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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Convertible Notes The following presents the levels of the fair value hierarchy for the Company's convertible notes by issuance date measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022
Fair value hierarchy
PrincipalLevel 1Level 2Level 3Fair value
Derivative warrant liabilities:
Public Warrants$— $16,215 $— $— $16,215 
Private Placement Warrants— — 11,781 — 11,781 
Total derivative warrant liabilities— 16,215 11,781 — 27,996 
Convertible notes:
April 19, 20211
$92,813 $— $— $192,223 $192,223 
April 21, 20211
5,214 — — 10,796 10,796 
April 23, 20211
46,928 — — 97,128 97,128 
April 26, 20211
79,256 — — 163,959 163,959 
August 20, 20212
51,362 — — 76,264 76,264 
September 10, 20212
16,354 — — 24,200 24,200 
September 23, 20212
77,202 — — 113,994 113,994 
September 24, 20212
60,923 — — 89,943 89,943 
September 27, 20212
2,004 — — 2,957 2,957 
October 1, 20212
87,966 — — 129,718 129,718 
November 10, 20212
9,971 — — 14,698 14,698 
Accrued PIK interest1,2,3
— — — 7,851 7,851 
Total convertible notes529,993 — — 923,731 923,731 
Total liabilities measured at fair value on a recurring basis$529,993 $16,215 $11,781 $923,731 $951,727 

December 31, 2021
Fair value hierarchy
PrincipalLevel 1Level 2Level 3Fair value
Convertible notes:
April 19, 20211
$91,430 $— $— $101,078 $101,078 
April 21, 20211
5,137 — — 5,674 5,674 
April 23, 20211
46,229 — — 51,062 51,062 
April 26, 20211
78,075 — — 86,165 86,165 
August 20, 20212
50,597 — — 50,941 50,941 
September 10, 20212
16,110 — — 16,472 16,472 
September 23, 20212
76,051 — — 77,559 77,559 
September 24, 20212
60,016 — — 61,179 61,179 
September 27, 20212
1,974 — — 2,012 2,012 
October 1, 20212
86,655 — — 87,150 87,150 
November 10, 20212
9,823 — — 9,819 9,819 
Accrued PIK interest1,2,4
— — — 7,896 7,896 
Total convertible notes$522,097 $— $— $557,007 $557,007 
1 Secured Convertible Notes (includes principal balance at issuance and PIK interest) which considers the minimum payoff at maturity of two times the face value of the note plus accrued interest.
2 Other Convertible Notes (other than the Secured Convertible notes) which considers the minimum payoff at maturity of one times the face value of the note plus accrued interest.
3 Represents PIK interest accrued as of March 31, 2022 which will be recorded as additional principal for each respective convertible note on April 1, 2022.
4 Represents PIK interest accrued as of December 31, 2021 which will be recorded as additional principal for each respective convertible note on January 1, 2022.
The following presents a rollforward of the activity for the Company's convertible notes measured at fair value on a recurring basis as of March 31, 2022 (in thousands):
Convertible Notes
Balance at December 31, 2021$557,007 
Issuances (including PIK principal recorded)7,896 
Settlements (including interest payments and PIK principal recorded)(13,123)
Unrealized losses371,951 
Balance at March 31, 2022$923,731 
Schedule of Convertible Debt Fair Value Measurement Input
The following presents significant Level 3 unobservable inputs used to measure fair value of certain convertible notes March 31, 2022 (dollars in thousands):
Fair valueUnobservable InputLowHigh
Weighted Average1
Convertible Notes$923,731 Expected term (years)3.053.053.05
Volatility45.2 %45.2 %45.2 %
1 Weighted average based on the fair value of convertible notes.
Schedule of Digital Currency Assets Digital assets are available for use, if needed, for current operations and are classified as current assets on the Consolidated Balance Sheets, the details of which are presented below.
March 31
2022		December 31
2021
Bitcoin (BTC)$307,172 $224,843 
Ethereum (ETH)6,474 4,665 
Polygon (MATIC)1,586 1,085 
Siacoin (SC)765 803 
Dai (DAI)8 1,353 
Other318 1,549 
Total digital assets$316,323 $234,298