| Schedule of Roll-Forward of Strategic Investments |
The following table presents the carrying value of our strategic investments (in thousands) as of: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Strategic investments | | Warrants | | Call options | | Total | | Equity securities: | | | | | | | | | Non-marketable equity securities | $ | 374,948 | | | $ | 6,617 | | | $ | 11,600 | | | $ | 393,165 | | | Debt securities: | | | | | | | | | Non-marketable debt securities | 10,335 | | | — | | | — | | | 10,335 | | | Total strategic investments | $ | 385,283 | | | $ | 6,617 | | | $ | 11,600 | | | $ | 403,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Strategic investments | | Warrants | | Call options | | Total | | Equity securities: | | | | | | | | | Non-marketable equity securities | $ | 319,598 | | | $ | 4,368 | | | $ | — | | | $ | 323,966 | | | Debt securities: | | | | | | | | | Non-marketable debt securities | 8,584 | | | — | | | — | | | 8,584 | | | Total strategic investments | $ | 328,182 | | | $ | 4,368 | | | $ | — | | | $ | 332,550 | |
The following tables summarize the gains and losses associated with our strategic investments during the three and six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Three Months Ended June 30, 2024 | | Strategic Investments | | Warrants | | Call options | | Total | | Strategic Investments | | Warrants | | Call options | | Total | | Realized gains (losses) recognized on strategic investments during the period, net | $ | 47,339 | | | $ | — | | | $ | — | | | $ | 47,339 | | | $ | — | | | $ | — | | | $ | 21 | | | $ | 21 | | | Reversal of prior period cumulative unrealized gains, net, for securities sold during the period | (47,339) | | | — | | | — | | | (47,339) | | | — | | | — | | | — | | | — | | Unrealized gains on strategic investments still held at the reporting date (1) | 751 | | | — | | | — | | | 751 | | | 137 | | | — | | | — | | | 137 | | | Unrealized losses, including impairments, on strategic investments still held at the reporting date | (2,048) | | | — | | | — | | | (2,048) | | | — | | | — | | | — | | | — | | | Gains (losses) on strategic investments, net | $ | (1,297) | | | $ | — | | | $ | — | | | $ | (1,297) | | | $ | 137 | | | $ | — | | | $ | 21 | | | $ | 158 | |
(1) Includes unrealized gains of $0.8 million and $0.1 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the three months ended June 30, 2025 and 2024, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Six Months Ended June 30, 2024 | | Strategic Investments | | Warrants | | Call options | | Total | | Strategic Investments | | Warrants | | Call options | | Total | | Realized gains (losses) recognized on strategic investments during the period, net | $ | 320,817 | | | $ | — | | | $ | — | | | $ | 320,817 | | | $ | 45,162 | | | $ | — | | | $ | (2,849) | | | $ | 42,313 | | | Reversal of prior period cumulative unrealized gains, net, for securities sold during the period | (160,736) | | | — | | | — | | | (160,736) | | | — | | | — | | | — | | | — | | Unrealized gains on strategic investments still held at the reporting date (1) | 7,991 | | | — | | | — | | | 7,991 | | | 74,921 | | | 855 | | | — | | | 75,776 | | | Unrealized losses, including impairments, on strategic investments still held at the reporting date | (2,048) | | | — | | | — | | | (2,048) | | | — | | | — | | | — | | | — | | | Gains (losses) on strategic investments, net | $ | 166,024 | | | $ | — | | | $ | — | | | $ | 166,024 | | | $ | 120,083 | | | $ | 855 | | | $ | (2,849) | | | $ | 118,089 | |
(1) Includes unrealized gains of $1.5 million and $0.1 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the six months ended June 30, 2025 and 2024, respectively.
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