Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill during the nine months ended September 30, 2024 was as follows:

	(in thousands)
Balance as of December 31, 2023	$	26,299
Goodwill acquired	15,875
Balance as of September 30, 2024	$	42,174

Acquired Intangible Assets

Acquired intangible assets consisted of the following:

	September 30, 2024
	Gross carrying value		Accumulated amortization		Net carrying value		Weighted-average remaining useful life (years)
	(in thousands, except year data)
Developed technology	$	47,460	$	19,572	$	27,888	2.8
Other intangible assets	600		600		—		—
Total acquired intangible assets	$	48,060	$	20,172	$	27,888

	December 31, 2023
	Gross carrying value		Accumulated amortization		Net carrying value		Weighted-average remaining useful life (years)
	(in thousands, except year data)
Developed technology	$	43,160	$	12,973	$	30,187	3.6
Other intangible assets	600		467		133		0.3
Total acquired intangible assets	$	43,760	$	13,440	$	30,320

Amortization expense was immaterial for the three months ended September 30, 2024 and 2023 and $6.7 million and $6.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Cryptocurrency

During the three months ended September 30, 2024, we sold the majority of our cryptocurrency portfolio, which consisted primarily of Bitcoin and Ether. The net carrying value of our cryptocurrencies, as well as the gain recognized on sale, was immaterial for the periods presented.