v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 397,896 $ 12,725
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 486,950 289,597
Deferred tax expense (benefit) 127,257 (43,932)
Change in fair value of digital assets and digital assets - receivable, net (1,025,444) (370,896)
Impairment of assets 26,253 0
Net gain on investments (12,429) (4,236)
Stock-based compensation 142,237 103,585
Change in fair value of derivative instrument (42,717) 35,235
Early termination expenses 5,000 38,061
Equity in net earnings of unconsolidated affiliate 2,626 825
Other adjustments from operations, net 14,408 1,385
Changes in operating assets and liabilities (700,017) (425,945)
Net cash used in operating activities (577,980) (363,596)
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances to vendors (215,516) (584,799)
Acquisition, net of cash acquired (36,369) (275,839)
Loan receivable 0 (178)
Purchase of property and equipment (242,599) (64,303)
Proceeds from sale of property and equipment 3,654 2,200
Proceeds from sale of digital assets 182,400 118,358
Purchase of digital assets (282,075) (395,588)
Investment in equity method investments (7,714) (22,146)
Purchase of equity investments (24,443) (9,960)
Net cash used in investing activities (622,662) (1,232,255)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 571,893 1,155,004
Proceeds from issuance of Convertible Notes, net of issuance costs 1,014,808 291,595
Repurchase of shares in settlement of restricted stock (43,221) (28,965)
Line of credit 150,000 0
Repayment of finance lease liabilities (168) (163)
Repayment of Convertible Notes (18,279) 0
Purchased capped calls (39,770) 0
Cash paid for shares withheld for taxes 0 (2,677)
Net cash provided by financing activities 1,635,263 1,414,794
Net increase (decrease) in cash, cash equivalents and restricted cash 434,621 (181,057)
Cash, cash equivalents and restricted cash — beginning of period 403,771 357,313
Cash, cash equivalents and restricted cash — end of period $ 838,392 $ 176,256

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