v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 541,008 $ 261,173 $ (694,022)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 403,706 179,513 78,709
Amortization of prepaid service contract 0 0 22,781
Gain on sale of equipment, net of disposals 0 0 (83,879)
Deferred tax expense 73,217 15,286 (24,968)
Losses on digital assets held within investment fund 0 0 85,017
Change in fair value of digital assets and digital assets - receivable, net (1,113,610) (331,484) 14,460
Impairment of digital assets 0 0 182,891
Impairment of mining equipment and advances to vendors 0 0 332,933
Allowance for credit losses 8,379 0 0
Gain on investments (4,236) 0 0
Loss on hedge instruments 580 17,421 0
Stock-based compensation 157,642 32,644 24,595
Change in fair value of derivative instrument 2,043 0 0
Early termination expenses 38,061 0 0
Amortization of intangible assets 22,919 0 0
Amortization of debt issuance costs 2,714 3,168 3,945
Equity in net earnings of unconsolidated affiliate 1,505 617 0
Impairment of patents 0 0 919
Impairment of deposits due to vendor bankruptcy filing 0 0 55,674
Gain on extinguishment of debt, net (13,121) (82,267) 0
Other adjustments from operations, net 801 484 1,030
Changes in operating assets and liabilities:      
Revenues from digital assets production (624,740) (385,959) (117,747)
Accounts receivable (9,319) 0 0
Deposits (189,605) (23,777) (24,469)
Prepaid expenses and other assets 11,836 (1,881) (48,887)
Accounts payable and accrued expenses 13,198 (589) 13,369
Legal reserve payable 0 0 1,171
Net cash used in operating activities (677,022) (315,651) (176,478)
CASH FLOWS FROM INVESTING ACTIVITIES      
Advances to vendors (817,297) (158,940) (483,840)
Acquisitions, net of cash acquired (335,630) 0 0
Purchase of property and equipment (250,825) (27,611) (41,108)
Proceeds from sale of property and equipment 3,506 0 178,371
Purchase of intangible assets (2,633) 0 0
Proceeds from sale of digital assets 152,290 264,945 0
Payments on hedge settlements 0 (2,004) 0
Purchase of digital assets (1,946,860) 0 0
Investment in equity method investments (21,654) (71,795) 0
Purchase of equity investments (9,956) 0 (44,000)
Deconsolidation of fund 0 0 (500)
Sale of digital assets in investment fund 0 0 849
Net cash (used in) provided by investing activities (3,229,059) 4,595 (390,228)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock, net of issuance costs 1,851,621 608,365 361,486
Proceeds from issuance of Series A preferred stock, net of issuance costs 0 13,629 0
Proceeds from issuance of Convertible Notes, net of issuance costs 2,178,679 0 0
Redemption of Series A preferred stock 0 (15,750) 0
Repurchase of shares in settlement of restricted stock (34,857) 0 0
Proceeds from term loan borrowings, net of issuance costs 0 0 49,250
Borrowings from revolving credit agreement 0 0 120,000
Line of credit 200,000 0 0
Repayment of finance lease liabilities (163) 0 0
Repayment of Convertible Notes (247,348) 0 0
Repayment of term loan borrowings 0 (50,000) (120,000)
Contribution from noncontrolling interest 7,154 0 0
Value of shares withheld for taxes (2,547) (380) (81)
Net cash provided by financing activities 3,952,539 555,864 410,655
Net increase in cash, cash equivalents and restricted cash 46,458 244,808 (156,051)
Cash, cash equivalents and restricted cash — beginning of period 357,313 112,505 268,556
Cash, cash equivalents and restricted cash — end of period $ 403,771 $ 357,313 $ 112,505

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