v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Digital Currency Assets
The following table presents a roll-forward of total digital assets for the nine months ended September 30, 2025 and 2024 (in thousands):

September 30, 2025September 30, 2024
Digital assets, beginning of period
$23,893 $2,284 
Cumulative effect of ASU 2023-08, adopted January 1, 20241
— 24 
Digital assets, beginning of period, as adjusted
23,893 2,308 
Digital asset self-mining revenue, net of receivables2
187,396 329,799 
Mining revenue from shared hosting
— 15,693 
Proceeds from sales of digital assets and shared hosting
— (347,397)
Increase (decrease) in fair value of digital assets
30,066 (247)
Payment of board fee
— (89)
Other
— (67)
Digital assets, end of period
$241,355 $— 
1 Reflects the impact of the Company’s adoption of Accounting Standards Update (“ASU”) 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”) effective January 1, 2024.
2 As of September 30, 2025 and December 31, 2024, there was $0.5 million and $0.9 million, respectively, of digital asset receivable included in prepaid expenses and other current assets on the condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, there was $0.7 million and $1.7 million, respectively, of digital asset receivable included in prepaid expenses and other current assets on the condensed consolidated balance sheets.
Schedule of Bitcoin Holdings
The following table presents the Company’s bitcoin holdings (in thousands, except for quantity):

Quantity
Cost Basis
Fair Value
September 30, 20252,116 $212,384 $241,355 
December 31, 2024256 $24,991 $23,893 
Schedule of Deferred Revenue
The following table presents a roll-forward of deferred revenue for the nine months ended September 30, 2025 (in thousands):
Deferred Revenue From Colocation Services
Deferred Revenue From Hosted Mining Services
Total Deferred Revenue
Balance at December 31, 2024
$17,785 $349 $18,134 
Revenue recognized that was included in the deferred revenue balance as of the beginning of the year
(4,867)(330)(5,197)
Additional customer funding received328,663 2,487 331,150 
Balance at September 30, 2025$341,581 $2,506 $344,087 
Current portion at September 30, 2025
$83,739 
Non-current portion at September 30, 20251
$260,348 
1 Noncurrent deferred revenue is included in other noncurrent liabilities on the condensed consolidated balance sheets.