Strategic Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Roll-Forward of Strategic Investments

The following table presents the carrying value of our strategic investments (in thousands) as of:

	March 31, 2025
	Strategic investments		Warrants		Call options		Total
Equity securities:
Non-marketable equity securities	$	388,390	$	4,368	$	11,600	$	404,358
Debt securities:
Non-marketable debt securities	9,335		—		—		9,335
Total strategic investments	$	397,725	$	4,368	$	11,600	$	413,693

	December 31, 2024
	Strategic investments		Warrants			Call options		Total
Equity securities:
Non-marketable equity securities	$	319,598	$	4,368		$	—	$	323,966
Debt securities:
Non-marketable debt securities	8,584		—		—	—		8,584
Total strategic investments	$	328,182	$	4,368		$	—	$	332,550

The following tables summarizes the gains and losses associated with our strategic investments during the period (in thousands):

	Three Months Ended March 31, 2025
	Strategic Investments		Warrants		Call options		Total
Realized gains (losses) recognized on strategic investments during the period, net	$	273,478	$	—	$	—	$	273,478
Reversal of cumulative unrealized gains, net, for securities sold during the period	(136,982)		—		—		(136,982)
Unrealized gains on strategic investments still held at the reporting date(1)	30,825		—		—		30,825
Unrealized losses, including impairments, on strategic investments still held at the reporting date	—		—		—		—
Gains (losses) on strategic investments, net	$	167,321	$	—	$	—	$	167,321

(1) Includes unrealized gain of $0.8 million for the entire hybrid debt security strategic investment instrument

	Three Months Ended March 31, 2024
	Strategic Investments		Warrants		Call options		Total
Realized gains (losses) recognized on strategic investments during the period, net	$	45,162	$	—	$	(2,870)	$	42,292
Unrealized gains on strategic investments still held at the reporting date	74,784		855		—		75,639
Unrealized losses, including impairments, on strategic investments still held at the reporting date	—		—		—		—
Gains (losses) on strategic investments, net	$	119,946	$	855	$	(2,870)	$	117,931