Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of (Loss) Income Before Income Taxes

U.S. and international components of (loss) income before income taxes (in thousands) were comprised of the following for the periods indicated:

	Years Ended December 31,
	2024			2023			2022
U.S.	$	(1,966,444	)	$	(157,810	)	$	(1,362,230	)
Foreign		32,098			33,285			39,765
Total	$	(1,934,346	)	$	(124,525	)	$	(1,322,465	)

Schedule of (Benefit from) Provision for Income Taxes

The (benefit from) provision for income taxes (in thousands) consisted of the following for the periods indicated:

	Years Ended December 31,
	2024			2023			2022
Current:
Federal	$	(5,202	)	$	2,774		$	9,278
State		72			3,376			5,362
Foreign		5,368			9,146			8,139
	$	238		$	15,296		$	22,779
Deferred:
Federal	$	(505,359	)	$	(374,800	)	$	89,581
State		(262,441	)		(194,374	)		34,521
Foreign		(123	)		232			451
	$	(767,923	)	$	(568,942	)	$	124,553
Total (benefit) provision	$	(767,685	)	$	(553,646	)	$	147,332

Schedule of Effective Income Tax Rate Reconciliation

The benefit from or provision for income taxes differs from the amount computed by applying the federal statutory income tax rate to the Company’s loss before income taxes as follows for the periods indicated:

	Years Ended December 31,
	2024			2023			2022
Income tax expense at federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal tax effect		10.7	%		8.4	%		7.3	%
Other international components		(0.5	)%		(3.4	)%		(0.1	)%
Change in valuation allowance		0.0	%		409.5	%		(38.6	)%
Non-deductible officers compensation		(0.9	)%		(5.5	)%		(0.3	)%
Research and development tax credit		0.5	%		2.7	%		0.1	%
Share-based compensation		8.7	%		3.4	%		(0.1	)%
Rate changes, including states		(0.1	)%		11.0	%		(0.3	)%
Other permanent differences (1)		0.3	%		(2.5	)%		(0.1	)%
Effective income tax rate		39.7	%		444.6	%		(11.1	)%

(1) Included in the “Other permanent differences” category in the table above are other permanent items, each below the threshold required for separate presentation in the table.

Schedule of Effective Tax Rate for Loss Before Income Taxes

The Company’s U.S. and foreign effective tax rates for loss before income taxes were as follows for the periods indicated:

	Years Ended December 31,
	2024			2023			2022
U.S.		39.3	%		356.8	%		(10.2	)%
Foreign		16.3	%		28.2	%		21.6	%
Combined		39.7	%		444.6	%		(11.1	)%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities (in thousands) were as follows for the periods indicated:

	December 31,
	2024			2023
Deferred tax assets, net:
Net operating loss carryforwards	$	231,063		$	727
Tax credit carryforwards		6,287			1,841
Intangible assets, including capitalized R&D		88,362			57,410
Deferred revenue		902			1,481
Accrued compensation		5,204			5,882
Share-based compensation expense		14,042			30,345
Digital asset impairment losses		1,165,831			652,280
Interest expense carryforward		24,974			11,627
Lease liability		16,734			18,197
Other		1,854			4,699
Deferred tax assets before valuation allowance		1,555,253			784,489
Valuation allowance		(494	)		(1,427	)
Deferred tax assets, net of valuation allowance		1,554,759			783,062
Deferred tax liabilities:
Prepaid expenses and other		8,278			3,681
Property and equipment		373			1,062
Deferred tax on undistributed foreign earnings		3,962			2,923
Right of use asset		17,246			18,180
Total deferred tax liabilities		29,859			25,846
Total net deferred tax asset	$	1,524,900		$	757,216
Reported as:
Non-current deferred tax assets		1,525,307			757,573
Non-current deferred tax liabilities		(407	)		(357	)
Total net deferred tax asset	$	1,524,900		$	757,216

Schedule of Change In Unrecognized Tax Benefits

The change in unrecognized income tax benefits (in thousands) is presented in the table below for the periods indicated:

	2024			2023			2022
Unrecognized income tax benefits at beginning of year	$	7,898		$	5,811		$	5,960
Increase (decrease) related to positions taken in prior period		216			1,458			(67	)
Increase related to positions taken in current period		2,898			930			318
Decrease related to settlement with tax authorities		0			0			(40	)
Decrease related to expiration of statute of limitations		(959	)		(301	)		(360	)
Unrecognized income tax benefits at end of year		10,053			7,898			5,811
Accrued interest		195			352			276
Gross unrecognized income tax benefits at end of year	$	10,248		$	8,250		$	6,087