Investments

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

7. Investments

The following table sets forth the Company’s investments:

	March 31, 2024				December 31, 2023
	Carrying Value		Cost		Carrying Value		Cost
Fnality International Limited—Series B-1 Preference Shares	$	9,606	$	8,091	$	9,684	$	8,091
Total	$	9,606	$	8,091	$	9,684	$	8,091

Fnality International Limited

The Company owns approximately 5.4% (or 4.8% on a fully-diluted basis) of capital stock of Fnality International Limited (“Fnality”), a company incorporated in England and Wales and focused on creating a peer-to-peer digital wholesale settlement ecosystem comprised of a consortium of financial institutions, offering real time cross-border payments from a single pool of liquidity. The Company’s ownership interest is represented by 2,340,378 Series B-1 Preference Shares, resulting from the conversion of its investment of £6,000 ($8,091) in convertible notes upon Fnality’s qualified equity financing which occurred in October 2023. The Series B-1 Preference Shares carry a 1.0x liquidation preference, are convertible into ordinary shares at the option of the Company and contain various rights and protections. 

This investment is accounted for under the measurement alternative prescribed in ASC 321, as it does not have a readily determinable fair value and is otherwise not subject to the equity method of accounting. The investment is assessed for impairment and similar observable transactions on a quarterly basis. During the three months ended March 31, 2024, the Company recognized a loss of $78 due to changes in the British pound to U.S. dollar exchange rate. There was no impairment recognized on this investment during the three months ended March 31, 2024 based upon a qualitative assessment.

During the three months ended March 31, 2023, the Company recognized a gain of $530 when re-measuring its previously held convertible notes to fair value.