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Prepaid Expenses and Other Assets | 9 Months Ended
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Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses and other assets consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Prepaid expenses and other current assets |  |  |
Crypto asset collateral held | $ | — |  |  | $ | 15,275 |
Prepaid expenses | 8,923 |  |  | 7,232 |
Equity securities | 1,382 |  |  | 219 |
Derivative assets | 684 |  |  | 6,354 |
Other | 15,892 |  |  | 8,054 |
Total prepaid expenses and other current assets | $ | 26,881 |  |  | $ | 37,134 |
Other non-current assets |  |  |
Lease right-of-use assets | $ | 16,419 |  |  | $ | 14,512 |
Strategic investments | 9,568 |  |  | 10,638 |
Warrant derivative(1) | 1,659 |  |  | — |
Warrant receivable(2) | 6,493 |  |  | — |
Other | 1,735 |  |  | 1,722 |
Total other non-current assets | $ | 35,874 |  |  | $ | 26,872 |
__________________ |  |  |
(1) Warrant derivative represents the vested warrants received in connection with an advisory agreement. The vested warrants meet the definition of a derivative under ASC 815, Derivatives and Hedging, and are subject to fair value adjustments. Refer to Note 5. Fair Value Measurements.
(2) The warrant receivable represents a contract asset initially measured at fair value of $10.8 million. As of September 30, 2025, $4.3 million had vested, resulting in a remaining contract asset of $6.5 million.
Measurement alternative investments The Company accounts for investments under the measurement alternative method whereby they are measured at cost, less impairment, subject to upward and downward adjustments resulting from observable price changes for identical or similar investments of the same issuer. The changes in the carrying value of strategic investments accounted for under the measurement alternative are presented below (in thousands):
| Nine Months Ended September 30,
| 2025 |  | 2024
Carrying amount, beginning balance | $ | 10,638 |  |  | $ | 11,708 |
Net reductions(1) | (1,131) |  |  | (580) |
Upward adjustments | 61 |  |  | 73 |
Impairments and downward adjustments | — |  |  | (122) |
Carrying amount, ending balance | $ | 9,568 |  |  | $ | 11,079 |
__________________ |  |  |
(1) Includes additions from purchases, reductions due to exits of securities and reclassifications due to changes to capital structure.
Cumulative upward adjustments for strategic investments held were $4.5 million as of both September 30, 2025 and December 31, 2024. Cumulative impairments and downward adjustments were $1.2 million as of both September 30, 2025 and December 31, 2024. Upward adjustments, impairments, and downward adjustments are included in Other income (expense), net on the condensed consolidated statements of operations and comprehensive loss.

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