v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (533,443) $ 337,173  
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 157,897 81,602  
Deferred tax (benefit) expense (112,115) 37,556  
Change in fair value of digital assets and digital assets - receivable, net 510,229 (488,807)  
Net gain on investments (12,429) (2,944)  
Stock-based compensation 49,115 51,913  
Change in fair value of derivative instrument (26,828) 15,252  
Early termination expenses 0 22,097  
Equity in net earnings of unconsolidated affiliate 13 (1,259)  
Other adjustments from operations, net 2,303 4,098  
Changes in operating assets and liabilities (250,230) (145,021)  
Net cash used in operating activities (215,488) (88,340)  
CASH FLOWS FROM INVESTING ACTIVITIES      
Advances to vendors (97,432) (225,166)  
Acquisition, net of cash acquired (36,344) (183,815)  
Deposits for acquisitions 0 (25,000)  
Purchase of property and equipment (38,856) (9,088)  
Proceeds from sale of property and equipment 3,472 0  
Proceeds from sale of digital assets 8,675 44,770  
Purchase of digital assets (27,131) (7,293)  
Investment in equity method investments (2,786) (2,999)  
Purchase of equity investments (19,444) (8,000)  
Net cash used in investing activities (209,846) (416,591)  
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock, net of issuance costs 100,140 489,293  
Repurchase of shares in settlement of restricted stock (20,362) (16,535)  
Line of credit 150,000 0  
Cash paid for shares withheld for taxes 0 (872)  
Net cash provided by financing activities 229,778 471,886  
Net decrease in cash, cash equivalents and restricted cash (195,556) (33,045)  
Cash, cash equivalents and restricted cash — beginning of period 403,771 357,313 $ 357,313
Cash, cash equivalents and restricted cash — end of period $ 208,215 $ 324,268 $ 403,771

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