SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

The Company’s digital assets have active markets with observable prices and are considered Level 1 fair value measurements. The following table presents a roll-forward of total digital

assets for the three months ended March 31, 2024, based on the fair value model under ASU 2023-08, and the three months ended March 31, 2023 (in thousands):


	March 31, 2024		March 31, 2023
Digital assets, beginning of period	$	2,284	$	724
Cumulative effect of ASU 2023-08, adopted January 1, 2024	24		—
Digital assets, beginning of period, as adjusted	2,308		724
Digital asset mining revenue, net of receivables1	149,644		98,026
Mining proceeds from shared hosting	8,371		—
Proceeds from sales of digital assets	(160,777)		(98,384)
Realized gain from sale of digital assets	543		1,064
Impairment of digital assets	—		(1,056)
Payment of board fee	(89)		—
Other	—		(374)
Digital assets, end of period	$	—	$	—

1 As of March 31, 2024 and March 31, 2023, there was $2.0 million and $1.2 million, respectively, of digital asset receivable included in prepaid expenses and other current assets on the consolidated balance sheets.