v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (1,311,892) $ 541,008 $ 261,173
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 772,768 429,185 185,539
Deferred tax (benefit) expense (58,646) 73,217 15,286
Change in fair value of digital assets and digital assets - receivable, net 425,669 (1,113,610) (331,484)
Impairment of goodwill and other assets 109,030 0 0
Net gain on investments (12,616) (4,236) 0
Stock-based compensation 172,295 157,642 32,644
Change in fair value of derivative instrument (40,372) 2,043 0
Early termination expenses 5,000 38,061 0
Equity in net earnings of unconsolidated affiliate 4,699 1,505 617
Net gain on extinguishment of debt (1,029) (13,121) (82,267)
Other adjustments from operations, net 10,917 9,914 15,047
Changes in operating assets and liabilities:      
Revenues from digital assets production (897,448) (624,740) (385,959)
Other receivables 1,813 (9,319) 0
Deposits 18,238 (189,605) (23,777)
Prepaid expenses and other assets 1,704 11,836 (1,881)
Accounts payable and accrued expenses (2,855) 13,198 (589)
Net cash used in operating activities (802,725) (677,022) (315,651)
CASH FLOWS FROM INVESTING ACTIVITIES      
Advances to vendors (153,240) (817,297) (158,940)
Acquisition, net of cash acquired (36,369) (335,630) 0
Purchase of property and equipment (407,071) (250,825) (27,611)
Proceeds from sale of property and equipment 3,654 3,506 0
Purchase of intangible assets 0 (2,633) 0
Proceeds from sale of digital assets 433,847 152,290 264,945
Payments on hedge settlements 0 0 (2,004)
Purchase of digital assets (473,734) (1,946,860) 0
Investment in equity method investments (12,563) (21,654) (71,795)
Purchase of equity investments (24,444) (9,956) 0
Net cash used in investing activities (669,920) (3,229,059) 4,595
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock, net of issuance costs 568,563 1,851,621 608,365
Proceeds from issuance of Convertible Notes, net of issuance costs 1,014,022 2,178,679 0
Proceeds from issuance of Series A preferred stock, net of issuance costs 0 0 13,629
Redemption of Series A preferred stock 0 0 (15,750)
Repurchase of shares in settlement of restricted stock (46,921) (37,404) (380)
Line of credit 150,000 200,000 0
Repayment of finance lease liabilities (168) (163) 0
Repayment of Convertible Notes (18,279) (247,348) 0
Repayment of term loan borrowings 0 0 (50,000)
Purchased capped calls (39,770) 0
Contribution from noncontrolling interest 559 7,154 0
Net cash provided by financing activities 1,628,006 3,952,539 555,864
Net increase in cash, cash equivalents and restricted cash 155,361 46,458 244,808
Cash, cash equivalents and restricted cash — beginning of period 403,771 357,313 112,505
Cash, cash equivalents and restricted cash — end of period $ 559,132 $ 403,771 $ 357,313

Source

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