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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

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

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.

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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).

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