XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.25.2

Investments | 6 Months Ended
--- | ---
Jun. 30, 2025
Investments |
Investments | Note 6. Investments Equity method investment - marketable securities During the year ended December 31, 2024, the Company acquired approximately 90.1 million common shares of Bitfarms Ltd. (“Bitfarms”) on the open market for approximately $203.8 million. During the three months ended June 30, 2025, the Company sold approximately 16.1 million common shares of Bitfarms on the open market for net proceeds of approximately $14.7 million. As of June 30, 2025, the Company’s investment in Bitfarms was equal to approximately 13.3% of all outstanding Bitfarms common stock. The following table presents information about the equity method investment - marketable securities (“marketable securities”): ​
​ | ​ | ​ | ​
Fair value as of January 1, 2025 | ​ | $ | 134,265
Net losses on marketable securities | ​ | ​ | (57,095)
Sales of marketable securities | ​ | ​ | (14,662)
Fair value as of June 30, 2025 | ​ | $ | 62,508
​ The following table presents information regarding the net gains and losses associated with the sales of marketable securities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, 2025 | ​ | June 30, 2025
Net gain/(loss) on marketable securities | ​ | $ | 6,143 | ​ | $ | (57,095)
Less: Net gain/(loss) recognized on marketable securities sold during the period | ​ | $ | (9,119) | ​ | $ | 2,129
Net gain/(loss) recognized on marketable securities held as of June 30, 2025 | ​ | $ | 15,262 | ​ | $ | (59,224)
​ In July 2025, the Company sold approximately 30.6 million common shares of Bitfarms on the open market for net proceeds of approximately $32.6 million. As a result, as of July 29, 2025, the Company’s investment in Bitfarms was equal to approximately 7.8% of all outstanding Bitfarms common stock. Convertible note During the year ended December 31, 2023, the Company invested in a $4.5 million convertible note at face value. The convertible note has a three-year term and earns interest at a rate of 12.0% per annum, which may be paid in cash or in-kind, and converts into equity of the issuer of the convertible note at the end of the three-year term. The fair value measurement of the convertible note is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy. The significant assumptions used to estimate fair value of the convertible note as of June 30, 2025, primarily consisted of a discount rate of 13.0%, which reflected the issuance date spread premium over the selected yield for the remaining time to maturity. ​ The following table presents information about the convertible note: ​
​ | ​ | ​ | ​
Fair value as of January 1, 2025 |  | $ | 5,345
Accrued interest |  |  | 305
Amortized costs basis |  |  | 5,650
Unrealized holding gains (losses) in accumulated other comprehensive income | ​ | ​ | (27)
Fair value as of June 30, 2025 |  | $ | 5,623
​ For the three months ended June 30, 2025, unrealized holding losses in accumulated other comprehensive income were $0.1 million.

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
Name: | us-gaap_InvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration