v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (1,873,714) $ 274,762
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 366,220 319,638
Deferred tax (benefit) expense (32,297) 89,580
Change in fair value of digital assets and digital assets - receivable, net 1,361,604 (682,345)
Impairment of goodwill and other assets 0 26,253
Net gain on investments 0 (12,429)
Stock-based compensation expense 77,189 103,771
Change in fair value of derivative instrument 42,814 (47,139)
Restructuring costs 47,638 0
Equity in net earnings of unconsolidated affiliate 5,027 915
Net gain on extinguishment of debt (70,557) 0
Other adjustments from operations, net (19,420) 4,260
Changes in operating assets and liabilities (375,761) (456,197)
Net cash used in operating activities (471,257) (378,931)
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances to vendors (7,509) (108,392)
Acquisition, net of cash acquired (61,111) (36,369)
Purchase of property and equipment (94,303) (157,771)
Proceeds from sale of property and equipment 1,748 3,674
Purchase of intangible assets (524) 0
Proceeds from sale of digital assets 1,627,163 14,252
Purchase of digital assets 0 (27,131)
Investment in equity method investments 82  
Investment in equity method investments   (5,828)
Purchase of equity investments 0 (19,445)
Net cash provided by (used in) investing activities 1,465,546 (337,010)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 0 319,343
Repurchase of shares in settlement of restricted stock (15,131) (35,530)
Borrowings from Line of credit 150,000 150,000
Repayment of finance lease liabilities (173) (168)
Repayment of Convertible Notes (912,774) 0
Repayment of Line of credit (350,000) 0
Contribution from noncontrolling interest 281 0
Proceeds from issuance of noncontrolling interest in subsidiary 11,795 0
Net cash (used in) provided by financing activities (1,116,002) 433,645
Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,145) 0
Net decrease in cash, cash equivalents and restricted cash (125,858) (282,296)
Cash, cash equivalents and restricted cash — beginning of period 559,132 403,771
Cash, cash equivalents and restricted cash — end of period $ 433,274 $ 121,475

Source