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Debt
 6 Months Ended
Jun. 30, 2025
Debt  
Debt

Note 12. Debt

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2030 Notes

The Company’s 0.75% Convertible Senior Notes (the “2030 Notes”) are recognized as long-term debt on the Condensed Consolidated Balance Sheets, net of unamortized debt issuance costs. As of June 30, 2025, the amount recognized was $580.8 million ($594.4 million principal less $13.6 million of unamortized debt issuance costs).

During the three and six months ended June 30, 2025, the Company recognized $0.7 million and $1.5 million, respectively, of amortization of the deferred issuance costs.

As of June 30, 2025, the 2030 Notes had an estimated fair value of approximately $620.0 million. The estimated fair value is based on quoted prices in an active market and valued at the closing price reported at the end of the period and thus represents a Level 1 measurement on the fair value hierarchy.

Revolving Credit Facilities

$50 Million Credit Facility

In July 2024, the Company entered into a one-year $50.0 million Revolving Credit Facility (“$50 Million Credit Facility”). In May 2025, the Company extended the term of the facility through July 15, 2026. Revolving Loans borrowed by the Company under the $50 Million Credit Facility may be used for general corporate purposes and carry a per annum interest rate of 1.25% plus the Secured Overnight Financing Rate. Letters of Credit issued under the $50 Million Credit Facility have a one-year term and incur fees of

1.25% per annum on the amount of Letters of Credit outstanding. Letters of Credit require the pledge of cash collateral by the Company equal to 105% of the Letter of Credit exposure.

Concurrent with entry into the $50 Million Credit Facility, as required by the agreement, the Company pledged as security $50.0 million in cash collateral, depositing the funds into a control account maintained by the lender. The balance maintained in the control account is included in Restricted cash on the Condensed Consolidated Balance Sheets. Variable interest, equal to approximately 4.13% per annum as of June 30, 2025, is earned by the Company on the amount held in the control account.

During the six months ended June 30, 2025, the Company borrowed $34.3 million in revolving loans under the $50 Million Credit Facility and recognized interest expense of $0.3 million for the three and six months ended June 30, 2025.

The following is a summary of the revolving line of credit under the $50 Million Credit Facility as of June 30, 2025:

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​

​

​

​

​

​

​

June 30, 

​

​

2025

Total revolving credit facility

​

$

50,000

​

Borrowings outstanding at end of period (a)

​

 

34,272

​

Weighted average daily borrowings during the period ended

​

​

17,780

​

Maximum daily borrowings during the period ended

​

 

41,000

​

Weighted average interest rate during the period ended

​

​

5.6

%

Interest rate at end of the period

​

 

5.6

%

​

(a)As of June 30, 2025, the Company had $15.2 million in letters of credit issued under the $50 Million Credit Facility, which results in total available capacity under this facility of approximately $0.6 million.

$20 Million Credit Facility

In August 2024, the Company entered into a two-year $20.0 million Revolving Credit Facility (“$20 Million Credit Facility”). Revolving Loans borrowed by the Company under the $20 Million Credit Facility may be used for general corporate purposes and carry a per annum interest rate of 1.60% plus the Secured Overnight Financing Rate. Letters of Credit issued under the $20 Million Credit Facility have a one-year term and incur fees of 1.5% per annum on the amount of Letters of Credit outstanding. Letters of Credit require the pledge of cash collateral by the Company equal to 105% of the Letter of Credit exposure.

Concurrent with entry into the $20 Million Credit Facility, as required by the agreement, the Company pledged as security $20.0 million in cash collateral, depositing the funds into a control account maintained by the lender. The balance maintained in the control account is included in Restricted cash on the Condensed Consolidated Balance Sheets. Variable interest, equal to approximately 3.81% per annum as of June 30, 2025, is earned by the Company on the amount held in the control account.

As of June 30, 2025, the Company had no letters of credit issued under the $20 Million Credit Facility.

During the six months ended June 30, 2025, the Company borrowed $20.0 million in revolving loans under the $20 Million Credit Facility and recognized interest expense of $0.3 million for the three and six months ended June 30, 2025.

The following is a summary of borrowings under the $20 Million Credit Facility as of June 30, 2025:

​

​

​

​

​

​

​

​

June 30, 

​

​

2025

Total revolving credit facility

​

$

20,000

​

Borrowings outstanding at end of period

​

 

20,000

​

Weighted average daily borrowings during the period ended

​

​

9,724

​

Maximum daily borrowings during the period ended

​

 

20,000

​

Weighted average interest rate during the period ended

​

​

5.9

%

Interest rate at end of the period

​

 

5.9

%

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$200 Million Credit Facility

​

On April 22, 2025, the Company entered into a $100 million credit facility with Coinbase Credit, Inc. (“Coinbase”). On May 20, 2025, this credit facility was upsized to a total commitment of $200 million (“$200 Million Credit Facility”). Under the $200 Million Credit Facility, a multiple drawdown term loan facility in an aggregate principal amount of up to $200 million was made available to the Company. The Company has fully drawn against the $200 Million Credit Facility and intends to use the proceeds to pursue key strategic initiatives and for general corporate purposes.

​

All amounts borrowed under the $200 Million Credit Facility will bear interest at an annual rate equal to (a) the greater of (i) the federal funds rate on the date of the applicable borrowing, and (ii) 3.25%, plus (b) 4.50%. The $200 Million Credit Facility has a term of one year following commencement, but the Company may request that the maturity date be extended by an additional one-year term, subject to consent by Coinbase. Amounts borrowed under the $200 Million Credit Facility are secured by a portion of the Company’s total bitcoin holdings. Such pledged collateral shall not be used by the lender to secure any other loan account.

​

As of June 30, 2025, 3,300 of the Company’s bitcoin were pledged as collateral to secure the $200 Million Credit Facility. These bitcoin are recorded in Restricted bitcoin on the Condensed Consolidated Balance Sheets.

​

During the three and six months ended June 30, 2025, the Company recognized interest expense on the $200 Million Credit Facility of $3.1 million. The interest rate as of June 30, 2025 was 9.0%.

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Note Payable

As part of the Block Mining Acquisition, the Company assumed a $5.7 million note payable with a fixed rate of 8.81%. The note matures in December 2035, with annual principal and accrued interest payments due beginning on December 31, 2024.

The following table presents the Company’s future note payable principal payments due as of June 30, 2025:

​

​

​

​

​

Remainder of 2025

​

$

314

2026

​

 

343

2027

​

 

373

2028

​

 

405

2029

​

 

443

Thereafter

​

 

3,445

Total

​

$

5,323

​

As of June 30, 2025, the note payable had an estimated fair value of approximately $5.3 million. The fair value measurement 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 note as of June 30, 2025, primarily consisted of an interest rate range of 8.9% to 10.2%, which reflected the issuance date spread premium over the selected yield for the remaining time to maturity.