v3.25.2
REPORTABLE SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reporting Information by Segment
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