CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 60,298		$ 38,117
Restricted cash	1,960		1,780
Accounts receivable, net	104,585		181,203
Prepaid expenses and other current assets	36,769		31,224
Total current assets	203,612		252,324
Digital asset carrying value	43,546,079		23,909,373
Property and equipment, net	28,335		26,327
Right-of-use assets	53,070		54,560
Deposits and other assets	83,261		75,794
Deferred tax assets, net	5,403		1,525,307
Total assets	43,919,760	[1]	25,843,685
Current liabilities:
Accounts payable, accrued expenses, and operating lease liabilities	53,716		52,982
Accrued compensation and employee benefits	32,785		58,362
Accrued interest	5,970		5,549
Current portion of long-term debt, net	525		517
Deferred revenue and advance payments	215,693		237,974
Total current liabilities	308,689		355,384
Long-term debt, net	8,140,156		7,191,158
Deferred revenue and advance payments	3,981		4,970
Operating lease liabilities	53,691		56,403
Other long-term liabilities	4,439		5,379
Deferred tax liabilities	1,883,071		407
Total liabilities	10,394,027		7,613,701
Commitments and Contingencies
Mezzanine Equity
Total mezzanine equity	1,304,497		0
Stockholders' Equity
Preferred stock undesignated, $0.001 par value; 726,700 and 5,000 shares authorized, no shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	0		0
Additional paid-in capital	25,881,089		20,411,998
Accumulated other comprehensive loss	(11,967)		(15,384)
Retained earnings (accumulated deficit)	6,351,847		(2,166,876)
Total stockholders' equity	32,221,236		18,229,984
Total liabilities, mezzanine equity and stockholders' equity	43,919,760		25,843,685
Class A
Stockholders' Equity
Common stock	247		226
Class B Convertible
Stockholders' Equity
Common stock	20		20
8.00% Series A Perpetual Strike Preferred Stock
Mezzanine Equity
Total mezzanine equity	593,624		0
10.00% Series A Perpetual Strife Preferred Stock
Mezzanine Equity
Total mezzanine equity	$ 710,873		$ 0

[1] Due to the adoption of ASU 2023-08, segment assets allocated to the Corporate & Other category for the three months ended March 31, 2025, included only the Company’s digital assets. For the three months ended March 31, 2024, segment assets included the Company’s digital assets and deferred tax assets primarily related to digital asset impairment losses and interest expense.