Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and liabilities that are measured at fair value on a recurring basis are classified as Level 1, Level 2 and Level 3 as follows (in thousands):


	As of June 30, 2025
	Total		Level 1		Level 2		Level 3
Assets:


Crypto Assets	1,435		—		1,435		—
Total Assets	$	1,435	$	—	$	1,435	$	—

Liabilities:

Warrant liability - Class 1 and Class 2 warrants	21,922		—		—		21,922
Warrant liability - public warrants	1,357		1,357		—		—
Total Liabilities	$	23,279	$	1,357	$	—	$	21,922


	As of December 31, 2024
	Total		Level 1		Level 2		Level 3





Liabilities:

Warrant liability - Class 1 and Class 2 warrants	42,782		—		—		42,782
Warrant liability - public warrants	4,141		4,141		—		—
Total Liabilities	$	46,923	$	4,141	$	—	$	42,782

Fair Value Measurement Inputs and Valuation Techniques

The significant unobservable inputs used for the fair value measurement of the Class 1 Warrants and Class 2 Warrants liabilities as of June 30, 2025 are summarized as follows:


Expected term (years)			4.18
Continuous risk-free rate			3.68%
Expected volatility			125.0%