Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

11. Fair Value Measurements

The Company’s financial assets are summarized below as of September 30, 2024 and December 31, 2023, with fair values shown according to the fair value hierarchy (in thousands):

	Carrying Value		Quoted Prices Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3
September 30, 2024
BTC	$	114,030	$	114,030	$	-	$	-
Treasury bills		45,768		45,768		-		-
Money market mutual funds		10,289		10,289		-		-
ETH		6,813		6,813		-		-
Other digital assets		4,024		4,024		-		-
Security token group investment		100	(A)			-		-
	$	181,024
December 31, 2023
Money market mutual funds	$	8,477	$	8,477	$	-	$	-
Treasury bills		45,463		45,463		-		-
Security token group investment		100	(A)			-		-
	$	54,040

(A) This investment is recorded at cost.

The Company invests in held to maturity treasury bills. Discount rates ranged from 1.2% to 2.5% and 0.4% to 2.6% as of September 30, 2024 and December 31, 2023, respectively. The Company held treasury bills with a maturity of greater than three months in other current assets in the amount of $43.2 million for both periods as of September 30, 2024 and December 31, 2023, respectively. The Company held treasury bills with a maturity of less than three months in cash and cash equivalents in the amount of $2.6 million and $2.3 million as of September 30, 2024 and December 31, 2023, respectively.

Assets and Liabilities Not Measured and Recorded at Fair Value

The Company’s financial instruments, including USDC, are carried at cost, which approximates their fair value. If these financial instruments were recorded at fair value, they would be based on Level 1 inputs.