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Digital Assets | 9 Months Ended
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Sep. 30, 2025
Digital Assets [Abstract] |
Digital Assets | Note 5. Digital assets The following table presents the changes in carrying amount of the Company's digital assets as of September 30, 2025 and December 31, 2024:
(in USD thousands) |  | Amount |
Balance as of December 31, 2023 |  | $ | 388,131 |
Revenue recognized from Bitcoin mined |  |  | 30,357 |
Revenue recognized from discontinued operations |  |  | 979 |
Mining revenue earned in prior period received in current period |  |  | 292 |
Carrying value of Bitcoin sold |  |  | (36,109 | )
Change in fair value of Bitcoin |  |  | 274,540 |
Foreign currency translation adjustments |  |  | (9,295 | )
Balance as of March 31, 2024 |  | $ | 648,895 |
Revenue recognized from Bitcoin mined |  |  | 13,914 |
Carrying value of Bitcoin sold |  |  | (15,209 | )
Change in fair value of Bitcoin |  |  | (71,842 | )
Foreign currency translation adjustments |  |  | (6,347 | )
Balance as of June 30, 2024 |  | $ | 569,411 |
Revenue recognized from Bitcoin mined |  |  | 11,610 |
Carrying value of Bitcoin sold |  |  | (12,103 | )
Change in fair value of Bitcoin |  |  | (1,551 | )
Foreign currency translation adjustments |  |  | 7,795 |
Balance as of September 30, 2024 |  | $ | 575,162 |
Number of Bitcoin held as of September 30, 2024 |  |  | 9,106 |
Cost basis of Bitcoin held as of September 30, 2024 |  | $ | 354,128 |
Realized gains on the sale of Bitcoin for the nine months ended September 30, 2024 |  | $ | 9,141 |
Balance as of December 31, 2024 |  | $ | 949,501 |
Revenue recognized from Bitcoin mined |  |  | 12,338 |
Carrying value of Bitcoin sold |  |  | (3,429 | )
Change in fair value of Bitcoin |  |  | (112,394 | )
Adjustments post carevout of mining operations to ABTC |  |  | (847,244 | )
Foreign currency translation adjustments |  |  | 1,228 |
Balance as of March 31, 2025 |  | $ | — |
Revenue recognized from Bitcoin mined |  |  | 30,285 |
Bitcoin contributed |  |  | 10,000 |
Change in fair value of Bitcoin |  |  | 3,037 |
Balance as of June 30, 2025 |  | $ | 43,322 |
Revenue recognized from Bitcoin mined |  |  | 64,220 |
Bitcoin purchased |  |  | 287,779 |
Bitcoin assumed through business combination |  |  | 86 |
Change in fair value of Bitcoin |  |  | (5,475 | )
Balance as of September 30, 2025 |  | $ | 389,932 |
Number of Bitcoin held as of September 30, 2025 |  |  | 3,418 |
Number of Bitcoin pledged as collateral as of September 30, 2025 |  |  | 2,385 |
Cost basis of Bitcoin held as of September 30, 2025 |  | $ | 392,370 |
Realized gains on the sale of Bitcoin for the nine months ended September 30, 2025 |  | $ | 828 |
The Company’s digital assets have been or currently are held in segregated custody accounts for the benefit of the Company, held in segregated custody accounts under the Company’s ownership and pledged as collateral under a borrowing arrangement or in connection with covered call options sold, or held by Bitmain Technologies Delaware Limited (together with its affiliates, “Bitmain”) for the Bitcoin pledged in connection with the Bitmain Purchase Agreement (as defined below) and ABTC Bitmain Purchase Agreement (as defined below) for miner purchases from them. As discussed in Note 1, Parent contributed only ASIC miners as part of the Transactions. As a result, the Company's entire strategic Bitcoin reserve as of March 31, 2025 remained with Parent following the effectiveness of the Transactions. Starting April 1, 2025, the Company began to build its own strategic Bitcoin reserve through Bitcoin mining and at-market Bitcoin purchases. The Company accumulated 3,418 Bitcoin as a standalone entity as of September 30, 2025. The details of Bitcoin are as follows:
|  | Amount |  |  | Number of Digital Assets |
(in USD thousands) |  | September 30, 2025 |  |  | December 31, 2024 |  |  | September 30, 2025 |  |  | December 31, 2024 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Bitcoin held in custody |  | $ | — |  |  | $ | — |  |  |  | — |  |  |  | — |
Total current digital assets held in custody |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Bitcoin pledged for miner purchase |  |  | — |  |  |  | 92,389 |  |  |  | — |  |  |  | 968 |
Total current digital assets pledged for miner purchase |  |  | — |  |  |  | 92,389 |  |  |  | — |  |  |  | 968 |
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Bitcoin held in custody |  | $ | 117,879 |  |  | $ | 525,236 |  |  |  | 1,033 |  |  |  | 5,648 |
Total non-current digital assets – held in custody |  |  | 117,879 |  |  |  | 525,236 |  |  |  | 1,033 |  |  |  | 5,648 |
Bitcoin pledged for miner purchase |  | $ | 272,053 |  |  | $ | — |  |  |  | 2,385 |  |  |  | — |
Total non-current digital assets pledged for miner purchase |  |  | 272,053 |  |  |  | — |  |  |  | 2,385 |  |  |  | — |
Bitcoin pledged as collateral |  |  | — |  |  |  | 331,876 |  |  |  | — |  |  |  | 3,555 |
Total non-current digital assets – pledged as collateral |  |  | — |  |  |  | 331,876 |  |  |  | — |  |  |  | 3,555 |
Total digital assets |  | $ | 389,932 |  |  | $ | 949,501 |  |  |  | 3,418 |  |  |  | 10,171 |
Bitmain Purchase Agreements In November 2024, Parent entered into a purchase agreement with Bitmain Technologies Delaware Limited (together with its affiliates, “Bitmain”) to purchase approximately 30,000 Bitmain Antminer S21+ ASIC miners (the "Parent Bitmain Purchase Agreement"). In December 2024, in connection with the Parent Bitmain Purchase Agreement, Parent pledged 968 Bitcoin attributed to the Company at the time into a segregated wallet with Bitmain, which was originally subject to a three-month redemption right from the shipment date of the purchased ASIC miners, whereby Parent had the option to repurchase, with cash, the pledged Bitcoin at a mutually agreed upon fixed price. During the nine months ended September 30, 2025, Parent amended the redemption period to end during the quarter ending December 31, 2025. If Parent does not exercise this right within the redemption period, Bitmain will retain full ownership of the pledged Bitcoin as consideration for the purchased ASIC miners. This Bitcoin remained with Parent following the effectiveness of the Transactions. As of March 31, 2025, Parent pledged 968 Bitcoin attributed to the Company at the time with a fair value of $79.9 million, classified as Digital assets – pledged for miner purchase under current assets on the Company’s Unaudited Condensed and Combined Balance Sheets. A corresponding liability of $100.9 million was recorded under Miner purchase liability under current liabilities on the Company’s Unaudited Condensed and Combined Balance Sheets prior to the effectiveness of the Transactions, reflecting Parent’s obligation to either redeem the pledged Bitcoin for cash or put it towards the purchase of ASIC miners by not redeeming the pledged Bitcoin at the end of the redemption period. On August 5, 2025, pursuant to the Put Option Agreement, Parent assigned its option to purchase up to approximately 17,280 Bitmain Antminer U3S21EXPH ASIC miners (collectively, the “Bitmain Miners”), representing a total of approximately 14.86 exahash per second (“EH/s”), to the Company. The Company exercised the option on August 5, 2025 and entered into an On-Rack Sales and Purchase Agreement (the “ABTC Bitmain Purchase Agreement”) with Bitmain to purchase the Bitmain Miners in one or more tranches for a total purchase price of up to approximately $320.0 million, not including any applicable tariffs, duties or similar charges. Concurrently with the execution of the ABTC Bitmain Purchase Agreement, the Company purchased 16,299 of the Bitmain Miners, representing a total of approximately 14.02 EH/s, for a total purchase price of approximately $314.0 million, paid through the pledge of 2,234 Bitcoin at a mutually agreed upon fixed price. Such purchase price was reduced by the application of a deposit and certain expenses of approximately $46.0 million previously paid to Bitmain by Parent. In September 2025, the Company purchased the remaining 981 Bitmain Miners for a total purchase price of $18.9 million, paid through the pledge of 151 Bitcoin at a mutually agreed upon fixed price, net of certain hosting credits. In October 2025, the Company pledged an additional 391 Bitcoin at a mutually agreed upon fixed price, and Bitmain refunded $46.0 million comprising of Parent's deposit and certain expenses. The Bitcoin pledged under the ABTC Bitmain Purchase Agreement has a redemption period of approximately twenty-four months from the applicable pledge date. As of September 30, 2025, the Company pledged 2,385 Bitcoin to Bitmain with a fair value of $272.1 million, classified as Digital assets – pledged for miner purchase under current assets on its Unaudited Condensed and Combined Balance Sheets. A corresponding liability of $286.2 million was recorded under Miner purchase liability under current liabilities on the Company’s Unaudited Condensed and Combined Balance Sheets, reflecting its obligation to either redeem the pledged Bitcoin for cash or put it towards the purchase of the Bitmain Miners by not redeeming the pledged Bitcoin at the end of the redemption periods. In accordance with FASB ASC Topic 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets, the Company assessed the transfer of Bitcoin as a nonfinancial asset under FASB ASC Topic 606,Revenue from Contracts with Customers (“ASC 606”). Specifically, the Company noted that the Bitcoin pledged to Bitmain under both the Parent Bitmain Purchase Agreement and under the ABTC Bitmain Purchase Agreement constitute repurchase agreements under ASC 606. As a result, Bitcoin was not derecognized upon these transfers as both Parent and the Company retain repurchase options. Due to the Company's redemption rights under the ABTC Bitmain Purchase Agreement and the Company’s continued economic exposure to Bitcoin, the pledged Bitcoin under the ABTC Bitmain Purchase Agreement is separately classified as Digital assets – pledged for miner purchase on the Company's Unaudited Condensed and Combined Balance Sheets, which represents restricted Bitcoin. Because the pledged Bitcoin with respect to the Parent Bitmain Purchase Agreement remains with Parent and was not part of the assets transferred to the Company on March 31, 2025, it is not included on the Company's Unaudited Condensed and Combined Balance Sheets as of September 30, 2025. Strategic Bitcoin reserve Starting April 1, 2025, following the effectiveness of the Transactions, the Company began to accumulate its own strategic Bitcoin reserve through Bitcoin mining and at-market purchases, totaling 3,418 Bitcoin as of September 30, 2025. During the period from October 1, 2025 to November 13, 2025, the Company purchased approximately 306 Bitcoin for $35.3 million, at a weighted average price of approximately $115,321 per Bitcoin, to further expand its strategic Bitcoin reserve.

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