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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets included in: |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |
Money market securities | $ | 24,900 |  |  | $ | - |  |  | $ | - |  |  | $ | 24,900 |
Restricted cash |  |  |  |  |  |  |
Money market securities | 14,392 |  |  | $ | - |  |  | $ | - |  |  | 14,392 |
Bitcoin | 95,459 |  |  | $ | - |  |  | $ | - |  |  | 95,459 |
Accounts receivable | 226 |  |  | - |  |  | - |  |  | 226 |
Derivative asset | - |  |  | - |  |  | 74,410 |  |  | 74,410 |
| $ | 134,977 |  |  | $ | - |  |  | $ | 74,410 |  |  | $ | 209,387 |
| 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 nine months ended September 30, 2024 and 2023 (amounts in thousands):
| Nine months ended September 30,
| 2024 |  | 2023
Opening balance | $ | 93,591 |  |  | $ | 66,702 |
Change in fair value | (19,181) |  |  | 13,348 |
Ending balance | $ | 74,410 |  |  | $ | 80,050 |
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 (amounts in thousands):
Balance as of December 31, 2023 | $ | 250 |
Change in fair value | (250) |
Balance as of September 30, 2024 | $ | — |
Balance as of December 31, 2022 | $ | 7 |
Change in fair value | 49 |
Balance as of September 30, 2023 | $ | 56 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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