v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net loss $ (150,279,311) $ (57,711,645)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization expenses 10,035,582 7,241,989
(Gain) loss from disposal of property, plant, and equipment (1,821,729) 333,620
Amortization of discount on debts issued 1,780,285
Losses on digital assets 121,070,273 49,205,227
Share-based compensation expenses 15,303,825 252,390
Changes in fair value of investment securities 13,110,707 4,692,428
Changes in fair value of derivative liability (9,252,000)
Current expected credit losses (6,834)
Digital assets mined (3,704,796) (7,776,963)
Digital assets earned from staking (2,296,509) (560,641)
Changes in operating assets and liabilities:    
Digital assets and stable coins 5,322,412 32,541,117
Right-of-use assets 1,734,125 1,096,155
Deferred revenue 64,978,510 (9,520,254)
Lease liabilities (1,813,705) (1,064,735)
Other current assets 1,628,881 (10,690,340)
Other non-current assets 211,855 1,536,347
Accounts receivable (67,811,934) 2,727,964
Accounts payable 64,314 (917,012)
Other payables and accrued liabilities (182,813) 4,934,594
Net investment in lease 1,021,232 608,581
Other long-term liabilities (196,343)
Income tax payable (758,719) 315,419
Deferred tax liabilities 571,510 354,017
Net Cash (Used in) Provided by Operating Activities (1,094,839) 17,401,915
Cash Flows from Investing Activities:    
Purchases of and deposits made for property, plant and equipment (169,168,417) (64,961,231)
Proceeds from disposal of property, plant and equipment 26,482,746
Net Cash Used in Investing Activities (142,685,671) (64,961,231)
Cash Flows from Financing Activities:    
Net proceeds from issuance of ordinary shares/At-the-market offering 4,107,662 10,177,238
Net proceeds from issuance of convertible debt 222,118,088
Purchase of zero-strike call option in connection with issuance of convertible notes (119,999,983)
Payment of dividends (800,000) (800,000)
Repayment of finance lease liabilities (279,135)
Net Cash Provided by Financing Activities 105,146,632 9,377,238
Net decrease in cash, cash equivalents and restricted cash (38,633,878) (38,182,078)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 273,354 535,754
Cash, cash equivalents and restricted cash, beginning of period 122,213,118 98,934,127
Cash, cash equivalents and restricted cash, end of period 83,852,594 61,287,803
Supplemental Cash Flow Information    
Cash paid for income taxes, net of refunds 696,909
Non-cash Transactions of Investing and Financing Activities    
Remeasurement of finance lease right-of-use asset and liability (30,435)
Reclassification of deposits to property and equipment 6,461,624 80,305,941
Right of use assets exchanged for operating lease liabilities 8,144,892 1,298,508
Issuance of subsidiary shares to employees in settlement of RSUs 2,397,540
Construction in progress included in other payables and accrued liabilities (26,572,117)
Cash and cash equivalents 79,529,572  
Restricted cash 4,323,022  
Cash, cash equivalents and restricted cash $ 83,852,594 $ 61,287,803