VOLUNTARY CHANGE IN ACCOUNTING PRINCIPLE (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

IMPACT OF ADOPTION OF ACCOUNTING PRINCIPLE

The following tables present summarized unaudited quarterly financial data from the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2023, three and six months ended June 30, 2023, and three and nine months ended September 30, 2023, based on the Company’s early adoption of ASU 2023-08, as described in Note 4 - Digital Assets. This quarterly information has been prepared on the same basis as the Consolidated Financial Statements and includes all adjustments necessary to state fairly the information for the interim periods presented, which management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. The Company believes these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance.

Consolidated Balance Sheets
	As of March 31, 2023
(in thousands)	As Reported		Adoption Adjustment		As Adjusted
Digital assets	$	189,087	$	137,400	$	326,487
Consolidated Statements of Comprehensive Income (Loss)
	Three months ended March 31, 2023
(in thousands, except share and per share data)	As Reported		Adoption Adjustment		As Adjusted
Total revenues	$	51,132	$	—	$	51,132
Total margin (total revenues less total cost of revenues)	22		—		22
Impairment of digital assets	(6,151)		6,151		—
Gains (losses) on digital assets and digital assets loan receivable	17,615		119,783		137,398
Operating income (loss)	(3,858)		125,934		122,076
Net income (loss)	$	(7,235)	$	125,934	$	118,699
Net income (loss) per share of common stock - basic	$	(0.05)	$	0.79	$	0.75
Weighted average common shares - basic	159,186,506		—		159,186,506
Net income (loss) per share of common stock - diluted	$	(0.05)	$	0.76	$	0.72
Weighted average common shares - diluted	159,186,506		9,812,955		168,999,461

Consolidated Balance Sheets
							As of June 30, 2023
(in thousands)							As Reported		Adoption Adjustment		As Adjusted
Digital assets							$	234,412	$	147,580	$	381,992
Consolidated Statement of Comprehensive Income (Loss)
	Three months ended June 30, 2023						Six months ended June 30, 2023
(in thousands, except share and per share data)	As Reported		Adoption Adjustment		As Adjusted		As Reported		Adoption Adjustment		As Adjusted
Total revenues	$	81,759	$	—	$	81,759	$	132,891	$	—	$	132,891
Total margin (total revenues less total cost of revenues)	(10,738)		—		(10,738)		(10,716)		—		(10,716)
Impairment of digital assets	(8,363)		8,363		—		(14,514)		14,514		—
Gains (losses) on digital assets and digital assets loan receivable	23,354		1,808		25,162		40,969		121,591		162,560
Operating income (loss)	(16,238)		10,171		(6,068)		(20,097)		136,105		116,008
Net income (loss)	$	(19,133)	$	10,171	$	(8,962)	$	(26,368)	$	136,105	$	109,737
Net income (loss) per share of common stock - basic	$	(0.13)	$	0.06	$	(0.07)	$	(0.17)	$	0.83	$	0.66
Weighted average common shares - basic	168,474,882		—		168,474,882		163,856,352		—		163,856,352
Net income (loss) per share of common stock - diluted	$	(0.13)	$	0.06	$	(0.07)	$	(0.17)	$	0.83	$	0.66
Weighted average common shares - diluted	168,474,882		—		168,474,882		163,856,352		9,883,712		173,740,064

Consolidated Balance Sheets
							As of September 30, 2023
(in thousands, except share and per share data)							As Reported		Adoption Adjustment		As Adjusted
Digital assets							$	286,801	$	82,996	$	369,797
Consolidated Statements of Comprehensive Income (Loss)
	Three months ended September 30, 2023						Nine months ended September 30, 2023
(in thousands, except share and per share data)	As Reported		Adoption Adjustment		As Adjusted		As Reported		Adoption Adjustment		As Adjusted
Total revenues	$	97,849	$	—	$	97,849	$	230,740	$	—	$	230,740
Total margin (total revenues less total cost of revenues)	(15,327)		—		(15,327)		(26,043)		—		(26,043)
Impairment of digital assets	(11,885)		11,885		—		(26,399)		26,399		—
Gains (losses) on digital assets and digital assets loan receivable	31,720		(76,412)		(44,692)		72,689		45,179		117,868
Operating income (loss)	(15,633)		(64,527)		(80,160)		(35,730)		71,578		35,848
Net income (loss)	$	64,137	$	(64,527)	$	(390)	$	37,769	$	71,578	$	109,347
Net income (loss) per share of common stock - basic	$	0.36	$	(0.36)	$	—	$	0.21	$	0.42	$	0.63
Weighted average common shares - basic	179,602,722		—		179,602,722		169,162,821		—		169,162,821
Net income (loss) per share of common stock - diluted	$	0.35	$	(0.69)	$	(0.34)	$	0.21	$	0.06	$	0.27
Weighted average common shares - diluted	189,506,521		(5,769,751)		183,736,770		169,162,821		5,230,287		174,393,108

Additionally, the following table presents summarized unaudited quarterly financial data from the Consolidated Statements of Comprehensive Loss for each of the quarters in the periods ended December 31, 2022, based on the Company’s voluntary change in accounting principle from LIFO to FIFO. The operating results for any quarter are not necessarily indicative of the results for any subsequent quarter. Basic and diluted net loss per share calculations for each quarter are based on the weighted average diluted shares outstanding for that quarter and may not sum to the full year total amount presented on our Consolidated Statements of Comprehensive Loss.

	For the three months ended
(in thousands, except per share data)	March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
Total revenues	$	51,723	$	24,923	$	12,690	$	28,417
Total margin (total revenues less total cost of revenues)	25,324		(16,473)		(27,378)		(15,144)
Operating loss	(20,216)		(198,151)		(44,025)		(410,925)
Net loss	$	(17,109)	$	(212,626)	$	(72,462)	$	(391,598)
Net loss per share - basic and diluted:	$	(0.17)	$	(1.94)	$	(0.62)	$	(3.12)

The impacts of the voluntary change in accounting principle from LIFO to FIFO are as follows:

Consolidated Balance Sheets
	As of December 31, 2021
(in thousands)	As Reported		Adoption Adjustment		As Adjusted
Digital assets	$	95,227	$	9,677	$	104,904
Deferred tax liabilities	(22,575)		(2,393)		(24,968)
Accumulated deficit	(153,603)		7,284		(146,319)
Consolidated Statements of Comprehensive Income (Loss)
	Year Ended December 31, 2021
(in thousands, except share and per share data)	As Reported		Adoption Adjustment		As Adjusted
Total revenues	$	159,163	$	—	$	159,163
Total margin (total revenues less total cost of revenues)	116,767		—		116,767
Impairment of digital assets	(30,329)		8,077		(22,252)
Gains on digital assets and digital assets loan receivable	557		1,600		2,157
Operating income (loss)	(12,665)		9,677		(2,988)
Income tax expense	(22,575)		(2,393)		(24,968)
Net income (loss)	$	(37,097)	$	7,284	$	(29,813)
Net income (loss) per share - basic and diluted	$	(0.37)	$	0.07	$	(0.30)
Weighted average common shares - basic and diluted	99,337,587		—		99,337,587

Consolidated Balance Sheets
	As of December 31, 2022
(in thousands)	As Reported		Adoption Adjustment		As Adjusted
Accumulated deficit	$	840,341	$	—	$	840,341
Consolidated Statements of Comprehensive Loss
	Year Ended December 31, 2022
(in thousands, except share and per share data)	As Reported		Adoption Adjustment		As Adjusted
Total revenues	$	117,753	$	—	$	117,753
Total margin (total revenues less total cost of revenues)	(33,671)		—		(33,671)
Impairment of digital assets	(173,214)		(9,677)		(182,891)
Operating loss	(663,866)		(9,677)		(673,543)
Income tax benefit	21,839		2,393		24,232
Net loss	$	(686,738)	$	(7,284)	$	(694,022)
Net loss per share - basic and diluted	$	(6.05)	$	(0.07)	$	(6.12)
Weighted average common shares - basic and diluted	113,467,837		—		113,467,837