CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities:
Net loss	$ (4,217,370)	$ (53,118)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	6,575	3,050
Reduction in carrying amount of right-of-use assets	2,240	2,110
Deferred taxes	(1,728,363)	(161,170)
Share-based compensation expense	11,819	17,791
Unrealized loss on digital assets	5,906,005	0
Digital asset impairment losses	0	191,633
Amortization of issuance costs on long-term debt	6,048	2,557
Changes in operating assets and liabilities:
Accounts receivable	10,542	12,190
Prepaid expenses and other current assets	(7,835)	(6,260)
Deposits and other assets	(1,519)	(5,339)
Accounts payable and accrued expenses	(1,431)	(2,005)
Accrued compensation and employee benefits	(30,385)	(13,279)
Accrued interest	421	9,385
Deferred revenue and advance payments	43,289	41,560
Operating lease liabilities	(2,618)	(2,896)
Other long-term liabilities	193	(7,622)
Net cash (used in) provided by operating activities	(2,389)	28,587
Investing activities:
Purchases of digital assets	(7,661,663)	(1,639,309)
Advance deposits on purchases of property and equipment	(6,000)	0
Purchases of property and equipment	(2,737)	(1,545)
Net cash used in investing activities	(7,670,400)	(1,640,854)
Financing activities:
Proceeds from convertible senior notes	2,000,000	1,403,750
Payments to settle conversions and redemption of convertible senior notes	(143)	0
Principal payments of other long-term secured debt	(141)	(133)
Proceeds from sale of preferred stock under public offerings	1,336,938	0
Issuance costs paid related to sale of preferred stock under public offerings	(31,113)	0
Dividends paid on preferred stock	(9,188)	0
Proceeds from sale of common stock under public offerings	4,407,093	137,765
Issuance costs paid related to sale of common stock under public offerings	(7,129)	(613)
Proceeds from exercise of stock options	9,418	134,874
Payment of withholding tax on vesting of restricted stock units	0	(1,243)
Net cash provided by financing activities	7,694,305	1,648,400
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	845	(1,078)
Net increase in cash, cash equivalents, and restricted cash	22,361	35,055
Cash, cash equivalents, and restricted cash, beginning of period	39,897	48,673
Cash, cash equivalents, and restricted cash, end of period	62,258	83,728
Convertible Senior Notes
Financing activities:
Issuance costs paid for convertible senior notes	(14,133)	(28,071)
Employee Stock Purchase Plan
Financing activities:
Proceeds from sales under employee stock purchase plan	$ 2,703	$ 2,071