XML 13 R7.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed and Combined Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net Income (Loss) $ (93,717) $ 168,773
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 31,590 17,791
Non-cash lease expense 851
Stock-based compensation 2,145 6,297
Bitcoin mining revenue (106,843) (55,880)
Loss (gain) on digital assets 114,832 (201,147)
Deferred Tax Assets and Liabilities (17,198) 23,022
Gain on derivatives (18,863) (19,923)
Loss on sale of property and equipment 2,454
Gain on warrant liability (26)
Gain on debt extinguishment (5,966)
Amortization of debt discount 3,504
Loss on discontinued operations 4,816
Changes in assets and liabilities:    
Deposits and prepaid expenses 83 (2,137)
Income taxes payable (869) (138)
Accounts payable and accrued expenses 42,495 (16,606)
Net cash used in operating activities (43,066) (77,594)
Investing activities    
Proceeds from sale of digital assets 3,429 63,421
Purchase of digital assets (287,779)
Deposit paid to purchase property and equipment (24,432)
Purchases of property and equipment (3,580)
Proceeds from sale of property and equipment 2,563
Cash on completion of the Business Combination 894
Net cash (used) provided by investing activities (280,893) 35,409
Financing activities    
Repayments of loans payable (11,480)
Net proceeds from covered call options premium 20,844
Proceeds from the issuance of Class A common stock - private placement, net of issuance costs 205,275
Proceeds from the issuance of Class A common stock - at-the-market offering, net of issuance costs 87,992
Proceeds from the issuance of Class A common stock - warrant exercises 6
Adjustments post carevout of mining operations to ABTC - non-cash 955,246
Distribution to Parent - non-cash (115,752)
Net Parent investment - non-cash (800,832) 32,821
Net cash provided by financing activities 331,935 42,185
Net increase in cash 7,976
Cash, beginning of period
Cash and restricted cash, end of period 7,976 0
Non-cash transactions    
Digital assets received for the issuance of Class A common stock 10,000
Property and equipment in miner purchase liability 267,166
Assets acquired, including goodwill, net of liabilities assumed in the Business Combination, net of cash acquired 134,929
Warrants exercised $ 8,420