FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value hierarchy for each of those assets and liabilities as of March 31, 2026 and December 31, 2025, respectively:



(in thousands)	Total carrying value at March 31, 2026		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:

Money market accounts	$	74,018	$	74,018	$	—	$	—
U.S. government bills and securities	194,276		194,276		—		—

Digital assets	1,728,898		1,728,898		—		—

Digital assets - receivable, net (1)	680,521		—		680,521		—

Derivative instrument (2)	8,274		—		8,274		—
Liabilities:
Contingent consideration liability (3)	25,553		—		—		25,553



(in thousands)	Total carrying value at December 31, 2025		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:

Money market accounts	$	20,549	$	20,549	$	—	$	—
U.S. government bills and securities	381,927		381,927		—		—

Digital assets	3,371,636		3,371,636		—		—
Digital assets - receivable, net (1)	1,336,868		—		1,336,868		—
Derivative instrument (2)	49,319		—		49,319		—
Liabilities:
Contingent consideration liability (3)	13,758		—		—		13,758

(1) The fair value of digital assets - receivable, net was estimated using the market approach, utilizing observable market prices and other relevant market data, which are considered Level 2 inputs. Refer to Note 5 – Digital Assets, “Digital assets - receivable, net,” for further information.

(2) The fair value of the derivative instrument was estimated using a discounted cash flow approach that considers various assumptions including current market prices and electricity forward curves, which are considered Level 2 inputs. Fluctuations in market prices and electricity forward curves could result in significant increases (decreases) in the fair value of derivative instruments. Refer to Note 2 – Summary of Significant Accounting Policies, “Derivatives,” for further information.

(3) Represents the estimated amount of acquisition-related consideration expected to be paid in the future as of March 31, 2026 for prior acquisitions. Increases or decreases in the probability of achieving the milestones could result in significant changes in the fair value of the contingent consideration. Refer to Note 15 – Commitments and Contingencies, for further information.

Schedule of Assets and Liabilities Not Measured at Fair Value

The following tables present information about the Company’s financial instruments that are not recognized at fair value on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:



(in thousands)	Total carrying value at March 31, 2026		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Liabilities:
Notes payable	$	2,266,169	$	1,845,352	$	—	$	—



(in thousands)	Total carrying value at December 31, 2025		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)





Liabilities:
Notes payable	$	3,249,927	$	2,617,165	$	—	$	—