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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 54,285 $ 38,117
Restricted cash 1,915 1,780
Accounts receivable, net 113,406 181,203
Prepaid expenses and other current assets 44,345 31,224
Total current assets 213,951 252,324
Digital assets 73,205,725 23,909,373
Property and equipment, net 29,949 26,327
Right-of-use assets 49,236 54,560
Deposits and other assets 114,342 75,794
Deferred tax assets, net 5,835 1,525,307
Total assets 73,619,038 [1] 25,843,685
Current liabilities:    
Accounts payable, accrued expenses, and operating lease liabilities 48,723 52,982
Accrued compensation and employee benefits 44,514 58,362
Accrued interest 29,896 5,549
Current portion of long-term debt, net 316 517
Deferred revenue and advance payments 200,641 237,974
Total current liabilities 324,090 355,384
Long-term debt, net 8,173,587 7,191,158
Deferred revenue and advance payments 3,450 4,970
Operating lease liabilities 48,162 56,403
Other long-term liabilities 4,790 5,379
Deferred tax liabilities 6,947,911 407
Total liabilities 15,501,990 7,613,701
Commitments and Contingencies
Mezzanine Equity    
Total mezzanine equity 5,786,330 0
Stockholders' Equity    
Preferred stock undesignated, $0.001 par value; 570,389 and 5,000 shares authorized, no shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 0 0
Additional paid-in capital 33,390,487 20,411,998
Accumulated other comprehensive loss (5,113) (15,384)
Retained earnings (accumulated deficit) 18,945,057 (2,166,876)
Total stockholders' equity 52,330,718 18,229,984
Total liabilities, mezzanine equity and stockholders' equity 73,619,038 25,843,685
Class A    
Stockholders' Equity    
Common stock 267 226
Class B Convertible    
Stockholders' Equity    
Common stock 20 20
8.00% Series A Perpetual Strike Preferred Stock    
Mezzanine Equity    
Total mezzanine equity 1,193,240 0
Variable Rate Series A Perpetual Stretch Preferred Stock    
Mezzanine Equity    
Total mezzanine equity 2,473,800 0
10.00% Series A Perpetual Strife Preferred Stock    
Mezzanine Equity    
Total mezzanine equity 1,091,342 0
10.00% Series A Perpetual Stride Preferred Stock    
Mezzanine Equity    
Total mezzanine equity $ 1,027,948 $ 0
[1] Due to the adoption of ASU 2023-08, segment assets allocated to the Corporate & Other category as of September 30, 2025 included only the Company’s digital assets. As of September 30, 2025, segment assets included the Company’s digital assets and deferred tax assets primarily related to digital asset impairment losses and interest expense.