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Digital Assets (Tables)

9 Months Ended

Sep. 30, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Digital Asset Holdings, Digital Asset Purchases and Digital Asset Impairment Losses

The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of:

		September 30,				December 31,
		2025				2024
Approximate number of bitcoins held			640,031				447,470
Digital asset carrying value		$	73,205,725			$	23,909,373
Cumulative digital asset impairment losses		n/a				$	4,058,875

The carrying value on the Company’s Consolidated Balance Sheet at each period-end prior to the adoption of ASC 2023-08 represented the lowest fair value (based on Level 1 inputs in the fair value hierarchy) of the bitcoin at any time since their acquisition. Therefore, these fair value measurements were made during the period from their acquisition through December 31, 2024.

The following table summarizes the Company’s digital asset purchases, unrealized losses (gains) on digital assets as calculated after the adoption of ASU 2023-08 on January 1, 2025, and digital asset impairment losses as calculated prior to the adoption of ASU 2023-08 (in thousands, except number of bitcoins) for the periods indicated. The Company did not sell any of its bitcoins during the three or nine months ended September 30, 2025 or 2024, respectively.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Approximate number of bitcoins purchased			42,706				25,889				192,561				63,070
Digital asset purchases		$	4,952,080			$	1,575,073			$	19,382,948			$	4,008,210
Unrealized gain on digital assets		$	(3,890,847	)		n/a				$	(12,032,356	)		n/a
Digital asset impairment losses		n/a				$	412,084			n/a				$	783,807

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- References

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- Definition

Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance and exist in perpetuity, by either major class or business segment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

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