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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Note 9. Leases As further discussed in Note 12, on March 31, 2025, in connection with the Transactions, the Company entered into a Master Colocation Services Agreement and Master Managed Services Agreement with Parent. Under both agreements, Parent provides the Company with colocation, hosting, management, oversight, strategy, compliance, operational and other services for its Bitcoin mining operations located at Parent’s facilities. Pursuant to an Exclusivity Agreement between the Company and Parent, all of the Company’s Bitcoin miners are located at Parent’s facilities. The Company has determined that it has embedded operating leases at three of the facilities governed by this arrangement and has elected to combine lease and non-lease components as permitted under ASC 842. A fourth facility governed by this arrangement includes payments that are variable and therefore expensed as incurred. The following table shows the ROU assets and lease liabilities as of September 30, 2025 and December 31, 2024:
(in USD thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
ROU assets |  |  |  |  |  |
Operating leases |  | $ | 174,647 |  |  | $ | — |
Total ROU assets |  | $ | 174,647 |  |  | $ | — |
Lease liabilities |  |  |  |  |  |
Operating leases |  | $ | 185,614 |  |  | $ | — |
Total lease liabilities |  | $ | 185,614 |  |  | $ | — |
The Company’s lease costs are comprised of the following:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in USD thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 8,395 |  |  | $ | — |  |  | $ | 11,109 |  |  | $ | — |
Variable lease cost |  |  | 20,813 |  |  |  | — |  |  |  | 32,507 |  |  |  | — |
Total lease expense |  | $ | 29,208 |  |  | $ | — |  |  | $ | 43,616 |  |  | $ | — |
The following table presents supplemental lease information:
|  | Nine Months Ended |
|  | September 30, |
(in USD thousands) |  | 2025 |  |  | 2024 |
Operating cash outflows - operating leases |  | $ | — |  |  | $ | — |
|  | Nine Months Ended |
|  | September 30, |
|  | 2025 |  |  | 2024 |
Weighted-average remaining lease term - operating leases (in years) |  |  | 4.67 |  |  |  | — |
Weighted-average discount rate(1) – operating leases |  |  | 6.42 | % |  |  | — | %
(1) The Company’s operating leases do not provide an implicit interest rate, therefore the Company uses the incremental borrowing rate at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis for similar assets over the term of the lease. The following table presents the Company’s future minimum operating lease payments as of September 30, 2025:
|  | Operating |
(in USD thousands) |  | Leases |
Remainder of 2025 |  | $ | 10,214 |
2026 |  |  | 41,396 |
2027 |  |  | 42,492 |
2028 |  |  | 43,621 |
2029 |  |  | 44,783 |
Thereafter |  |  | 22,470 |
Total undiscounted lease payments |  |  | 204,976 |
Less: present value discount |  |  | (19,362 | )
Present value of operating lease liabilities |  | $ | 185,614 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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