XML 45 R34.htm IDEA: XBRL DOCUMENT
v3.25.1

Strategic Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Roll-Forward of Strategic Investments | The following table presents the carrying value of our strategic investments (in thousands) as of:
| March 31, 2025
| Strategic investments |  | Warrants |  | Call options |  | Total
Equity securities: |  |  |  |  |  |  |
Non-marketable equity securities | $ | 388,390 |  |  | $ | 4,368 |  |  | $ | 11,600 |  |  | $ | 404,358 |
Debt securities: |  |  |  |  |  |  |
Non-marketable debt securities | 9,335 |  |  | — |  |  | — |  |  | 9,335 |
Total strategic investments | $ | 397,725 |  |  | $ | 4,368 |  |  | $ | 11,600 |  |  | $ | 413,693 |
| December 31, 2024
| Strategic investments |  | Warrants |  | Call options |  | Total
Equity securities: |  |  |  |  |  |  |
Non-marketable equity securities | $ | 319,598 |  |  | $ | 4,368 |  |  | $ | — |  |  | $ | 323,966 |
Debt securities: |  |  |  |  |  |  |
Non-marketable debt securities | 8,584 |  |  | — |  | — |  | — |  |  | 8,584 |
Total strategic investments | $ | 328,182 |  |  | $ | 4,368 |  |  | $ | — |  |  | $ | 332,550 |
The following tables summarizes the gains and losses associated with our strategic investments during the period (in thousands):
| Three Months Ended March 31, 2025
| Strategic Investments |  | Warrants |  | Call options |  | Total
Realized gains (losses) recognized on strategic investments during the period, net | $ | 273,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 273,478 |
Reversal of cumulative unrealized gains, net, for securities sold during the period | (136,982) |  |  | — |  |  | — |  |  | (136,982) |
Unrealized gains on strategic investments still held at the reporting date(1) | 30,825 |  |  | — |  |  | — |  |  | 30,825 |
Unrealized losses, including impairments, on strategic investments still held at the reporting date | — |  |  | — |  |  | — |  |  | — |
Gains (losses) on strategic investments, net | $ | 167,321 |  |  | $ | — |  |  | $ | — |  |  | $ | 167,321 |
(1) Includes unrealized gain of $0.8 million for the entire hybrid debt security strategic investment instrument
| Three Months Ended March 31, 2024
| Strategic Investments |  | Warrants |  | Call options |  | Total
Realized gains (losses) recognized on strategic investments during the period, net | $ | 45,162 |  |  | $ | — |  |  | $ | (2,870) |  |  | $ | 42,292 |
Unrealized gains on strategic investments still held at the reporting date | 74,784 |  |  | 855 |  |  | — |  |  | 75,639 |
Unrealized losses, including impairments, on strategic investments still held at the reporting date | — |  |  | — |  |  | — |  |  | — |
Gains (losses) on strategic investments, net | $ | 119,946 |  |  | $ | 855 |  |  | $ | (2,870) |  |  | $ | 117,931 |

X
- 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
Name: | us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration