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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income     $ 137,514 $ 109,737
Adjustments to reconcile net income to net cash used in operating activities:        
Depreciation and amortization     165,803 55,008
Deferred tax expense     5,556 278
Change in fair value of digital assets $ 147,999 $ (25,162) (340,808) (162,560)
Gain on investments 0 0 (5,236) 0
Loss on hedge instruments 0 0 2,292 0
Stock-based compensation     80,245 8,396
Change in fair value of derivative (38,251) 0 (22,999) 0
Early termination expenses 5,660 0 27,757 0
Amortization of intangible assets 19,470 0 22,439 0
Amortization of debt issuance costs     859 1,942
Equity in net earnings of unconsolidated affiliate (49) 0 (1,308) 0
Loss on extinguishment of debt, net 0 0 0 333
Other adjustments from operations, net     (1,393) 1,131
Changes in operating assets and liabilities:        
Revenues from digital assets production     (280,732) (132,891)
Accounts receivable     (2,163) 0
Deposits     (16,504) (19,325)
Prepaid expenses and other assets     1,360 (6,963)
Accounts payable and accrued expenses     23,807 2,434
Accrued interest     0 (388)
Net cash used in operating activities     (203,511) (142,868)
CASH FLOWS FROM INVESTING ACTIVITIES        
Advances to vendors     (465,277) (61,834)
Acquisition, net of cash acquired     (275,880) 0
Purchase of property and equipment     (26,309) (23,316)
Proceeds from sale of digital assets     113,701 113,928
Purchase of digital assets     (19,026) 0
Investment in equity method investments     (13,791) (62,729)
Purchase of equity investments     (8,005) 0
Net cash used in investing activities     (694,587) (33,951)
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from issuance of common stock, net of issuance costs     834,243 228,833
Proceeds from issuance of Series A preferred stock, net of issuance costs     0 13,629
Repurchase of shares in settlement of restricted stock     (23,113) 0
Repayments of finance lease liabilities     (163) 0
Repayments of revolving credit agreement     0 (50,000)
Value of shares withheld for taxes     (2,155) (187)
Net cash provided by financing activities     808,812 192,275
Net increase (decrease) in cash, cash equivalents and restricted cash     (89,286) 15,456
Cash, cash equivalents and restricted cash — beginning of period     357,313 112,505
Cash, cash equivalents and restricted cash — end of period $ 268,027 $ 127,961 $ 268,027 $ 127,961

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