v3.25.2
Loans, notes payable, and other financial liabilities (Tables)
6 Months Ended
Jun. 30, 2025
Loans, notes payable, and other financial liabilities  
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.
Summary of maturities of our long-term debt including the current portion

(in USD thousands)

    

Year ending December 31,

2025 (excluding the six months ended June 30, 2025)

$

2026

 

65,000

2027

 

90,784

2028

2029

159,287

Thereafter

 

Total

$

315,071

Summary of estimating the fair value of the SAFE agreement using the PWERM

    

June 30, 2025

Risk-free interest rate

3.7% - 4.1

%

Credit spread

25.20

%

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