v3.22.4
GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD
Goodwill
The following table reflects the changes in the carrying amount of goodwill (in thousands):
Year Ended December 31,
20222021
Balance, beginning of period$625,758 $77,212 
Additions due to business combinations454,417 548,546 
Measurement period adjustments(1)
(6,269)— 
Balance, end of period$1,073,906 $625,758 
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(1)     The measurement period adjustments consisted of $4.1 million, $0.3 million and $1.9 million related to the Unbound acquisition, FairX acquisition and certain other acquisitions that were material when aggregated, respectively, and which were associated with the changes in deferred tax assets as a result of changes in estimates.

There was no impairment recognized against goodwill at the beginning or end of the periods presented.
Intangible assets, net
Intangible assets, net consisted of the following (in thousands, except years data):
As of December 31, 2022Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetWeighted Average Remaining Useful Life (in Years)
Amortizing intangible assets
Acquired developed technology$126,692 $(81,172)$45,520 2.3
User base2,997 (2,154)843 0.8
Customer relationships86,691 (45,717)40,974 2.6
Non-compete agreement2,402 (1,641)761 1.6
Assembled workforce60,800 (44,857)15,943 0.4
Trade Relationships3,400 (1,039)2,361 2.1
In-process research and development(1)
1,877 — 1,877 N/A
Indefinite-lived intangible assets
Domain name250 — 250 N/A
Licenses26,900 — 26,900 N/A
Total$312,009 $(176,580)$135,429 
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(1)Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service.
As of December 31, 2021Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetWeighted Average Remaining Useful Life (in Years)
Amortizing intangible assets
Acquired developed technology$100,908 $(34,865)$66,043 2.0
User base2,997 (1,020)1,977 1.8
Customer relationships79,491 (27,789)51,702 3.7
Non-compete agreement2,402 (1,161)1,241 2.6
Assembled workforce60,800 (8,324)52,476 1.4
In-process research and development(1)
3,000 — 3,000 N/A
Indefinite-lived intangible assets
Domain name250— 250N/A
Total$249,848 $(73,159)$176,689 
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(1)Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service.

Amortization expense of intangible assets was $106.1 million, $45.3 million and $16.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company estimates that there is no significant residual value related to its amortizing intangible assets.
During the years ended December 31, 2022, 2021 and 2020 the Company recorded impairment charges of $4.7 million, $0.5 million and $0, respectively, related to its intangible assets, excluding crypto assets held. Impairment expense is included in other operating expense, net in the consolidated statements of operations.
The expected future amortization expense for intangible assets other than IPR&D as of December 31, 2022 is as follows (in thousands):
2023$66,924 
202421,361 
202513,120 
20264,819 
2027178 
Thereafter— 
Total expected future amortization expense$106,402 
Crypto assets held
Crypto assets held consisted of the following (in thousands):
December 31,
20222021
Recorded at impaired cost
Crypto assets held as investments$155,251 $209,415 
Crypto assets held for operating purposes
67,577 357,093 
Total crypto assets held recorded at impaired cost222,828 566,508 
Recorded at fair value(1)
Crypto assets held as investments133,416 — 
Crypto assets borrowed68,149 421,685 
Total crypto assets held recorded at fair value201,565 421,685 
Total crypto assets held$424,393 $988,193 
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(1)Recorded at fair value as these crypto assets are held as the hedged item in qualifying fair value hedges.

The Company recorded gross impairment charges of $757.3 million, $329.2 million and $8.4 million during the years ended December 31, 2022, 2021 and 2020 respectively, due to the observed market price of crypto assets decreasing below the carrying value during the respective periods. The Company partially recovered impairments recorded during the respective periods through subsequent crypto asset sales and disposals. Impairment expense is included in other operating expense, net in the consolidated statements of operations.
See Note 14. Derivatives, for additional details regarding crypto assets held designated as hedged items in fair value hedges. See Note 15. Fair Value Measurements, for additional details regarding the carrying value of the Company’s crypto assets held.
When the Company borrows crypto assets, it may be required to pledge collateral. The collateral requirements range from 100% to 110% of the fair value of the crypto assets borrowed, and the Company is required to pledge additional assets to maintain its required collateral percentage. The lender may have the right to use the collateral. If the lender has the right to use the collateral or if the collateral is fiat, the Company derecognizes the collateral that has been pledged and recognizes a right to receive the collateral. The lender is not obligated to return the collateral if the Company defaults on its borrowings. The Company has not defaulted on any of its borrowings. See Note 11. Prepaid Expenses and Other Assets, for additional details regarding the assets pledged as collateral.