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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net income (loss) $ 8,588,500 $ (495,851)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 19,888 12,679
Reduction in carrying amount of right-of-use assets 6,796 6,228
Deferred taxes 3,336,445 (420,038)
Share-based compensation expense 43,044 57,789
Unrealized gain on digital assets (12,032,356) 0
Digital asset impairment losses 0 783,807
Amortization of issuance costs on long-term debt 18,911 10,231
Loss on debt extinguishment 0 22,933
Changes in operating assets and liabilities:    
Accounts receivable 24,324 27,636
Prepaid expenses and other current assets (19,129) 4,868
Deposits and other assets 1,720 (6,748)
Accounts payable and accrued expenses 6,709 (8,318)
Accrued compensation and employee benefits (40,399) (26,383)
Accrued interest 421 4,444
Deferred revenue and advance payments 7,027 3,484
Operating lease liabilities (8,001) (7,832)
Other long-term liabilities 488 (4,637)
Net cash used in operating activities (45,612) (35,708)
Investing activities:    
Purchases of digital assets (19,382,948) (4,008,210)
Advance deposits on purchases of property and equipment (27,000) 0
Purchases of property and equipment (7,628) (2,694)
Net cash used in investing activities (19,417,576) (4,010,904)
Financing activities:    
Proceeds from convertible senior notes 2,000,000 3,213,750
Payments to settle conversions and redemption of convertible senior notes (143) (398)
Repayments of secured debt and third-party extinguishment costs 0 (515,325)
Proceeds from other long-term secured debt, net of lender fees 21,000 0
Principal payments of other long-term secured debt (423) (401)
Proceeds from sale of preferred stock under public offerings 5,888,450 0
Issuance costs paid related to sale of preferred stock under public offerings (106,859) 0
Dividends paid on preferred stock (197,922) 0
Proceeds from sale of common stock under public offerings 11,865,945 1,246,478
Issuance costs paid related to sale of common stock under public offerings (20,323) (4,185)
Proceeds from exercise of stock options 36,739 157,541
Payment of withholding tax on vesting of restricted stock units 0 (2,173)
Net cash provided by financing activities 19,476,842 4,046,067
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 2,649 77
Net increase (decrease) in cash, cash equivalents, and restricted cash 16,303 (468)
Cash, cash equivalents, and restricted cash, beginning of period 39,897 48,673
Cash, cash equivalents, and restricted cash, end of period 56,200 48,205
Convertible Senior Notes    
Financing activities:    
Issuance costs paid for convertible senior notes (15,057) (53,524)
Employee Stock Purchase Plan    
Financing activities:    
Proceeds from sales under employee stock purchase plan $ 5,435 $ 4,304