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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Derivative Assets and Liability
The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 (in thousands):
Fair Value Hierarchy
Level 1Level 2Level 3Fair value
Assets:
Cash and cash equivalents
Money market funds
$672,646 $— $— $672,646 
Digital assets80,646 — — 80,646 
Total assets measured at fair value on a recurring basis
$753,292 $— $— $753,292 
Liabilities:
Contingent value rights$17,089 $— $— $17,089 
Warrants421,902 — — 421,902 
Total liabilities measured at fair value on a recurring basis$438,991 $— $— $438,991 
The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 (in thousands):

Fair Value Hierarchy
Level 1Level 2Level 3Fair value
Assets:
Cash and cash equivalents
Money market funds
$832,213 $— $— $832,213 
Digital assets23,893 — — 23,893 
Total assets measured at fair value on a recurring basis
$856,106 $— $— $856,106 
Liabilities:
Contingent value rights$4,272 $— $— $4,272 
Warrants1,097,285 — — 1,097,285 
Total liabilities measured at fair value on a recurring basis$1,101,557 $— $— $1,101,557 
Schedule of Carrying Amounts and Estimated Fair Values of the Convertible Notes The following tables present the carrying amounts and estimated fair values of the Convertible Notes as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025
Carrying Amount
Fair Value
Fair Value Hierarchy
2029 Convertible Notes$460,000 $488,188 
Level 1
2031 Convertible Notes$625,000 $520,625 Level 1

December 31, 2024
Carrying Amount
Fair Value
Fair Value Hierarchy
2029 Convertible Notes$460,000 $703,100 
Level 1
2031 Convertible Notes$625,000 $615,800 Level 1