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Prepaid Expenses and Other Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Assets
Prepaid expenses and other assets consisted of the following (in thousands):

September 30, 2025December 31, 2024
Prepaid expenses and other current assets
Crypto asset collateral held$— $15,275 
Prepaid expenses8,923 7,232 
Equity securities1,382 219 
Derivative assets684 6,354 
Other15,892 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 investments9,568 10,638 
Warrant derivative(1)
1,659 — 
Warrant receivable(2)
6,493 — 
Other1,735 1,722 
Total other non-current assets $35,874 $26,872 
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(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.
Schedule of Carrying Value of Strategic Investments Accounted for under the Measurement Alternative 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,
20252024
Carrying amount, beginning balance$10,638 $11,708 
Net reductions(1)
(1,131)(580)
Upward adjustments61 73 
Impairments and downward adjustments— (122)
Carrying amount, ending balance$9,568 $11,079 
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(1) Includes additions from purchases, reductions due to exits of securities and reclassifications due to changes to capital structure.