Note 11. Debt

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2030 Notes

The Company’s 0.75% Convertible Senior Notes due 2030 (the “2030 Notes”) are recognized as long-term debt on the Condensed Consolidated Balance Sheets, net of unamortized debt issuance costs. As of June 30, 2026, the amount recognized was $583.7 million, consisting of $594.4 million principal less $10.6 million of unamortized debt issuance costs.

For the three months ended June 30, 2026 and 2025, amortization of the deferred issuance costs was $0.7 million and $0.7 million, respectively, and $1.5 million and $1.5 million, respectively, for the six months ended June 30, 2026 and 2025.

As of June 30, 2026, the 2030 Notes had an estimated fair value of approximately $1.2 billion. The estimated fair value is based on quoted prices in an active market and valued at the closing price reported at the end of the period and therefore represents a Level 1 measurement on the fair value hierarchy.

The 2030 Notes are convertible at the option of the holders during the third quarter 2026 because the closing price of the Company’s common stock exceeded 130% of the applicable conversion price for at least 20 trading days in the 30 consecutive trading days ending on June 30, 2026. The Company has the ability and intent to settle potential conversions in the Company’s common stock, at its election. As such, the 2030 Notes continue to be classified as long-term debt on the Company’s Condensed Consolidated Balance Sheets.

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Revolving Credit Facilities

$50 Million Credit Facility

In July 2024, the Company entered into a one-year $50.0 million Revolving Credit Facility (the “$50 Million Credit Facility”). In May 2025, the Company extended the term of the facility through July 15, 2026. In June 2026, the Company extended the terms of the facility through July 15, 2027. Revolving loans borrowed by the Company under the $50 Million Credit Facility may be used for general corporate purposes and carry a per annum interest rate of 1.25% plus SOFR. Letters of Credit issued under the $50 Million

Credit Facility have a one-year term and incur fees of 1.25% per annum on the amount of Letters of Credit outstanding. Letters of Credit require the pledge of cash collateral by the Company equal to 105.0% of the Letter of Credit exposure.

Concurrent with entry into the $50 Million Credit Facility, as required by the agreement, the Company pledged as security $50.0 million in cash collateral held in a control account maintained by the lender. The control account earns interest at a variable rate and is included in Restricted cash on the Condensed Consolidated Balance Sheets. As of June 30, 2026, the variable rate on the control account was approximately 3.4% per annum.

For the three months ended June 30, 2026 and 2025, the Company recognized $0.2 million and $0.3 million, respectively, and for the six months ended June 30, 2026 and 2025, $0.8 million and $0.3 million, respectively, of interest expense.

The following is a summary of the revolving line of credit under the $50 Million Credit Facility as of June 30, 2026:

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$20 Million Credit Facility

In August 2024, the Company entered into a two-year $20.0 million Revolving Credit Facility (the “$20 Million Credit Facility”). Revolving loans borrowed by the Company under the $20 Million Credit Facility may be used for general corporate purposes and carry a per annum interest rate of 1.60% plus the SOFR. Letters of Credit issued under the $20 Million Credit Facility have a one-year term and incur fees of 1.5% per annum on the amount of Letters of Credit outstanding. Letters of Credit require the pledge of cash collateral by the Company equal to 105.0% of the Letter of Credit exposure.

Concurrent with entry into the $20 Million Credit Facility, as required by the agreement, the Company pledged as security $20.0 million in cash collateral held in a control account maintained by the lender. The control account earns interest at a variable rate and is included in Restricted cash on the Condensed Consolidated Balance Sheets. As of June 30, 2026, the variable rate on the control account was approximately 3.0% per annum.

As of June 30, 2026, the Company had no letters of credit issued under the $20 Million Credit Facility.

For the three months ended June 30, 2026 and 2025, the Company recognized $0.3 million and $0.3 million, respectively, and for the six months ended June 30, 2026 and 2025, $0.5 million and $0.3 million, respectively, of interest expense.

The following is a summary of borrowings under the $20 Million Credit Facility as of June 30, 2026:

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$200 Million Credit Facility

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On April 22, 2025, the Company entered into a $100.0 million credit facility with Coinbase Credit, Inc., which was subsequently upsized on May 20, 2025 to a total commitment of $200.0 million (the “$200 Million Credit Facility”). Under the $200 Million Credit Facility, a multiple drawdown term loan facility in an aggregate principal amount of up to $200.0 million was made available to the Company. The Company has fully drawn against the $200 Million Credit Facility and intends to use the proceeds for key strategic initiatives and general corporate purposes, including capital expenditures related to data center development.

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Prior to April 22, 2026, all amounts borrowed under the $200 Million Credit Facility bore interest at an annual rate equal to (a) the greater of (i) the federal funds rate on the date of the applicable borrowing, and (ii) 3.25%, plus (b) 4.50%. The $200 Million Credit Facility had a term of one year following commencement, with the Company having the ability to request a one-year extension, subject to consent by Coinbase Credit Inc. Amounts borrowed under the $200 Million Credit Facility, including amendments thereto, are secured by a portion of the Company’s total bitcoin holdings. The pledged collateral under the $200 Million Credit Facility may not be used by the lender to secure any other loan account.

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On April 21, 2026, the Company entered into the Second Amended and Restated Credit Agreement with Coinbase Credit, Inc., which extended the maturity of the $200 Million Credit Facility to April 20, 2027, and changed the interest incurred to a fixed annual rate equal to 6.15%.

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As of June 30, 2026, 5,821 of the Company’s bitcoin were pledged as collateral to secure the $200 Million Credit Facility. The fair value of the pledged bitcoin is recognized in Restricted bitcoin on the Condensed Consolidated Balance Sheets.

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For the three and six months ended June 30, 2026, the Company recognized interest expense on the $200 Million Credit Facility of $3.4 million and $8.1 million, respectively, all of which was capitalized into Construction in progress within Property and equipment, net on the Condensed Consolidated Balance Sheets.

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For the three and six months ended June 30, 2025, $3.1 million of interest expense was incurred and no incurred interest was capitalized. As of June 30, 2025, the variable interest rate was 9.0%.

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Note Payable

The Company has a note payable with a fixed rate of 8.81%. The note matures in December 2035, with annual principal and accrued interest payments due beginning on December 31, 2024.

The following table presents the Company’s future note payable principal payments due as of June 30, 2026:

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As of June 30, 2026, the note payable had an estimated fair value of approximately $4.9 million. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy. The

significant assumptions used to estimate fair value of the note as of June 30, 2026, primarily consisted of a discount rate range of 9.4% to 11.3%, which reflected the issuance date spread premium over the selected yield for the remaining time to maturity.