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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Schedule of financial assets measured at fair value on a recurring basis

​

​	​	​	​	​	​	​	​	​	​	​	​
​	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

​

​

​	​	​	​	​	​	​	​	​	​	​	​
​	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

Schedule of key inputs for the valuation model

​

​	​	​	​	​
​	​	​	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%

Schedule of changes in the notes held for the investments

​

​	​	​	​	​
​	​	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	​

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.

+ References

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

+ References

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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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-Topic 820
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