
	Year Ended December 31, 2024										Year Ended December 31, 2023
	Equity investments		Warrants		Call options		Debt investments		Total		Equity investments		Warrants		Call Options		Total
Balance, beginning of period	$	212,996	$	1,501	$	17,233	$	—	$	231,730	$	277,676	$	1,654	$	17,233	$	296,563
Investments	103,888		2,012		—		7,500		113,400		15,016		1,176		—		16,192
Fair value adjustments:
Realized gains (losses) during the period, net	95,429		—		(4,279)		—		91,150		—		—		—		—
Unrealized gains on strategic investments still held at the reporting date	74,784		855		—		1,084		76,723		—		—		—		—
Unrealized losses on strategic investments still held at the reporting date	(4,093)		—		(893)		—		(4,986)		(81,196)		(1,329)		—		(82,525)
Exercises	(163,406)		—		(12,061)		—		(175,467)		1,500		—		—		1,500
Balance, end of period	$	319,598	$	4,368	$	—	$	8,584	$	332,550	$	212,996	$	1,501	$	17,233	$	231,730

For the debt security strategic investment, we recognized an unrealized gain of $1.1 million for the entire hybrid instrument in other income (loss), net on our consolidated statement of operations during the year ended December 31, 2024.


	Inception to date
	Equity investments		Warrants		Call options		Debt investments		Total
Investments	$	325,105	$	6,235	$	17,232	$	7,500	$	356,072
Fair value adjustments:
Realized gains (losses) on strategic investment transactions, net	107,741		—		(4,279)		—		103,462
Cumulative unrealized gains (losses)	63,203		88,298		(893)		1,084		151,692
Exercises	(161,905)		(90,165)		(12,060)		—		(264,130)
Sales	(14,546)		—		—		—		(14,546)
Balance, end of period	$	319,598	$	4,368	$	—	$	8,584	$	332,550