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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value | The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of March 31, 2023 and December 31, 2022 based on the three-tier fair value hierarchy:
| March 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 206,939 |  | (1) | $ | — |  |  | $ | — |  |  | $ | 206,939 |
Other current assets: |  |  |  |  |  |  |
Digital assets held for users | — |  |  | 48,733 |  | (6) | — |  |  | 48,733 |
Other non-current assets: |  |  |  |  |  |  |
Derivative instruments | — |  |  | — |  |  | 25,287 |  | (4) | 25,287 |
Equity securities | 19,075 |  | (2) | 13,533 |  | (3) | — |  |  | 32,608 |
Total | $ | 226,014 |  |  | $ | 62,266 |  |  | $ | 25,287 |  |  | $ | 313,567 |
Liabilities |  |  |  |  |  |  |
Digital assets held for users | $ | — |  |  | $ | 48,733 |  | (6) | $ | — |  |  | $ | 48,733 |
Warrant liabilities | — |  |  | 27,715 |  | (5) | — |  |  | 27,715 |
Total | $ | — |  |  | $ | 76,448 |  |  | $ | — |  |  | $ | 76,448 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 304,216 |  | (1) | $ | — |  |  | $ | — |  |  | $ | 304,216 |
Other current assets: |  |  |  |  |  |  |
Digital assets held for users | — |  |  | 38,444 | (6) | — |  |  | 38,444 |
Other non-current assets: |  |  |  |  |  |  |
Derivative instruments | — |  |  | — |  |  | 26,248 |  | (4) | 26,248 |
Equity securities | 18,250 |  | (2) | 13,533 |  | (3) | — |  |  | 31,783 |
Total | $ | 322,466 |  |  | $ | 51,977 |  |  | $ | 26,248 |  |  | $ | 400,691 |
Liabilities |  |  |  |  |  |  |
Digital assets held for users | — |  |  | $ | 38,444 |  | (6) | — |  |  | $ | 38,444 |
Warrant liabilities | $ | — |  |  | $ | 10,680 |  | (5) | $ | — |  |  | 10,680 |
Total | $ | — |  |  | $ | 49,124 |  |  | $ | — |  |  | $ | 49,124 |
(1)Represents the Company’s money market funds, which are classified as Level 1 because the Company measures the fair value of these assets using quoted market prices. (2)Represents the Company’s marketable equity securities, which are classified as Level 1 because the Company measures the fair value of these assets using quoted market prices. (3)Represents the Company’s non-marketable equity securities, which are classified as Level 2 because the Company measures the fair value of these assets using observable inputs for similar investments of the same issuer. The Company has elected the remeasurement alternative for these assets. (4)Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures the fair value of these derivative instruments using option pricing models and, accordingly, classifies these assets as Level 3. During the three months ended March 31, 2023, there were no new derivative instruments purchased by or issued to the Company. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure the fair value of the Level 3 derivative instruments. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date.
| March 31, 2023 |  | December 31, 2022
Significant Unobservable Input | Range (Weighted Average) |  | Range (Weighted Average)
Underlying stock price | $7.63 - $19.80 ($16.95) |  | $7.30 - $19.80 ($16.53)
Volatility | 56.0% - 80.0% (74.8%) |  | 56.0% - 80.0% (74.1%)
Risk-free rate | 1.3% - 4.7% (4.2%) |  | 1.3% - 4.3% (4.1%)
(5)The Company measures the fair value of its warrant liabilities using a binomial lattice model or a Black-Scholes model, where appropriate, with the significant assumptions being observable inputs and, accordingly, classifies these liabilities as Level 2. (6)Represents the asset and liability balance for the digital assets held by the Company for its users, which are classified as Level 2 because the Company measures the fair value of these digital assets using observable inputs for similar transactions.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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