v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income (loss) $ (1,229,326) $ 8,588,500
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization 32,380 19,888
Reduction in carrying amount of right-of-use assets 4,142 6,796
Deferred taxes (520,809) 3,336,445
Share-based compensation expense 40,620 43,044
(Gain) loss on digital assets 1,858,452 (12,032,356)
Amortization of issuance costs on long-term debt 18,272 18,911
Gain on debt extinguishment (113,916) 0
Other (13,341) 0
Changes in operating assets and liabilities:    
Accounts receivable 637 24,324
Prepaid expenses and other current assets (16,388) (19,129)
Deposits and other assets 154 1,720
Accounts payable and accrued expenses (2,586) 6,709
Accrued compensation and employee benefits (44,139) (40,399)
Accrued interest 351 421
Deferred revenue and advance payments 5,008 7,027
Operating lease liabilities and long-term liabilities (5,244) (7,513)
Net cash provided by (used in) operating activities 14,267 (45,612)
Investing activities:    
Purchases of digital assets (14,260,194) (19,382,948)
Proceeds from sale of digital assets 431,763 0
Advance deposits on purchases of property and equipment 0 (27,000)
Purchases of property and equipment (3,181) (7,628)
Purchases of short-term investments (3,734,296) 0
Proceeds from sales and maturities of short-term investments 337,590 0
Net cash used in investing activities (17,228,318) (19,417,576)
Financing activities:    
Proceeds from sale of common stock under public offerings 13,658,465 11,865,945
Proceeds from sale of preferred stock under public offerings 7,534,966 5,888,450
Repurchase of preferred stock (1,342,367) 0
Dividends paid on preferred stock (1,048,298) (197,922)
Proceeds from exercise of stock options 22,083 36,739
Proceeds from sales under employee stock purchase plan 4,603 5,435
Repayment of convertible notes (1,378,649) 0
Principal payments of other long-term secured debt (449) (423)
Proceeds from convertible senior notes 0 2,000,000
Issuance costs paid for convertible senior notes 0 (15,057)
Payments to settle conversions and redemption of convertible senior notes 0 (143)
Proceeds from other long-term secured debt, net of lender fees 0 21,000
Net cash provided by financing activities 17,418,053 19,476,842
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (4,218) 2,649
Net increase in cash, cash equivalents, and restricted cash 199,784 16,303
Cash, cash equivalents, and restricted cash, beginning of period 2,303,343 39,897
Cash, cash equivalents, and restricted cash, end of period 2,503,127 56,200
Common Stock    
Financing activities:    
Issuance costs paid related to sale of stock under public offerings (16,023) (20,323)
Preferred Stock    
Financing activities:    
Issuance costs paid related to sale of stock under public offerings $ (16,278) $ (106,859)