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Strategic Investments (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of roll-forward of strategic investments | The following tables provide a roll-forward of the balance of strategic investments (in thousands):
| Three Months Ended September 30, 2024 |  | Three Months Ended September 30, 2023
| Equity investments |  | Warrants |  | Call options |  | Debt investments |  | Total |  | Equity investments |  | Warrants |  | Call options |  | Total
Balance, beginning of period | $ | 340,108 |  |  | $ | 2,356 |  |  | $ | 13,033 |  |  | $ | 7,637 |  |  | $ | 363,134 |  |  | $ | 215,945 |  |  | $ | 459 |  |  | $ | 17,233 |  |  | $ | 233,637 |
Investments | 24,322 |  |  | — |  |  | — |  |  | — |  |  | 24,322 |  |  | 4,099 |  |  | 1,176 |  |  | — |  |  | 5,275 |
Fair value adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains | — |  |  | — |  |  | — |  |  | 449 |  |  | 449 |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized losses and impairments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (113) |  |  | — |  |  | (113) |
Exercises | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Balance, end of period | $ | 364,430 |  |  | $ | 2,356 |  |  | $ | 13,033 |  |  | $ | 8,086 |  |  | $ | 387,905 |  |  | $ | 221,544 |  |  | $ | 1,522 |  |  | $ | 17,233 |  |  | $ | 240,299 |
| Nine Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2023
| Equity investments |  | Warrants |  | Call options |  | Debt investments |  | Total |  | Equity investments |  | Warrants |  | Call options |  | Total
Balance, beginning of period | $ | 212,996 |  |  | $ | 1,501 |  |  | $ | 17,233 |  |  | $ | — |  |  | $ | 231,730 |  |  | $ | 277,676 |  |  | $ | 1,654 |  |  | $ | 17,233 |  |  | $ | 296,563 |
Investments | 93,450 |  |  | — |  |  | — |  |  | 7,500 |  |  | 100,950 |  |  | 15,016 |  |  | 1,176 |  |  | — |  |  | 16,192 |
Fair value adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains | 45,162 |  |  | — |  |  | 21 |  |  | — |  |  | 45,183 |  |  | — |  |  | — |  |  | — |  |  | — |
Realized losses | — |  |  | — |  |  | (2,870) |  |  | — |  |  | (2,870) |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains | 74,784 |  |  | 855 |  |  | — |  |  | 586 |  |  | 76,225 |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized losses and impairments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (72,648) |  |  | (1,308) |  |  | — |  |  | (73,956) |
Exercises | (61,962) |  |  | — |  |  | (1,351) |  |  | — |  |  | (63,313) |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Balance, end of period | $ | 364,430 |  |  | $ | 2,356 |  |  | $ | 13,033 |  |  | $ | 8,086 |  |  | $ | 387,905 |  |  | $ | 221,544 |  |  | $ | 1,522 |  |  | $ | 17,233 |  |  | $ | 240,299 |
For the debt security strategic investment, we recognized an unrealized gain of $0.6 million for the entire hybrid instrument in other income (loss), net on our condensed consolidated statement of operations during the nine months ended September 30, 2024.
| Inception to date
| Equity investments |  | Warrants |  | Call options |  | Debt investments |  | Total
Investments | $ | 217,948 |  |  | $ | 4,222 |  |  | $ | 17,233 |  |  | $ | 7,500 |  |  | $ | 246,903 |
Fair value adjustments: |  |  |  |  |  |  |  |  |
Realized gains | 57,474 |  |  | — |  |  | 21 |  |  | — |  |  | 57,495 |
Realized losses | — |  |  | — |  |  | (2,870) |  |  | — |  |  | (2,870) |
Unrealized gains | 149,601 |  |  | 29,928 |  |  | — |  |  | 586 |  |  | 180,115 |
Unrealized losses and impairments | (82,304) |  |  | (1,705) |  |  | — |  |  | — |  |  | (84,009) |
Exercises | 36,257 |  |  | (30,089) |  |  | (1,351) |  |  | — |  |  | 4,817 |
Sales | (14,546) |  |  | — |  |  | — |  |  | — |  |  | (14,546) |
Balance, end of period | $ | 364,430 |  |  | $ | 2,356 |  |  | $ | 13,033 |  |  | $ | 8,086 |  |  | $ | 387,905 |

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- Definition Tabular disclosure of investment in equity security without readily determinable fair value. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479536/321-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479536/321-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479536/321-10-50-3 + Details
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