REPORTABLE SEGMENTS - Schedule Income and Expenses by Reportable Segment (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
| Segment Reporting [Line Items] |
|
|
|
|
| Interest income |
$ 29,435
|
$ 32,234
|
$ 56,169
|
$ 59,643
|
| Revenues |
8,557,336
|
8,661,555
|
18,598,780
|
21,637,761
|
| Gains / (losses) from operations |
134,320
|
395,094
|
306,101
|
274,763
|
| Data centers leasing revenue |
18,877
|
|
18,877
|
|
| Revenues and gains / (losses) from operations |
8,710,533
|
9,056,649
|
18,923,758
|
21,912,524
|
| Digital assets sales costs |
8,439,520
|
8,546,795
|
18,410,876
|
21,385,879
|
| Blockchain reward distributions |
13,124
|
33,382
|
32,637
|
89,828
|
| Borrowing costs |
18,796
|
41,710
|
36,256
|
75,548
|
| Mining and hosting costs |
2,642
|
741
|
3,421
|
6,275
|
| Other transaction expenses |
5,923
|
7,312
|
13,560
|
19,419
|
| Transaction expenses |
8,485,821
|
8,629,940
|
18,502,566
|
21,576,949
|
| Impairment of digital assets |
181,348
|
127,477
|
465,750
|
239,906
|
| Compensation and benefits |
83,996
|
64,969
|
167,544
|
121,922
|
| Notes interest expense |
25,098
|
14,240
|
42,674
|
28,311
|
| Depreciation and amortization |
9,161
|
7,458
|
15,000
|
20,071
|
| Other expenses |
54,032
|
46,172
|
94,408
|
150,793
|
| Total operating expenses |
8,839,456
|
8,890,256
|
19,287,942
|
22,137,952
|
| Unrealized gain / (loss) on notes payable - derivative |
0
|
(125,150)
|
0
|
(35,544)
|
| Other income / (expense), net |
736
|
918
|
1,440
|
1,590
|
| Total other income / (expense) |
736
|
(124,232)
|
1,440
|
(33,954)
|
| Net income / (loss) for the period, before taxes |
(128,187)
|
42,161
|
(362,744)
|
(259,382)
|
| Income taxes expense / (benefit) |
(42,871)
|
11,470
|
(61,117)
|
5,358
|
| Net income / (loss) for the period |
(85,316)
|
30,691
|
(301,627)
|
(264,740)
|
| Digital Assets |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Unrealized gain / (loss) on notes payable - derivative |
|
0
|
|
0
|
| Other income / (expense), net |
648
|
0
|
895
|
0
|
| Total other income / (expense) |
648
|
0
|
895
|
0
|
| Net income / (loss) for the period, before taxes |
(20,752)
|
(2,535)
|
(55,056)
|
995
|
| Income taxes expense / (benefit) |
(1,704)
|
0
|
(1,704)
|
0
|
| Net income / (loss) for the period |
(19,048)
|
(2,535)
|
(53,352)
|
995
|
| Data Centers |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Unrealized gain / (loss) on notes payable - derivative |
|
0
|
|
0
|
| Other income / (expense), net |
0
|
0
|
0
|
0
|
| Total other income / (expense) |
0
|
0
|
0
|
0
|
| Net income / (loss) for the period, before taxes |
(1,295)
|
0
|
(2,842)
|
(2,899)
|
| Income taxes expense / (benefit) |
(32,450)
|
0
|
(32,450)
|
0
|
| Net income / (loss) for the period |
31,155
|
0
|
29,608
|
(2,899)
|
| Treasury and Corporate |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Unrealized gain / (loss) on notes payable - derivative |
|
(125,150)
|
|
(35,544)
|
| Other income / (expense), net |
88
|
918
|
545
|
1,590
|
| Total other income / (expense) |
88
|
(124,232)
|
545
|
(33,954)
|
| Net income / (loss) for the period, before taxes |
(106,140)
|
44,696
|
(304,846)
|
(257,478)
|
| Income taxes expense / (benefit) |
(8,717)
|
11,470
|
(26,963)
|
5,358
|
| Net income / (loss) for the period |
(97,423)
|
33,226
|
(277,883)
|
(262,836)
|
| Digital assets sales |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
8,483,049
|
8,564,980
|
18,447,692
|
21,414,548
|
| Fees |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
18,089
|
16,992
|
39,699
|
28,509
|
| Blockchain rewards |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
17,724
|
41,162
|
45,340
|
112,274
|
| Proprietary mining |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
2,554
|
944
|
3,263
|
12,180
|
| Blockchain rewards from non-customers |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Blockchain rewards from non-customers |
669
|
5,243
|
801
|
10,607
|
| Operating Segments |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Data centers operator revenue |
5,816
|
|
5,816
|
|
| Data centers operating cost |
5,816
|
|
5,816
|
|
| Operating Segments | Digital Assets |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Interest income |
24,780
|
27,923
|
45,882
|
53,549
|
| Data centers operator revenue |
0
|
|
0
|
|
| Revenues |
8,544,064
|
8,655,745
|
18,582,621
|
21,627,274
|
| Gains / (losses) from operations |
172,168
|
55,470
|
482,444
|
147,840
|
| Data centers leasing revenue |
0
|
|
0
|
|
| Revenues and gains / (losses) from operations |
8,716,232
|
8,711,215
|
19,065,065
|
21,775,114
|
| Digital assets sales costs |
8,439,520
|
8,546,795
|
18,410,876
|
21,385,879
|
| Blockchain reward distributions |
13,124
|
38,321
|
34,419
|
106,087
|
| Borrowing costs |
13,833
|
6,437
|
32,796
|
12,226
|
| Mining and hosting costs |
0
|
0
|
0
|
0
|
| Other transaction expenses |
2,702
|
4,925
|
6,502
|
13,145
|
| Data centers operating cost |
0
|
|
0
|
|
| Transaction expenses |
8,469,179
|
8,596,478
|
18,484,593
|
21,517,337
|
| Impairment of digital assets |
181,348
|
43,307
|
465,750
|
121,615
|
| Compensation and benefits |
56,402
|
45,347
|
114,997
|
84,173
|
| Notes interest expense |
0
|
0
|
0
|
0
|
| Depreciation and amortization |
1,650
|
3,560
|
4,814
|
7,115
|
| Other expenses |
29,053
|
25,058
|
50,862
|
43,879
|
| Total operating expenses |
8,737,632
|
8,713,750
|
19,121,016
|
21,774,119
|
| Operating Segments | Data Centers |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Interest income |
1,266
|
0
|
4,316
|
0
|
| Data centers operator revenue |
5,816
|
|
5,816
|
|
| Revenues |
7,082
|
0
|
10,132
|
0
|
| Gains / (losses) from operations |
0
|
0
|
0
|
0
|
| Data centers leasing revenue |
18,877
|
|
18,877
|
|
| Revenues and gains / (losses) from operations |
25,959
|
0
|
29,009
|
0
|
| Digital assets sales costs |
0
|
0
|
0
|
0
|
| Blockchain reward distributions |
0
|
0
|
0
|
0
|
| Borrowing costs |
0
|
0
|
0
|
0
|
| Mining and hosting costs |
0
|
0
|
0
|
0
|
| Other transaction expenses |
0
|
0
|
0
|
0
|
| Data centers operating cost |
5,816
|
|
5,816
|
|
| Transaction expenses |
5,816
|
0
|
5,816
|
0
|
| Impairment of digital assets |
0
|
0
|
0
|
0
|
| Compensation and benefits |
5,708
|
0
|
8,811
|
1,263
|
| Notes interest expense |
7,365
|
0
|
7,365
|
0
|
| Depreciation and amortization |
4,762
|
0
|
4,762
|
1,251
|
| Other expenses |
3,603
|
0
|
5,097
|
385
|
| Total operating expenses |
27,254
|
0
|
31,851
|
2,899
|
| Operating Segments | Treasury and Corporate |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Interest income |
3,389
|
4,311
|
5,971
|
6,094
|
| Data centers operator revenue |
0
|
|
0
|
|
| Revenues |
6,190
|
5,810
|
6,027
|
10,487
|
| Gains / (losses) from operations |
(37,848)
|
339,624
|
(176,343)
|
126,923
|
| Data centers leasing revenue |
0
|
|
0
|
|
| Revenues and gains / (losses) from operations |
(31,658)
|
345,434
|
(170,316)
|
137,410
|
| Digital assets sales costs |
0
|
0
|
0
|
0
|
| Blockchain reward distributions |
0
|
(4,939)
|
(1,782)
|
(16,259)
|
| Borrowing costs |
4,963
|
35,273
|
3,460
|
63,322
|
| Mining and hosting costs |
2,642
|
741
|
3,421
|
6,275
|
| Other transaction expenses |
3,221
|
2,387
|
7,058
|
6,274
|
| Data centers operating cost |
0
|
|
0
|
|
| Transaction expenses |
10,826
|
33,462
|
12,157
|
59,612
|
| Impairment of digital assets |
0
|
84,170
|
0
|
118,291
|
| Compensation and benefits |
21,886
|
19,622
|
43,736
|
36,486
|
| Notes interest expense |
17,733
|
14,240
|
35,309
|
28,311
|
| Depreciation and amortization |
2,749
|
3,898
|
5,424
|
11,705
|
| Other expenses |
21,376
|
21,114
|
38,449
|
106,529
|
| Total operating expenses |
74,570
|
176,506
|
135,075
|
360,934
|
| Operating Segments | Digital assets sales | Digital Assets |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
8,483,049
|
8,564,980
|
18,447,692
|
21,414,548
|
| Operating Segments | Digital assets sales | Data Centers |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
0
|
0
|
0
|
0
|
| Operating Segments | Digital assets sales | Treasury and Corporate |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
0
|
0
|
0
|
0
|
| Operating Segments | Fees | Digital Assets |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
18,089
|
19,087
|
41,380
|
33,667
|
| Operating Segments | Fees | Data Centers |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
0
|
0
|
0
|
0
|
| Operating Segments | Fees | Treasury and Corporate |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
0
|
(2,095)
|
(1,681)
|
(5,158)
|
| Operating Segments | Blockchain rewards | Digital Assets |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
17,477
|
42,550
|
46,866
|
123,250
|
| Operating Segments | Blockchain rewards | Data Centers |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
0
|
0
|
0
|
0
|
| Operating Segments | Blockchain rewards | Treasury and Corporate |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
247
|
(1,388)
|
(1,526)
|
(10,976)
|
| Operating Segments | Proprietary mining | Digital Assets |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
0
|
0
|
0
|
0
|
| Operating Segments | Proprietary mining | Data Centers |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
0
|
0
|
0
|
0
|
| Operating Segments | Proprietary mining | Treasury and Corporate |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Revenues from contracts with customers |
2,554
|
944
|
3,263
|
12,180
|
| Operating Segments | Blockchain rewards from non-customers | Digital Assets |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Blockchain rewards from non-customers |
669
|
1,205
|
801
|
2,260
|
| Operating Segments | Blockchain rewards from non-customers | Data Centers |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Blockchain rewards from non-customers |
0
|
0
|
0
|
0
|
| Operating Segments | Blockchain rewards from non-customers | Treasury and Corporate |
|
|
|
|
| Segment Reporting [Line Items] |
|
|
|
|
| Blockchain rewards from non-customers |
$ 0
|
$ 4,038
|
$ 0
|
$ 8,347
|