convertible Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events. On or after May 15, 2028, March 15, 2026 and March 15, 2023 in respect of the 2023 Notes, 2021 Notes and 2020 Notes, respectively, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances. | • Conversion: Holders may convert at their option at any time prior to the close of business on the business day immediately preceding May 15, 2028, March 15, 2026 and March 15, 2023 for the 2023 Notes, 2021 Notes and 2020 Notes, respectively, only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the respective Convertible Notes on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of the Company’s common stock and the conversion rate on each such trading day; (iii) upon a notice of redemption delivered by the Company in accordance with the terms of the indentures but only with respect to the Convertible Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events. On or after May 15, 2028, March 15, 2026 and March 15, 2023 in respect of the 2023 Notes, 2021 Notes and 2020 Notes, respectively, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances. | • Conversion: Holders may convert at their option at any time prior to the close of business on the business day immediately preceding May 15, 2028, March 15, 2026 and March 15, 2023 for the 2023 Notes, 2021 Notes and 2020 Notes, respectively, only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the respective Convertible Notes on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of the Company’s common stock and the conversion rate on each such trading day; (iii) upon a notice of redemption delivered by the Company in accordance with the terms of the indentures but only with respect to the Convertible Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events. On or after May 15, 2028, March 15, 2026 and March 15, 2023 in respect of the 2023 Notes, 2021 Notes and 2020 Notes, respectively, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances. | ||||
Redemption provisions - Convertible notes | • Redemption price: The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after August 20, 2025, June 20, 2023 and June 20, 2021 in respect of the 2023 Notes, 2021 Notes and 2020 Notes, respectively, and on or prior to the 55th scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price for the respective Convertible Notes then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes. | • Redemption price: The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after August 20, 2025, June 20, 2023 and June 20, 2021 in respect of the 2023 Notes, 2021 Notes and 2020 Notes, respectively, and on or prior to the 55th scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price for the respective Convertible Notes then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes. | • Redemption price: The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after August 20, 2025, June 20, 2023 and June 20, 2021 in respect of the 2023 Notes, 2021 Notes and 2020 Notes, respectively, and on or prior to the 55th scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price for the respective Convertible Notes then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes. | • Redemption price: The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after August 20, 2025, June 20, 2023 and June 20, 2021 in respect of the 2023 Notes, 2021 Notes and 2020 Notes, respectively, and on or prior to the 55th scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price for the respective Convertible Notes then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes. | ||||
Redemption provisions - Convertible notes, threshold trading days | Day | 20 | 20 | 20 | 20 | ||||
Redemption provisions - Convertible notes, threshold consecutive trading days | Day | 30 | 30 | 30 | 30 | ||||
Redemption provisions - Convertible notes redemption price as a percentage of principal amount accrued interest and unpaid interest | 100% | 100% | 100% | 100% | ||||
Maximum number of shares issuable upon conversion | shares | 59,767,426 | 59,767,426 | 59,767,426 | |||||
Number Of Threshold Trading Days For Determining The Share Price | 5 days | 5 days | 5 days | 5 days | ||||
Measurement period for determining share price | 10 days | 10 days | 10 days | 10 days | ||||
Share price as a percentage of last reported price and conversion rate | 98% | 98% | 98% | 98% | ||||
Convertible Senior Notes Due Two Thousand And Twenty Six [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Convertible senior notes face value | $ 130,000,000 | $ 150,000,000 | ||||||
Convertible senior notes stated rate of interest | 5.75% | 3.25% | ||||||
Covertible senior notes year of maturity | 2028 | 2026 | ||||||
Maximum Conversion Rate | 167.7853 | 144.9275 | 270.2702 | 270.2702 | ||||
Two Thousand And Twenty Notes [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Convertible senior notes face value | $ 115,000,000 | $ 60,000,000 | $ 175,000,000 | $ 60,000 | ||||
Convertible debt instrument conversion price | $ / shares | $ 5.92 | |||||||
Loss on extinguishment of debt (Note 11) | $ 9,721,000 |
Convertible Notes - Schedule of
Convertible Notes - Schedule of key terms of convertible notes (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2023 | Feb. 14, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 340,000,000 | $ 325,000,000 | ||||
Two Thousand And Twenty One Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | 150,000,000 | $ 150,000 | 150,000,000 | |||
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 | |||||
Two Thousand And Twenty Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | 60,000,000 | $ 60,000 | $ 115,000,000 | $ 175,000,000 | ||
Maturity date (unless earlier converted, repurchased or redeemed) | Jun. 15, 2023 | |||||
Interest rate | 4.25% | |||||
Conversion price | $ 5.92 | |||||
Conversion rate | 168.9189 | |||||
Redemption price | $ 7.7 | |||||
Two Thousand And Twenty Three Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 130,000,000 | $ 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 |
Convertible Notes - Summary of
Convertible Notes - Summary of the carrying value of the convertible notes (Detail) - USD ($) | May 31, 2023 | Mar. 31, 2023 | Feb. 14, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Principal amount | $ 340,000,000 | $ 325,000,000 | ||||
Plus: Premium | 250,000 | 250,000 | ||||
Gross proceeds | 340,250,000 | 325,250,000 | ||||
Less: Unamortized issuance costs | (6,599,000) | (4,034,000) | ||||
Carrying amount | $ 333,651,000 | $ 321,216,000 | ||||
Effective interest rate | 5% | 4.60% | ||||
Two Thousand And Twenty Three Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 130,000 | $ 130,000,000 | ||||
Plus: Premium | 0 | |||||
Gross proceeds | 130,000,000 | |||||
Less: Unamortized issuance costs | (3,465,000) | |||||
Carrying amount | $ 126,535,000 | |||||
Effective interest rate | 6.25% | |||||
Two Thousand And Twenty One Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 150,000,000 | $ 150,000,000 | $ 150,000 | |||
Plus: Premium | 0 | 0 | ||||
Gross proceeds | 150,000,000 | 150,000,000 | ||||
Less: Unamortized issuance costs | (2,768,000) | (2,981,000) | ||||
Carrying amount | $ 147,232,000 | $ 147,019,000 | ||||
Effective interest rate | 3.83% | 3.83% | ||||
Two Thousand And Twenty Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 60,000,000 | $ 115,000,000 | $ 175,000,000 | $ 60,000 | ||
Plus: Premium | 250,000 | 250,000 | ||||
Gross proceeds | 60,250,000 | 175,250,000 | ||||
Less: Unamortized issuance costs | (366,000) | (1,053,000) | ||||
Carrying amount | $ 59,884,000 | $ 174,197,000 | ||||
Effective interest rate | 5.18% | 5.26% |
Series A Preferred Stock - Addi
Series A Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 11, 2018 | Mar. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||
Fair value of preferred stock consideration | $ 132,750 | ||
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Other redemption rights unrelated to stockholder approval | 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 Series A 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 Series A Preferred Stock as it would have received had each outstanding 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. | ||
Preferred stock redemption value | $ 86,638 | $ 77,969 | |
Acquisition of ETFS Business [Member] | Preferred Stock [Member] | Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued in business acquisition | 14,750 | ||
Acquisition of ETFS Business [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock equivalents | 14,750,000 | ||
Series of Individually Immaterial Business Acquisitions [Member] | |||
Class of Stock [Line Items] | |||
Acquisition price per share | $ 9 |
Series A Preferred Stock - Summ
Series A Preferred Stock - Summary of Series A Preferred Stock Balance (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Preferred Units [Line Items] | ||
Preferred Stock—carrying value | $ 132,569 | $ 132,569 |
Series A Preferred Stock [Member] | ||
Preferred Units [Line Items] | ||
Issuance of Preferred Stock | 132,750 | 132,750 |
Less: Issuance costs | (181) | (181) |
Preferred Stock—carrying value | $ 132,569 | $ 132,569 |
Cash dividends declared per share (quarterly) | $ 0.03 | $ 0.03 |
Leases - Summary of additional
Leases - Summary of additional information regarding Company's Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease cost: | ||
Operating lease cost | $ 319 | $ 89 |
Short-term lease cost | 56 | 276 |
Total lease cost | 375 | 365 |
Other information: | ||
Cash paid for amounts included in the measurement of operating liabilities (operating leases) | $ 326 | $ 97 |
Weighted-average remaining lease term (in years)—operating leases | 1 year | 1 year 3 months 18 days |
Weighted-average discount rate—operating leases | 6.50% | 4.40% |
Leases - Summary of future mini
Leases - Summary of future minimum lease payments (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Lessee Disclosure [Abstract] | |
Remainder of 2023 | $ 803 |
2024 | 397 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Total future minimum lease payments (undiscounted) | $ 1,200 |
Leases - Summary of Reconciles
Leases - Summary of Reconciles future minimum lease payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amounts recognized in the Company's Consolidated Balance Sheets | ||
Lease liability—short term | $ 1,041 | $ 1,125 |
Lease liability—long term | 120 | $ 339 |
Subtotal | 1,161 | |
Difference between undiscounted and discounted cash flows | 39 | |
Total future minimum lease payments (undiscounted) | $ 1,200 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - Mar. 31, 2023 € in Thousands, $ in Thousands | EUR (€) | USD ($) |
Court Of Turin And Court Of Milan [Member] | ||
Loss contingency acrual | € 15,800 | $ 17,186 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Information about Variable Interests (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying Amount - Assets | ||
Total assets | $ 1,017,767 | $ 1,033,819 |
Other Investments [Member] | ||
Carrying Amount - Assets | ||
Preferred stock—Series A Shares | 312 | 312 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Carrying Amount - Assets | ||
Total assets | 19,139 | 28,488 |
Securrency Inc [Member] | ||
Carrying Amount - Assets | ||
Preferred stock—Series A Shares | 3,588 | 8,488 |
Preferred stock—Series B Shares | 5,500 | 5,500 |
Convertible note | 10,051 | 14,500 |
Fnality International Limited [Member] | ||
Carrying Amount - Assets | ||
Equity Method Investments | 7,451 | 6,921 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Carrying Amount - Assets | ||
Total assets | 26,902 | 35,721 |
Maximum exposure to loss | $ 26,902 | $ 35,721 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Additional Information (Detail) - Advisory Fees [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Revenue from Contracts with Customers [Line Items] | |
Contract assets | $ 0 |
Contract liabilities | 0 |
Costs incurred to obtain or fulfill contracts with customers | $ 0 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Summary of Revenues from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | ||
Total operating revenues | $ 82,044 | $ 78,368 |
Advisory Fees [Member] | ||
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | ||
Total operating revenues | 77,637 | 76,517 |
Other Income [Member] | ||
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | ||
Total operating revenues | $ 4,407 | $ 1,851 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Summary of Geographic Distribution of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 82,044 | $ 78,368 |
UNITED STATES | ||
Revenues | 49,681 | 46,229 |
JERSEY | ||
Revenues | 29,053 | 28,598 |
IRELAND | ||
Revenues | $ 3,310 | $ 3,541 |
Related Party Transactions - Su
Related Party Transactions - Summary of Accounts Receivable from Related Parties (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 32,446 | $ 24,139 |
WisdomTree Trust [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 17,124 | 16,399 |
Manjer Issuers [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 12,790 | 4,485 |
Wisdomtree Multi Asset Issuer plc And Wisdomtree issuer icav [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 2,532 | $ 3,255 |
Related Party Transactions - _2
Related Party Transactions - Summary of Revenues from Advisory Services Provided to Related Parties (Detail) - Advisory Services [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Revenues from advisory services | $ 77,637 | $ 76,517 |
WisdomTree Trust [Member] | ||
Related Party Transaction [Line Items] | ||
Revenues from advisory services | 49,487 | 46,070 |
Manjer Issuers [Member] | ||
Related Party Transaction [Line Items] | ||
Revenues from advisory services | 24,840 | 26,905 |
WisdomTree Multi Asset Issuer PLC And WisdomTree Issuer PLC [Member] | ||
Related Party Transaction [Line Items] | ||
Revenues from advisory services | $ 3,310 | $ 3,542 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Net gains (losses) related to certain WisdomTree ETFs | $ (422) | $ 806 | |
WisdomTree ETF [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | 45,214 | $ 25,283 | |
WisdomTree ETF [Member] | Affiliated Blockchain Enabled Funds [Member] | |||
Related Party Transaction [Line Items] | |||
Investments | $ 12,413 | $ 1,765 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jul. 15, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Payment Award | |||
Stock option issuance period | 10 years | ||
Option vested period | 1 year | ||
Shares of common stock authorized to issue under equity award plan | 16,000,000 | ||
Stock-based compensation expense | $ 4,536 | $ 2,936 | |
Below 25th Percentile [Member] | |||
Share-based Payment Award | |||
Shares granted and outstanding, Vesting percentage | 0% | ||
At 25th Percentile [Member] | |||
Share-based Payment Award | |||
Shares granted and outstanding, Vesting percentage | 50% | ||
At 50th Percentile [Member] | |||
Share-based Payment Award | |||
Shares granted and outstanding, Vesting percentage | 100% | ||
At 100th Percentile for grants made in 2019 and 2020 [Member] | |||
Share-based Payment Award | |||
Shares granted and outstanding, Vesting percentage | 200% | ||
At 85th Percentile for grants made in 2021 [Member] | |||
Share-based Payment Award | |||
Shares granted and outstanding, Vesting percentage | 200% | ||
Vesting Capped If TsrIs Negative [Member] | |||
Share-based Payment Award | |||
Vesting cap if TSR is negative | 100% | ||
Performance Based Restricted Stock Unit [Member] | Maximum [Member] | |||
Share-based Payment Award | |||
Shares granted and outstanding, Vesting percentage | 200% | ||
Performance Based Restricted Stock Unit [Member] | Minimum [Member] | |||
Share-based Payment Award | |||
Shares granted and outstanding, Vesting percentage | 0% |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period (Detail) - Employees and Directors [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $ 30,415 |
Weighted Average Remaining Vesting Period | 2 years 1 month 6 days |
Stock-Based Awards - Summary _2
Stock-Based Awards - Summary of Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2023 shares | |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Shares | 3,391,082 |
Granted, Shares | 3,273,263 |
Vested, Shares | (1,498,171) |
Forfeited, Shares | (11,885) |
Ending Balance, Shares | 5,154,289 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Shares | 141,963 |
Granted, Shares | 73,855 |
Vested, Shares | (26,837) |
Forfeited, Shares | (233) |
Ending Balance, Shares | 188,748 |
Performance Based Restricted Stock Unites (PRSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Shares | 668,188 |
Granted, Shares | 576,240 |
Vested, Shares | (83,158) |
Forfeited, Shares | (24,955) |
Ending Balance, Shares | 1,136,315 |
Stock-Based Awards - Summary _3
Stock-Based Awards - Summary of Restricted Stock Activity (Parenthetical) (Detail) - Performance Based Restricted Stock Unit [Member] | 1 Months Ended | 3 Months Ended |
Jan. 31, 2023 | Mar. 31, 2023 | |
PRSUs - Monte Carlo Inputs | ||
Historical stock price volatility (low) | 37% | |
Historical stock price volatility (high) | 56% | |
Historical stock price volatility (average) | 47% | |
Risk free interest rate | 3.80% | |
Percentage of vesting payout | 77% | |
Expected dividend yield | 0% | |
Maximum [Member] | ||
PRSUs - Monte Carlo Inputs | ||
Shares granted and outstanding, Vesting percentage | 200% | |
Minimum [Member] | ||
PRSUs - Monte Carlo Inputs | ||
Shares granted and outstanding, Vesting percentage | 0% |
Stockholder Rights Plan - Addit
Stockholder Rights Plan - Additional Information (Detail) - $ / shares | Mar. 17, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Stockholder Rights Plan [Line Items] | |||
Number of preferred stock purchase right issued for outstanding stock | 1,000 | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 | |
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 | |
Percentage of assets sold | 50% | ||
Stockholder Right Agreement [Member] | |||
Disclosure Of Stockholder Rights Plan [Line Items] | |||
Number of preferred stock purchase right issued for outstanding stock | 1,000,000 | ||
Number of shares issued per unit | 0.1 | ||
Exercise price per unit | $ 32 | ||
Percentage of beneficial equity interest acquired on rights issued | 10% | ||
Percentage of equity interest acquired with affiliates and joint ventures | 20% | ||
Percentage of common stock acquired | 20% | ||
Percentage of beneficial interest acquired on rights issued | 10% | ||
Stockholder Right Agreement [Member] | Series A Non Voting Convertible Preferred Stock [Member] | |||
Disclosure Of Stockholder Rights Plan [Line Items] | |||
Preferred stock, par or stated value per share | $ 0.01 | ||
Stockholder Right Agreement [Member] | Common Stock [Member] | |||
Disclosure Of Stockholder Rights Plan [Line Items] | |||
Common stock, par or stated value per share | $ 0.01 |
Earnings_(Loss) Per Share - Rec
Earnings/(Loss) Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income/(loss) | $ 16,233 | $ (10,261) |
Less: Income distributed to participating securities | (498) | (549) |
Less: Undistributed income allocable to participating securities | (1,206) | 0 |
Net income/(loss) available to common stockholders—Basic EPS | $ 14,529 | $ (10,810) |
Weighted average common shares (in thousands) | 143,862 | 142,782 |
Basic earnings/(loss) per share | $ 0.1 | $ (0.08) |
Net earnings/(loss) available to common stockholders | $ 14,529 | $ (10,810) |
Add back: Undistributed income allocable to participating securities | 1,206 | 0 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive | (1,202) | 0 |
Net income/(loss) available to common stockholders – Diluted EPS | $ 14,533 | $ (10,810) |
Weighted average common shares | 143,862 | 142,782 |
Dilutive effect of common stock equivalents, excluding participating securities | 569 | 0 |
Weighted average diluted shares | 144,431 | 142,782 |
Diluted earnings/(loss) per share | $ 0.1 | $ (0.08) |
Earnings_(Loss) Per Share - Add
Earnings/(Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Line Items] | ||
Anti-dilutive non-participating common stock equivalents excluded from the calculation of diluted earnings per share | 695,000 | 509,000 |
Earnings_(Loss) Per Share - Sch
Earnings/(Loss) Per Share - Schedule of Weighted Average Number of Shares (Detail) - shares shares in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Earnings Per Share [Abstract] | |||
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations | 159,887 | 142,782 | [1] |
Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock | (14,750) | 0 | |
Potentially dilutive restricted stock awards | (706) | 0 | |
Weighted average diluted shares | 144,431 | 142,782 | |
[1]Excludes 15,521 participating securities and 31 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2022, as the Company reported a net loss for the period (shares herein are reported in thousands). |
Earnings_(Loss) Per Share - S_2
Earnings/(Loss) Per Share - Schedule of Weighted Average Number of Shares (Parenthetical) (Detail) shares in Thousands | 3 Months Ended |
Mar. 31, 2022 shares | |
Earnings Per Share [Abstract] | |
Participating Securities | 15,521 |
Potentially Dilutive common stock equivalents | 31 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule Of Income Tax [Line Items] | |||
Tax effected NOLs - US | $ 127 | ||
NOL expiration date | 2024 | ||
Tax effected NOLs - International | $ 1,625 | ||
Federal statutory rate | 21% | 21% | |
Tax effected capital loss | $ 17,740 | $ 17,541 | |
Estimated effective rate | 7.90% | 62% | |
Income tax expense/(benefit) | $ 1,383 | $ (16,713) | |
Reduction in unrecognised tax benefits | 1,353 | ||
Deferred tax liabilities undistributed earnings of foreign subsidaries | $ 246 | $ 205 | |
Unrecognized Tax Benefits Including Interest And Penalties [Member] | |||
Schedule Of Income Tax [Line Items] | |||
Unrecognized tax benefits | $ 19,897 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Capital losses | $ 17,740 | $ 17,541 |
Unrealized losses | 4,781 | 3,821 |
NOLs—Foreign | 1,625 | 1,609 |
Accrued expenses | 1,527 | 6,030 |
Goodwill and intangible assets | 1,038 | 1,085 |
Stock-based compensation | 865 | 1,526 |
Interest carryforwards | 476 | 0 |
Operating lease liabilities | 260 | 313 |
Foreign currency translation adjustment | 254 | 173 |
NOLs—U.S. | 127 | 255 |
Outside basis difference | 122 | 122 |
Other | 355 | 341 |
Deferred tax assets | 29,170 | 32,816 |
Deferred tax liabilities: | ||
Fixed assets and prepaid assets | 150 | 278 |
Unremitted earnings—European subsidiaries | 246 | 205 |
Right of use assets—operating leases | 260 | 313 |
Deferred tax liabilities | 656 | 796 |
Total deferred tax assets less deferred tax liabilities | 28,514 | 32,020 |
Less: Valuation allowance | (22,643) | (21,484) |
Deferred tax assets, net | $ 5,871 | $ 10,536 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Balance of Gross Unrecognized Tax Benefits (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Income Tax Contingency [Line Items] | |
Beginning balance | $ 1,353 |
Decrease—Lapse of statute of limitations | (1,353) |
Ending balance | 0 |
Unrecognized Tax Benefits [Member] | |
Income Tax Contingency [Line Items] | |
Beginning balance | 957 |
Decrease—Lapse of statute of limitations | (957) |
Ending balance | 0 |
Interest And Penalties [Member] | |
Income Tax Contingency [Line Items] | |
Beginning balance | 396 |
Decrease—Lapse of statute of limitations | (396) |
Ending balance | $ 0 |
Shares Repurchased - Additional
Shares Repurchased - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 22, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | |||
Repurchased common stock, value | $ 3,384 | $ 3,394 | |
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Common stock purchase authorized amount | $ 100,000 | ||
Three-Year Share Repurchase Program [Member] | |||
Class of Stock [Line Items] | |||
Common stock purchase authorized amount | $ 85,709 | ||
Repurchased common stock, shares | 604,505 | 588,694 | |
Repurchased common stock, value | $ 3,384 | $ 3,394 | |
Dollar amount remaining available for future share repurchases | $ 96,591,597 | ||
Stock repurchase program, period in force | 3 years | ||
Share repurchase program, extended term date | Apr. 27, 2025 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill by Reporting Unit (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 85,856 |
Ending balance | 85,856 |
Reportable Subsegments [Member] | |
Goodwill [Line Items] | |
Beginning balance | 85,856 |
Changes | 0 |
Ending balance | $ 85,856 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Apr. 11, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 85,856 | $ 85,856 | |
Intangible asset related to its customary advisory agreement | 603,968 | 603,567 | |
Accumulated Amortization | $ 101 | $ 50 | |
Software Development [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Finite lived intangible assets useful lives | 3 years | ||
Accumulated Amortization | $ 51 | ||
Finite lived intangible assets remaining useful lives | 2 years 10 months 24 days | ||
Acquisition of ETFS Business [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 84,057 | ||
Intangible asset related to its customary advisory agreement | $ 601,247 | ||
Series of Individually Immaterial Business Acquisitions [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Acquisition completion date | Apr. 11, 2018 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Intangible Assets And Goodwill [Line Items] | ||
Gross Asset | $ 604,069 | $ 603,617 |
Accumulated Amortization | (101) | (50) |
Net Asset | 603,968 | 603,567 |
Software Development [Member] | ||
Intangible Assets And Goodwill [Line Items] | ||
Gross Asset | 2,822 | 2,370 |
Accumulated Amortization | (101) | (50) |
Net Asset | 2,721 | 2,320 |
ETFS acquisition {Member} | ||
Intangible Assets And Goodwill [Line Items] | ||
Gross Asset | 601,247 | 601,247 |
Accumulated Amortization | 0 | 0 |
Net Asset | $ 601,247 | $ 601,247 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Unamortized Finite-lived Intangible Assets (Detail) - Software Development [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Schedule Of Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
Remained of 2023 | $ 656 |
2024 | 940 |
2025 | 891 |
2026 | 234 |
2027 | 0 |
2028 and thereafter | 0 |
Total expected amortization expense | $ 2,721 |
Contingent Payments - Additiona
Contingent Payments - Additional Information (Detail) - WisdomTree Asset Management Canada, Inc [Member] $ in Thousands, $ in Thousands | 3 Months Ended | |||
Feb. 19, 2020 CAD ($) | Feb. 19, 2020 USD ($) | Mar. 31, 2023 USD ($) | Feb. 19, 2020 USD ($) | |
Proceeds from divestiture of businesses | $ 3,720 | $ 2,774 | ||
Recognized gain loss on sale of business | $ 1,477 | |||
Maximum [Member] | ||||
Additional consideration payable | 3,000 | $ 2,360 | ||
Minimum [Member] | ||||
Additional consideration payable | $ 2,000 | $ 1,477 |