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Strategic Investments (Tables) | 12 Months Ended
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Dec. 31, 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):
| Year Ended December 31, 2024 |  | Year Ended December 31, 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 | 103,888 |  |  | 2,012 |  |  | — |  |  | 7,500 |  |  | 113,400 |  |  | 15,016 |  |  | 1,176 |  |  | — |  |  | 16,192 |
Fair value adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) during the period, net | 95,429 |  |  | — |  |  | (4,279) |  |  | — |  |  | 91,150 |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains on strategic investments still held at the reporting date | 74,784 |  |  | 855 |  |  | — |  |  | 1,084 |  |  | 76,723 |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized losses on strategic investments still held at the reporting date | (4,093) |  |  | — |  |  | (893) |  |  | — |  |  | (4,986) |  |  | (81,196) |  |  | (1,329) |  |  | — |  |  | (82,525) |
Exercises | (163,406) |  |  | — |  |  | (12,061) |  |  | — |  |  | (175,467) |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Balance, end of period | $ | 319,598 |  |  | $ | 4,368 |  |  | $ | — |  |  | $ | 8,584 |  |  | $ | 332,550 |  |  | $ | 212,996 |  |  | $ | 1,501 |  |  | $ | 17,233 |  |  | $ | 231,730 |
For the debt security strategic investment, we recognized an unrealized gain of $1.1 million for the entire hybrid instrument in other income (loss), net on our consolidated statement of operations during the year ended December 31, 2024.
| Inception to date
| Equity investments |  | Warrants |  | Call options |  | Debt investments |  | Total
Investments | $ | 325,105 |  |  | $ | 6,235 |  |  | $ | 17,232 |  |  | $ | 7,500 |  |  | $ | 356,072 |
Fair value adjustments: |  |  |  |  |  |  |  |  |
Realized gains (losses) on strategic investment transactions, net | 107,741 |  |  | — |  |  | (4,279) |  |  | — |  |  | 103,462 |
Cumulative unrealized gains (losses) | 63,203 |  |  | 88,298 |  |  | (893) |  |  | 1,084 |  |  | 151,692 |
Exercises | (161,905) |  |  | (90,165) |  |  | (12,060) |  |  | — |  |  | (264,130) |
Sales | (14,546) |  |  | — |  |  | — |  |  | — |  |  | (14,546) |
Balance, end of period | $ | 319,598 |  |  | $ | 4,368 |  |  | $ | — |  |  | $ | 8,584 |  |  | $ | 332,550 |

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