v3.26.1
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Net Investment Income [Line Items]            
Cash equivalents $ 260,287     $ 96,982    
Bitcoin 813,221 [1] $ 1,001,997 $ 1,189,443 $ 979,635 [1] $ 929,078 $ 431,661
Derivative investments 1,499   233      
Amount            
Net Investment Income [Line Items]            
Cash equivalents [2] 7,916   32,992      
Receivable from bitcoin collateral [3] 111,940   294,648      
Bitcoin 813,221   1,189,443      
Bitcoin derivative - Bitmain contracts 1,283   233      
Derivative investments 216          
DAM derivative liabilities 3,786          
Interest rate swap derivative 39   93      
Warrant liabilities 3   115      
Level 1            
Net Investment Income [Line Items]            
Cash equivalents [2] 7,916   32,992      
Receivable from bitcoin collateral [3] 0   0      
Bitcoin 813,221   1,189,443      
Bitcoin derivative - Bitmain contracts 0   0      
Derivative investments 0          
DAM derivative liabilities 0          
Interest rate swap derivative 0   0      
Warrant liabilities 0   0      
Level 2            
Net Investment Income [Line Items]            
Cash equivalents [2] 0   0      
Receivable from bitcoin collateral [3] 111,940   294,648      
Bitcoin 0   0      
Bitcoin derivative - Bitmain contracts 0   0      
Derivative investments 0          
DAM derivative liabilities 0          
Interest rate swap derivative 39   93      
Warrant liabilities 3   115      
Level 3            
Net Investment Income [Line Items]            
Cash equivalents [2] 0   0      
Receivable from bitcoin collateral [3] 0   0      
Bitcoin 0   0      
Bitcoin derivative - Bitmain contracts 1,283   233      
Derivative investments 216          
DAM derivative liabilities 3,786          
Interest rate swap derivative 0   0      
Warrant liabilities $ 0   $ 0      
[1] Includes Bitcoin - current of $674,447 and Bitcoin - noncurrent of $138,774 as presented within Condensed Consolidated Balance Sheets as of March 31, 2026.
[2] Represents money market funds.
[3] See Note 5 - Receivable from Bitcoin Collateral for more information.