As of June 30, 2026, the Company had operating and finance leases primarily for office space, mining facilities and land in the United States and internationally.

The Company is party to an arrangement for the use of energized cryptocurrency mining facilities under which the Company pays for electricity per megawatt based on usage. The Company has determined that it has embedded operating leases at two of the facilities governed by this arrangement and has elected not to separate lease and non-lease components. Payment for these two operating leases is entirely variable and based on usage of electricity and expensed as incurred.

The following table presents the assets and liabilities related to the Company’s operating and finance leases as of June 30, 2026 and December 31, 2025:


(in thousands)		June 30, 2026		December 31, 2025
Assets	Balance Sheet Classification
Operating lease right-of-use (“ROU”) assets	Operating lease right-of-use assets	$	34,228	$	32,324
Finance lease ROU assets	Property and equipment, net	2,832		2,847
Total ROU assets		$	37,060	$	35,171

Liabilities
Current portion:
Operating lease liabilities	Operating lease liabilities, current portion	$	3,338	$	1,722
Finance lease liability	Finance lease liability, current portion	178		173
Long-term portion:
Operating lease liabilities	Operating lease liabilities, net of current portion	40,766		39,714
Finance lease liability	Finance lease liability, net of current portion	3,928		3,817
Total lease liabilities		$	48,210	$	45,426

Lease costs are recorded on a straight-line basis within operating expenses. The Company’s total lease expenses are comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Lease costs:
Operating lease cost	$	1,547	$	1,521	$	3,025	$	2,533
Finance lease cost:
Amortization of ROU asset (1)	8		8		15		15
Interest on lease liabilities	289		280		289		280
Short-term lease rent expense	15		127		79		272
Variable lease cost	52,150		19,231		74,432		41,513

Total rent expense	$	54,009	$	21,167	$	77,840	$	44,613

(1) Amortization of finance lease ROU asset is included in “Depreciation and amortization” on the Condensed Consolidated Statements of Operations.


	Six Months Ended June 30,
	2026			2025
Operating cash flows from operating leases	$	929		$	1,435
Operating cash flows from finance lease	289			280
Financing cash flows from finance lease	173			168

Weighted-average remaining lease term (in years):
Operating leases	18.3			19.9
Finance lease	94.8			95.8
Weighted-average discount rate:
Operating leases	7.2		%	7.2		%
Finance lease	7.2		%	7.2		%


(in thousands)
Year	Operating Leases		Finance Lease
2026 (remaining)	$	2,888	$	—
2027	6,726		178
2028	6,451		183
2029	6,322		189
2030	6,280		194
Thereafter	48,602		88,714
Total	77,269		89,458
Less: Imputed interest	(33,165)		(85,352)
Present value of lease liability	$	44,104	$	4,106