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REPORTABLE SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company manages and reports its activities in the following operating businesses: Digital Assets and Data Centers. In the first quarter of 2025, the Company began managing and reporting activities in these two operating segments consistent with changes in our operations and management reporting. In determining the Company’s segment structure, the Company considered the basis on which the chief operating decision maker (“CODM”), as well as other members of senior management, review the financial and operational performance of the Company. The Company’s CODM is its chief executive officer. The CODM primarily relies on segment net income after taxes to evaluate the performance of each reportable segment. In accordance with ASC 280, Segment Reporting, the Company has recast its historical segment information to conform to the current segment structure.
Digital Assets
The Digital Assets segment is comprised of the Company’s counterparty trading activities, lending, advisory and capital market activities, validator staking services, the Company’s asset management business which manages investments in the digital asset ecosystem both on behalf of the Company and external limited partners, and the GK8 self-custody technology business. The Digital Assets segment generates revenue from digital assets sales, fee income, blockchain rewards and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs the majority of digital assets sales costs. Management fees generated off the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment.
Data Centers
The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops, and will in the future operate, HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry.
Treasury and Corporate
The Treasury and Corporate segment includes the Company’s proprietary trading and mining activities, as well as the Company’s principal investments. It includes realized and unrealized gains and losses on the majority of the Company’s digital assets and equity investments. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to the other reportable segments, and eliminations of inter-segment transactions as required for consolidation. Transactions between segments are based on specific criteria or approximate market rates for comparable services.
The Company’s chief operating decision maker reviews compensation expenses separately from other segment items, which include transaction expenses, general and administrative expenses, technology and marketing costs, as well as professional fees.
Assets and liabilities by each of the reportable segments as of June 30, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Total assets
$3,575,486 $771,907 $4,738,558 $9,085,951 
Total liabilities
$3,037,783 $33,144 $3,390,806 $6,461,733 
Assets and liabilities by each of the reportable segments as of December 31, 2024 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Total assets$3,723,814 $199,694 $3,196,347 $7,119,855 
Total liabilities$3,163,499 $— $1,762,004 $4,925,503 
Income and expenses by each of the reportable segments for the three months ended June 30, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Revenues
$8,655,745 $— $5,810 $8,661,555 
Gains / (losses) from operations
55,470 — 339,624 395,094 
Revenues and gains / (losses) from operations
8,711,215 — 345,434 9,056,649 
Transaction expenses8,596,478 — 33,462 8,629,940 
Impairment of digital assets
43,307 — 84,170 127,477 
Compensation and benefits45,347 — 19,622 64,969 
Notes interest expense— — 14,240 14,240 
Depreciation and amortization3,560 — 3,898 7,458 
Other expenses25,058 — 21,114 46,172 
Operating expenses
8,713,750 — 176,506 8,890,256 
Unrealized gain / (loss) on notes payable – derivative
— — (125,150)(125,150)
Other income / (expense), net— — 918 918 
Total other income / (expense)
— — (124,232)(124,232)
Net income / (loss) for the period, before taxes
$(2,535)$— $44,696 $42,161 
Income tax benefit
— — 11,470 11,470 
Net income / (loss) for the period
$(2,535)$— $33,226 $30,691 
Income and expenses by each of the reportable segments for the three months ended June 30, 2024 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Revenues
$8,858,973 $— $23,918 $8,882,891 
Gains / (losses) from operations
(3,073)— (15,107)(18,180)
Revenues and gains / (losses) from operations
8,855,900 — 8,811 8,864,711 
Transaction expenses8,810,103 — 24,733 8,834,836 
Impairment of digital assets
10,333 — 46,614 56,947 
Compensation and benefits45,374 — 15,879 61,253 
Notes interest expense— — 7,040 7,040 
Depreciation and amortization3,182 1,800 5,974 10,956 
Other expenses17,932 — 14,426 32,358 
Operating expenses
8,886,924 1,800 114,666 9,003,390 
Unrealized loss on notes payable - derivative
— — (2,573)(2,573)
Other income / (expense), net— — 1,612 1,612 
Total other income / (expense)
— — (961)(961)
Net income / (loss) for the year, before taxes
$(31,024)$(1,800)$(106,816)$(139,640)
Income tax expense / (benefit)
— — (14,044)(14,044)
Net income / (loss) for the period$(31,024)$(1,800)$(92,772)$(125,596)
Income and expenses by each of the reportable segments for the six months ended June 30, 2025 were as follows:
(in thousands)Digital AssetsData CentersTreasury and CorporateTotals
Revenues $21,627,274 $— $10,487 $21,637,761 
Gains / (losses) from operations
147,840 — 126,923 274,763 
Revenues and gains / (losses) from operations
21,775,114 — 137,410 21,912,524 
Transaction expenses21,517,337 — 59,612 21,576,949 
Impairment of digital assets
121,615 — 118,291 239,906 
Compensation and benefits84,173 1,263 36,486 121,922 
Notes interest expense— — 28,311 28,311 
Depreciation and amortization7,115 1,251 11,705 20,071 
Other expenses43,879 385 106,529 150,793 
Operating expenses
21,774,119 2,899 360,934 22,137,952 
Unrealized gain / (loss) on notes payable – derivative
— — (35,544)(35,544)
Other income / (expense), net— — 1,590 1,590 
Total other income / (expense)
— — (33,954)(33,954)
Net income / (loss) for the period, before taxes
$995 $(2,899)$(257,478)$(259,382)
Income tax expense / (benefit)
— — 5,358 5,358 
Net income / (loss) for the period
$995 $(2,899)$(262,836)$(264,740)
Income and expenses by each of the reportable segments for the six months ended June 30, 2024 is as follows (unaudited):
(in thousands)Digital AssetsData CentersTreasury and CorporateTotals
Revenues
$18,161,542 $— $56,721 $18,218,263 
Net gain/ (loss) on digital assets(40,158)— 364,536 324,378 
Net gain / (loss) on investments2,520 — (40,989)(38,469)
Net gain / (loss) on derivatives trading101,523 — 87,439 188,962 
Gains / (losses) from operations
Revenues and gains / (losses) from operations
18,225,427 — 467,707 18,693,134 
Transaction expenses18,073,294 — 49,632 18,122,926 
Impairment of digital assets
19,267 — 63,206 82,473 
Compensation and benefits87,649 — 34,675 122,324 
Notes interest expense— — 14,016 14,016 
Depreciation and amortization4,489 3,474 12,493 20,456 
Other expenses31,982 — 30,682 62,664 
Operating expenses
18,216,681 3,474 204,704 18,424,859 
Unrealized loss on notes payable - derivative
— — (12,286)(12,286)
Other income / (expense), net— — 1,825 1,825 
Total other income / (expense)
— — (10,461)(10,461)
Net income / (loss) for the year, before taxes
$8,746 $(3,474)$252,542 $257,814 
Income tax expense / (benefit)
— — (4,717)(4,717)
Net income / (loss) for the period$8,746 $(3,474)$257,259 $262,531