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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net (loss) income $ (53,118) $ 461,193
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 3,050 3,431
Reduction in carrying amount of right-of-use assets 2,110 2,124
Credit losses and sales allowances 24 21
Deferred taxes (161,097) (460,061)
Release of liabilities for unrecognized tax benefits (73) (102)
Share-based compensation expense 17,791 17,555
Digital asset impairment losses 191,633 18,911
Amortization of issuance costs on long-term debt 2,557 2,210
Gain on debt extinguishment 0 (44,686)
Changes in operating assets and liabilities:    
Accounts receivable 12,166 10,241
Prepaid expenses and other current assets (6,260) 423
Deposits and other assets (5,339) (6)
Accounts payable and accrued expenses (2,005) 4,230
Accrued compensation and employee benefits (13,279) (16,327)
Accrued interest 9,385 7,539
Deferred revenue and advance payments 41,560 33,352
Operating lease liabilities (2,896) (2,594)
Other long-term liabilities (7,622) (57)
Net cash provided by operating activities 28,587 37,397
Investing activities:    
Purchases of digital assets (1,639,309) (179,275)
Purchases of property and equipment (1,545) (499)
Net cash used in investing activities (1,640,854) (179,774)
Financing activities:    
Proceeds from convertible senior notes 1,403,750 0
Repayments of secured term loan 0 (159,900)
Repayments of other long-term secured debt (133) (128)
Proceeds from sale of common stock under public offerings 137,765 341,062
Issuance costs paid related to sale of common stock under public offerings (613) (2,045)
Proceeds from exercise of stock options 134,874 6,750
Payment of withholding tax on vesting of restricted stock units (1,243) (497)
Net cash provided by financing activities 1,648,400 187,622
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (1,078) 351
Net increase in cash, cash equivalents, and restricted cash 35,055 45,596
Cash, cash equivalents, and restricted cash, beginning of period 48,673 50,868
Cash, cash equivalents, and restricted cash, end of period 83,728 96,464
Convertible Senior Notes    
Financing activities:    
Issuance costs paid (28,071) 0
Employee Stock Purchase Plan    
Financing activities:    
Proceeds from sales under employee stock purchase plan $ 2,071 $ 2,380