
(in thousands)	March 31, 2026		December 31, 2025
Equity method investments	$	40,659	$	42,680
Other investments	91,168		91,134
Total investments	$	131,827	$	133,814

On January 27, 2023, the Company entered into a Shareholders’ Agreement to form an Abu Dhabi Global Markets company (the “ADGM Entity”) in which the Company has a 20% ownership interest, which is accounted for as an equity method investment. The ADGM Entity commenced mining operations in September 2023.

The Company’s share of net loss for the three months ended March 31, 2026 was $2.2 million, including approximately $3.2 million of depreciation and amortization. For the three months ended March 31, 2025, the Company’s share of net loss was nearly zero, including approximately $3.1 million of depreciation and amortization. During the three months ended March 31, 2026 and 2025, the Company received bitcoin dividends from the ADGM Entity with a fair value of approximately $3.6 million and $8.8 million, respectively. These dividends are not included in the Company’s share of net loss and are reflected as a reduction of the carrying value of the equity method investment.

As of March 31, 2026, the Company’s investment in the ADGM Entity was $40.7 million and is reflected in “Investments” on the Condensed Consolidated Balance Sheets.

As of March 31, 2026, the carrying amount of the Company’s investment in Velaura AI, Inc. (“Velaura”) (formerly known as Auradine, Inc.), a related party, and certain spun-off entities was $85.4 million, reflected in “Investments” on the Condensed Consolidated Balance Sheets. Refer to Note 16 – Related Party Transactions, for further information.

On February 19, 2025, the Company converted $1.2 million from its prior Velaura SAFE investment into preferred stock and purchased additional shares of Velaura preferred stock for a purchase price of $20.0 million. The preferred stock purchased on February 19, 2025 was similar to the Company’s other investments in Velaura preferred stock and, as a result, the Company recorded $11.9 million as a gain on investment to adjust the carrying value of its

investments to an observable price in accordance with the measurement alternative in ASC 321, Investments - Equity Securities (“ASC 321”). In addition, the Company recorded an additional $2.7 million gain on investment to adjust the carrying value of its common stock investment in Velaura to an observable price, in accordance with ASC 321. The gain on investments was recorded to “Other” on the Condensed Consolidated Statements of Operations.

During the three months ended March 31, 2025, the Company wrote off a previous investment of $2.3 million, as the Company believed there were indicators that the carrying value may not be recoverable. The loss on investments was recorded to “Other” on the Condensed Consolidated Statements of Operations.