v3.26.1
REPORTABLE SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company manages and reports its activities in the following operating businesses: Digital Assets and Data Centers. In the first quarter of 2025, the Company began managing and reporting activities in these two operating segments consistent with changes in our operations and management reporting. In determining the Company’s segment structure, the Company considered the basis on which the chief operating decision maker (“CODM”), as well as other members of senior management, review the financial and operational performance of the Company. The Company’s CODM is its chief executive officer. The CODM primarily relies on segment net income after taxes to evaluate the performance of each reportable segment. Income tax expense (benefit) is attributed to a reportable segment based on the current and deferred income taxes of the legal entities through which that segment's activities are conducted. Tax effects that do not relate to the activities of a specific segment are reported in the Treasury and Corporate segment. In accordance with ASC 280, Segment Reporting, the Company has recast its historical segment information to conform to the current segment structure.
Digital Assets
The Digital Assets segment comprises the Company’s counterparty trading activities, lending, advisory and capital market activities, validator staking services, the Company’s asset management business which manages investments in the digital assets ecosystem both on behalf of the Company and external limited partners, and its self-custody technology business. The Digital Assets segment generates revenue from digital assets sales, fee income, blockchain rewards, and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs all the external-facing digital assets sales costs. Management fees generated from the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment.
Data Centers
The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops and operates HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry.
Treasury and Corporate
The Treasury and Corporate segment includes the Company’s proprietary trading and mining activities, as well as the Company’s principal investments and related gains and losses. It includes realized and unrealized gains and losses on certain digital assets held within the segment. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to the other reportable segments, and eliminations of inter-segment transactions as required for consolidation. Transactions between segments are based on specific criteria or approximate market rates for comparable services.
The Company’s chief operating decision maker reviews compensation expenses separately from other segment items, which include transaction expenses, general and administrative expenses, technology and marketing costs, as well as professional fees.
Assets and liabilities by each of the reportable segments as of June 30, 2026 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Total assets
$
6,429,153 
$
2,543,967 
$
1,870,861 
$
10,843,981 
Total liabilities
$
5,464,780 
$
1,547,977 
$
1,111,116 
$
8,123,873 
Assets and liabilities by each of the reportable segments as of December 31, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Total assets
$
7,339,673 
$
1,863,911 
$
2,144,497 
$
11,348,081 
Total liabilities
$
6,238,722 
$
1,098,739 
$
975,843 
$
8,313,304 
Income and expenses by each of the reportable segments for the three months ended June 30, 2026 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Digital assets sales
$
8,483,049 
$
— 
$
— 
$
8,483,049 
Fees
18,089 
— 
— 
18,089 
Blockchain rewards
17,477 
— 
247 
17,724 
Proprietary mining
— 
— 
2,554 
2,554 
Blockchain rewards from non-customers (1)
669 
— 
— 
669 
Interest income
24,780 
1,266 
3,389 
29,435 
Data centers operator revenue
— 
5,816 
— 
5,816 
Revenues
8,544,064 
7,082 
6,190 
8,557,336 
Gains / (losses) from operations
172,168 
— (37,848)
134,320 
Data centers leasing revenue
— 18,877 — 18,877 
Revenues and gains / (losses) from operations
8,716,232 25,959 (31,658)8,710,533 
Digital assets sales costs
8,439,520 
— 
— 
8,439,520 
Blockchain reward distributions
13,124 
— 
— 
13,124 
Borrowing costs
13,833 
— 
4,963 
18,796 
Mining and hosting costs
— 
— 
2,642 
2,642 
Other transaction expenses (2)
2,702 
— 
3,221 
5,923 
Data centers operating cost
— 
5,816 
— 
5,816 
Transaction expenses
8,469,179 
5,816 
10,826 
8,485,821 
Impairment of digital assets
181,348 
— 
— 
181,348 
Compensation and benefits
56,402 
5,708 
21,886 
83,996 
Notes interest expense
— 
7,365 
17,733 
25,098 
Depreciation and amortization
1,650 
4,762 
2,749 
9,161 
Other expenses
29,053 
3,603 
21,376 
54,032 
Operating expenses
8,737,632 
27,254 
74,570 
8,839,456 
Other income / (expense), net
648 
— 
88 
736 
Total other income / (expense)
648 
— 
88 
736 
Net income / (loss) for the period, before taxes
$
(20,752)
$
(1,295)
$
(106,140)
$
(128,187)
Income tax benefit
(1,704)
(32,450)
(8,717)
(42,871)
Net income / (loss) for the period
$
(19,048)
$
31,155 
$
(97,423)
$
(85,316)
Income and expenses by each of the reportable segments for the three months ended June 30, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Digital assets sales
$
8,564,980 
$
— 
$
— 
$
8,564,980 
Fees
19,087 
— 
(2,095)
16,992 
Blockchain rewards
42,550 
— 
(1,388)
41,162 
Proprietary mining
— 
— 
944 
944 
Blockchain rewards from non-customers (1)
1,205 
— 
4,038 
5,243 
Interest income
27,923 
— 
4,311 
32,234 
Revenues
8,655,745 
— 
5,810 
8,661,555 
Gains / (losses) from operations
55,470 
— 339,624 
395,094 
Revenues and gains / (losses) from operations
8,711,215 — 345,434 9,056,649 
Digital assets sales costs
8,546,795 
— 
— 
8,546,795 
Blockchain reward distributions
38,321 
— 
(4,939)
33,382 
Borrowing costs
6,437 
— 
35,273 
41,710 
Mining and hosting costs
— 
— 
741 
741 
Other transaction expenses (2)
4,925 
— 
2,387 
7,312 
Transaction expenses
8,596,478 
— 
33,462 
8,629,940 
Impairment of digital assets
43,307 
— 
84,170 
127,477 
Compensation and benefits
45,347 
— 
19,622 
64,969 
Notes interest expense
— 
— 
14,240 
14,240 
Depreciation and amortization
3,560 
— 
3,898 
7,458 
Other expenses
25,058 
— 
21,114 
46,172 
Operating expenses
8,713,750 
— 
176,506 
8,890,256 
Unrealized gain / (loss) on notes payable – derivative
— 
— 
(125,150)
(125,150)
Other income / (expense), net
— 
— 
918 
918 
Total other income / (expense)
— 
— 
(124,232)
(124,232)
Net income / (loss) for the period, before taxes
$
(2,535)
$
— 
$
44,696 
$
42,161 
Income tax benefit
— 
— 
11,470 
11,470 
Net income / (loss) for the period
$
(2,535)
$
— 
$
33,226 
$
30,691 
Income and expenses by each of the reportable segments for the six months ended June 30, 2026 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Digital assets sales
$
18,447,692 
$
— 
$
— 
$
18,447,692 
Fees
41,380 
— 
(1,681)
39,699 
Blockchain rewards
46,866 
— 
(1,526)
45,340 
Proprietary mining
— 
— 
3,263 
3,263 
Blockchain rewards from non-customers (1)
801 
— 
— 
801 
Interest income
45,882 
4,316 
5,971 
56,169 
Data centers operator revenue
— 
5,816 
— 
5,816 
Revenues
18,582,621 
10,132 
6,027 
18,598,780 
Gains / (losses) from operations
482,444 
— (176,343)
306,101 
Data centers leasing revenue
— 18,877 — 18,877 
Revenues and gains / (losses) from operations
19,065,065 29,009 (170,316)18,923,758 
Digital assets sales costs
18,410,876 
— 
— 
18,410,876 
Blockchain reward distributions
34,419 
— 
(1,782)
32,637 
Borrowing costs
32,796 
— 
3,460 
36,256 
Mining and hosting costs
— 
— 
3,421 
3,421 
Other transaction expenses (2)
6,502 
— 
7,058 
13,560 
Data centers operating cost
— 
5,816 
— 
5,816 
Transaction expenses
18,484,593 
5,816 
12,157 
18,502,566 
Impairment of digital assets
465,750 
— 
— 
465,750 
Compensation and benefits
114,997 
8,811 
43,736 
167,544 
Notes interest expense
— 
7,365 
35,309 
42,674 
Depreciation and amortization
4,814 
4,762 
5,424 
15,000 
Other expenses
50,862 
5,097 
38,449 
94,408 
Operating expenses
19,121,016 
31,851 
135,075 
19,287,942 
Other income / (expense), net
895 
— 
545 
1,440 
Total other income / (expense)
895 
— 
545 
1,440 
Net income / (loss) for the period, before taxes
$
(55,056)
$
(2,842)
$
(304,846)
$
(362,744)
Income tax benefit
(1,704)
(32,450)
(26,963)
(61,117)
Net income / (loss) for the period
$
(53,352)
$
29,608 
$
(277,883)
$
(301,627)
Income and expenses by each of the reportable segments for the six months ended June 30, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Digital assets sales
$
21,414,548 
$
— 
$
— 
$
21,414,548 
Fees
33,667 
— 
(5,158)
28,509 
Blockchain rewards
123,250 
— 
(10,976)
112,274 
Proprietary mining
— 
— 
12,180 
12,180 
Blockchain rewards from non-customers (1)
2,260 
— 
8,347 
10,607 
Interest income
53,549 
— 
6,094 
59,643 
Revenues
21,627,274 
— 
10,487 
21,637,761 
Gains / (losses) from operations
147,840 
— 126,923 
274,763 
Revenues and gains / (losses) from operations
21,775,114 — 137,410 21,912,524 
Digital assets sales costs
21,385,879 
— 
— 
21,385,879 
Blockchain reward distributions
106,087 
— 
(16,259)
89,828 
Borrowing costs
12,226 
— 
63,322 
75,548 
Mining and hosting costs
— 
— 
6,275 
6,275 
Other transaction expenses (2)
13,145 
— 
6,274 
19,419 
Transaction expenses
21,517,337 
— 
59,612 
21,576,949 
Impairment of digital assets
121,615 
— 
118,291 
239,906 
Compensation and benefits
84,173 
1,263 
36,486 
121,922 
Notes interest expense
— 
— 
28,311 
28,311 
Depreciation and amortization
7,115 
1,251 
11,705 
20,071 
Other expenses
43,879 
385 
106,529 
150,793 
Operating expenses
21,774,119 
2,899 
360,934 
22,137,952 
Unrealized gain / (loss) on notes payable – derivative
— 
— 
(35,544)
(35,544)
Other income / (expense), net
— 
— 
1,590 
1,590 
Total other income / (expense)
— 
— 
(33,954)
(33,954)
Net income / (loss) for the period, before taxes
$
995 
$
(2,899)
$
(257,478)
$
(259,382)
Income tax benefit
— 
— 
5,358 
5,358 
Net income / (loss) for the period
$
995 
$
(2,899)
$
(262,836)
$
(264,740)
_______________
(1)Includes blockchain rewards earned from decentralized finance protocols and third-party staking infrastructure.
(2)Includes trading commissions, custody, and exchange fees.

Contract Liabilities
Contract liabilities consist of deferred revenue and include payments received in advance of performance obligations being met under the terms of the contract. Such amounts are recognized as revenue over the contractual period as the Company satisfies its performance obligations. Contract liabilities are recognized within Other current
liabilities and Other non-current liabilities on the Company’s condensed consolidated interim statements of financial position.
The following table presents the changes in the Company's contract liabilities for the periods ended June 30, 2026 and December 31, 2025.
(in thousands)
June 30, 2026
December 31, 2025
Balance, beginning of period
$
52,321 
$
— 
Additions
— 57,071 
Less: Amounts recognized as revenue
(9,500)(4,750)
Balance, end of period
$
42,821 
$
52,321 
The Company recognized revenue of $4.8 million and $9.5 million related to its contract liabilities for the three and six months ended June 30, 2026, respectively, and $0 and $0 for the three and six months ended June 30, 2025, respectively. The Company expects to recognize its contract liabilities as revenue on a straight-line basis through September 2028.