v3.26.1
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Income / (loss) for the period $ (301,627) $ (264,740)
Adjustments for:    
Digital assets sales revenue (8,540,318) (7,528,053)
Digital assets sales cost 8,376,631 7,526,992
Impairment of digital assets 212,577 85,368
Depreciation and amortization 15,000 20,071
Other impairment loss 0 49,222
Equity based compensation 34,541 27,591
Noncash borrowing costs 31,312 60,715
Noncash interest and net staking income (34,628) (61,993)
Net (gains) / losses from operations (306,101) (274,763)
Net unrealized (gain) / loss on notes payable – derivative 0 35,544
Noncash notes interest expense 27,700 16,576
Taxes (54,802) (28,951)
Other noncash adjustments 1,871 (440)
Changes in operating assets and liabilities:    
Digital assets 755,515 605,342
Digital assets receivable 75 9,154
Investments (145,962) 0
Derivative assets / liabilities 184,502 89,074
Accounts receivable (51,326) 19,765
Prepaid expenses and other assets 10,443 (13,576)
Other non-current assets (30,792) 0
Collateral receivable / payable 98,636 (50,268)
Accounts payable and accrued liabilities (11,541) 22,128
Other current liabilities 76,148 18,471
Other non-current liabilities (59,209) (33,940)
Net cash provided by / (used in) operating activities 288,645 329,289
Investing activities    
Proceeds from repayments and maturities of loans receivable 182,085 70,718
Origination of loans receivable (617,387) (127,398)
Purchase of property, equipment and intangible assets (736,674) (396,459)
Acquisitions 0 (1,000)
Disposal of property and equipment 0 7,954
Purchase of investments (94,496) (1,285,456)
Proceeds and distributions from investments 53,409 1,389,064
Net cash provided by / (used in) investing activities (1,213,063) (342,577)
Financing activities    
Payable to customers 74,497 (3,196)
Proceeds from loans payable 14,130 75,021
Repayments of loans payable (13,814) (77,421)
Margin loans payable, net 233,773 (160,104)
Proceeds from notes payable, net of issuance costs 339,223 0
Share issuance, net of costs 16,963 476,982
Distributions (3) (39,881)
Repurchase and cancellation of Class A Units withheld (90,847) (28,885)
Net cash provided by / (used in) financing activities 573,922 242,516
Net increase / (decrease) in cash and cash equivalents (350,496) 229,228
Cash and cash equivalents, beginning of period 1,246,240 462,103
Cash and cash equivalents, end of period 895,744 691,331
Cash paid during the period for:    
Interest 20,466 27,182
Taxes 11,019 4,919
Significant noncash investing and financing activities:    
Digital assets loan receivable, net of allowance 292,129 317,843
Payables to customers - digital assets 79,582 0
Assets posted as collateral 36,294 442,012
Digital assets borrowed 902,799 1,347,324
Collateral payable 146,169 518,894
Purchase of investments with noncash contributions 8,770 72,256
Proceeds from investments included in receivables 0 4,141
Proceeds from investments received as non-cash contributions 28,323 114,415
Additions to property, plant and equipment and intangible assets 74,522 35,452
Disposals of property, plant and equipment and intangible assets 0 1,370
Reclassification between investments and investments used in operating activities 9,000 0
Reclassification between digital assets receivable and investments 0 2,192
Repayment of loans receivable with non-cash contributions $ 38,032 $ 0