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Leases | 6 Months Ended
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Jun. 30, 2026
Leases [Abstract] |
Leases | Note 8. Leases As further discussed in Note 11. Related party transactions, on March 31, 2025, in connection with the Transactions, the Company entered into a Master Colocation Services Agreement and Master Management Services Agreement with Hut 8. Under both agreements, Hut 8 provides the Company with colocation, hosting, management, oversight, strategy, compliance, operational, and other services for its Bitcoin mining operations located at Hut 8’s facilities. Pursuant to an Exclusivity Agreement between the Company and Hut 8, all of the Company’s Bitcoin miners are located at Hut 8’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. One of the facilities governed by this arrangement includes payments that are variable pass-through fees and facility costs and are therefore expensed as incurred. The Company recorded right-of-use ("ROU") assets of $11.4 million in exchange for operating lease obligations during the six months ended June 30, 2026 related to Drumheller. The following table shows the ROU assets and lease liabilities as of June 30, 2026 and December 31, 2025:
(in USD thousands) |  | June 30, 2026 |  |  | December 31, 2025 |
ROU assets |  |  |  |  |  |
Operating leases |  | $ | 161,292 |  |  | $ | 166,684 |
Total ROU assets |  | $ | 161,292 |  |  | $ | 166,684 |
Lease liabilities |  |  |  |  |  |
Operating leases |  | $ | 205,140 |  |  | $ | 188,395 |
Total lease liabilities |  | $ | 205,140 |  |  | $ | 188,395 |
The Company’s lease costs are comprised of the following:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in USD thousands) |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Operating lease cost |  | $ | 11,394 |  |  | $ | 2,714 |  |  | $ | 22,138 |  |  | $ | 2,714 |
Variable lease cost |  |  | 22,607 |  |  |  | 11,694 |  |  |  | 41,457 |  |  |  | 11,694 |
Total lease expense |  | $ | 34,001 |  |  | $ | 14,408 |  |  | $ | 63,595 |  |  | $ | 14,408 |
The following table presents supplemental lease information:
|  | Six Months Ended |
|  | June 30, |
(in USD thousands) |  | 2026 |  |  | 2025 |
Operating cash outflows – operating leases |  | $ | — |  |  | $ | — |
|  | Six Months Ended |
|  | June 30, |
|  | 2026 |  |  | 2025 |
Weighted-average remaining lease term – operating leases (in years) |  |  | 4.06 |  |  |  | 4.75 |
Weighted-average discount rate(1) – operating leases |  |  | 6.34 | % |  |  | 6.42 | %
(1) The Company’s operating leases implicit interest rate cannot be determined, 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 June 30, 2026:
|  | Operating |
(in USD thousands) |  | Leases |
Remainder of 2026 |  | $ | 63,300 |
2027 |  |  | 45,041 |
2028 |  |  | 46,227 |
2029 |  |  | 47,449 |
2030 |  |  | 25,196 |
Thereafter |  |  | 686 |
Total undiscounted lease payments |  |  | 227,899 |
Less: present value discount |  |  | (22,759 | )
Present value of operating lease liabilities |  | $ | 205,140 |

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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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