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Subsequent Events | 6 Months Ended
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Jun. 30, 2024
Subsequent Events [Abstract] |
Subsequent Events | (13) Subsequent Events 2025 Convertible Notes conversions and redemption As disclosed in Note 5, Long-term Debt, to the Consolidated Financial Statements, the Company issued the Redemption Notice for the redemption of all $650.0 million aggregate principal amount of the 2025 Convertible Notes then outstanding on July 15, 2024 (the “Redemption Date”). Subsequent to June 30, 2024 and prior to the Redemption Date, holders of an aggregate principal amount of $145.3 million of the 2025 Convertible Notes converted such notes into an aggregate of 365,065 shares of class A common stock and the Company paid such holders a nominal amount of cash in lieu of fractional shares upon such conversions. On the Redemption Date, the Company redeemed $0.3 million aggregate principal amount of 2025 Convertible Notes, constituting all of the 2025 Convertible Notes then outstanding, at an aggregate redemption price of $0.3 million in cash, equal to 100% of the principal amount of the 2025 Convertible Notes redeemed, plus accrued and unpaid interest, to but excluding the Redemption Date. Digital asset purchases and impairment Since June 30, 2024 through August 5, 2024, the Company has purchased approximately 169 bitcoins for $11.4 million, or approximately $67,483 per bitcoin. All of these approximately 169 bitcoins serve as part of the collateral for the 2028 Secured Notes. The Company has incurred at least $275.5 million in digital asset impairment losses during the third quarter of 2024 on bitcoin held as of June 30, 2024. See Note 3, Digital Assets, to the Consolidated Financial Statements for further detail on accounting for digital assets. At-the-Market equity offering On July 31, 20 24, the Company entered into a letter agreement with the November 2023 Sales Agents to terminate the November 2023 Sales Agreement. On August 1, 2024, the Company filed a prospectus for a new at-the-market equity offering program pursuant to which the Company may sell class A common stock having an aggregate offering price of up to $2.0 billion from time to time, through TD Securities (USA) LLC, The Benchmark Company, LLC, BTIG, LLC, Canaccord Genuity LLC, Maxim Group LLC and SG Americas Securities, LLC, as agents (the “August 2024 Sales Agents”) under a sales agreement dated August 1, 2024 (the “August 2024 Sales Agreement”). Stock split effected in the form of a stock dividend On July 11, 2024, the Company announced a 10-for-1 stock split of the Company’s class A common stock and class B common stock. The stock split will be effected by means of a stock dividend to the holders of record of the Company’s class A common stock and class B common stock as of the close of business on August 1, 2024, the record date for the dividend. The dividend is expected to be distributed after the close of trading on August 7, 2024. Trading is expected to commence on a split-adjusted basis at market open on August 8, 2024. The following table reflects the computation of basic and diluted (loss) earnings per share (in thousands, except per share data) on an unaudited pro forma basis giving effect to the 10-for-1 stock split as if it had been effective for all periods presented:
|  | Pro Forma (Unaudited) |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income - Basic |  | $ | (102,559 | ) |  | $ | 22,243 |  |  | $ | (155,677 | ) |  | $ | 483,436 |
Net (loss) income - Diluted |  | $ | (102,559 | ) |  | $ | 24,392 |  |  | $ | (155,677 | ) |  | $ | 487,719 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Total weighted average shares of common stock outstanding - Basic |  |  | 178,610 |  |  |  | 132,470 |  |  |  | 175,330 |  |  |  | 117,390 |
Total weighted average shares of common stock outstanding - Diluted |  |  | 178,610 |  |  |  | 160,950 |  |  |  | 175,330 |  |  |  | 145,340 |
(Loss) earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic (loss) earnings per share (1) |  | $ | (0.57 | ) |  | $ | 0.17 |  |  | $ | (0.89 | ) |  | $ | 4.12 |
Diluted (loss) earnings per share (1) |  | $ | (0.57 | ) |  | $ | 0.15 |  |  | $ | (0.89 | ) |  | $ | 3.36 |
(1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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