The following table summarizes the carrying amount of goodwill:


	December 31,
(in millions)	2024		2025
Beginning balance	$	175	$	179
Less: Accumulated impairment	—		—
Beginning balance, net	175		179
Additions due to business combinations(1)	4		204

Foreign currency translation adjustment	—		2
Ending balance	$	179	$	385

(1) For the year ended December 31, 2025, additions are related to the acquisition of TradePMR and Bitstamp as disclosed in Note 3 - Business Combinations

The following tables summarize the components of intangible assets:


	December 31, 2024
(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	51	$	(33)	$	18	2.63
Customer relationships	23		(13)		10		4.72
Indefinite-lived intangible assets	10		—		10		N/A
Total	$	84	$	(46)	$	38


	December 31, 2025
(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets:
Developed technology	$	98	$	(26)	$	72	4.37
Customer relationships	64		(7)		57		11.64
Trade names	2		(1)		1		2.43
Indefinite-lived intangible assets	37		—		37		N/A
Foreign currency translation adjustment	1		—		1		N/A
Total	$	202	$	(34)	$	168

Amortization expense of intangible assets was $14 million, $20 million, and $23 million for the years ended December 31, 2023, 2024 and 2025. There was no impairment of intangible assets for the year ended December 31, 2024 and an immaterial impairment of intangible assets for the year ended 2025.

As of December 31, 2025, the estimated future amortization expense of finite-lived intangible assets was as follows:


(in millions)	Finite-lived Intangible Assets
2026	$	27
2027	22
2028	18
2029	18
2030	12
Thereafter	33
Total	$	130