v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,501,456 $ 2,301,470
Restricted cash 1,671 1,873
Short-term investments 3,404,457 0
Accounts receivable, net 129,933 205,748
Prepaid expenses and other current assets 70,096 55,046
Total current assets 6,107,613 2,564,137
Digital assets 70,824,007 58,854,028
Property and equipment, net 27,223 28,858
Right-of-use assets 60,684 46,975
Deposits and other assets 126,875 142,577
Deferred tax assets 5,147 4,507
Total assets 77,151,549 61,641,082
Current liabilities:    
Current portion of long-term debt, net 1,045,669 31,313
Accounts payable, accrued expenses, and operating lease liabilities 79,298 50,335
Accrued compensation and employee benefits 37,265 69,986
Accrued interest 5,970 5,619
Preferred dividends payable 136,447 27,121
Deferred revenue and advance payments 206,722 272,118
Total current liabilities 1,511,371 456,492
Long-term debt, net 5,669,745 8,158,842
Deferred revenue and advance payments 2,706 5,451
Operating lease liabilities 60,813 46,135
Other long-term liabilities 5,031 4,736
Deferred tax liabilities 1,404,407 1,926,454
Total liabilities 8,654,073 10,598,110
Commitments and Contingencies
Mezzanine Equity    
Series A Perpetual Preferred Stock, $0.001 par value; 411,023 and 442,361 shares authorized; 139,599 and 78,183 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively; redemption value and liquidation preference of $14,109,839 and $8,032,324 at September 30, 2026 and December 31, 2025, respectively 13,056,250 6,919,514
Stockholders’ Equity    
Preferred stock undesignated, $0.001 par value; 593,977 and 562,639 shares authorized, no shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 51,516,192 37,806,554
Accumulated other comprehensive loss (14,273) (5,171)
Retained earnings 3,938,885 6,321,763
Total stockholders’ equity 55,441,226 44,123,458
Total liabilities, mezzanine equity and stockholders' equity 77,151,549 61,641,082
Class A Common Stock    
Stockholders’ Equity    
Common stock, $0.001 par value 402 292
Class B Common Stock    
Stockholders’ Equity    
Common stock, $0.001 par value $ 20 $ 20