Digital Assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Digital Asset Holdings, Digital Asset Purchases and Digital Asset Impairment Losses

The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of:

	December 31,
	2023		2022
Approximate number of bitcoins held		189,150		132,500
Digital assets carrying value	$	3,626,476	$	1,840,028
Cumulative digital asset impairment losses	$	2,269,013	$	2,153,162

The carrying value on the Company’s Consolidated Balance Sheet at each period-end represents the lowest fair value (based on Level 1 inputs in the fair value hierarchy) of the bitcoins at any time since their acquisition. Therefore, these fair value measurements were made during the period from their acquisition through December 31, 2023 or 2022, respectively, and not as of December 31, 2023 or 2022, respectively.

The following table summarizes the Company’s digital asset purchases, digital asset sales, digital asset impairment losses, and gains on sale of digital assets (in thousands, except number of bitcoins) for the periods indicated:

	Years Ended December 31,
	2023		2022		2021
Approximate number of bitcoins purchased		56,650		8,813		53,922
Approximate number of bitcoins sold		0		704		0
Digital asset purchases	$	1,902,299	$	287,921	$	2,626,529
Digital asset sales	$	0	$	11,817	$	0
Digital asset impairment losses	$	115,851	$	1,287,213	$	830,621
Gains on sale of digital assets	$	0	$	927	$	0