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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of (Loss) Income Before Income Taxes | U.S. and international components of (loss) income before income taxes (in thousands) were comprised of the following for the periods indicated:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. |  | $ | (1,966,444 | ) |  | $ | (157,810 | ) |  | $ | (1,362,230 | )
Foreign |  |  | 32,098 |  |  |  | 33,285 |  |  |  | 39,765 |
Total |  | $ | (1,934,346 | ) |  | $ | (124,525 | ) |  | $ | (1,322,465 | )
Schedule of (Benefit from) Provision for Income Taxes | The (benefit from) provision for income taxes (in thousands) consisted of the following for the periods indicated:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (5,202 | ) |  | $ | 2,774 |  |  | $ | 9,278 |
State |  |  | 72 |  |  |  | 3,376 |  |  |  | 5,362 |
Foreign |  |  | 5,368 |  |  |  | 9,146 |  |  |  | 8,139 |
|  | $ | 238 |  |  | $ | 15,296 |  |  | $ | 22,779 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $ | (505,359 | ) |  | $ | (374,800 | ) |  | $ | 89,581 |
State |  |  | (262,441 | ) |  |  | (194,374 | ) |  |  | 34,521 |
Foreign |  |  | (123 | ) |  |  | 232 |  |  |  | 451 |
|  | $ | (767,923 | ) |  | $ | (568,942 | ) |  | $ | 124,553 |
Total (benefit) provision |  | $ | (767,685 | ) |  | $ | (553,646 | ) |  | $ | 147,332 |
Schedule of Effective Income Tax Rate Reconciliation | The benefit from or provision for income taxes differs from the amount computed by applying the federal statutory income tax rate to the Company’s loss before income taxes as follows for the periods indicated:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income tax expense at federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal tax effect |  |  | 10.7 | % |  |  | 8.4 | % |  |  | 7.3 | %
Other international components |  |  | (0.5 | )% |  |  | (3.4 | )% |  |  | (0.1 | )%
Change in valuation allowance |  |  | 0.0 | % |  |  | 409.5 | % |  |  | (38.6 | )%
Non-deductible officers compensation |  |  | (0.9 | )% |  |  | (5.5 | )% |  |  | (0.3 | )%
Research and development tax credit |  |  | 0.5 | % |  |  | 2.7 | % |  |  | 0.1 | %
Share-based compensation |  |  | 8.7 | % |  |  | 3.4 | % |  |  | (0.1 | )%
Rate changes, including states |  |  | (0.1 | )% |  |  | 11.0 | % |  |  | (0.3 | )%
Other permanent differences (1) |  |  | 0.3 | % |  |  | (2.5 | )% |  |  | (0.1 | )%
Effective income tax rate |  |  | 39.7 | % |  |  | 444.6 | % |  |  | (11.1 | )%
(1) Included in the “Other permanent differences” category in the table above are other permanent items, each below the threshold required for separate presentation in the table.
Schedule of Effective Tax Rate for Loss Before Income Taxes | The Company’s U.S. and foreign effective tax rates for loss before income taxes were as follows for the periods indicated:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. |  |  | 39.3 | % |  |  | 356.8 | % |  |  | (10.2 | )%
Foreign |  |  | 16.3 | % |  |  | 28.2 | % |  |  | 21.6 | %
Combined |  |  | 39.7 | % |  |  | 444.6 | % |  |  | (11.1 | )%
Schedule of Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities (in thousands) were as follows for the periods indicated:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets, net: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 231,063 |  |  | $ | 727 |
Tax credit carryforwards |  |  | 6,287 |  |  |  | 1,841 |
Intangible assets, including capitalized R&D |  |  | 88,362 |  |  |  | 57,410 |
Deferred revenue |  |  | 902 |  |  |  | 1,481 |
Accrued compensation |  |  | 5,204 |  |  |  | 5,882 |
Share-based compensation expense |  |  | 14,042 |  |  |  | 30,345 |
Digital asset impairment losses |  |  | 1,165,831 |  |  |  | 652,280 |
Interest expense carryforward |  |  | 24,974 |  |  |  | 11,627 |
Lease liability |  |  | 16,734 |  |  |  | 18,197 |
Other |  |  | 1,854 |  |  |  | 4,699 |
Deferred tax assets before valuation allowance |  |  | 1,555,253 |  |  |  | 784,489 |
Valuation allowance |  |  | (494 | ) |  |  | (1,427 | )
Deferred tax assets, net of valuation allowance |  |  | 1,554,759 |  |  |  | 783,062 |
Deferred tax liabilities: |  |  |  |  |  |
Prepaid expenses and other |  |  | 8,278 |  |  |  | 3,681 |
Property and equipment |  |  | 373 |  |  |  | 1,062 |
Deferred tax on undistributed foreign earnings |  |  | 3,962 |  |  |  | 2,923 |
Right of use asset |  |  | 17,246 |  |  |  | 18,180 |
Total deferred tax liabilities |  |  | 29,859 |  |  |  | 25,846 |
Total net deferred tax asset |  | $ | 1,524,900 |  |  | $ | 757,216 |
Reported as: |  |  |  |  |  |
Non-current deferred tax assets |  |  | 1,525,307 |  |  |  | 757,573 |
Non-current deferred tax liabilities |  |  | (407 | ) |  |  | (357 | )
Total net deferred tax asset |  | $ | 1,524,900 |  |  | $ | 757,216 |
Schedule of Change In Unrecognized Tax Benefits | The change in unrecognized income tax benefits (in thousands) is presented in the table below for the periods indicated:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Unrecognized income tax benefits at beginning of year |  | $ | 7,898 |  |  | $ | 5,811 |  |  | $ | 5,960 |
Increase (decrease) related to positions taken in prior period |  |  | 216 |  |  |  | 1,458 |  |  |  | (67 | )
Increase related to positions taken in current period |  |  | 2,898 |  |  |  | 930 |  |  |  | 318 |
Decrease related to settlement with tax authorities |  |  | 0 |  |  |  | 0 |  |  |  | (40 | )
Decrease related to expiration of statute of limitations |  |  | (959 | ) |  |  | (301 | ) |  |  | (360 | )
Unrecognized income tax benefits at end of year |  |  | 10,053 |  |  |  | 7,898 |  |  |  | 5,811 |
Accrued interest |  |  | 195 |  |  |  | 352 |  |  |  | 276 |
Gross unrecognized income tax benefits at end of year |  | $ | 10,248 |  |  | $ | 8,250 |  |  | $ | 6,087 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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