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Certain Balance Sheet Items
 6 Months Ended
Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Certain Balance Sheet Items Certain Balance Sheet Items
The following table summarizes other current assets (in thousands):
June 30,
2026		December 31,
2025
Prepaid mining and hosting services$1,005 $259 
Bitcoin mining deposits312 870 
Prepaid insurance172 364 
Prepaid services119 137 
Other123 77 
Other current assets$1,731 $1,707 
The following table summarizes property and equipment, net (in thousands):
June 30,
2026		December 31,
2025
Mining equipment$7,424 $24,019 
Infrastructure6,402 1,516 
Land160 — 
Total13,986 25,535 
Accumulated depreciation(3,280)(10,927)
Property and equipment, net$10,706 $14,608 
Depreciation expense for property and equipment was $0.9 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively. Depreciation expense for property and equipment was $1.7 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.
Mining Equipment
In February 2026, the Company completed the sale of older generation mining equipment not in service for proceeds of $1.2 million, which was applied to the purchase of new mining equipment.
Impairment of Property and Equipment
For three and six months ended June 30, 2026, the Company recorded an impairment charge, using the fair value market approach, to mining equipment of $7.0 million related to the change in market conditions and decline in Bitcoin prices. For the three and six months ended June 30, 2025, there were no impairments recognized.
The following table summarizes other non-current assets (in thousands):
June 30,
2026		December 31,
2025
Utility deposits$1,900 $225 
Other investments654 — 
Other non-current assets$2,554 $225 
Other Investments - assumed in Acquisition
The Company holds an investment in Low Time Preference Fund II, LLC, a private venture capital fund that qualifies as an investment company and reports member-level net asset value (“NAV”). This investment is measured at fair value using NAV as a practical expedient. As of June 30, 2026, the investment had a fair value of approximately $0.3 million. The fund is a private pooled investment vehicle with no public market and no observable pricing; valuation is based on NAV information provided by the fund’s asset manager. Because the investment is measured using the NAV practical expedient, it is excluded from the fair value hierarchy. The Company has no unfunded commitments related to this investment, and no gains or losses were recognized in the condensed consolidated statement of operations.
The Company holds 35,000,000 common shares of Silvermoon Inc. (“Silvermoon”), an equity security accounted for using the measurement alternative because the security does not have a readily determinable fair value. The investment is carried at cost, adjusted for impairment and observable price changes. As of June 30, 2026, no impairments or observable price changes were identified. Although the Company holds more than 20% of Silvermoon’s outstanding shares, it has no representation on Silvermoon’s board and no participation in the policy-making processes; therefore, the equity method is not applied. As of June 30, 2026, the investment’s carrying amount was approximately $0.3 million.
Other Current Liabilities
The following table summarizes other current liabilities (in thousands):
June 30, 2026December 31,
2025
Customer deposits$1,042 $— 
Operating lease liabilities136 — 
Deferred revenue27 — 
Other current liabilities$1,205 $—