XML 44 R34.htm IDEA: XBRL DOCUMENT
v3.25.2

Strategic Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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:
| June 30, 2025
| Strategic investments |  | Warrants |  | Call options |  | Total
Equity securities: |  |  |  |  |  |  |
Non-marketable equity securities | $ | 374,948 |  |  | $ | 6,617 |  |  | $ | 11,600 |  |  | $ | 393,165 |
Debt securities: |  |  |  |  |  |  |
Non-marketable debt securities | 10,335 |  |  | — |  |  | — |  |  | 10,335 |
Total strategic investments | $ | 385,283 |  |  | $ | 6,617 |  |  | $ | 11,600 |  |  | $ | 403,500 |
| 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 summarize the gains and losses associated with our strategic investments during the three and six months ended June 30, 2025 and 2024 (in thousands):
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
| Strategic Investments |  | Warrants |  | Call options |  | Total |  | Strategic Investments |  | Warrants |  | Call options |  | Total
Realized gains (losses) recognized on strategic investments during the period, net | $ | 47,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |  |  | $ | 21 |
Reversal of prior period cumulative unrealized gains, net, for securities sold during the period | (47,339) |  |  | — |  |  | — |  |  | (47,339) |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains on strategic investments still held at the reporting date (1) | 751 |  |  | — |  |  | — |  |  | 751 |  |  | 137 |  |  | — |  |  | — |  |  | 137 |
Unrealized losses, including impairments, on strategic investments still held at the reporting date | (2,048) |  |  | — |  |  | — |  |  | (2,048) |  |  | — |  |  | — |  |  | — |  |  | — |
Gains (losses) on strategic investments, net | $ | (1,297) |  |  | $ | — |  |  | $ | — |  |  | $ | (1,297) |  |  | $ | 137 |  |  | $ | — |  |  | $ | 21 |  |  | $ | 158 |
(1) Includes unrealized gains of $0.8 million and $0.1 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the three months ended June 30, 2025 and 2024, respectively.
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
| Strategic Investments |  | Warrants |  | Call options |  | Total |  | Strategic Investments |  | Warrants |  | Call options |  | Total
Realized gains (losses) recognized on strategic investments during the period, net | $ | 320,817 |  |  | $ | — |  |  | $ | — |  |  | $ | 320,817 |  |  | $ | 45,162 |  |  | $ | — |  |  | $ | (2,849) |  |  | $ | 42,313 |
Reversal of prior period cumulative unrealized gains, net, for securities sold during the period | (160,736) |  |  | — |  |  | — |  |  | (160,736) |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains on strategic investments still held at the reporting date (1) | 7,991 |  |  | — |  |  | — |  |  | 7,991 |  |  | 74,921 |  |  | 855 |  |  | — |  |  | 75,776 |
Unrealized losses, including impairments, on strategic investments still held at the reporting date | (2,048) |  |  | — |  |  | — |  |  | (2,048) |  |  | — |  |  | — |  |  | — |  |  | — |
Gains (losses) on strategic investments, net | $ | 166,024 |  |  | $ | — |  |  | $ | — |  |  | $ | 166,024 |  |  | $ | 120,083 |  |  | $ | 855 |  |  | $ | (2,849) |  |  | $ | 118,089 |
(1) Includes unrealized gains of $1.5 million and $0.1 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the six months ended June 30, 2025 and 2024, respectively.

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