Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

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 September 30, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Crypto assets	$	1,716	$	—	$	1,716	$	—
Derivative asset	43,350		—		—		43,350
Total Assets	$	45,066	$	—	$	1,716	$	43,350
Liabilities:
Warrant liability - Class 1 and Class 2 warrants	$	57,252	$	—	$	—	$	57,252
Warrant liability - public warrants	3,213		3,213		—		—
Pre-funded warrants	283		—		—		283
Total Liabilities	$	60,748	$	3,213	$	—	$	57,252

	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

Inputs used to calculate the estimated fair value of the derivative assets at September 30, 2025 were as follows:

	Derivative assets
Mean monthly return	1.5	%
Volatility	69.0	%
Time to maturity (years)	10
Time to liquidity (months)	1 month
Risk free rate	0.5	%

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

Expected term (years)	3.93
Continuous risk-free rate	3.6%
Expected volatility	125.0%

Level 3 Assets

The following table presents changes in Level 3 assets measured at fair value for the nine months ended September 30, 2025. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category.

	Derivative assets
Balance as of December 31, 2024	$	—
Change in fair value	43,350
Balance as of September 30, 2025	$	43,350