Digital Assets (Tables)

6 Months Ended

Jun. 30, 2025

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:

	June 30,		December 31,
	2025		2024
Approximate number of bitcoins held		597,325		447,470
Digital asset carrying value	$	64,362,798	$	23,909,373
Cumulative digital asset impairment losses	n/a		$	4,058,875

The carrying value on the Company’s Consolidated Balance Sheet at each period-end prior to the adoption of ASC 2023-08 represented the lowest fair value (based on Level 1 inputs in the fair value hierarchy) of the bitcoin at any time since their acquisition. Therefore, these fair value measurements were made during the period from their acquisition through December 31, 2024.

The following table summarizes the Company’s digital asset purchases, unrealized losses (gains) on digital assets as calculated after the adoption of ASU 2023-08 on January 1, 2025, and digital asset impairment losses as calculated prior to the adoption of ASU 2023-08 (in thousands, except number of bitcoins) for the periods indicated. The Company did not sell any of its bitcoins during the six months ended June 30, 2025 or 2024, respectively.

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025			2024
Approximate number of bitcoins purchased		69,140			12,053		149,855			37,181
Digital asset purchases	$	6,769,205		$	793,828	$	14,430,868		$	2,433,137
Unrealized gain on digital assets	$	(14,047,514	)	n/a		$	(8,141,509	)	n/a
Digital asset impairment losses	n/a			$	180,090	n/a			$	371,723