REPORTABLE SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Reporting Information by Segment

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.

Schedule of Company Contract Liabilities

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

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details