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DIGITAL ASSETS | 12 Months Ended
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Dec. 31, 2024
Crypto Asset [Abstract] |
DIGITAL ASSETS | DIGITAL ASSETS Effective January 1, 2023, the Company early adopted ASU 2023-08, which requires entities to measure crypto assets at fair value with changes recognized in the Consolidated Statements of Operations each reporting period. The Company’s digital assets were within the scope of ASU 2023-08 and a cumulative-effect adjustment of $11.5 million as of the beginning of the fiscal year ended December 31, 2023 was recorded for the difference between the carrying amount of the Company’s digital assets and fair value. The following table presents the Company’s significant digital asset holdings as of December 31, 2024 and 2023, respectively:
(in thousands, except for quantity) |  | Quantity |  | Cost Basis |  | Fair Value
Bitcoin |  | 34,519 |  | $ | 2,415,963 |  |  | $ | 3,223,989 |
Bitcoin - receivable (1) |  | 10,374 |  | 401,334 |  |  | 968,436 |
Total bitcoin holdings |  | 44,893 |  | 2,817,297 |  |  | 4,192,425 |
Kaspa |  | 34,817,098 |  | 5,624 |  |  | 4,327 |
Total digital assets held as of December 31, 2024 |  |  |  | $ | 2,822,921 |  |  | $ | 4,196,752 |
(in thousands, except for quantity) |  | Quantity |  | Cost Basis |  | Fair Value
Bitcoin |  | 15,126 |  | $ | 515,315 |  |  | $ | 639,660 |
Total digital assets held as of December 31, 2023 |  |  |  | $ | 515,315 |  |  | $ | 639,660 |
(1) The Company’s bitcoin - receivable holdings include 7,377 bitcoin lent out in digital asset loan receivable transactions and 2,997 bitcoin pledged as collateral. Refer to Note 6 - Digital Assets - Receivable, Net and Note 17 - Debt, for further information. The Company earned 51 and 48 bitcoin that were pending distribution from the Company’s equity method investee, the ADGM Entity (as defined below), which are excluded from the Company’s holdings as of December 31, 2024 and 2023, respectively. The following table presents a roll-forward of the Company’s digital asset holdings during the years ended December 31, 2024 and 2023:
(in thousands) |  | Bitcoin Fair Value |  | KASPA Fair Value |  |
Digital assets and digital assets, restricted at December 31, 2022 |  | $ | 190,717 |  |  | $ | — |  |  |
Cumulative effect of the adoption of ASU 2023-08 |  | 11,483 |  |  | — |  |  |
Additions of digital assets: |  |  |  |  |  |
Mining |  | 385,959 |  |  | — |  |  |
Disposition of digital assets |  | (264,945) |  |  | — |  |  |
Realized gain on digital assets |  | 28,738 |  |  | — |  |  |
Unrealized gain on digital assets |  | 287,708 |  |  | — |  |  |
Digital assets at December 31, 2023 |  | 639,660 |  |  | — |  |  |
Additions of digital assets: |  |  |  |  |  |
Mining |  | 599,436 |  |  | 23,026 |  |  |
Purchases |  | 1,943,882 |  |  | 2,978 |  |  |
Dividends from equity method investee |  | 25,299 |  |  | — |  |  |
Disposition of digital assets |  | (133,165) |  |  | (19,125) |  |  |
Realized gain (loss) on digital assets (1) |  | 616,042 |  |  | (1,255) |  |  |
Unrealized gain on (loss) digital assets |  | 200,324 |  |  | (1,297) |  |  |
Other |  | 1,151 |  |  | — |  |  |
Transferred to Digital assets - receivable, net |  | (668,640) |  |  | — |  |  |
Digital assets at December 31, 2024 |  | $ | 3,223,989 |  |  | $ | 4,327 |  |  |
(1) Realized gains (losses) result from digital asset dispositions and upon the lending or pledging of bitcoin as collateral. The following tables summarizes the source of funds for the Company’s bitcoin purchases during the year ended December 31, 2024:
(in thousands, except for quantity) |  | Quantity |  | Approximate Value
Cash on hand |  | 2,347 |  |  | $ | 160,356 |
Net proceeds from the issuance of the September 2031 Notes (1) |  | 4,144 |  |  | 249,000 |
Net proceeds from the issuance of the March 2030 Notes (1) |  | 9,074 |  |  | 872,353 |
Net proceeds from the issuance of the June 2031 Notes (1) |  | 6,500 |  |  | 662,173 |
Total purchases |  | 22,065 |  |  | $ | 1,943,882 |
(1) Defined below. Refer to Note 17 - Debt, for further information.

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- Definition The entire disclosure for crypto asset. Excludes crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-4 + Details
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