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Bitcoin (Tables) | 6 Months Ended
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Jun. 30, 2025
Bitcoin |
Schedule of additional information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | Quantity |  | Amounts
Balance as of January 1, 2025 | ​ | ​ | 17,722 | ​ | $ | 1,654,468
Revenue recognized from bitcoin mined | ​ | ​ | 2,956 | ​ | ​ | 283,748
Change in bitcoin receivable | ​ | ​ | — | ​ | ​ | (272)
Proceeds from sale of bitcoin | ​ | ​ | (1,371) | ​ | ​ | (131,802)
Exchange of bitcoin for employee compensation | ​ | ​ | (34) | ​ | ​ | (3,334)
Change in fair value of bitcoin | ​ | ​ | — | ​ | ​ | 262,772
Balance as of June 30, 2025 | ​ | ​ | 19,273 | ​ | $ | 2,065,580
​ | ​ | ​ | ​ | ​ | ​ | ​
The following reconciles Bitcoin and Restricted bitcoin to the amounts above: | ​ | ​ | ​ | ​ | ​ | ​
Bitcoin | ​ | ​ | 15,973 | ​ | $ | 1,711,908
Restricted bitcoin (a) | ​ | ​ | 3,300 | ​ | $ | 353,672
Total | ​ | ​ | 19,273 | ​ | $ | 2,065,580
​ | ​ | ​ | ​ | ​ | ​ | ​
Carrying value of bitcoin as of June 30, 2025 (b) | ​ | ​ | ​ | ​ | $ | 1,246,192
Realized gains on the sale or exchange of bitcoin for the three months ended June 30, 2025 (c) | ​ | ​ | ​ | ​ | $ | 3,934
Realized gains on the sale or exchange of bitcoin for the six months ended June 30, 2025 (c) | ​ | ​ | ​ | ​ | $ | 3,787
Revenue recognized from bitcoin mined for the three months ended June 30, 2025 | ​ | ​ | ​ | ​ | $ | 140,889
Change in fair value of bitcoin for the three months ended June 30, 2025 | ​ | ​ | ​ | ​ | $ | 470,812
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, 2024 | ​ | ​ | 7,362 | ​ | $ | 311,178
Revenue recognized from bitcoin mined | ​ | ​ | 2,208 | ​ | ​ | 127,160
Change in bitcoin receivable | ​ | ​ | 10 | ​ | ​ | 249
Proceeds from sale of bitcoin | ​ | ​ | (212) | ​ | ​ | (9,518)
Exchange of bitcoin for employee compensation | ​ | ​ | (34) | ​ | ​ | (1,692)
Change in fair value of bitcoin | ​ | ​ | — | ​ | ​ | 157,677
Balance as of June 30, 2024 | ​ | ​ | 9,334 | ​ | $ | 585,054
​ | ​ | ​ | ​ | ​ | ​ | ​
Carrying value of bitcoin as of June 30, 2024 (b) | ​ | ​ | ​ | ​ | $ | 323,484
Realized gains on the sale or exchange of bitcoin for the three months ended June 30, 2024 (c) | ​ | ​ | ​ | ​ | $ | 175
Realized gains on the sale or exchange of bitcoin for the six months ended June 30, 2024 (c) | ​ | ​ | ​ | ​ | $ | 7,357
Revenue recognized from bitcoin mined for the three months ended June 30, 2024 | ​ | ​ | ​ | ​ | $ | 55,764
Change in fair value of bitcoin for the three months ended June 30, 2024 | ​ | ​ | ​ | ​ | $ | (76,403)
​
| (a) | Restricted bitcoin is the Company’s bitcoin pledged as collateral for the Company’s $200 million credit facility. See Note 12. Debt for more information.
| (b) | The carrying value of bitcoin is equal to the post-impairment value of all bitcoin held as of the adoption of ASU No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
|  | (“ASU 2023-08”) on January 1, 2023, and, for bitcoin produced subsequent to the adoption of ASU 2023-08, the initial value of the bitcoin as determined for revenue recognition purposes.
| (c) | Bitcoin is sold on a first-in, first-out (FIFO) basis. For all periods presented, gains were recognized on all sales of bitcoin and exchanges of bitcoin for employee compensation and are included in Change in fair value of bitcoin on the Condensed Consolidated Statements of Operations.

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- Definition Tabular disclosure of information about activity for crypto asset. Excludes information about crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-3 + Details
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