v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value hierarchy levels and carrying amounts of assets and liabilities measured at fair value on a recurring basis at the dates indicated (dollars in thousands):
LevelJune 30, 2026December 31, 2025
Assets:
Cash and cash equivalents
Money market funds
1$1,759,822 $267,721 
Digital assets149,675 222,000 
Total assets measured at fair value on a recurring basis
$1,809,497 $489,721 
Liabilities:
Contingent value rights(1)
1$1,295 $3,366 
Warrant liabilities, current portion11,811,587 — 
Warrant liabilities, net of current portion1163,683 936,107 
Total liabilities measured at fair value on a recurring basis$1,976,565 $939,473 
(1)The fair value of contingent value rights is included within “Other current liabilities” and “Other noncurrent liabilities” on the Company’s condensed consolidated balance sheets, based on the expected timing of settlement.
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
The following table presents the changes in fair value of the Company’s CVRs and Warrant liabilities included in “Change in fair value of warrants and contingent value rights” in the condensed consolidated statements of operations for the periods indicated (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Decrease (increase) in:
Fair value of CVRs$(1,036)$(13,723)$(2,072)$(906)
Fair value of Warrants1,046,551 923,681 1,078,386 289,400 
Change in fair value of warrants and contingent value rights$1,045,515 $909,958 $1,076,314 $288,494 
Schedule of Fair Value of Assets Measured on a Nonrecurring Basis The following table presents the fair value of assets measured on a nonrecurring basis as of June 30, 2026 (in thousands):
Level 1Level 2Level 3Fair value
Mining and electrical equipment held for sale$— $13,790 $— $13,790 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The following table presents the carrying amounts, estimated fair values, and the level within the fair value hierarchy of these instruments at the dates indicated (dollars in thousands):
June 30, 2026December 31, 2025
LevelCarrying AmountFair ValueCarrying AmountFair Value
Senior Secured Notes2$3,300,000 $3,349,137 $— $— 
2029 Convertible Notes1$460,000 $1,108,299 $460,000 $718,609 
2031 Convertible Notes1$625,000 $868,409 $625,000 $657,735