The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022 based on the three-tier fair value hierarchy:


	June 30, 2023
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	209,480	(1)	$	—		$	—		$	209,480
Other current assets:
Digital assets held for users	—			37,521		(6)	—			37,521
Other non-current assets:
Derivative instruments	—			—			19,999		(4)	19,999
Equity securities	—			13,533		(3)	—			13,533

Total	$	209,480		$	51,054		$	19,999		$	280,533

Liabilities
Digital assets held for users	$	—		$	37,521	(6)	$	—		$	37,521
Warrant liabilities	—			46,286		(5)	—			46,286
Total	$	—		$	83,807		$	—		$	83,807


	December 31, 2022
	Level 1			Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	304,216	(1)	$	—		$	—		$	304,216
Other current assets:
Digital assets held for users	—			38,444		(6)	—			38,444
Other non-current assets:
Derivative instruments	—			—			26,248		(4)	26,248
Equity securities	18,250		(2)	13,533		(3)	—			31,783

Total	$	322,466		$	51,977		$	26,248		$	400,691

Liabilities
Digital assets held for users	—			$	38,444	(6)	—			$	38,444
Warrant liabilities	$	—		$	10,680	(5)	$	—		10,680
Total	$	—		$	49,124		$	—		$	49,124

(1)Represents the Company’s money market funds, which are classified as Level 1 because the Company measures the fair value of these assets using quoted market prices.

(2)Represents the Company’s marketable equity securities, which are classified as Level 1 because the Company measures the fair value of these assets using quoted market prices.

(3)Represents the Company’s non-marketable equity securities, which are classified as Level 2 because the Company measures the fair value of these assets using observable inputs for similar investments of the same issuer. The Company has elected the remeasurement alternative for these assets.

(4)Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures the fair value of these derivative instruments using option pricing models and, accordingly, classifies these assets as Level 3. During the six months ended June 30, 2023, we sold Level 3 derivative instruments with a fair value at December 31, 2022 of $6.2 million for proceeds of $5.3 million and there were no new Level 3 derivative instruments purchased by or issued to the Company. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure the fair value of the Level 3 derivative instruments. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date.


	June 30, 2023	December 31, 2022
Significant Unobservable Input	Range (Weighted Average)	Range (Weighted Average)
Underlying stock price	$12.79 - $19.80 ($19.41)	$7.30 - $19.80 ($16.53)
Volatility	75.0% - 80.0% (79.7%)	56.0% - 80.0% (74.1%)
Risk-free rate	1.3% - 4.2% (4.0%)	1.3% - 4.3% (4.1%)

(5)The Company measures the fair value of its warrant liabilities using a binomial lattice model or a Black-Scholes model, where appropriate, with the significant assumptions being observable inputs and, accordingly, classifies these liabilities as Level 2.

(6)Represents the asset and liability balance for the digital assets held by the Company for its users, which are classified as Level 2 because the Company measures the fair value of these digital assets using observable inputs for similar transactions.