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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 274,762 $ 137,514
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 319,638 189,110
Deferred tax expense 89,580 5,556
Change in fair value of digital assets and digital assets - receivable, net (682,345) (340,808)
Impairment of assets 26,253 0
Net gain on investments (12,429) (5,236)
Stock-based compensation 103,771 80,245
Change in fair value of derivative instrument (47,139) (22,999)
Early termination expenses 0 27,757
Equity in net earnings of unconsolidated affiliate 915 (1,308)
Other adjustments from operations, net 4,260 890
Changes in operating assets and liabilities (456,197) (274,232)
Net cash used in operating activities (378,931) (203,511)
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances to vendors (108,392) (465,277)
Acquisition, net of cash acquired (36,369) (275,880)
Purchase of property and equipment (157,771) (26,309)
Proceeds from sale of property and equipment 3,674 0
Proceeds from sale of digital assets 14,252 113,701
Purchase of digital assets (27,131) (19,026)
Investment in equity method investments (5,828) (13,791)
Purchase of equity investments (19,445) (8,005)
Net cash used in investing activities (337,010) (694,587)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 319,343 834,243
Repurchase of shares in settlement of restricted stock (35,530) (23,113)
Line of credit 150,000 0
Repayment of finance lease liabilities (168) (163)
Cash paid for shares withheld for taxes 0 (2,155)
Net cash provided by financing activities 433,645 808,812
Net decrease in cash, cash equivalents and restricted cash (282,296) (89,286)
Cash, cash equivalents and restricted cash — beginning of period 403,771 357,313
Cash, cash equivalents and restricted cash — end of period $ 121,475 $ 268,027

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