v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Assets And Liabilities Measurement on Recurring Basis
The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):
Fair Value Measured as of June 30, 2025
Level 1Level 2Level 3Total
Assets included in:
Cash and cash equivalents
Money market securities$21,579 $- $- $21,579 
Restricted cash
Money market securities14,392 - - 14,392 
Bitcoin112,089 - - 112,089 
Accounts receivable1,575 - - 1,575 
Prepaid expenses and other current assets
 Bitmain Bitcoin Options
- 5,007 - 5,007 
Derivative asset- - 77,520 77,520 
$149,635 $5,007 $77,520 $232,162 
Fair Value Measured as of December 31, 2024
Level 1Level 2Level 3Total
Assets included in:   
Cash and cash equivalents   
Money market securities$4,314 $- $- $4,314 
Restricted cash
Money market securities14,392 - - 14,392 
Bitcoin92,651 - - 92,651 
Receivable for bitcoin collateral- 32,248 - 32,248 
Accounts receivable596 - - 596 
Derivative asset- - 85,670 85,670 
$111,953 $32,248 $85,670 $229,871 
Liabilities included in:  
Short-term borrowings
Bitcoin loan payable$7,330 $- $- $7,330 
$7,330 $- $- $7,330 
Schedule of Financial Assets and Liabilities Not Subject to Fair Value Measurement on Recurring Basis
The Company’s financial assets and liabilities not subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):
June 30, 2025
Total carrying valueLevel 1Level 2Level 3Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes$167,113 $- $222,380 $- $222,380 
$167,113 $- $222,380 $- $222,380 
December 31, 2024
Total carrying valueLevel 1Level 2Level 3Total
Liabilities included in:
Long-term borrowings
2030 Convertible Notes$- $- $- $- $- 
$- $- $- $- $- 
Summary of Changes in the Estimated Fair Value of the Derivative Asset
The following table presents the changes in the estimated fair value of the derivative asset measured using significant unobservable inputs (Level 3) for the six months ended June 30, 2025 and 2024 (amounts in thousands):
Six Months Ended June 30,
20252024
Opening balance$85,670 $93,591 
Change in fair value(8,150)29,339 
Ending balance$77,520 $122,930 
Summary of Assumptions Utilized in Valuations of Private Placement Warrants The following table presents significant assumptions utilized in the valuations of the Private Placement Warrants as of the dates indicated:
December 31, 2023
Risk-free rate4.00%
Dividend yield rate0.00%
Volatility124.0%
Contractual term (in years)2.7
Exercise price$11.50
Summary of Change in the Fair Value of the Private Placement Warrants
The following table presents changes in the estimated fair value of the Private Placement Warrants (amounts in thousands):
Balance as of December 31, 2024$— 
Change in fair value— 
Balance as of June 30, 2025$— 
Balance as of December 31, 2023$250 
Change in fair value(250)
Balance as of June 30, 2024$—