v3.25.2
REPORTABLE SEGMENTS - Schedule Income and Expenses by Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 8,661,555 $ 8,882,891 $ 21,637,761 $ 18,218,263
Net gain / (loss) on digital assets       324,378
Net gain / (loss) on investments       (38,469)
Net gain / (loss) on derivatives trading       188,962
Gains / (losses) from operations 395,094 (18,180) 274,763 474,871
Revenues and gains / (losses) from operations 9,056,649 8,864,711 21,912,524 18,693,134
Transaction expenses 8,629,940 8,834,836 21,576,949 18,122,926
Impairment of digital assets 127,477 56,947 239,906 82,473
Compensation and benefits 64,969 61,253 121,922 122,324
Notes interest expense 14,240 7,040 28,311 14,016
Depreciation and amortization 7,458 10,956 20,071 20,456
Other expenses 46,172 32,358 150,793 62,664
Total operating expenses 8,890,256 9,003,390 22,137,952 18,424,859
Unrealized gain / (loss) on notes payable - derivative (125,150) (2,573) (35,544) (12,286)
Other income / (expense), net 918 1,612 1,590 1,825
Total other income / (expense) (124,232) (961) (33,954) (10,461)
Net income / (loss) before taxes 42,161 (139,640) (259,382) 257,814
Income taxes expense / (benefit) 11,470 (14,044) 5,358 (4,717)
Net income / (loss) for the period 30,691 (125,596) (264,740) 262,531
Digital Assets        
Segment Reporting Information [Line Items]        
Revenues 8,655,745 8,858,973 21,627,274 18,161,542
Net gain / (loss) on digital assets       (40,158)
Net gain / (loss) on investments       2,520
Net gain / (loss) on derivatives trading       101,523
Gains / (losses) from operations 55,470 (3,073) 147,840  
Revenues and gains / (losses) from operations 8,711,215 8,855,900 21,775,114 18,225,427
Transaction expenses 8,596,478 8,810,103 21,517,337 18,073,294
Impairment of digital assets 43,307 10,333 121,615 19,267
Compensation and benefits 45,347 45,374 84,173 87,649
Notes interest expense 0 0 0 0
Depreciation and amortization 3,560 3,182 7,115 4,489
Other expenses 25,058 17,932 43,879 31,982
Total operating expenses 8,713,750 8,886,924 21,774,119 18,216,681
Unrealized gain / (loss) on notes payable - derivative 0 0 0 0
Other income / (expense), net 0 0 0 0
Total other income / (expense) 0 0 0 0
Net income / (loss) before taxes (2,535) (31,024) 995 8,746
Income taxes expense / (benefit) 0 0 0 0
Net income / (loss) for the period (2,535) (31,024) 995 8,746
Data Centers        
Segment Reporting Information [Line Items]        
Revenues 0 0 0 0
Net gain / (loss) on digital assets       0
Net gain / (loss) on investments       0
Net gain / (loss) on derivatives trading       0
Gains / (losses) from operations 0 0 0  
Revenues and gains / (losses) from operations 0 0 0 0
Transaction expenses 0 0 0 0
Impairment of digital assets 0 0 0 0
Compensation and benefits 0 0 1,263 0
Notes interest expense 0 0 0 0
Depreciation and amortization 0 1,800 1,251 3,474
Other expenses 0 0 385 0
Total operating expenses 0 1,800 2,899 3,474
Unrealized gain / (loss) on notes payable - derivative 0 0 0 0
Other income / (expense), net 0 0 0 0
Total other income / (expense) 0 0 0 0
Net income / (loss) before taxes 0 (1,800) (2,899) (3,474)
Income taxes expense / (benefit) 0 0 0 0
Net income / (loss) for the period 0 (1,800) (2,899) (3,474)
Treasury and Corporate        
Segment Reporting Information [Line Items]        
Revenues 5,810 23,918 10,487 56,721
Net gain / (loss) on digital assets       364,536
Net gain / (loss) on investments       (40,989)
Net gain / (loss) on derivatives trading       87,439
Gains / (losses) from operations 339,624 (15,107) 126,923  
Revenues and gains / (losses) from operations 345,434 8,811 137,410 467,707
Transaction expenses 33,462 24,733 59,612 49,632
Impairment of digital assets 84,170 46,614 118,291 63,206
Compensation and benefits 19,622 15,879 36,486 34,675
Notes interest expense 14,240 7,040 28,311 14,016
Depreciation and amortization 3,898 5,974 11,705 12,493
Other expenses 21,114 14,426 106,529 30,682
Total operating expenses 176,506 114,666 360,934 204,704
Unrealized gain / (loss) on notes payable - derivative (125,150) (2,573) (35,544) (12,286)
Other income / (expense), net 918 1,612 1,590 1,825
Total other income / (expense) (124,232) (961) (33,954) (10,461)
Net income / (loss) before taxes 44,696 (106,816) (257,478) 252,542
Income taxes expense / (benefit) 11,470 (14,044) 5,358 (4,717)
Net income / (loss) for the period $ 33,226 $ (92,772) $ (262,836) $ 257,259