v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,711,837 $ 2,301,470
Restricted cash 1,847 1,873
Short-term investments 736,145 0
Accounts receivable, net 123,786 205,748
Prepaid expenses and other current assets 95,015 55,046
Total current assets 2,668,630 2,564,137
Digital assets 49,672,080 58,854,028
Property and equipment, net 28,344 28,858
Right-of-use assets 58,226 46,975
Deposits and other assets 130,198 142,577
Deferred tax assets 5,114 4,507
Total assets 52,562,592 61,641,082
Current liabilities:    
Accounts payable, accrued expenses, and operating lease liabilities 35,341 50,335
Accrued compensation and employee benefits 36,318 69,986
Accrued interest 5,619 5,619
Preferred dividends payable 155,157 27,121
Current portion of long-term debt, net 39,814 31,313
Deferred revenue and advance payments 222,858 272,118
Total current liabilities 495,107 456,492
Long-term debt, net 6,670,114 8,158,842
Deferred revenue and advance payments 3,256 5,451
Operating lease liabilities 60,849 46,135
Other long-term liabilities 4,926 4,736
Deferred tax liabilities 1,357 1,926,454
Total liabilities 7,235,609 10,598,110
Commitments and Contingencies
Mezzanine Equity    
Series A Perpetual Preferred Stock, $0.001 par value; 424,953 and 442,361 shares authorized; 153,529 and 78,183 issued and outstanding at June 30, 2026 and December 31, 2025, respectively; redemption value and liquidation preference of $15,462,056 and $8,032,324 at June 30, 2026 and December 31, 2025, respectively 14,440,895 6,919,514
Stockholders’ Equity    
Preferred stock undesignated, $0.001 par value; 580,047 and 562,639 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 46,092,908 37,806,554
Accumulated other comprehensive loss (8,433) (5,171)
(Accumulated deficit) retained earnings (15,198,759) 6,321,763
Total stockholders’ equity 30,886,088 44,123,458
Total liabilities, mezzanine equity and stockholders' equity 52,562,592 61,641,082
Class A Common Stock    
Stockholders’ Equity    
Common stock, $0.001 par value 352 292
Class B Common Stock    
Stockholders’ Equity    
Common stock, $0.001 par value $ 20 $ 20