v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,262,397) $ (533,443)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 191,556 157,897
Deferred tax benefit (31,394) (112,115)
Change in fair value of digital assets and digital assets - receivable, net 1,018,589 510,229
Net gain on investments 0 (12,429)
Stock-based compensation 30,506 49,115
Change in fair value of derivative instrument 41,045 (26,828)
Restructuring charges 45,885  
Equity in net earnings of unconsolidated affiliate 2,171 13
Net gain on extinguishment of debt (70,557) 0
Other adjustments from operations, net (10,156) 2,303
Changes in operating assets and liabilities (202,737) (250,230)
Net cash used in operating activities (247,489) (215,488)
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances to vendors (629) (97,432)
Acquisition, net of cash acquired (196,774) (36,344)
Purchase of property and equipment (79,523) (38,856)
Proceeds from sale of property and equipment 612 3,472
Purchase of intangible assets (535) 0
Proceeds from sale of digital assets 1,464,778 8,675
Purchase of digital assets 0 (27,131)
Investment in equity method investments 2,357  
Investment in equity method investments   (2,786)
Purchase of equity investments 0 (19,444)
Net cash provided by (used in) investing activities 1,190,286 (209,846)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 0 100,140
Repurchase of shares in settlement of restricted stock (7,455) (20,362)
Borrowings from Line of credit 150,000 150,000
Repayment of Convertible Notes (912,774) 0
Repayment of Line of credit (350,000) 0
Contribution from noncontrolling interest 137 0
Proceeds from issuance of noncontrolling interest in subsidiary 11,795 0
Net cash (used in) provided by financing activities (1,108,297) 229,778
Effect of exchange rate changes on cash, cash equivalents and restricted cash (3,642) 0
Net decrease in cash, cash equivalents and restricted cash (169,142) (195,556)
Cash, cash equivalents and restricted cash — beginning of period 694,795 403,771
Cash, cash equivalents and restricted cash — end of period $ 525,653 $ 208,215