v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net (loss) income $ (20,762,298) $ 5,803,476
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization 21,140 15,693
Reduction in carrying amount of right-of-use assets 3,188 4,526
Deferred taxes (1,925,768) 2,254,166
Share-based compensation expense 27,441 27,561
Unrealized loss (gain) on digital assets 22,770,844 (8,141,509)
Amortization of issuance costs on long-term debt 12,637 12,445
Gain on debt extinguishment (113,916) 0
Other (3,405) 0
Changes in operating assets and liabilities:    
Accounts receivable 5,447 14,962
Prepaid expenses and other current assets 1,293 (16,029)
Deposits and other assets 1,515 (2,429)
Accounts payable and accrued expenses (7,374) (3,250)
Accrued compensation and employee benefits (40,062) (28,187)
Accrued interest 0 71
Deferred revenue and advance payments 23,734 26,095
Operating lease liabilities and long-term liabilities (4,566) (4,893)
Net cash provided by (used in) operating activities 9,850 (37,302)
Investing activities:    
Purchases of digital assets (13,672,101) (14,430,868)
Proceeds from sale of digital assets 41,038 0
Advance deposits on purchases of property and equipment 0 (22,000)
Purchases of property and equipment (2,719) (4,831)
Purchases of short-term investments (831,768) 0
Proceeds from sale of short-term investments 99,435 0
Net cash used in investing activities (14,366,115) (14,457,699)
Financing activities:    
Proceeds from sale of common stock under public offerings 8,245,330 9,663,697
Proceeds from sale of preferred stock under public offerings 7,534,966 2,947,684
Dividends paid on preferred stock (629,175) (58,142)
Proceeds from exercise of stock options 20,373 21,869
Proceeds from sales under employee stock purchase plan 3,047 2,703
Repayment of convertible notes (1,378,649) 0
Other financing outflows (299) 0
Proceeds from convertible senior notes 0 2,000,000
Issuance costs paid for convertible senior notes 0 (14,779)
Payments to settle conversions and redemption of convertible senior notes 0 (143)
Proceeds from other long-term secured debt, net of lender fees 0 16,000
Principal payments of other long-term secured debt 0 (282)
Net cash provided by financing activities 13,769,567 14,504,460
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (2,961) 2,776
Net (decrease) increase in cash, cash equivalents, and restricted cash (589,659) 12,235
Cash, cash equivalents, and restricted cash, beginning of period 2,303,343 39,897
Cash, cash equivalents, and restricted cash, end of period 1,713,684 52,132
Common Stock    
Financing activities:    
Issuance costs paid related to sale of stock under public offerings (9,777) (17,775)
Preferred Stock    
Financing activities:    
Issuance costs paid related to sale of stock under public offerings $ (16,249) $ (56,372)