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Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Fair Value Measurements

7. Fair Value Measurements

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The following table presents fair value hierarchy of the Company’s financial assets measured at fair value on a recurring basis:

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​	​	​	​	​	​	​	​	​	​	​	​
​	Fair Value Hierarchy
​	Level 1		​	Level 2		​	Level 3		​	Total
As of December 31, 2024	​	​	​	​	​	​	​	​	​	​	​
U.S. Government money market fund accounts	$	3,638	​	$	​	​	$	​	​	$	3,638
(Included in cash and cash equivalents)	​	​	​	​	​	​	​	​	​	​	​
Bitcoin investments	​	214,633	​	​	​	​	​	​	​	​	214,633
(Included in intangible digital assets)	​	​	​	​	​	​	​	​	​	​	​
Total Assets	$	218,271	​	$	—	​	$	—	​	$	218,271

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​	​	​	​	​	​	​	​	​	​	​	​
​	Level 1		​	Level 2		​	Level 3		​	Total
As of December 31, 2023	​	​	​	​	​	​	​	​	​	​	​
U.S. Government money market fund accounts	$	41,373	​	$	—	​	$	—	​	$	41,373
(Included in cash and cash equivalents)	​	​	​	​	​	​	​	​	​	​	​
U.S. Treasury bill	​	—	​	​	10,494	​	​	—	​	​	10,494
(Included in cash and cash equivalents)	​	​	​	​	​	​	​	​	​	​	​
Investment in debt securities	​	—	​	​	—	​	​	4,372	​	​	4,372
(Included in notes held for investment)	​	​	​	​	​	​	​	​	​	​	​
Total Assets	$	41,373	​	$	10,494	​	$	4,372	​	$	56,239

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Treasury bill was purchased on October 10, 2023, at a cost of $10,414, and fair value accretes to maturity date at an interest rate of 5.35%. The treasury bill was classified as Level 2 as it is considered “off the run” because similar treasury bills were issued before the most recent issue and were outstanding as of December 31, 2023 and therefore not considered as liquid as other treasury bills with the same maturity date. As of December 31, 2023, the interest income recorded on these bills was $80.

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The Company valued the debt securities at face value as of December 31, 2024 because the debt was to be repaid in January 2025. As of December 31, 2023, the Company valued the debt securities using a bond plus call option model reflecting the cash flow from the debt securities and assuming a 5% probability of an equity financing, a 75% probability of a change of control, and a 20% probability of payment at maturity or an insolvency event. As of December 31, 2023, the fair value of the Company’s privately held debt securities was estimated at $4,372.

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The key inputs for the valuation model are:

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​	​	​	​	​
​	​	​	December 31,
​	​		2023
Risk-free rate	​	​	​	3.94%-5.26%
Cashflow discount rate	​	​	​	27.8
Expected term in years	​	​	​	0.25-2.92
Expected volatility	​	​	​	120%

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The following table represents changes in the notes held for the investments with significant unobservable inputs:

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​	​	​	​	​
​	​	Convertible Notes		​
Balance as of December 31, 2023	​	$	4,372	​
Purchased	​	​	500	​
Change in fair value of the notes held for investment	​	​	128	​
Balance as of December 31, 2024	​	$	5,000	​

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- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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