Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 02, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Period End Date | Jun. 30, 2023 | |
Trading Symbol | WT | |
Document Fiscal Period Focus | Q2 | |
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 | 150,324,501 | |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents (Note 3) | $ 83,735 | $ 132,101 |
Financial instruments owned, at fair value (including $38,451 and $25,283 invested in WisdomTree products at June 30, 2023 and December 31, 2022, respectively) (Note 5) | 65,492 | 126,239 |
Accounts receivable (including $32,642 and $24,139 due from related parties at June 30, 2023 and December 31, 2022, respectively) | 34,208 | 30,549 |
Prepaid expenses | 8,161 | 4,684 |
Income taxes receivable | 894 | 0 |
Other current assets | 376 | 390 |
Total current assets | 192,866 | 293,963 |
Fixed assets, net | 487 | 544 |
Indemnification receivable (Note 20) | 0 | 1,353 |
Securities held-to-maturity | 245 | 259 |
Deferred tax assets, net (Note 20) | 7,626 | 10,536 |
Investments (Note 7) | 40,002 | 35,721 |
Right of use assets—operating leases (Note 12) | 849 | 1,449 |
Goodwill (Note 22) | 86,841 | 85,856 |
Intangible assets, net (Note 22) | 604,407 | 603,567 |
Other noncurrent assets | 454 | 571 |
Total assets | 933,777 | 1,033,819 |
Current liabilities: | ||
Fund management and administration payable | 30,635 | 36,521 |
Compensation and benefits payable | 17,800 | 24,121 |
Operating lease liabilities (Note 12) | 849 | 1,125 |
Convertible notes—current (Note 10) | 0 | 59,197 |
Deferred consideration—gold payments (Note 9) | 0 | 16,796 |
Income taxes payable | 0 | 1,599 |
Accounts payable and other liabilities | 18,997 | 9,075 |
Total current liabilities | 68,281 | 148,434 |
Convertible notes (Note 10) | 274,140 | 262,019 |
Deferred consideration—gold payments (Note 9) | 0 | 183,494 |
Operating lease liabilities (Note 12) | 0 | 339 |
Other noncurrent liabilities (Note 20) | 0 | 1,353 |
Total liabilities | 342,421 | 595,639 |
Preferred stock—Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding; redemption value of $103,480 and $77,969 at June 30, 2023 and December 31, 2022, respectively) (Note 11) | 132,569 | 132,569 |
Contingencies (Note 13) | ||
Stockholders' equity | ||
Preferred stock | 0 | 0 |
Common stock, par value $0.01; 400,000 shares authorized; issued and outstanding: 150,343 and 146,517 at June 30, 2023 and December 31, 2022, respectively | 1,503 | 1,465 |
Additional paid-in capital | 383,621 | 291,847 |
Accumulated other comprehensive loss | (693) | (1,420) |
Retained earnings | 74,356 | 13,719 |
Total stockholders' equity | 458,787 | 305,611 |
Total liabilities and stockholders' equity | 933,777 | 1,033,819 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 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 | 150,343,000 | 146,517,000 |
Common stock, shares outstanding | 150,343,000 | 146,517,000 |
Related Party [Member] | ||
Accounts receivable from related parties | $ 32,642 | $ 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 | $ 103,480 | $ 77,969 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 13,087 | 13,087 |
Preferred stock, shares issued | 13,087 | 13,087 |
Preferred stock shares outstanding | 13,087 | 13,087 |
WisdomTree ETF [Member] | ||
Securities owned, at fair value | $ 38,451 | $ 25,283 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Operating Revenues: | |||||
Total revenues | $ 85,724 | $ 77,253 | $ 167,768 | $ 155,621 | |
Operating Expenses: | |||||
Compensation and benefits | 26,319 | 24,565 | 53,717 | 49,352 | |
Fund management and administration | 17,727 | 16,076 | 34,880 | 31,570 | |
Marketing and advertising | 4,465 | 3,894 | 8,472 | 7,917 | |
Sales and business development | 3,326 | 3,131 | 6,320 | 5,740 | |
Contractual gold payments (Note 9) | 1,583 | 4,446 | 6,069 | 8,896 | |
Professional fees | 8,334 | 4,308 | 12,049 | 8,767 | |
Occupancy, communications and equipment | 1,172 | 1,049 | 2,273 | 1,802 | |
Depreciation and amortization | 121 | 53 | 230 | 100 | |
Third-party distribution fees | 1,881 | 1,818 | 4,134 | 4,030 | |
Other | 2,615 | 2,109 | 4,872 | 3,954 | |
Total operating expenses | 67,543 | 61,449 | 133,016 | 122,128 | |
Operating income | 18,181 | 15,804 | 34,752 | 33,493 | |
Other Income/(Expenses): | |||||
Interest expense | (4,021) | (3,733) | (8,023) | (7,465) | |
Gain/(loss) on revaluation/termination of deferred consideration—gold payments (Note 9) | 41,361 | 2,311 | 61,953 | (14,707) | |
Interest income | 1,000 | 770 | 2,083 | 1,564 | |
Impairments (Note 7) | 0 | 0 | (4,900) | 0 | |
Loss on extinguishment of convertible notes (Note 10) | 0 | 0 | (9,721) | 0 | |
Other gains and losses, net | 1,286 | (4,474) | (721) | (29,181) | |
Income/(loss) before income taxes | 57,807 | 10,678 | 75,423 | (16,296) | |
Income tax expense/(benefit) | 3,555 | 2,673 | 4,938 | (14,040) | |
Net income/(loss) | $ 54,252 | $ 8,005 | $ 70,485 | $ (2,256) | |
Earnings/(loss) per share—basic | $ 0.32 | $ 0.05 | $ 0.43 | $ (0.02) | |
Earnings/(loss) per share—diluted | $ 0.32 | $ 0.05 | $ 0.42 | $ (0.02) | |
Weighted-average common shares—basic | 144,351 | 143,046 | 144,108 | 142,915 | |
Weighted-average common shares—diluted | 170,672 | 158,976 | 165,468 | 142,915 | [1] |
Cash dividends declared per common share | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 | |
Advisory Fees [Member] | |||||
Operating Revenues: | |||||
Total revenues | $ 82,004 | $ 75,586 | $ 159,641 | $ 152,103 | |
Other Income [Member] | |||||
Operating Revenues: | |||||
Total revenues | $ 3,720 | $ 1,667 | $ 8,127 | $ 3,518 | |
[1]Excludes 15,486 participating securities and 356 potentially dilutive non-participating common stock equivalents for the six months ended June 30, 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income/(loss) | $ 54,252 | $ 8,005 | $ 70,485 | $ (2,256) |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustment, net of income taxes | 261 | (1,721) | 727 | (2,207) |
Other comprehensive income/(loss) | 261 | (1,721) | 727 | (2,207) |
Comprehensive income/(loss) | $ 54,513 | $ 6,284 | $ 71,212 | $ (4,463) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] Series C Preferred Stock [Member] | 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) [Member] |
Balance at Dec. 31, 2021 | $ 269,424 | $ 0 | $ 1,451 | $ 289,736 | $ 682 | $ (22,445) | |
Balance, shares at Dec. 31, 2021 | 0 | 145,107 | |||||
Restricted stock issued and vesting of restricted stock units, net | 0 | $ 0 | $ 20 | (20) | $ 0 | 0 | |
Restricted stock issued and vesting of restricted stock units net, shares | 0 | 1,993 | |||||
Shares repurchased | (3,394) | $ 0 | $ (6) | (3,388) | 0 | 0 | |
Shares repurchased, shares | 0 | (589) | |||||
Stock-based compensation | 5,368 | $ 0 | 5,368 | 0 | 0 | ||
Other comprehensive income/(loss) | (2,207) | 0 | 0 | (2,207) | 0 | ||
Dividends | (9,679) | 0 | (9,679) | 0 | 0 | ||
Net income | (2,256) | 0 | 0 | 0 | (2,256) | ||
Balance at Jun. 30, 2022 | 257,256 | $ 0 | $ 1,465 | 282,017 | (1,525) | (24,701) | |
Balance, shares at Jun. 30, 2022 | 0 | 146,511 | |||||
Balance at Mar. 31, 2022 | 253,377 | $ 0 | $ 1,466 | 284,421 | 196 | (32,706) | |
Balance, shares at Mar. 31, 2022 | 0 | 146,560 | |||||
Restricted stock issued and vesting of restricted stock units, net | 0 | $ 0 | $ (1) | 1 | 0 | 0 | |
Restricted stock issued and vesting of restricted stock units net, shares | 0 | (49) | |||||
Stock-based compensation | 2,432 | $ 0 | $ 0 | 2,432 | 0 | 0 | |
Other comprehensive income/(loss) | (1,721) | 0 | 0 | 0 | (1,721) | 0 | |
Dividends | (4,837) | 0 | 0 | (4,837) | 0 | 0 | |
Net income | 8,005 | 0 | 0 | 0 | 0 | 8,005 | |
Balance at Jun. 30, 2022 | 257,256 | $ 0 | $ 1,465 | 282,017 | (1,525) | (24,701) | |
Balance, shares at Jun. 30, 2022 | 0 | 146,511 | |||||
Balance at Dec. 31, 2022 | $ 305,611 | $ 0 | $ 1,465 | 291,847 | (1,420) | 13,719 | |
Balance, shares at Dec. 31, 2022 | 146,517,000 | 0 | 146,517 | ||||
Shares issued in connection with termination of the deferred consideration—gold payments obligation, net of issuance costs (Note 9) | $ 86,801 | $ 0 | $ 0 | 86,801 | 0 | 0 | |
Shares issued in connection with termination of the deferred consideration—gold payments obligation, net of issuance costs (Note 9), shares | 13 | 0 | |||||
Restricted stock issued and vesting of restricted stock units, net | 0 | $ 0 | $ 34 | (34) | 0 | 0 | |
Restricted stock issued and vesting of restricted stock units net, shares | 0 | 3,420 | |||||
Shares issued in connection with convertible notes that matured on June 15, 2023 (Note 10) | 45 | $ 0 | $ 10 | 35 | 0 | 0 | |
Shares issued in connection with convertible notes that matured on June 15, 2023 (Note 10), shares | 0 | 1,037 | |||||
Shares repurchased | (3,540) | $ 0 | $ (6) | (3,534) | 0 | 0 | |
Shares repurchased, shares | 0 | (631) | |||||
Stock-based compensation | 8,506 | $ 0 | 8,506 | 0 | 0 | ||
Other comprehensive income/(loss) | 727 | 0 | 0 | 727 | 0 | ||
Dividends | (9,848) | 0 | 0 | 0 | (9,848) | ||
Net income | 70,485 | 0 | 0 | 0 | 70,485 | ||
Balance at Jun. 30, 2023 | $ 458,787 | $ 0 | $ 1,503 | 383,621 | (693) | 74,356 | |
Balance, shares at Jun. 30, 2023 | 150,343,000 | 13 | 150,343 | ||||
Balance at Mar. 31, 2023 | $ 318,538 | $ 0 | $ 1,493 | 292,971 | (954) | 25,028 | |
Balance, shares at Mar. 31, 2023 | 0 | 149,291 | |||||
Shares issued in connection with termination of the deferred consideration—gold payments obligation, net of issuance costs (Note 9) | 86,801 | $ 0 | $ 0 | 86,801 | 0 | 0 | |
Shares issued in connection with termination of the deferred consideration—gold payments obligation, net of issuance costs (Note 9), shares | 13 | 0 | |||||
Restricted stock issued and vesting of restricted stock units, net | 0 | $ 0 | $ 0 | 0 | 0 | 0 | |
Restricted stock issued and vesting of restricted stock units net, shares | 0 | 41 | |||||
Shares issued in connection with convertible notes that matured on June 15, 2023 (Note 10) | 45 | $ 0 | $ 10 | 35 | 0 | 0 | |
Shares issued in connection with convertible notes that matured on June 15, 2023 (Note 10), shares | 0 | 1,037 | |||||
Shares repurchased | (156) | $ 0 | $ 0 | (156) | 0 | 0 | |
Shares repurchased, shares | 0 | (26) | |||||
Stock-based compensation | 3,970 | $ 0 | $ 0 | 3,970 | 0 | 0 | |
Other comprehensive income/(loss) | 261 | 0 | 0 | 0 | 261 | 0 | |
Dividends | (4,924) | 0 | 0 | 0 | 0 | (4,924) | |
Net income | 54,252 | 0 | 0 | 0 | 0 | 54,252 | |
Balance at Jun. 30, 2023 | $ 458,787 | $ 0 | $ 1,503 | $ 383,621 | $ (693) | $ 74,356 | |
Balance, shares at Jun. 30, 2023 | 150,343,000 | 13 | 150,343 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income/(loss) | $ 70,485 | $ (2,256) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
(Gain)/loss on revaluation/termination of deferred consideration—gold payments | (61,953) | 14,707 |
Advisory and license fees paid in gold, other precious metals and cryptocurrency | (25,692) | (31,511) |
Loss on extinguishment of convertible notes | 9,721 | 0 |
Stock-based compensation | 8,506 | 5,368 |
Contractual gold payments | 6,069 | 8,896 |
Impairments | 4,900 | 0 |
Deferred income taxes | 2,964 | 3,378 |
Amortization of issuance costs—convertible notes | 1,069 | 1,293 |
(Gains)/losses on financial instruments owned, at fair value | (947) | 9,322 |
Losses on investments | 819 | 0 |
Amortization of right of use asset | 640 | 332 |
Depreciation and amortization | 230 | 100 |
Other | 0 | 120 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,254) | (3,718) |
Prepaid expenses | (3,425) | (3,613) |
Gold and other precious metals | 18,441 | 23,743 |
Other assets | 347 | (241) |
Intangibles—software development | (946) | (724) |
Fund management and administration payable | 6,419 | 423 |
Compensation and benefits payable | (18,941) | (13,537) |
Income taxes payable | (2,523) | (5,235) |
Operating lease liabilities | (652) | (348) |
Accounts payable and other liabilities | 9,752 | 2,043 |
Net cash provided by operating activities | 20,029 | 8,542 |
Cash flows from investing activities: | ||
Purchase of financial instruments owned, at fair value | (40,532) | (32,488) |
Purchase of investments | (10,000) | (11,863) |
Acquisition of Securrency Transfers, Inc. (net of cash acquired) | (985) | 0 |
Purchase of fixed assets | (58) | (205) |
Proceeds from the sale of financial instruments owned, at fair value | 102,020 | 21,455 |
Receipt of contingent consideration – Sale of Canadian ETF business | 1,477 | 0 |
Proceeds from held-to-maturity securities maturing or called prior to maturity | 14 | 31 |
Net cash provided by/(used in) investing activities | 51,936 | (23,070) |
Cash flows from financing activities: | ||
Repurchase and maturity of convertible notes (Note 10) | (184,272) | 0 |
Termination of deferred consideration—gold payments | (50,005) | 0 |
Dividends paid | (9,647) | (9,679) |
Issuance costs—Convertible notes | (3,548) | 0 |
Shares repurchased | (3,540) | (3,394) |
Issuance costs—Series C Preferred Stock | (97) | 0 |
Proceeds from the issuance of convertible notes (Note 10) | 130,000 | 0 |
Net cash used in financing activities | (121,109) | (13,073) |
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 778 | (3,372) |
Net decrease in cash and cash equivalents | (48,366) | (30,973) |
Cash and cash equivalents—beginning of year | 132,101 | 140,709 |
Cash and cash equivalents—end of period | 83,735 | 109,736 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 5,900 | 7,724 |
Cash paid for interest | $ 4,514 | $ 6,156 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jun. 15, 2023 | May 10, 2023 |
Convertible Senior Notes [Member] | ||
Long-term debt, percentage Bearing fixed interest, percentage rate | 4.25% | |
Debt instrument, face amount | $ 60,000 | |
Common stock, shares issued | 1,037 | |
Series C Non-Voting Convertible Preferred Stock [Member] | ||
Preferred stock, value, issued | $ 86,898 | |
Preferred stock, shares issued | 13.087 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 54,252 | $ 8,005 | $ 70,485 | $ (2,256) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 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 and has recently launched 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. non-consolidated open-end • WisdomTree Digital Movement, Inc ™ • WisdomTree Securities, Inc • WisdomTree Transfers, Inc. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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). The Company’s obligation to continue making these payments terminated on May 10, 2023. Marketing and Advertising Marketing and advertising costs, including media advertising and production costs, are expensed when incurred. Depreciation and Amortization Depreciation and amortization is provided for using the straight-line 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 Third-Party Distribution Fees The Cash and Cash Equivalents The Accounts Receivable Accounts Impairment of Long-Lived Assets The Financial Instruments Owned and Financial Instruments Sold, but Not yet Purchased (at Fair Value) Financial available-for-sale Securities Held-to-Maturity The held-to-maturity held-to-maturity more-likely-than-not Held-to-maturity non-accrual held-to-maturity non-accrual The held-to-maturity Investments Investments The Investments – Equity Securities Investments Goodwill Goodwill re-evaluation, Goodwill Goodwill th Intangible Assets Indefinit e-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. Finit 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 Leases The Leases right-of-use right-of-use ASC non-lease Deferred Consideration—Gold Payments Deferred Convertible Notes Convertible Contingencies The Contingent Payments The 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-voting non-forfeitable two-class Diluted two-class non-voting non-voting non-voting non-voting if-converted Income Taxes The more-likely-than-not Tax two-step more-likely-than-not The Low-Taxed Non-income |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 3. Cash and Cash Equivalents Of Certain |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2023 and 2022, there were no transfers between Levels 2 and 3. June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 195 $ 195 $ — $ — Financial instruments owned, at fair value: ETFs 26,509 26,509 — — Pass-through GSEs 26,107 — 26,107 — Other assets—seed capital (WisdomTree Digital Funds): U.S. treasuries 4,794 4,794 — — Equities 5,514 5,514 — — Fixed income 1,908 — 1,908 — Other 660 — 660 — Investments in Convertible Notes (Note 7): Securrency, Inc.—convertible note 13,836 — — 13,836 Securrency, Inc.—secured convertible note 8,887 — — 8,887 Fnality International Limited—convertible note 7,879 — — 7,879 Total $ 96,289 $ 37,012 $ 28,675 $ 30,602 June 30, 2023 Total Level 1 Level 2 Level 3 Non-recurring Securrency, Inc.—Series A convertible preferred stock (1) $ 3,588 $ — $ — $ 3,588 (1) Fair value determined on March 31, 2023. 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 Digital Funds) 1,765 — 1,765 — Investments in Convertible Notes (Note 7) Securrency, Inc.—convertible note 14,500 — — 14,500 Fnality International Limited—convertible note 6,921 — — 6,921 Total $ 148,590 $ 50,972 $ 76,197 $ 21,421 Non-recurring Other investments (1) $ 312 $ — $ — $ 312 Liabilities: Recurring fair value measurements: Deferred consideration—gold payments (Note 9) $ 200,290 $ — $ — $ 200,290 (1) Fair value determined on May 10, 2022. Recurring Fair Value Measurements – Methodology Cash Equivalents (Note 3) Financial instruments owned (Note 5) Fair Value Measurements classified as Level 3 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Investments in Convertible Notes (Note 7) Beginning balance $ 17,502 $ 6,700 $ 21,421 $ — Purchases 10,000 5,000 10,000 11,863 Net unrealized gains/(losses) ( 1) 3,100 12 (819) (151) Ending balance $ 30,602 $ 11,712 $ 30,602 $ 11,712 Deferred Consideration (Note 9) Beginning balance $ 179,831 $ 245,177 $ 200,290 $ 228,062 Net realized losses (2) 1,583 4,446 6,069 8,896 Net unrealized (gains)/losses (3) (41,361) (2,311) (61,953) 14,707 Settlements (140,053) (4,545) (144,406) (8,898) Ending balance $ — $ 242,767 $ — $ 242,767 (1) Recorded in other gains and losses, net in the Consolidated Statements of Operations. (2) Recorded as contractual gold payments expense in the Consolidated Statements of Operations. (3) on |
Financial instruments owned
Financial instruments owned | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] | |
Financial instruments owned | 5. Financial instruments owned These instruments consist of the following: June 30, 2023 December 31, 2022 Financial instruments owned Trading securities $ 52,616 $ 124,474 Other assets—seed capital (WisdomTree Digital Funds) 12,876 1,765 $ 65,492 $ 126,239 The Company |
Securities Held-to-Maturity
Securities Held-to-Maturity | 6 Months Ended |
Jun. 30, 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: June 30, 2023 December 31, 2022 Debt instruments: Pass-through GSEs (amortized cost) $ 245 $ 259 During 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: June 30, 2023 December 31, Cost/amortized cost $ 245 $ 259 Gross unrealized losses (19) (20) Fair value $ 226 $ 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; June 30, 2023 December 31, Due within one year $ — $ — Due one year through five years — — Due five years through ten years 24 27 Due over ten years 221 232 Total $ 245 $ 259 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of Investments [Abstract] | |
Investments | 7. Investments The following table sets forth the Company’s investments: June 30, 2023 December 31, 2022 Carrying Cost Carrying 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.—secured convertible note 8,887 10,000 — — Securrency, Inc.—convertible note 13,836 15,000 14,500 15,000 Subtotal—Securrency, Inc. $ 31,811 $ 38,612 $ 28,488 $ 28,612 Fnality International Limited—convertible note 7,879 6,863 6,921 6,863 Other investments 312 250 312 250 $ 40,002 $ 45,725 $ 35,721 $ 35,725 Securrency, Inc. – Preferred Stock The B-1 non-cumulative B-1 The in-substance no 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, which resulted in the mark-down of the Securrency Series A Shares (classified as Level 3 in the fair value hierarchy). There was no mark-down applied to the Securrency Series B Shares, as they are a senior instrument. March 31, 2023 Conversion upon a future equity financing 33.3 % Redemption upon a corporate transaction 33.3 % Default 33.4 % Ther Securrency – Secured Convertible Note In June 2023, the Company provided funding in the amount of $10,000, and in consideration therefor, the Company was issued a non-regulated The The The 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). June 30, 2023 Conversion of note upon a future equity financing 50% Redemption of note upon a corporate transaction 30% Default 20% Time to potential outcome (in years) 0.31 Securrency – Convertible Notes In % Convertible Promissory Notes maturing on The The majority-in-interest The 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: June 30, 2023 December 31, 2022 Conversion of notes upon a future equity financing 50% 60% Redemption of notes upon a corporate transaction 30% 25% Default 20% 15% Time to potential outcome (in years) 0.31 0.33 Fnality International Limited – Convertible Note In peer-to-peer The % to the 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 The 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: June 30, 2023 December 31, 2022 Conversion of note upon a future financing 95% 85% Redemption of note upon a change of control 0% 10% Default 5% 5% Time to potential outcome (in years) 0.08 0.25 |
Fixed Assets, net
Fixed Assets, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets, net | 8. Fixed Assets, net The following table summarizes fixed assets: June 30, 2023 December 31, Equipment $ 1,037 $ 962 Less: accumulated depreciation (550) (418) Total $ 487 $ 544 |
Deferred Consideration - Gold P
Deferred Consideration - Gold Payments | 6 Months Ended |
Jun. 30, 2023 | |
Text Block [Abstract] | |
Deferred Consideration | 9. Deferred Consideration—Gold Payments Deferred leveraged-and-inverse ounces of gold per year continuing into perpetuity (“contractual gold payments”). ETFS Capital continued to pass through the payments to other parties to meet its payment obligations under prior royalty agreements, including to Gold Bullion Holdings (Jersey) Limited (“GBH”), a subsidiary of the World Gold Council (“WGC”), Graham Tuckwell (“GT”), and Rodber Investments Limited (“RIL”), an entity controlled by GT, who is also the Chairman of ETFS Capital. On Non-Voting par value per share, convertible into Th June 30, 2023 December 31, 2022 Forward-looking gold price (low)—per ounce n/a $ 1,858 Forward-looking gold price (high)—per ounce n/a $ 3,126 Forward-looking gold price (weighted average)—per n/a $ 2,237 Discount rate n/a 11.0% Perpetual growth rate n/a 1.3% During the three and six months ended June 30, 2023 and 2022, the Company recognized the following in respect of deferred consideration—gold payments: Three Months Ended Six Months Ended 2023 2022 2023 2022 Contractual gold payments $ 1,583 $ 4,446 $ 6,069 $ 8,896 Contractual gold payments—gold ounces paid 792 2,375 3167 4,750 Gain/(loss) on revaluation/termination of deferred $ 41,361 $ 2,311 $ 61,953 $ (14,707 ) |
Convertible Notes
Convertible Notes | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 10. Convertible Notes On On On In After Key terms of the Convertible Notes are as follows: 2023 Notes 2021 Notes Principal outstanding $130,000 $150,000 Maturity date (unless earlier converted, repurchased or redeemed) August 15, 2028 June 15, 2026 Interest rate 5.75% 3.25% Conversion price $9.54 $11.04 Conversion rate 104.8658 90.5797 Redemption price $12.40 $14.35 ● Interest rate: ● Conversion price: ● Conversion: five business day ten consecutive trading day ● Cash settlement of principal amount: ● Redemption price: th ● Limited investor put rights: ● Conversion rate increase in certain customary circumstances: ● Seniority and Security: Non-Voting The % in aggregate principal amount of the respective series of The June 30, 2023 December 31, 2022 2023 Notes 2021 Notes Total 2021 Notes 2020 Notes Total Principal amount $ 130,000 $ 150,000 $ 280,000 $ 150,000 $ 175,000 $ 325,000 Plus: Premium — — — — 250 250 Gross proceeds 130,000 150,000 280,000 150,000 175,250 325,250 Less: Unamortized issuance costs (3,306 ) (2,554 ) (5,860 ) (2,981 ) (1,053 ) (4,034 ) Carrying amount 126,694 $ 147,446 $ 274,140 $ 147,019 $ 174,197 $ 321,216 Effective interest rate (1) 6.25 % 3.83 % 4.96 % 3.83 % 5.26 % 4.60 % (1) Interest The if-converted |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2023 | |
Preferred Shares | 11. Preferred Stock Series A Non-Voting On April 10, 2018, the Company filed a Certificate of Designations of Series A Non-Voting as-converted As In leveraged-and-inverse Non-Voting The following is a summary of the Series A Preferred Stock balance: June 30, 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 30-trading 1,000 10 The Series C Non-Voting On Non-Voting as-converted As Eac Pursuant 13d-5 In Non-Voting GBH |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Lessee Disclosure [Abstract] | |
Leases | 12. Leases The The following table provides additional information regarding the Company’s leases: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease cost: Operating lease cost $ 321 $ 243 $ 640 $ 332 Short-term lease cost 65 251 121 527 Total lease cost $ 386 $ 494 $ 761 $ 859 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 326 $ 251 $ 652 $ 348 Right-of-use n/a n/a n/a n/a Weighted-average remaining lease term (in years)—operating leases 0.8 1.8 0.8 1.8 Weighted-average discount rate—operating leases 6.6 % 6.3 % 6.6 % 6.3 % None of the Comp a The following table discloses future minimum lease payments at June 30, 2023 with respect to the Company’s operating lease liabilities: Remainder of 2023 $ 476 2024 397 2025 and thereafter — Total future minimum lease payments (undiscounted) $ 873 The following table reconciles the future minimum lease payments (disclosed above) at June 30, 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 $ 849 Difference between undiscounted and discounted cash flows 24 Total future minimum lease payments (undiscounted) $ 873 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 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. In July 2023, the Court of Milan ruled in favor of WMAI and WTUK in respect of one of these claims. Total damages sought by all investors related to these claims are approximately €15,200 ($16,560) at June 30, 2023. Additionally, in July 2023, WT Ireland received a letter from counsel on behalf of additional investors seeking damages of up to approximately € 8,400 ($9,150) resulting from the closure of 3OIL. The claim is in its preliminary stages and a writ of summons has not been served. The Company is currently assessing these claims with its external counsel. The Company expects that losses, if any, arising from these claims will be covered under its insurance policies, less a $ 500 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 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 June 30, 2023 December 31, 2022 Carrying Amount—Assets (Securrency): Preferred stock—Securrency Series A Shares $ 3,588 $ 8,488 Preferred stock—Securrency Series B Shares 5,500 5,500 Secured convertible note 8,887 — Convertible note 13,836 14,500 Subtotal—Securrency $ 31,811 $ 28,488 Carrying Amount—Assets (Fnality): Convertible note 7,879 6,921 Carrying Amount—Assets (Other investments): 312 312 Total (Note 7) $ 40,002 $ 35,721 Maximum exposure to loss $ 40,002 $ 35,721 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues from contracts with customers: Advisory fees $ 82,004 $ 75,586 $ 159,641 $ 152,103 Other 3,720 1,667 8,127 3,518 Total operating revenues $ 85,724 $ 77,253 $ 167,768 $ 155,621 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 Other income includes revenues the Company earns from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are either based on a percentage of the ETPs’ average daily net assets or flows associated with certain products. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. Geographic Distribution of Revenues The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues from contracts with customers: United States $ 52,808 $ 45,807 $ 102,489 $ 92,036 Jersey 29,158 27,811 58,211 56,409 Ireland 3,758 3,635 7,068 7,176 Total operating revenues $ 85,724 $ 77,253 $ 167,768 $ 155,621 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions Investment Advisory Agreements The Company’s revenues are derived primarily from investment advisory agreements with related parties. Under these agreements, the Company has licensed to related parties the use of certain of its own indexes for the U.S. WisdomTree ETFs, Digital Funds 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: June 30, 2023 December 31, 2022 Receivable from WTT $ 17,821 $ 16,399 Receivable from ManJer Issuers 12,204 4,485 Receivable from WMAI and WTICAV 2,617 3,255 Total $ 32,642 $ 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Advisory services provided to WTT $ 52,452 $ 45,670 $ 101,939 $ 91,740 Advisory services provided to ManJer 25,794 26,282 50,634 53,187 Advisory services provided to WMAI 3,758 3,634 7,068 7,176 Total $ 82,004 $ 75,586 $ 159,641 $ 152,103 Investments in WisdomTree Products The Deferred Consideration—Gold Payments – Termination O |
Stock-Based Awards
Stock-Based Awards | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | 17. Stock-Based Awards On 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 25 th ● If the relative TSR is above the 25 th th th ● 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 was $ and $ , respectively during the three and six months ended June 30, 2023 and $ and $ , respectively, during the comparable periods in 2022. A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows: June 30, 2023 Unrecognized Stock- Based Compensation Weighted-Average Remaining Vesting Period Employees and directors $ 27,110 1.87 A summary of stock-based compensation award activity (shares) during the three months ended June 30, 2023 is as follows: RSA RSU PRSU Balance at April 1, 2023 5,154,289 188,748 1,136,315 Granted 78,410 78,410 — Vested (76,434 ) (19,762 ) — Forfeited (57,137 ) (19,762 ) — Balance at June 30, 2023 5,099,128 227,634 1,136,315 |
Stockholder Rights Plan
Stockholder Rights Plan | 6 Months Ended |
Jun. 30, 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, as amended by Amendment No. 1 thereto, dated May 4, 2023 (“Amendment No. 1”), and by Amendment No. 2 thereto, dated May 10, 2023 (“Amendment No. 2”) (as amended, the “Stockholder Rights Agreement”). At the Company’s 2023 Annual Meeting of Stockholders held on June 16, 2023, the Company’s stockholders ratified the adoption by the Board of Directors of the Stockholder Rights Agreement. Pursuant to one ten-thousandth Initially, t 13d-1(b) 13d-1(c) For purposes with respect to voting on the proposal to approve and ratify the Stockholder Rights Agreement presented to the Company’s stockholders at the Company’s 2023 annual meeting of stockholders. Pursuant to Amendment No. 2, the parties to the SPA Agreement are not deemed to be “Acquiring Persons” solely by virtue of, or as a result of, the parties’ entry into the SPA Agreement, the issuance of the Series C Preferred Stock to GBH, and the performance or consummation of any of the other transactions contemplated by the SPA Agreement, among other conditions, under the terms and conditions set forth in Amendment No. 2. In the even The Rig The Stockholder Rights Agreement may be amended by the Board of Directors in its sole discretion at any time prior to the time at which any person becomes an Acquiring Person. After such time the Board of Directors may, subject to certain limitations set forth in the Stockholder Rights Agreement, amend the Stockholder Rights Agreement only to cure any ambiguity, defect or inconsistency, to shorten or lengthen any time period, or to make changes that do not adversely affect the interests of Rights holders (excluding the interests of an Acquiring Person or its associates or affiliates). Until a Right is exercised, the holder will have no rights as a stockholder of the Company (beyond those as an existing stockholder), including the right to vote or to receive dividends. While the distribution of the Rights will not be taxable to stockholders or to the Company, stockholders may, depending upon the circumstances, recognize taxable income in the event that the Rights become exercisable for shares of common stock, other securities of the Company, other consideration or for common stock of an acquiring company. The Rights are not exercisable until the Distribution Date and will expire at the close of business on March 16, 2024, unless previously redeemed or exchanged by the Company. The Stockholder Rights Agreement provides the holders of the common stock with the ability to exempt an offer to acquire, or engage in another business combination transaction involving, the Company that is deemed a “Qualifying Offer” (as defined in the Stockholder Rights Agreement) from the terms of the Stockholder Rights Agreement. A Qualifying Offer is, in summary, an offer determined by a majority of the independent members of the Board to have specific characteristics that are generally intended to preclude offers that are coercive, abusive or highly contingent. Among those characteristics are that it be: (i) a fully financed all-cash Pursuant to the Stockholder Rights Agreement, if the Company receives a Qualifying Offer and the Board of Directors has not redeemed the outstanding Rights or exempted such Qualifying Offer from the terms of the Stockholder Rights Agreement or called a special meeting of stockholders (the “Special Meeting”) for the purpose of voting on whether to exempt such Qualifying Offer from the terms of the Stockholder Rights Agreement, in each case by the end of the 90 business day period following the commencement of such Qualifying Offer, provided such offer remains a Qualifying Offer during such period, the holders of 10% of the common stock may request that the Board call a Special Meeting to vote on a resolution authorizing the exemption of the Qualifying Offer from the terms of the Stockholder Rights Agreement. If such a Special Meeting is not held by the 90 th th |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, Basic Earnings per Share 2023 2022 2023 2022 Net income/(loss) $ 54,252 $ 8,005 $ 70,485 $ (2,256 ) Less: Income distributed to participating securities (496 ) (548 ) (994 ) (1,097 ) Less: Undistributed income allocable to participating securities (7,046 ) (358 ) (7,583 ) — Net income/(loss) available to common stockholders—Basic EPS $ 46,710 $ 7,099 $ 61,908 $ (3,353 ) Weighted average common shares (in thousands) 144,351 143,046 144,108 142,915 Basic earnings/(loss) per share $ 0.32 $ 0.05 $ 0.43 $ (0.02 ) Three Months Ended June 30, Six Months Ended June 30, Diluted Earnings per Share 2023 2022 2023 2022 Net income/(loss) available to common stockholders $ 46,710 $ 7,099 $ 61,908 $ (3,353 ) Add back: Undistributed income allocable to participating securities 7,046 358 7,583 — Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive (6,904 ) (357 ) (7,490 ) — Net income/(loss) available to common stockholders—Diluted EPS $ 46,852 $ 7,100 $ 62,001 $ (3,353 ) Weighted Average Diluted Shares (in thousands): Weighted average common shares 144,351 143,046 144,108 142,915 Dilutive effect of common stock equivalents, excluding participating securities 3,464 379 2,047 — Weighted average diluted shares, excluding participating securities (in thousands) 147,815 143,425 146,155 142,915 Diluted earnings/(loss) per share $ 0.32 $ 0.05 $ 0.42 $ (0.02 ) Dilut ed earnings/(loss) per share presented above is calculated using the two-class method as this method results in the lowest diluted earnings per share amount for common stock. During the six months ended June 30, 2022, there were no dilutive common stock equivalents as the Company reported a net loss for the period. Total antidilutive non-participating common stock equivalents were and , respectively, during the three and six months ended June 30, 2023, and and , respectively, during the comparable periods in 2022 (shares herein are reported in thousands). There The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 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 June 30, Six Months Ended June 30, Reconciliation of Weighted Average Diluted Shares (in thousands) 2023 2022 2023 2022 Weighted average diluted shares as disclosed on the Consolidated Statements of Operations 170,672 158,976 165,468 142,915 (1) Less: Participating securities Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) (14,750 ) (14,750 ) (14,750 ) — Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 11) (7,478 ) — (3,760 ) — Potentially dilutive restricted stock awards (629 ) (801 ) (803 ) — Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above 147,815 143,425 146,155 142,915 (1) non-participating |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 20. Income Taxes Effective Income Tax Rate – Three and Six Months Ended June 30, 2 023 T non-taxable non-deductible The Comp non-taxable non-deductible non-deductible Effective Income Tax Rate – Three and Six Months Ended June 30, 2022 Th non-deductible non-taxable The Compan non-taxable Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at June 30, 2023 and December 31, 2022 is as follows: June 30, 2023 December 31, Deferred tax assets: Capital losses $ 19,061 $ 17,541 Unrealized losses 3,054 3,821 Accrued expenses 2,669 6,030 NOLs—Foreign 1,583 1,609 Stock-based compensation 1,289 1,526 Interest carryforwards 1,209 — Goodwill and intangible assets 990 1,085 Operating lease liabilities 206 313 Foreign currency translation adjustment 184 173 NOLs—U.S. 127 255 Outside basis differences 122 122 Other 362 341 Deferred tax assets 30,856 32,816 June 30, 2023 December 31, Deferred tax liabilities: Fixed assets and prepaid assets 577 278 Unremitted earnings—European subsidiaries 210 205 Right of use assets—operating leases 206 313 Deferred tax liabilities 993 796 Total deferred tax assets less deferred tax liabilities 29,863 32,020 Less: Valuation allowance (22,237) (21,484) Deferred tax assets, net $ 7,626 $ 10,536 Capital Losses – U.S. The Company’s tax effected capital losses at June 30, 2023 were $ . 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 $ at June 30, 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 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 June 30, 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 7 40-30 |
Shares Repurchased
Shares Repurchased | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Shares Repurchased | 21. Shares Repurchased On Febru The C As of |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 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 985 (1) Balance at June 30, 2023 $ 86,841 (1) The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, and resulted in all consideration being allocated to goodwill. 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 June 30, 2023 Item Gross Asset Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 3,316 (156) 3,160 Balance at June 30, 2023 $ 604,563 $ (156) $ 604,407 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 , the Company identified intangible assets valued at $ 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 . During the three and six months ended June 30, 2023, the Company recognized amortization expense on internally-developed software of $ and $ , respectively. As of June 30, 2023, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows: Remainder of 2023 $ 544 2024 1,087 2025 1,056 2026 454 2027 19 2028 and thereafter — Total expected amortization expense $ 3,160 Th |
Contingent Payments
Contingent Payments | 6 Months Ended |
Jun. 30, 2023 | |
Contingent Payments [Abstract] | |
Contingent Payments | 23. Contingent Payments Sale of Canadian ETF Business O 18-month 36-month A g |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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). The Company’s obligation to continue making these payments terminated on May 10, 2023. |
Marketing and Advertising | Marketing and Advertising Marketing and advertising costs, including media advertising and production costs, are expensed when incurred. |
Depreciation and Amortization | Depreciation and Amortization Depreciation and amortization is provided for using the straight-line 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 |
Third-Party Distribution Fees | Third-Party Distribution Fees The |
Cash and Cash Equivalents | Cash and Cash Equivalents The |
Accounts Receivable | Accounts Receivable Accounts |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The |
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 available-for-sale |
Securities Held-to-Maturity | Securities Held-to-Maturity The held-to-maturity held-to-maturity more-likely-than-not Held-to-maturity non-accrual held-to-maturity non-accrual The held-to-maturity Investments |
Investments | Investments The Investments – Equity Securities Investments |
Goodwill | Goodwill Goodwill re-evaluation, Goodwill Goodwill th |
Intangible Assets | Intangible Assets Indefinit e-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. Finit 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 |
Leases | Leases The Leases right-of-use right-of-use ASC non-lease |
Deferred Consideration—Gold Payments | Deferred Consideration—Gold Payments Deferred |
Convertible Notes | Convertible Notes Convertible |
Contingencies | Contingencies The |
Contingent Payments | Contingent Payments The |
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-voting non-forfeitable two-class Diluted two-class non-voting non-voting non-voting non-voting if-converted |
Income Taxes | Income Taxes The more-likely-than-not Tax two-step more-likely-than-not The Low-Taxed Non-income |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2023 and 2022, there were no transfers between Levels 2 and 3. June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 195 $ 195 $ — $ — Financial instruments owned, at fair value: ETFs 26,509 26,509 — — Pass-through GSEs 26,107 — 26,107 — Other assets—seed capital (WisdomTree Digital Funds): U.S. treasuries 4,794 4,794 — — Equities 5,514 5,514 — — Fixed income 1,908 — 1,908 — Other 660 — 660 — Investments in Convertible Notes (Note 7): Securrency, Inc.—convertible note 13,836 — — 13,836 Securrency, Inc.—secured convertible note 8,887 — — 8,887 Fnality International Limited—convertible note 7,879 — — 7,879 Total $ 96,289 $ 37,012 $ 28,675 $ 30,602 June 30, 2023 Total Level 1 Level 2 Level 3 Non-recurring Securrency, Inc.—Series A convertible preferred stock (1) $ 3,588 $ — $ — $ 3,588 (1) Fair value determined on March 31, 2023. 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 Digital Funds) 1,765 — 1,765 — Investments in Convertible Notes (Note 7) Securrency, Inc.—convertible note 14,500 — — 14,500 Fnality International Limited—convertible note 6,921 — — 6,921 Total $ 148,590 $ 50,972 $ 76,197 $ 21,421 Non-recurring Other investments (1) $ 312 $ — $ — $ 312 Liabilities: Recurring fair value measurements: Deferred consideration—gold payments (Note 9) $ 200,290 $ — $ — $ 200,290 (1) Fair value determined on May 10, 2022. |
Summary of Reconciliation of Recurring Fair Value Measurements | Fair Value Measurements classified as Level 3 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Investments in Convertible Notes (Note 7) Beginning balance $ 17,502 $ 6,700 $ 21,421 $ — Purchases 10,000 5,000 10,000 11,863 Net unrealized gains/(losses) ( 1) 3,100 12 (819) (151) Ending balance $ 30,602 $ 11,712 $ 30,602 $ 11,712 Deferred Consideration (Note 9) Beginning balance $ 179,831 $ 245,177 $ 200,290 $ 228,062 Net realized losses (2) 1,583 4,446 6,069 8,896 Net unrealized (gains)/losses (3) (41,361) (2,311) (61,953) 14,707 Settlements (140,053) (4,545) (144,406) (8,898) Ending balance $ — $ 242,767 $ — $ 242,767 (1) Recorded in other gains and losses, net in the Consolidated Statements of Operations. (2) Recorded as contractual gold payments expense in the Consolidated Statements of Operations. (3) on |
Financial instruments owned (Ta
Financial instruments owned (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2023 December 31, 2022 Financial instruments owned Trading securities $ 52,616 $ 124,474 Other assets—seed capital (WisdomTree Digital Funds) 12,876 1,765 $ 65,492 $ 126,239 |
Securities Held-to-Maturity (Ta
Securities Held-to-Maturity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text Block [Abstract] | |
Schedule of Securities Held-to-Maturity | The following table is a summary of the Company’s securities held-to-maturity: June 30, 2023 December 31, 2022 Debt instruments: Pass-through GSEs (amortized cost) $ 245 $ 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: June 30, 2023 December 31, Cost/amortized cost $ 245 $ 259 Gross unrealized losses (19) (20) Fair value $ 226 $ 239 |
Schedule of Maturity Profile of Securities Held-to-Maturity | The following table sets forth the maturity profile of the securities held-to-maturity; June 30, 2023 December 31, Due within one year $ — $ — Due one year through five years — — Due five years through ten years 24 27 Due over ten years 221 232 Total $ 245 $ 259 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment [Line Items] | |
Investments | The following table sets forth the Company’s investments: June 30, 2023 December 31, 2022 Carrying Cost Carrying 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.—secured convertible note 8,887 10,000 — — Securrency, Inc.—convertible note 13,836 15,000 14,500 15,000 Subtotal—Securrency, Inc. $ 31,811 $ 38,612 $ 28,488 $ 28,612 Fnality International Limited—convertible note 7,879 6,863 6,921 6,863 Other investments 312 250 312 250 $ 40,002 $ 45,725 $ 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, which resulted in the mark-down of the Securrency Series A Shares (classified as Level 3 in the fair value hierarchy). There was no mark-down applied to the Securrency Series B Shares, as they are a senior instrument. March 31, 2023 Conversion upon a future equity financing 33.3 % Redemption upon a corporate transaction 33.3 % Default 33.4 % |
Securrency Convertible Secured 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). June 30, 2023 Conversion of note upon a future equity financing 50% Redemption of note upon a corporate transaction 30% Default 20% Time to potential outcome (in years) 0.31 |
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: June 30, 2023 December 31, 2022 Conversion of notes upon a future equity financing 50% 60% Redemption of notes upon a corporate transaction 30% 25% Default 20% 15% Time to potential outcome (in years) 0.31 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: June 30, 2023 December 31, 2022 Conversion of note upon a future financing 95% 85% Redemption of note upon a change of control 0% 10% Default 5% 5% Time to potential outcome (in years) 0.08 0.25 |
Fixed Assets, net (Tables)
Fixed Assets, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | The following table summarizes fixed assets: June 30, 2023 December 31, Equipment $ 1,037 $ 962 Less: accumulated depreciation (550) (418) Total $ 487 $ 544 |
Deferred Consideration - Gold_2
Deferred Consideration - Gold Payments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text Block [Abstract] | |
Summary of valuation of deferred consideration | Th June 30, 2023 December 31, 2022 Forward-looking gold price (low)—per ounce n/a $ 1,858 Forward-looking gold price (high)—per ounce n/a $ 3,126 Forward-looking gold price (weighted average)—per n/a $ 2,237 Discount rate n/a 11.0% Perpetual growth rate n/a 1.3% |
Schedule of Deferred Consideration | During the three and six months ended June 30, 2023 and 2022, the Company recognized the following in respect of deferred consideration—gold payments: Three Months Ended Six Months Ended 2023 2022 2023 2022 Contractual gold payments $ 1,583 $ 4,446 $ 6,069 $ 8,896 Contractual gold payments—gold ounces paid 792 2,375 3167 4,750 Gain/(loss) on revaluation/termination of deferred $ 41,361 $ 2,311 $ 61,953 $ (14,707 ) |
Convertible Notes (Tables)
Convertible Notes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of key terms of convertible notes | Key terms of the Convertible Notes are as follows: 2023 Notes 2021 Notes Principal outstanding $130,000 $150,000 Maturity date (unless earlier converted, repurchased or redeemed) August 15, 2028 June 15, 2026 Interest rate 5.75% 3.25% Conversion price $9.54 $11.04 Conversion rate 104.8658 90.5797 Redemption price $12.40 $14.35 |
Summary of the convertible notes | The June 30, 2023 December 31, 2022 2023 Notes 2021 Notes Total 2021 Notes 2020 Notes Total Principal amount $ 130,000 $ 150,000 $ 280,000 $ 150,000 $ 175,000 $ 325,000 Plus: Premium — — — — 250 250 Gross proceeds 130,000 150,000 280,000 150,000 175,250 325,250 Less: Unamortized issuance costs (3,306 ) (2,554 ) (5,860 ) (2,981 ) (1,053 ) (4,034 ) Carrying amount 126,694 $ 147,446 $ 274,140 $ 147,019 $ 174,197 $ 321,216 Effective interest rate (1) 6.25 % 3.83 % 4.96 % 3.83 % 5.26 % 4.60 % (1) |
Preferred Stock (Tables)
Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Series A Preferred Stock Balance | The following is a summary of the Series A Preferred Stock balance: June 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease cost: Operating lease cost $ 321 $ 243 $ 640 $ 332 Short-term lease cost 65 251 121 527 Total lease cost $ 386 $ 494 $ 761 $ 859 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 326 $ 251 $ 652 $ 348 Right-of-use n/a n/a n/a n/a Weighted-average remaining lease term (in years)—operating leases 0.8 1.8 0.8 1.8 Weighted-average discount rate—operating leases 6.6 % 6.3 % 6.6 % 6.3 % |
Schedule of Future Minimum Lease Payments | The following table discloses future minimum lease payments at June 30, 2023 with respect to the Company’s operating lease liabilities: Remainder of 2023 $ 476 2024 397 2025 and thereafter — Total future minimum lease payments (undiscounted) $ 873 |
Schedule of Reconciliation of Future Minimum Lease Payments to Balance Sheet | The following table reconciles the future minimum lease payments (disclosed above) at June 30, 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 $ 849 Difference between undiscounted and discounted cash flows 24 Total future minimum lease payments (undiscounted) $ 873 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Variable Interests in Non-consolidated VIEs | The following table presents information about the Company’s variable interests in non-consolidated June 30, 2023 December 31, 2022 Carrying Amount—Assets (Securrency): Preferred stock—Securrency Series A Shares $ 3,588 $ 8,488 Preferred stock—Securrency Series B Shares 5,500 5,500 Secured convertible note 8,887 — Convertible note 13,836 14,500 Subtotal—Securrency $ 31,811 $ 28,488 Carrying Amount—Assets (Fnality): Convertible note 7,879 6,921 Carrying Amount—Assets (Other investments): 312 312 Total (Note 7) $ 40,002 $ 35,721 Maximum exposure to loss $ 40,002 $ 35,721 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues from contracts with customers: Advisory fees $ 82,004 $ 75,586 $ 159,641 $ 152,103 Other 3,720 1,667 8,127 3,518 Total operating revenues $ 85,724 $ 77,253 $ 167,768 $ 155,621 |
Summary of Geographic Distribution of Revenues | The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues from contracts with customers: United States $ 52,808 $ 45,807 $ 102,489 $ 92,036 Jersey 29,158 27,811 58,211 56,409 Ireland 3,758 3,635 7,068 7,176 Total operating revenues $ 85,724 $ 77,253 $ 167,768 $ 155,621 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2023 December 31, 2022 Receivable from WTT $ 17,821 $ 16,399 Receivable from ManJer Issuers 12,204 4,485 Receivable from WMAI and WTICAV 2,617 3,255 Total $ 32,642 $ 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Advisory services provided to WTT $ 52,452 $ 45,670 $ 101,939 $ 91,740 Advisory services provided to ManJer 25,794 26,282 50,634 53,187 Advisory services provided to WMAI 3,758 3,634 7,068 7,176 Total $ 82,004 $ 75,586 $ 159,641 $ 152,103 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2023 Unrecognized Stock- Based Compensation Weighted-Average Remaining Vesting Period Employees and directors $ 27,110 1.87 |
Summary of Restricted Stock Activity | A summary of stock-based compensation award activity (shares) during the three months ended June 30, 2023 is as follows: RSA RSU PRSU Balance at April 1, 2023 5,154,289 188,748 1,136,315 Granted 78,410 78,410 — Vested (76,434 ) (19,762 ) — Forfeited (57,137 ) (19,762 ) — Balance at June 30, 2023 5,099,128 227,634 1,136,315 |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, Basic Earnings per Share 2023 2022 2023 2022 Net income/(loss) $ 54,252 $ 8,005 $ 70,485 $ (2,256 ) Less: Income distributed to participating securities (496 ) (548 ) (994 ) (1,097 ) Less: Undistributed income allocable to participating securities (7,046 ) (358 ) (7,583 ) — Net income/(loss) available to common stockholders—Basic EPS $ 46,710 $ 7,099 $ 61,908 $ (3,353 ) Weighted average common shares (in thousands) 144,351 143,046 144,108 142,915 Basic earnings/(loss) per share $ 0.32 $ 0.05 $ 0.43 $ (0.02 ) Three Months Ended June 30, Six Months Ended June 30, Diluted Earnings per Share 2023 2022 2023 2022 Net income/(loss) available to common stockholders $ 46,710 $ 7,099 $ 61,908 $ (3,353 ) Add back: Undistributed income allocable to participating securities 7,046 358 7,583 — Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive (6,904 ) (357 ) (7,490 ) — Net income/(loss) available to common stockholders—Diluted EPS $ 46,852 $ 7,100 $ 62,001 $ (3,353 ) Weighted Average Diluted Shares (in thousands): Weighted average common shares 144,351 143,046 144,108 142,915 Dilutive effect of common stock equivalents, excluding participating securities 3,464 379 2,047 — Weighted average diluted shares, excluding participating securities (in thousands) 147,815 143,425 146,155 142,915 Diluted earnings/(loss) per share $ 0.32 $ 0.05 $ 0.42 $ (0.02 ) |
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 and six months ended June 30, 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 June 30, Six Months Ended June 30, Reconciliation of Weighted Average Diluted Shares (in thousands) 2023 2022 2023 2022 Weighted average diluted shares as disclosed on the Consolidated Statements of Operations 170,672 158,976 165,468 142,915 (1) Less: Participating securities Weighted average shares of common stock issuable upon conversion of the Series A Preferred Stock (Note 11) (14,750 ) (14,750 ) (14,750 ) — Weighted average shares of common stock issuable upon conversion of the Series C Preferred Stock (Note 11) (7,478 ) — (3,760 ) — Potentially dilutive restricted stock awards (629 ) (801 ) (803 ) — Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above 147,815 143,425 146,155 142,915 (1) non-participating |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2023 and December 31, 2022 is as follows: June 30, 2023 December 31, Deferred tax assets: Capital losses $ 19,061 $ 17,541 Unrealized losses 3,054 3,821 Accrued expenses 2,669 6,030 NOLs—Foreign 1,583 1,609 Stock-based compensation 1,289 1,526 Interest carryforwards 1,209 — Goodwill and intangible assets 990 1,085 Operating lease liabilities 206 313 Foreign currency translation adjustment 184 173 NOLs—U.S. 127 255 Outside basis differences 122 122 Other 362 341 Deferred tax assets 30,856 32,816 June 30, 2023 December 31, Deferred tax liabilities: Fixed assets and prepaid assets 577 278 Unremitted earnings—European subsidiaries 210 205 Right of use assets—operating leases 206 313 Deferred tax liabilities 993 796 Total deferred tax assets less deferred tax liabilities 29,863 32,020 Less: Valuation allowance (22,237) (21,484) Deferred tax assets, net $ 7,626 $ 10,536 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 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 985 (1) Balance at June 30, 2023 $ 86,841 (1) The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, and resulted in all consideration being allocated to goodwill. |
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 June 30, 2023 Item Gross Asset Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 3,316 (156) 3,160 Balance at June 30, 2023 $ 604,563 $ (156) $ 604,407 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 June 30, 2023, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows: Remainder of 2023 $ 544 2024 1,087 2025 1,056 2026 454 2027 19 2028 and thereafter — Total expected amortization expense $ 3,160 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Detail) | Jun. 30, 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 [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 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 | Jun. 30, 2023 | Dec. 31, 2022 |
Cash equivalents | $ 195 | $ 930 |
Total cash and cash equivalents | 83,735 | 132,101 |
Two Financial Institutions [Member] | ||
Cash and cash equivalents | 82,683 | 131,104 |
European Business Segment [Member] | ||
Minimum level of regulatory net capital | $ 24,912 | $ 25,988 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Deferred consideration—gold payments (Note 9) | $ 0 | $ 200,290 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 195 | 930 |
Total | 96,289 | 148,590 |
Liabilities: | ||
Deferred consideration—gold payments (Note 9) | 200,290 | |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 4,794 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 5,514 | |
Fair Value, Measurements, Recurring [Member] | Fixed Income Investments [Member] | ||
Assets: | ||
Other assets fair value disclosure | 1,908 | |
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 | 13,836 | 14,500 |
Fair Value, Measurements, Recurring [Member] | Securrency Convertible Secured Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 8,887 | |
Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 26,509 | 23,772 |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 2,980 | |
Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 26,107 | 96,837 |
Fair Value, Measurements, Recurring [Member] | Other assets—seed capital (WisdomTree Digital 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 [Member] | 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 | 7,879 | 6,921 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 195 | 930 |
Total | 37,012 | 50,972 |
Liabilities: | ||
Deferred consideration—gold payments (Note 9) | 0 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 4,794 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Other assets fair value disclosure | 5,514 | |
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] | Securrency Convertible Secured Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 26,509 | 23,772 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 2,980 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 23,290 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other assets—seed capital (WisdomTree Digital 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 [Member] | 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 | 28,675 | 76,197 |
Liabilities: | ||
Deferred consideration—gold payments (Note 9) | 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 | 1,908 | |
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] | Securrency Convertible Secured Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 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 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 26,107 | 73,547 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other assets—seed capital (WisdomTree Digital 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 [Member] | 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 | 30,602 | 21,421 |
Liabilities: | ||
Deferred consideration—gold payments (Note 9) | 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 | 13,836 | 14,500 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Securrency Convertible Secured Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 8,887 | |
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 | |
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 Digital 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 [Member] | 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 | $ 7,879 | $ 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Deferred consideration | ||||
Beginning balance | $ 17,502 | $ 6,700 | $ 21,421 | $ 0 |
Purchases | 10,000 | 5,000 | 10,000 | 11,863 |
Net unrealized (gains)/losses | 3,100 | 12 | (819) | (151) |
Ending balance | 30,602 | 11,712 | 30,602 | 11,712 |
Deferred Consideration Obligation [Member] | ||||
Deferred consideration | ||||
Beginning balance | 179,831 | 245,177 | 200,290 | 228,062 |
Net realized losses | 1,583 | 4,446 | 6,069 | 8,896 |
Net unrealized (gains)/losses | (41,361) | (2,311) | (61,953) | 14,707 |
Settlements | (140,053) | (4,545) | (144,406) | (8,898) |
Ending balance | $ 0 | $ 242,767 | $ 0 | $ 242,767 |
Financial instruments owned - D
Financial instruments owned - Debt Securities, Trading, and Equity Securities, FV-NI (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 65,492 | $ 126,239 |
WETF Trading Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 52,616 | 124,474 |
Other assets—seed capital (WisdomTree Digital Funds) [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 12,876 | $ 1,765 |
Financial instruments owned - A
Financial instruments owned - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financial Instruments Owned at Fair Value [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Debt and Equity Securities, Gain (Loss) | $ 222 | $ 3,596 | $ 1,309 | $ 7,912 |
Securities Held-to-Maturity - S
Securities Held-to-Maturity - Schedule of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 245 | $ 259 |
Pass-through GSEs [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 245 | $ 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 | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity cost or amortized cost | $ 245 | $ 259 |
Held-to-maturity gross unrealized losses | (19) | (20) |
Held-to-maturity fair value | $ 226 | $ 239 |
Securities Held-to-Maturity - A
Securities Held-to-Maturity - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale and Maturity of Held-to-maturity Securities | $ 14 | $ 31 |
Securities Held-to-Maturity -_3
Securities Held-to-Maturity - Schedule of Maturity Profile of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 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 | 24 | 27 |
Held-to-maturity due over ten years | 221 | 232 |
Held-to-maturity cost or amortized cost | $ 245 | $ 259 |
Investments - Details of Invest
Investments - Details of Investments Carried at Cost (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investment [Line Items] | ||
Investments | $ 40,002 | $ 35,721 |
Investments - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 40,002 | 35,721 |
Investments - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 45,725 | 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.—Secured Convertible Note - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 8,887 | 0 |
Securrency, Inc.—Secured Convertible Note - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 10,000 | 0 |
Securrency, Inc.—Convertible Note Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 13,836 | 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 | 31,811 | 28,488 |
Subtotal – Securrency, Inc. - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 38,612 | 28,612 |
Fnality International Limited Convertible Note Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 7,879 | 6,921 |
Fnality International Limited Convertible Note Cost [Member] | ||
Investment [Line Items] | ||
Investments | 6,863 | 6,863 |
Other InvestmentsCarrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 312 | 312 |
Other Investments Cost [Member] | ||
Investment [Line Items] | ||
Investments | $ 250 | $ 250 |
Investments - Additional Inform
Investments - Additional Information (Detail) £ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2031 | Dec. 31, 2029 | Jun. 30, 2023 GBP (£) | Dec. 31, 2022 USD ($) | Mar. 31, 2021 shares | Dec. 31, 2019 shares | |
Investment [Line Items] | |||||||||
Cost of Investments | $ 40,002 | $ 40,002 | $ 35,721 | ||||||
Unrealized gain (loss) on investments | $ 947 | $ (9,322) | |||||||
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 | $ 13,612 | |||||||
Ownership interest percentage | 22% | 22% | 22% | ||||||
Original fully diluted ownership interest percentage | 17% | 17% | 17% | ||||||
Impairment of investments | $ 0 | $ 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 | ||||||||
Securrency Secured Convertible Note [Member] | |||||||||
Investment [Line Items] | |||||||||
Ownership interest percentage | 9% | 9% | 9% | ||||||
Percentage of discount on future equity financing for preferred stock | 25% | 25% | 25% | ||||||
Unrealized gain (loss) on investments | $ 1,113 | ||||||||
Debt instrument, redemption, description | upon the occurrence of a corporate transaction for an amount which is the greater of (i) an amount equal to (x) 1.25 times (y) the sum of the principal amount and all accrued interest of the note (the “Liquidity Premium”) and (ii) such amount as would have been payable to the Company if the note had been converted, immediately prior to such corporate transaction, into that number of shares of the then most senior series of preferred stock of Securrency obtained by dividing (A) the Liquidity Premium by (B) the applicable conversion price, as set forth in the note. | ||||||||
Debt Instrument Maturity Date | Dec. 31, 2023 | ||||||||
Securrency Secured Convertible Note [Member] | Accounting Standard Update 201601 [Member] | |||||||||
Investment [Line Items] | |||||||||
Fair value | $ 10,000 | $ 10,000 | |||||||
Fnality International Limited [Member] | |||||||||
Investment [Line Items] | |||||||||
Ownership interest percentage | 5% | 5% | 5% | ||||||
Percentage of discount on future equity financing for preferred stock | 20% | 20% | 20% | ||||||
Unrealized gain (loss) on investments | $ 428 | $ 958 | |||||||
Debt Instrument Maturity Date | Dec. 31, 2023 | ||||||||
Fnality International Limited [Member] | Accounting Standard Update 201601 [Member] | |||||||||
Investment [Line Items] | |||||||||
Fair value | $ 6,863 | $ 6,863 | £ 5,000 | ||||||
Securrency Convertible Note [Member] | |||||||||
Investment [Line Items] | |||||||||
Ownership interest percentage | 7% | 7% | 7% | ||||||
Unrealized gain (loss) on investments | $ 3,785 | $ 664 | |||||||
Debt Instrument Maturity Date | Oct. 20, 2023 | ||||||||
Securrency Convertible Note [Member] | Accounting Standard Update 201601 [Member] | |||||||||
Investment [Line Items] | |||||||||
Fair value | $ 15,000 | $ 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 | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Securrency Inc [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Conversion upon a future equity financing | 33.30% | ||
Redemption upon a corporate transaction | 33.30% | ||
Default | 33.40% | ||
Securrency Secured Convertible Note [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Default | 20% | ||
Conversion of note upon a future equity financing | 50% | ||
Redemption of note upon a corporate transaction | 30% | ||
Time to potential outcome (in years) | 0.31 | ||
Securrency Convertible Note [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Default | 20% | 15% | |
Conversion of note upon a future equity financing | 50% | 60% | |
Redemption of note upon a corporate transaction | 30% | 25% | |
Time to potential outcome (in years) | 0.31 | 0.33 | |
Fnality Convertible Note [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Conversion of note upon a future financing round | 95% | 85% | |
Redemption of note upon a change of control | 0% | 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 | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (550) | $ (418) |
Total | 487 | 544 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 1,037 | $ 962 |
Deferred Consideration - Gold_3
Deferred Consideration - Gold Payments - Additional Information (Detail) $ / shares in Units, $ in Thousands | May 10, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) oz $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares |
Business Acquisition [Line Items] | |||
Deferred consideration | $ 0 | $ 200,290 | |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |
SPA Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Consideration | $ 136,903 | ||
Series C Redeemable Convertible Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Preferred Stock, Shares Issued | shares | 13,087 | 13,087 | 13,087 |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Conversion of Stock, Shares Converted | shares | 13,087,000 | ||
Series C Redeemable Convertible Preferred Stock [Member] | Gold Bullion Holdings [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 4,371 | ||
Series C Redeemable Convertible Preferred Stock [Member] | Rodber Investments Limited [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 45,634 | ||
Series C Redeemable Convertible Preferred Stock [Member] | SPA Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Preferred Stock, Shares Issued | shares | 13,087,000 | ||
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 - Gold_4
Deferred Consideration - Gold Payments - Summary of valuation of deferred consideration (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | |
Discount rate | 11% |
Perpetual growth rate | 1.30% |
Minimum [Member] | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | |
Forward-looking gold price | $ 1,858 |
Maximum [Member] | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | |
Forward-looking gold price | 3,126 |
Weighted Average [Member] | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | |
Forward-looking gold price | $ 2,237 |
Deferred Consideration - Gold_5
Deferred Consideration - Gold Payments - Schedule of Deferred Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Contractual gold payments | $ 1,583 | $ 4,446 | $ 6,069 | $ 8,896 |
Contractual gold payments—gold ounces paid | 792 | 2,375 | 3,167 | 4,750 |
Gain/(loss) on revaluation/termination of deferred consideration—gold payments | $ 41,361 | $ 2,311 | $ 61,953 | $ (14,707) |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 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 | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 15, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | |
Convertible Senior Notes [Line Items] | ||||||||||
Convertible senior notes face value | $ 280,000 | $ 280,000 | $ 325,000 | |||||||
Loss on extinguishment of debt (Note 11) | $ 0 | $ 0 | $ (9,721) | $ 0 | ||||||
Common stock, shares issued | shares | 150,343,000 | 150,343,000 | 146,517,000 | |||||||
Accounts Payable and Accrued Liabilities [Member] | ||||||||||
Convertible Senior Notes [Line Items] | ||||||||||
Interest payable | $ 3,061 | $ 3,061 | $ 621 | |||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | ||||||||||
Convertible Senior Notes [Line Items] | ||||||||||
Interest expense | 4,021 | $ 3,733 | 8,023 | $ 7,465 | ||||||
Convertible senior notes face value | $ 25,000 | $ 150,000 | 280,000 | 280,000 | ||||||
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 | $ 280,671 | $ 280,671 | 320,513 | |||||||
Convertible Senior Notes [Member] | ||||||||||
Convertible Senior Notes [Line Items] | ||||||||||
Convertible senior notes face value | $ 60,000 | |||||||||
Convertible senior notes stated rate of interest | 4.25% | |||||||||
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 on June 15 and December 15 of each year for 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 and March 15, 2026 for the 2023 Notes and 2021 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 and March 15, 2026 in respect of the 2023 Notes and the 2021 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 and March 15, 2026 for the 2023 Notes and 2021 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 and March 15, 2026 in respect of the 2023 Notes and the 2021 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 and March 15, 2026 for the 2023 Notes and 2021 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 and March 15, 2026 in respect of the 2023 Notes and the 2021 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 and March 15, 2026 for the 2023 Notes and 2021 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 and March 15, 2026 in respect of the 2023 Notes and the 2021 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 and June 20, 2023 in respect of the 2023 Notes and the 2021 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 and June 20, 2023 in respect of the 2023 Notes and the 2021 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 and June 20, 2023 in respect of the 2023 Notes and the 2021 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 and June 20, 2023 in respect of the 2023 Notes and the 2021 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 | 43,551,214 | 43,551,214 | ||||||||
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 note per lot | 1,000 | 1,000 | 1,000 | 1,000 | ||||||
Sale price as a percentage of conversion price | 130% | 130% | 130% | 130% | ||||||
Common stock, shares issued | shares | 1,037 | |||||||||
Convertible Senior Notes Due Two Thousand And Twenty Six [Member] | ||||||||||
Convertible Senior Notes [Line Items] | ||||||||||
Convertible senior notes face value | $ 130,000 | $ 150,000 | ||||||||
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 | ||||||||
Two Thousand And Twenty Notes [Member] | ||||||||||
Convertible Senior Notes [Line Items] | ||||||||||
Convertible senior notes face value | $ 115,000 | $ 175,000 | ||||||||
Loss on extinguishment of debt (Note 11) | $ 9,721 | |||||||||
Cash | $ 59,955 | |||||||||
Common stock, shares issued | shares | 1,037,288 |
Convertible Notes - Schedule of
Convertible Notes - Schedule of key terms of convertible notes (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Principal outstanding | $ 280,000 | $ 325,000 | |
Two Thousand And Twenty One Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 150,000 | $ 150,000 | $ 150,000 |
Maturity date (unless earlier converted, repurchased or redeemed) | Jun. 15, 2026 | ||
Interest rate | 3.25% | ||
Conversion price | $ 11.04 | ||
Conversion rate | 90.5797 | ||
Redemption price | $ 14.35 | ||
Two Thousand And Twenty Three Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 130,000 | ||
Maturity date (unless earlier converted, repurchased or redeemed) | Aug. 15, 2028 | ||
Interest rate | 5.75% | ||
Conversion price | $ 9.54 | ||
Conversion rate | 104.8658 | ||
Redemption price | $ 12.4 |
Convertible Notes - Summary of
Convertible Notes - Summary of the convertible notes (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Feb. 14, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||||
Principal amount | $ 280,000 | $ 325,000 | ||
Plus: Premium | 0 | 250 | ||
Gross proceeds | 280,000 | 325,250 | ||
Less: Unamortized issuance costs | (5,860) | (4,034) | ||
Carrying amount | $ 274,140 | $ 321,216 | ||
Effective interest rate | 4.96% | 4.60% | ||
Two Thousand And Twenty Three Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 130,000 | |||
Plus: Premium | 0 | |||
Gross proceeds | 130,000 | |||
Less: Unamortized issuance costs | (3,306) | |||
Carrying amount | $ 126,694 | |||
Effective interest rate | 6.25% | |||
Two Thousand And Twenty One Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 150,000 | $ 150,000 | $ 150,000 | |
Plus: Premium | 0 | 0 | ||
Gross proceeds | 150,000 | 150,000 | ||
Less: Unamortized issuance costs | (2,554) | (2,981) | ||
Carrying amount | $ 147,446 | $ 147,019 | ||
Effective interest rate | 3.83% | 3.83% | ||
Two Thousand And Twenty Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 115,000 | $ 175,000 | ||
Plus: Premium | 250 | |||
Gross proceeds | 175,250 | |||
Less: Unamortized issuance costs | (1,053) | |||
Carrying amount | $ 174,197 | |||
Effective interest rate | 5.26% |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Apr. 11, 2018 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | May 10, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||||||
Fair value of preferred stock consideration | $ 132,750 | ||||||
Percentage of outstanding common stock | 4.99% | ||||||
Shares issued in connection with settlement of the deferred consideration | $ 45 | $ 45 | |||||
Preferred stock issuance costs | 97 | $ 0 | |||||
Additional paid in capital [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares issued in connection with settlement of the deferred consideration | $ 86,801 | ||||||
Preferred stock issuance costs | $ 97 | ||||||
Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock equivalents | 0 | 0 | 0 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued | 13,087 | 13,087 | 13,087 | 13,087 | 13,087 | ||
Series C Redeemable Convertible Preferred Stock [Member] | SPA Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock equivalents | 13,087,000 | 13,087,000 | 13,087,000 | ||||
Fair value of preferred stock consideration | $ 86,898 | $ 86,898 | $ 86,898 | ||||
Preferred stock, shares issued | 13,087,000 | 13,087,000 | 13,087,000 | ||||
Share Price | $ 6.64 | $ 6.64 | $ 6.64 | ||||
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 | $ 103,480 | $ 103,480 | $ 103,480 | $ 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 |
Preferred Stock - Summary of Se
Preferred Stock - Summary of Series A Preferred Stock Balance (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lease cost: | ||||
Operating lease cost | $ 321 | $ 243 | $ 640 | $ 332 |
Short-term lease cost | 65 | 251 | 121 | 527 |
Total lease cost | 386 | 494 | 761 | 859 |
Other information: | ||||
Cash paid for amounts included in the measurement of operating liabilities (operating leases) | $ 326 | $ 251 | $ 652 | $ 348 |
Weighted-average remaining lease term (in years)—operating leases | 9 months 18 days | 1 year 9 months 18 days | 9 months 18 days | 1 year 9 months 18 days |
Weighted-average discount rate—operating leases | 6.60% | 6.30% | 6.60% | 6.30% |
Leases - Summary of future mini
Leases - Summary of future minimum lease payments (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Lessee Disclosure [Abstract] | |
Remainder of 2023 | $ 476 |
2024 | 397 |
2025 and thereafter | 0 |
Total future minimum lease payments (undiscounted) | $ 873 |
Leases - Summary of Reconciles
Leases - Summary of Reconciles future minimum lease payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amounts recognized in the Company's Consolidated Balance Sheets | ||
Lease liability—short term | $ 849 | $ 1,125 |
Difference between undiscounted and discounted cash flows | 24 | |
Total future minimum lease payments (undiscounted) | $ 873 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | |||
Jul. 31, 2023 EUR (€) | Jul. 31, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 USD ($) | |
Loss contingency covered by insurance deductible | $ 500 | |||
Loss contingency, damages sought, value | € 15,200 | $ 16,560 | ||
Subsequent Event [Member] | ||||
Loss contingency, damages sought, value | € 8,400 | $ 9,150 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Information about Variable Interests (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying Amount - Assets | ||
Total assets | $ 933,777 | $ 1,033,819 |
Other Investments [Member] | ||
Carrying Amount - Assets | ||
Preferred stock—Securrency Series A Shares | 312 | 312 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Carrying Amount - Assets | ||
Total assets | 31,811 | 28,488 |
Securrency Inc [Member] | ||
Carrying Amount - Assets | ||
Preferred stock—Securrency Series A Shares | 3,588 | 8,488 |
Preferred stock—Securrency Series B Shares | 5,500 | 5,500 |
Secured convertible note | 8,887 | 0 |
Convertible note | 13,836 | 14,500 |
Fnality International Limited [Member] | ||
Carrying Amount - Assets | ||
Equity Method Investments | 7,879 | 6,921 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Carrying Amount - Assets | ||
Total assets | 40,002 | 35,721 |
Maximum exposure to loss | $ 40,002 | $ 35,721 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Additional Information (Detail) - Advisory Fees [Member] $ in Thousands | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | ||||
Total operating revenues | $ 85,724 | $ 77,253 | $ 167,768 | $ 155,621 |
Advisory Fees [Member] | ||||
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | ||||
Total operating revenues | 82,004 | 75,586 | 159,641 | 152,103 |
Other Income [Member] | ||||
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | ||||
Total operating revenues | $ 3,720 | $ 1,667 | $ 8,127 | $ 3,518 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Summary of Geographic Distribution of Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | $ 85,724 | $ 77,253 | $ 167,768 | $ 155,621 |
UNITED STATES | ||||
Revenues | 52,808 | 45,807 | 102,489 | 92,036 |
JERSEY | ||||
Revenues | 29,158 | 27,811 | 58,211 | 56,409 |
IRELAND | ||||
Revenues | $ 3,758 | $ 3,635 | $ 7,068 | $ 7,176 |
Related Party Transactions - Su
Related Party Transactions - Summary of Accounts Receivable from Related Parties (Detail) - Related Party [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 32,642 | $ 24,139 |
WisdomTree Trust [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 17,821 | 16,399 |
Manjer Issuers [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 12,204 | 4,485 |
Wisdomtree Multi Asset Issuer plc And Wisdomtree issuer icav [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 2,617 | $ 3,255 |
Related Party Transactions - _2
Related Party Transactions - Summary of Revenues from Advisory Services Provided to Related Parties (Detail) - Advisory Services [Member] - Related Party [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Revenues from advisory services | $ 82,004 | $ 75,586 | $ 159,641 | $ 152,103 |
WisdomTree Trust [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues from advisory services | 52,452 | 45,670 | 101,939 | 91,740 |
Manjer Issuers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues from advisory services | 25,794 | 26,282 | 50,634 | 53,187 |
WisdomTree Multi Asset Issuer PLC And WisdomTree Issuer PLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues from advisory services | $ 3,758 | $ 3,634 | $ 7,068 | $ 7,176 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
May 10, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||
Net gains (losses) related to certain WisdomTree ETFs | $ 419 | $ (313) | $ 841 | $ (1,119) | ||
Payment made for contractual obligation | $ 45,634 | |||||
WisdomTree ETF [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Investments | 38,451 | 38,451 | $ 25,283 | |||
WisdomTree ETF [Member] | Affiliated Blockchain Enabled Funds [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Investments | $ 12,876 | $ 12,876 | $ 1,765 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 15, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 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 | $ 3,970 | $ 2,432 | $ 8,506 | $ 5,368 | |
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 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 |
Jun. 30, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $ 27,110 |
Weighted Average Remaining Vesting Period | 1 year 10 months 13 days |
Stock-Based Awards - Summary _2
Stock-Based Awards - Summary of Restricted Stock Activity (Detail) | 3 Months Ended |
Jun. 30, 2023 shares | |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Shares | 5,154,289 |
Granted, Shares | 78,410 |
Vested, Shares | (76,434) |
Forfeited, Shares | (57,137) |
Ending Balance, Shares | 5,099,128 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Shares | 188,748 |
Granted, Shares | 78,410 |
Vested, Shares | (19,762) |
Forfeited, Shares | (19,762) |
Ending Balance, Shares | 227,634 |
Performance Based Restricted Stock Unites (PRSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Shares | 1,136,315 |
Granted, Shares | 0 |
Vested, Shares | 0 |
Forfeited, Shares | 0 |
Ending Balance, Shares | 1,136,315 |
Stockholder Rights Plan - Addit
Stockholder Rights Plan - Additional Information (Detail) - $ / shares | Mar. 17, 2023 | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income/(loss) | $ 54,252 | $ 8,005 | $ 70,485 | $ (2,256) |
Less: Income distributed to participating securities | (496) | (548) | (994) | (1,097) |
Less: Undistributed income allocable to participating securities | (7,046) | (358) | (7,583) | 0 |
Net income/(loss) available to common stockholders—Basic EPS | $ 46,710 | $ 7,099 | $ 61,908 | $ (3,353) |
Weighted average common shares (in thousands) | 144,351 | 143,046 | 144,108 | 142,915 |
Basic earnings/(loss) per share | $ 0.32 | $ 0.05 | $ 0.43 | $ (0.02) |
Net income/(loss) available to common stockholders | $ 46,710 | $ 7,099 | $ 61,908 | $ (3,353) |
Add back: Undistributed income allocable to participating securities | 7,046 | 358 | 7,583 | 0 |
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive | (6,904) | (357) | (7,490) | 0 |
Net income/(loss) available to common stockholders—Diluted EPS | $ 46,852 | $ 7,100 | $ 62,001 | $ (3,353) |
Weighted average common shares | 144,351 | 143,046 | 144,108 | 142,915 |
Dilutive effect of common stock equivalents, excluding participating securities | 3,464 | 379 | 2,047 | 0 |
Weighted average diluted shares | 147,815 | 143,425 | 146,155 | 142,915 |
Diluted earnings/(loss) per share | $ 0.32 | $ 0.05 | $ 0.42 | $ (0.02) |
Earnings_(Loss) Per Share - Add
Earnings/(Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Line Items] | ||||
Anti-dilutive non-participating common stock equivalents excluded from the calculation of diluted earnings per share | 157,000 | 303,000 | 208,000 | 300,000 |
Potential common shares associated with the conversion option embedded in the Convertible Notes | 855,000 | 0 | 430,000 | 0 |
Earnings_(Loss) Per Share - Sch
Earnings/(Loss) Per Share - Schedule of Weighted Average Number of Shares (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Earnings Per Share [Line Items] | |||||
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations | 170,672 | 158,976 | 165,468 | 142,915 | [1] |
Potentially dilutive restricted stock awards | (629) | (801) | (803) | 0 | |
Weighted average diluted shares | 147,815 | 143,425 | 146,155 | 142,915 | |
Series A Preferred Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Weighted average shares of common stock issuable upon conversion of the preferred stock | (14,750) | (14,750) | (14,750) | 0 | |
Series C Preferred Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Weighted average shares of common stock issuable upon conversion of the preferred stock | (7,478) | 0 | (3,760) | 0 | |
[1]Excludes 15,486 participating securities and 356 potentially dilutive non-participating common stock equivalents for the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2023 shares | |
Earnings Per Share [Abstract] | |
Participating Securities | 15,486 |
Potentially Dilutive common stock equivalents | 356 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule Of Income Tax [Line Items] | |||||
Tax effected NOLs - International | $ 1,583 | ||||
Federal statutory rate | 21% | 21% | 21% | 21% | |
Tax effected capital loss | $ 19,061 | $ 19,061 | $ 17,541 | ||
Estimated effective rate | 6.10% | 25% | 6.50% | 86.20% | |
Income tax expense/(benefit) | $ 3,555 | $ 2,673 | $ 4,938 | $ (14,040) | |
Deferred tax liabilities undistributed earnings of foreign subsidaries | 210 | 210 | $ 205 | ||
Unrecognized Tax Benefits Including Interest And Penalties [Member] | |||||
Schedule Of Income Tax [Line Items] | |||||
Unrecognized tax benefits | $ 1,353 | $ 19,897 | $ 1,353 | $ 19,897 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Capital losses | $ 19,061 | $ 17,541 |
Unrealized losses | 3,054 | 3,821 |
Accrued expenses | 2,669 | 6,030 |
NOLs—Foreign | 1,583 | 1,609 |
Stock-based compensation | 1,289 | 1,526 |
Interest carryforwards | 1,209 | 0 |
Goodwill and intangible assets | 990 | 1,085 |
Operating lease liabilities | 206 | 313 |
Foreign currency translation adjustment | 184 | 173 |
NOLs—U.S. | 127 | 255 |
Outside basis difference | 122 | 122 |
Other | 362 | 341 |
Deferred tax assets | 30,856 | 32,816 |
Deferred tax liabilities: | ||
Fixed assets and prepaid assets | 577 | 278 |
Unremitted earnings—European subsidiaries | 210 | 205 |
Right of use assets—operating leases | 206 | 313 |
Deferred tax liabilities | 993 | 796 |
Total deferred tax assets less deferred tax liabilities | 29,863 | 32,020 |
Less: Valuation allowance | (22,237) | (21,484) |
Deferred tax assets, net | $ 7,626 | $ 10,536 |
Shares Repurchased - Additional
Shares Repurchased - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 22, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Class of Stock [Line Items] | |||||
Repurchased common stock, value | $ 156 | $ 3,540 | $ 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 | 26,582 | 588,694 | 631,087 | 588,694 | |
Repurchased common stock, value | $ 156 | $ 3,394 | $ 3,540 | $ 3,394 | |
Dollar amount remaining available for future share repurchases | $ 96,436 | $ 96,436 | |||
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 | 6 Months Ended | |
Jun. 30, 2023 USD ($) | ||
Goodwill [Line Items] | ||
Beginning balance | $ 85,856 | |
Ending balance | 86,841 | |
Reportable Subsegments [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 85,856 | |
Changes | 985 | [1] |
Ending balance | $ 86,841 | |
[1]On April 11, 2023, the Company acquired 100% of the equity interests of Securrency Transfers, Inc. (renamed WisdomTree Transfers, Inc.) for an aggregate purchase price of $985 (net of cash acquired). The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, and resulted in all consideration being allocated to goodwill. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Goodwill by Reporting Unit (Parenthetical) (Detail) - Securrency [Member] $ in Thousands | Apr. 11, 2023 USD ($) |
Goodwill [Line Items] | |
Percentage of equity interest Acquired | 100% |
Aggregate purchase price | $ 985 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Apr. 11, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | $ 86,841 | $ 86,841 | $ 85,856 | |
Intangible asset related to its customary advisory agreement | $ 604,407 | $ 604,407 | $ 603,567 | |
Software Development [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years | ||
Amortization of goodwill and intangible assets | $ 106 | $ 156 | ||
Finite lived intangible assets remaining useful lives | 2 years 10 months 24 days | 2 years 10 months 24 days | ||
Acquisition of ETFS Business [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
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 | |||
Securrency [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | $ 86,841 | $ 86,841 | ||
Goodwill not deductible for tax purposes | $ 85,042 | $ 85,042 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Intangible Assets And Goodwill [Line Items] | ||
Gross Asset | $ 604,563 | $ 603,617 |
Accumulated Amortization | (156) | (50) |
Net Asset | 604,407 | 603,567 |
Software Development [Member] | ||
Intangible Assets And Goodwill [Line Items] | ||
Gross Asset | 3,316 | 2,370 |
Accumulated Amortization | (156) | (50) |
Net Asset | 3,160 | 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_6
Goodwill and Intangible Assets - Summary of Unamortized Finite-lived Intangible Assets (Detail) - Software Development [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
Schedule Of Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
Remainder of 2023 | $ 544 |
2024 | 1,087 |
2025 | 1,056 |
2026 | 454 |
2027 | 19 |
2028 and thereafter | 0 |
Total expected amortization expense | $ 3,160 |
Contingent Payments - Additiona
Contingent Payments - Additional Information (Detail) - WisdomTree Asset Management Canada, Inc [Member] $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 19, 2020 CAD ($) | Feb. 19, 2020 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Feb. 19, 2020 USD ($) | |
Proceeds from divestiture of businesses | $ 3,720 | $ 2,774 | |||
Recognized gain loss on sale of business | $ 0 | $ 1,477 | |||
Maximum [Member] | |||||
Additional consideration payable | 3,000 | $ 2,360 | |||
Minimum [Member] | |||||
Additional consideration payable | $ 2,000 | $ 1,477 |