CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025		Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 50,095		$ 38,117
Restricted cash	2,037		1,780
Accounts receivable, net	117,870		181,203
Prepaid expenses and other current assets	43,459		31,224
Total current assets	213,461		252,324
Digital asset carrying value	64,362,798		23,909,373
Property and equipment, net	30,203		26,327
Right-of-use assets	51,573		54,560
Deposits and other assets	109,664		75,794
Deferred tax assets, net	5,716		1,525,307
Total assets	64,773,415	[1]	25,843,685
Current liabilities:
Accounts payable, accrued expenses, and operating lease liabilities	44,220		52,982
Accrued compensation and employee benefits	50,132		58,362
Accrued interest	5,620		5,549
Current portion of long-term debt, net	349		517
Deferred revenue and advance payments	214,251		237,974
Total current liabilities	314,572		355,384
Long-term debt, net	8,162,281		7,191,158
Deferred revenue and advance payments	4,197		4,970
Operating lease liabilities	51,218		56,403
Other long-term liabilities	4,672		5,379
Deferred tax liabilities	5,865,510		407
Total liabilities	14,402,450		7,613,701
Commitments and Contingencies
Mezzanine Equity
Total mezzanine equity	2,893,921		0
Stockholders' Equity
Preferred stock undesignated, $0.001 par value; 690,235 and 5,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	0		0
Additional paid-in capital	31,158,044		20,411,998
Accumulated other comprehensive loss	(5,020)		(15,384)
Retained earnings (accumulated deficit)	16,323,739		(2,166,876)
Total stockholders' equity	47,477,044		18,229,984
Total liabilities, mezzanine equity and stockholders' equity	64,773,415		25,843,685
Class A
Stockholders' Equity
Common stock	261		226
Class B Convertible
Stockholders' Equity
Common stock	20		20
8.00% Series A Perpetual Strike Preferred Stock
Mezzanine Equity
Total mezzanine equity	1,040,394		0
10.00% Series A Perpetual Strife Preferred Stock
Mezzanine Equity
Total mezzanine equity	874,041		0
10.00% Series A Perpetual Stride Preferred Stock
Mezzanine Equity
Total mezzanine equity	$ 979,486		$ 0

[1] Due to the adoption of ASU 2023-08, segment assets allocated to the Corporate & Other category as of June 30, 2025 included only the Company’s digital assets. As of June 30, 2024, segment assets included the Company’s digital assets and deferred tax assets primarily related to digital asset impairment losses and interest expense.