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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

11. Fair Value Measurements

The Company’s financial assets are summarized below as of September 30, 2025 and December 31, 2024, with fair values shown according to the fair value hierarchy (in thousands):

 

 

 

Carrying
Value

 

 

Quoted
Prices
Level 1

 

 

Significant
Other
Observable
Inputs
Level 2

 

 

Significant
Unobservable
Inputs
Level 3

 

September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Bitcoin

 

$

242,387

 

 

$

242,387

 

 

$

-

 

 

$

-

 

Treasury bills

 

 

5,012

 

 

 

5,012

 

 

 

-

 

 

 

-

 

Money market funds

 

 

40,686

 

 

 

40,686

 

 

 

-

 

 

 

-

 

Ethereum

 

 

11,490

 

 

 

11,490

 

 

 

-

 

 

 

-

 

Solana

 

 

9,936

 

 

 

9,936

 

 

 

-

 

 

 

-

 

Other digital assets

 

 

98

 

 

 

98

 

 

 

-

 

 

 

-

 

Other investments

 

 

200

 

 

(1)

 

 

 

-

 

 

 

-

 

 

$

309,809

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Bitcoin

 

$

181,238

 

 

$

181,238

 

 

$

-

 

 

$

-

 

Treasury bills

 

 

31,162

 

 

 

31,162

 

 

 

-

 

 

 

-

 

Money market funds

 

 

25,514

 

 

 

25,514

 

 

 

-

 

 

 

-

 

Ethereum

 

 

8,847

 

 

 

8,847

 

 

 

-

 

 

 

-

 

Solana

 

 

4,628

 

 

 

4,628

 

 

 

-

 

 

 

-

 

Other digital assets

 

 

1,646

 

 

 

1,646

 

 

 

-

 

 

 

-

 

Other investment

 

 

100

 

 

(1)

 

 

 

-

 

 

 

-

 

 

$

253,135

 

 

 

 

 

 

 

 

 

 

 

(1) These investments are recorded at cost.

The Company invests in held to maturity treasury bills. As of September 30, 2025, the discount rate was 0.6%. Discount rates ranged from 1.1% to 2.4% as of December 31, 2024. The Company held no treasury bills with a maturity of greater than three months in other current assets as of September 30, 2025 and $30.5 million as of December 31, 2024. The Company held treasury bills with a maturity of less than three months in cash and cash equivalents in the amount of $5.0 million and $0.7 million as of September 30, 2025 and December 31, 2024, respectively.

Assets and Liabilities Not Measured and Recorded at Fair Value

The Company’s financial instruments, including USDC, are carried at cost, which approximates their fair value. If these financial instruments were recorded at fair value, they would be based on Level 1 inputs.