Summary of company's loans, notes payable, and other financial liabilities |
| | | | | | | | | | | (in USD thousands) | | | | | | June 30, | | December 31, | Issuance Date | | Maturity Date | | Interest Rate | | 2025 | | 2024 | TZRC Secured Promissory Note | | | | | | | | | | | December 6, 2022 | | April 8, 2027 | | 15.25 | % | $ | 90,784 | | $ | 84,211 | | | | | | | | | | | | Coinbase Credit Facility | | | | | | | | | | | June 26, 2023 | | June 16, 2026 | | 9.00(1) | % | | 65,000 | | | 65,000 | | | | | | | | | | | | Coatue Note (convertible note) | | | | | | | | | | | June 28, 2024 | | June 28, 2029 | | 8.00 | % | | 159,287 | | | 153,100 | | | | | | | | | | | | Other financial liability | | (2) | | (2) | | | 2,542 | | | — | | | | | | | | | | | | Total principal balance | | | | | | | 317,613 | | | 302,311 | Less: unamortized discount and deferred financing costs | | | | | | | (1,504) | | | (1,726) | Total carrying amount | | | | | | $ | 316,109 | | $ | 300,585 | Less: current portion | | | | | | | 64,938 | | | 64,965 | Long-term portion | | | | | | $ | 251,171 | | $ | 235,620 |
(1) | The interest rate as of December 31, 2024 for the Coinbase credit facility was 10.50%. |
(2) | See Other financial liability below for additional information. |
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Summary of activity and change in fair value of the Company's SAFE agreement |
| | | | | | | | | Three Months Ended | | Six Months Ended | (in USD thousands) | | June 30, 2025 | | June 30, 2025 | Balance, beginning of period | | $ | 2,361 | | $ | — | Additions | | | — | | | 3,500 | Change in fair value | | | 181 | | | (958) | Balance, end of period | | $ | 2,542 | | $ | 2,542 |
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