The Company accounts for its digital assets, which are comprised solely of bitcoin, as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other and ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets. The Company’s digital assets are initially recorded at cost. Subsequent to the Company’s adoption of ASU 2023-08 on January 1, 2025, bitcoin assets are measured at fair value as of each reporting period. The Company determines the fair value of its bitcoin in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, the active exchange that the Company has determined is its principal market for bitcoin (Level 1 inputs). Changes in fair value and gains or losses on sales are recognized as incurred in the Company's Consolidated Statements of Operations, within “Unrealized loss (gain) on digital assets”, within operating expenses in the Company’s Consolidated Statement of Operations.


(in thousands, except number of bitcoins)	June 30, 2026		December 31, 2025
Approximate number of bitcoins held	846,000		672,500
Digital asset cost basis	$	63,939,306	$	50,435,331
Digital asset fair value	$	49,672,080	$	58,854,028


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except number of bitcoins)	2026		2025		2026		2025
Approximate number of bitcoins purchased	85,296		69,140		174,895		149,855
Digital asset purchases	$	6,420,975	$	6,769,205	$	13,672,101	$	14,430,868
Approximate number of bitcoins sold	1,395		—		1,395		—
Digital asset sales	$	83,205	$	—	$	83,205	$	—
Unrealized loss (gain) on digital assets	$	8,315,365	$	(14,047,514)	$	22,770,844	$	(8,141,509)

From time to time, the Company’s execution partners may extend short-term trade credits to the Company and to MacroStrategy LLC (“MacroStrategy”), a wholly-owned subsidiary of the Company, to purchase bitcoin in advance of using cash funds in their respective trading accounts. Trade credits are due and payable after the bitcoin purchases are completed. During the six months ended June 30, 2026 and 2025, certain bitcoin of the Company and MacroStrategy were subject to a first priority security interest and lien in order to secure payments owed by the Company or MacroStrategy with respect to these arrangements. While trade credits are outstanding, the Company and MacroStrategy may incur interest fees and be required to maintain minimum balances in its trading and custody accounts with such execution partners. As of June 30, 2026, neither the Company nor MacroStrategy had any outstanding trade credits payable.

The vast majority of the Company’s assets are concentrated in its bitcoin holdings. Bitcoin is a digital asset, which is a novel asset class that is subject to significant legal, commercial, regulatory and technical uncertainty. Holding bitcoin does not generate any cash flows and involves custodial fees and other costs. Additionally, the price of bitcoin has historically experienced significant price volatility, and a significant decrease in the price of bitcoin would adversely affect the Company’s financial condition and results of operations. The Company’s strategy of acquiring and holding bitcoin also exposes it to counterparty risks with respect to the custody of its bitcoin, cybersecurity risks, and other risks inherent to holding a digital asset. In particular, the Company is subject to the risk that, if its private keys with respect to its digital assets are lost or destroyed or other similar circumstances or events occur, the Company may lose some or all of its digital assets, which could materially adversely affect the Company’s financial condition and results of operations.