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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Measurements  
Fair Value Measurements

Note 16. Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis:

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:

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Fair value measured as of June 30, 2025

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​

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Significant

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Quoted prices in

​

Significant other

​

unobservable

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​

Total carrying

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active markets

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observable inputs

​

inputs

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Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Bitcoin(a)

​

$

1,711,908

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$

1,711,908

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$

—

​

$

—

Restricted bitcoin(a)

​

$

353,672

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$

353,672

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$

—

​

$

—

Equity method investment - marketable securities(b)

​

$

62,508

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$

62,508

​

$

—

​

$

—

Convertible note(b)

​

$

5,623

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$

—

​

$

—

​

$

5,623

Derivative asset(c)

​

$

148,642

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$

—

​

$

—

​

$

148,642

Contingent consideration liabilities(d)

​

$

9,213

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$

—

​

$

—

​

$

9,213

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value measured as of December 31, 2024

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​

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​

​

​

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Significant

​

​

​

​

​

Quoted prices in

​

Significant other

​

unobservable

​

​

Total carrying

​

active markets

​

observable inputs

​

inputs

​

    

Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Bitcoin(a)

​

$

1,654,468

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$

1,654,468

​

$

—

​

$

—

Equity method investment - marketable securities(b)

​

$

134,265

​

$

134,265

​

$

—

​

$

—

Convertible note(b)

​

$

5,345

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$

—

​

$

—

​

$

5,345

Derivative asset(c)

​

$

149,495

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$

—

​

$

—

​

$

149,495

Contingent consideration liabilities(d)

​

$

26,855

​

$

—

​

$

—

​

$

26,855

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(a)See Note 5. Bitcoin.
(b)See Note 6. Investments.
(c)See Note 9. Power Supply Agreements.
(d)See Note 17. Commitments and Contingencies.

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There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.

Assets and Liabilities Not Measured at Fair Value on a Recurring Basis:

In addition to assets and liabilities that are measured at fair value on a recurring basis, we also measure certain assets and liabilities at fair value on a non-recurring basis. Our non-financial assets, including goodwill, intangible assets, operating lease right of use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized.

As of June 30, 2025 and December 31, 2024, the fair values of cash and cash equivalents, restricted cash, accounts receivable, contract assets, prepaid expenses and other current assets, accounts payable, contract liabilities, and accrued expenses approximated their carrying values because of the short-term nature of these instruments.