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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets And Liabilities Measurement on Recurring Basis

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):

		Fair Value Measured as of March 31, 2024
		Level 1				Level 2				Level 3				Total
Assets included in:
Cash and cash equivalents
Money market securities		$	77,378			$	-			$	-			$	77,378
Bitcoin			123,307				-				-				123,307
Accounts receivable			680				-				-				680
Derivative asset			-				-				100,950				100,950
		$	201,365			$	-			$	100,950			$	302,315

		Fair Value Measured as of December 31, 2023
		Level 1				Level 2				Level 3				Total
Assets included in:
Cash and cash equivalents
Money market securities		$	65,945			$	-			$	-			$	65,945
Bitcoin			32,978				-				-				32,978
Accounts receivable			622				-				-				622
Derivative asset			-				-				93,591				93,591
		$	99,545			$	-			$	93,591			$	193,136
Liabilities included in:
Warrant liability		$	-			$	-			$	250			$	250
		$	-			$	-			$	250			$	250

Summary of Changes in the Estimated Fair Value of the Derivative Asset

The following table presents the changes in the estimated fair value of the derivative asset measured using significant unobservable inputs (Level 3) for the three months ended March 31, 2024, and 2023 (in thousands):

Balance as of December 31, 2022			66,702
Change in fair value			5,328
Balance as of March 31, 2023		$	72,030
Balance as of December 31, 2023			93,591
Change in fair value			7,359
Balance as of March 31, 2024		$	100,950

Summary of Assumptions Utilized in Valuations of Private Placement Warrants

The following table presents significant assumptions utilized in the valuations of the Private Placement Warrants as of the dates indicated:

		December 31, 2023
Risk-free rate			4.00	%
Dividend yield rate			0.00	%
Volatility			124.0	%
Contractual term (in years)			2.7
Exercise price		$	11.50

Summary of Change in the Fair Value of the Private Placement Warrants

The following table presents changes in the estimated fair value of the Private Placement Warrants for the three months ended March 31, 2024 and 2023 (in thousands):

Balance as of December 31, 2022		$	7
Change in fair value			37
Balance as of March 31, 2023		$	44
Balance as of December 31, 2023		$	250
Change in fair value			(250	)
Balance as of March 31, 2024		$	-

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Section 50
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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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