| Bitcoin |
Note 5. Bitcoin The following table presents information about the Company’s bitcoin: | | | | | | | | | | Quantity | | Amounts | Balance as of January 1, 2026 | | | 18,005 | | $ | 1,575,441 | Revenue recognized from bitcoin mined | | | 3,060 | | | 225,631 | Change in bitcoin receivable | | | (2) | | | 321 | Proceeds from sale of bitcoin | | | (9,665) | | | (732,461) | Exchange of bitcoin for employee compensation | | | (18) | | | (1,618) | Change in fair value of bitcoin | | | — | | | (401,276) | Balance as of June 30, 2026 | | | 11,380 | | $ | 666,038 | | | | | | | | The following reconciles Bitcoin and Restricted bitcoin as of June 30, 2026 to the amounts above: | | | | | | | Bitcoin | | | 5,559 | | $ | 325,370 | Restricted bitcoin (a) | | | 5,821 | | $ | 340,668 | Total | | | 11,380 | | $ | 666,038 | | | | | | | | Carrying value of bitcoin as of June 30, 2026 (b) | | | | | $ | 1,030,222 | Realized gains (losses) on the sale or exchange of bitcoin for the three months ended June 30, 2026 (c) | | | | | $ | (72,135) | Realized gains (losses) on the sale or exchange of bitcoin for the six months ended June 30, 2026 (c) | | | | | $ | (113,209) | Revenue recognized from bitcoin mined for the three months ended June 30, 2026 | | | | | $ | 113,736 | Change in fair value of bitcoin for the three months ended June 30, 2026 | | | | | $ | (74,607) | | | | | | | | Balance as of January 1, 2025 | | | 17,722 | | $ | 1,654,468 | Revenue recognized from bitcoin mined | | | 2,956 | | | 283,748 | Change in bitcoin receivable | | | — | | | (272) | Proceeds from sale of bitcoin | | | (1,371) | | | (131,802) | Exchange of bitcoin for employee compensation | | | (34) | | | (3,334) | Change in fair value of bitcoin | | | — | | | 262,772 | Balance as of June 30, 2025 | | | 19,273 | | $ | 2,065,580 | | | | | | | | The following reconciles Bitcoin and Restricted bitcoin as of June 30, 2025 to the amounts above: | | | | | | | Bitcoin | | | 15,973 | | $ | 1,711,908 | Restricted bitcoin (a) | | | 3,300 | | $ | 353,672 | Total | | | 19,273 | | $ | 2,065,580 | | | | | | | | Carrying value of bitcoin as of June 30, 2025 (b) | | | | | $ | 1,246,192 | Realized gains on the sale or exchange of bitcoin for the three months ended June 30, 2025 (c) | | | | | $ | 3,934 | Realized gains on the sale or exchange of bitcoin for the six months ended June 30, 2025 (c) | | | | | $ | 3,787 | Revenue recognized from bitcoin mined for the three months ended June 30, 2025 | | | | | $ | 140,889 | Change in fair value of bitcoin for the three months ended June 30, 2025 | | | | | $ | 470,812 |
| (a) | Restricted bitcoin is the Company’s bitcoin pledged as collateral for the Company’s $200 Million Credit Facility. See Note 11. Debt for more information. |
| (b) | The carrying value of bitcoin is equal to the initial value of bitcoin as determined for revenue recognition purposes. |
| (c) | Bitcoin is sold on a first-in, first-out (FIFO) basis. Realized gains (losses) recognized on sales of bitcoin and exchanges of bitcoin for employee compensation are included in Change in fair value of bitcoin on the Condensed Consolidated Statements of Operations. |
All additions of bitcoin during the periods presented were the result of bitcoin generated by the Company’s Bitcoin Mining operations. All dispositions of bitcoin were the result of sales on the open market to fund Company operations and for compensation for certain employees.
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