Strategic Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of roll-forward of strategic investments

The following tables provide a roll-forward of the balance of strategic investments (in thousands):

	Three Months Ended September 30, 2024										Three Months Ended September 30, 2023
	Equity investments		Warrants		Call options		Debt investments		Total		Equity investments		Warrants		Call options		Total
Balance, beginning of period	$	340,108	$	2,356	$	13,033	$	7,637	$	363,134	$	215,945	$	459	$	17,233	$	233,637
Investments	24,322		—		—		—		24,322		4,099		1,176		—		5,275
Fair value adjustments:
Unrealized gains	—		—		—		449		449		—		—		—		—
Unrealized losses and impairments	—		—		—		—		—		—		(113)		—		(113)
Exercises	—		—		—		—		—		1,500		—		—		1,500
Balance, end of period	$	364,430	$	2,356	$	13,033	$	8,086	$	387,905	$	221,544	$	1,522	$	17,233	$	240,299

	Nine Months Ended September 30, 2024										Nine Months Ended September 30, 2023
	Equity investments		Warrants		Call options		Debt investments		Total		Equity investments		Warrants		Call options		Total
Balance, beginning of period	$	212,996	$	1,501	$	17,233	$	—	$	231,730	$	277,676	$	1,654	$	17,233	$	296,563
Investments	93,450		—		—		7,500		100,950		15,016		1,176		—		16,192
Fair value adjustments:
Realized gains	45,162		—		21		—		45,183		—		—		—		—
Realized losses	—		—		(2,870)		—		(2,870)		—		—		—		—
Unrealized gains	74,784		855		—		586		76,225		—		—		—		—
Unrealized losses and impairments	—		—		—		—		—		(72,648)		(1,308)		—		(73,956)
Exercises	(61,962)		—		(1,351)		—		(63,313)		1,500		—		—		1,500
Balance, end of period	$	364,430	$	2,356	$	13,033	$	8,086	$	387,905	$	221,544	$	1,522	$	17,233	$	240,299

For the debt security strategic investment, we recognized an unrealized gain of $0.6 million for the entire hybrid instrument in other income (loss), net on our condensed consolidated statement of operations during the nine months ended September 30, 2024.

	Inception to date
	Equity investments		Warrants		Call options		Debt investments		Total
Investments	$	217,948	$	4,222	$	17,233	$	7,500	$	246,903
Fair value adjustments:
Realized gains	57,474		—		21		—		57,495
Realized losses	—		—		(2,870)		—		(2,870)
Unrealized gains	149,601		29,928		—		586		180,115
Unrealized losses and impairments	(82,304)		(1,705)		—		—		(84,009)
Exercises	36,257		(30,089)		(1,351)		—		4,817
Sales	(14,546)		—		—		—		(14,546)
Balance, end of period	$	364,430	$	2,356	$	13,033	$	8,086	$	387,905