SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

The Company’s digital assets have active markets with observable prices and their fair value measurements are considered

Level 1. The following table presents a roll-forward of total digital assets for the three months ended March 31, 2026 and 2025 (in

thousands):


	March 31, 2026	March 31, 2025
Digital assets, beginning of period	$222,000	$23,893
Digital asset self-mining revenue, net of receivables1	30,119	67,441
Proceeds from sales of digital assets and shared hosting	(208,249)	—
Decrease in fair value of digital assets	(6,558)	(10,688)
Digital assets, end of period	$37,312	$80,646

1 As of March 31, 2026, and December 31, 2025, there was $0.3 million and $0.4 million, respectively, of digital asset receivable included in Customer funding

receivable and other current assets on the Company’s condensed consolidated balance sheets.

Schedule of Bitcoin Holdings

The following table presents the Company’s bitcoin holdings (in thousands, except for quantity):


	Quantity	Cost Basis	Fair Value
March 31, 2026	547	$43,725	$37,312
December 31, 2025	2,537	$254,694	$222,000

Schedule of Deferred Revenue

The following table presents a rollforward of deferred revenue for the periods presented (in thousands):


	Deferred Revenue from Colocation Services	Deferred Revenue from Hosted Mining Services	Total Deferred Revenue
Balance at December 31, 2024	$17,785	$349	$18,134
Revenue recognized that was included in the deferred revenue balance as of the beginning of the year	(5,124)	(329)	(5,453)
Base license fee earned, not yet due	(13,633)	—	(13,633)
Additional customer funding received	554,850	1,953	556,803
Balance at December 31, 2025	$553,878	$1,973	$555,851
Revenue recognized that was included in the deferred revenue balance as of the beginning of the year	(22,530)	(1,973)	(24,503)
Base license fee earned, not yet due	(8,590)	—	(8,590)
Additional customer funding received	129,952	1,517	131,469
Balance at March 31, 2026	$652,710	$1,517	$654,227

Current portion at March 31, 2026			$219,555
Non-current portion at March 31, 2026			$434,672