v3.25.2
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Operating activities      
Income / (loss) for the period   $ (264,740) $ 262,531
Adjustments for:      
Digital assets sales revenue   (7,528,053) (2,839,416)
Digital assets sales cost   7,526,992 2,870,306
Impairment of digital assets   85,368 13,129
Depreciation and amortization   20,071 20,456
Other impairment loss   49,222 0
Equity based compensation   27,591 37,002
Noncash expense from borrowing   60,715 25,202
Noncash lending and net staking income   (61,993) (63,232)
Net (gains) / losses from operations   (274,763) (474,871)
Net unrealized (gain) / loss on notes payable – derivative   35,544 12,286
Noncash notes interest expense   16,576 7,341
Net deferred tax expense / (benefit)   (28,951) (4,831)
Other noncash adjustments   (440) 394
Changes in operating assets and liabilities:      
Digital assets   605,342 330,193
Digital assets receivable   9,154 23
Derivative assets / liabilities   89,074 167,219
Accounts receivable   19,765 (36,255)
Prepaid expenses and other assets   (13,576) 10,277
Other non-current assets   0 0
Collateral receivable / payable   (50,268) 29,860
Accounts payable and accrued liabilities   22,128 25,095
Other current liabilities   18,471 (168,901)
Other non-current liabilities   (33,940) (2,538)
Net cash provided by / (used in) operating activities   329,289 221,270
Investing activities      
Proceeds from repayments and maturities of loans receivable   70,718 68,392
Origination of loans receivable   (127,398) (79,921)
Purchase of property, equipment and intangible assets   (396,459) (29,736)
Acquisitions   (1,000) 0
Disposal of property and equipment   7,954 2,954
Purchase of investments   (1,285,456) (2,578,882)
Proceeds and distributions from investments   1,389,064 2,215,603
Net cash provided by / (used in) investing activities   (342,577) (401,590)
Financing activities      
Payable to customers   (3,196) (3,212)
Proceeds from loans payable   75,021 227,826
Repayments of loans payable   (77,421) (109,545)
Margin loans payable, net   (160,104) 0
Share issuance, net of costs   476,982 122,168
Distributions   (39,881) (45,678)
Cancellation of Class A Units withheld   (28,885) (13,816)
Net cash provided by / (used in) financing activities   242,516 177,743
Net increase / (decrease) in cash and cash equivalents   229,228 (2,577)
Cash and cash equivalents, beginning of period $ 462,103 462,103 316,610
Cash and cash equivalents, end of period   691,331 314,033
Cash paid during the year for:      
Interest   27,182 18,135
Taxes   4,919 7,445
Significant noncash investing and financing activities:      
Digital assets loan receivable, net of allowance   317,843 85,607
Payables to customers - digital assets $ 0   94,586
Assets posted as collateral   442,012 122,131
Digital assets borrowed   1,347,324 551,901
Collateral payable   518,894 192,556
Purchase of investments with noncash contributions   72,256 10,947
Proceeds from investments included in receivables   4,141 0
Proceeds from investments received as digital assets   105,648 6,714
Proceeds from investments received as non-cash contributions   8,767 0
Additions to property, plant and equipment and intangible assets   35,452 160
Disposals of property, plant and equipment and intangible assets   1,370 0
Reclassification between derivatives and investments   0 389
Reclassification between digital assets receivable and investments   2,192 0
Origination of loans receivable with noncash consideration   $ 0 $ 6,098