The following table presents information about the Company’s bitcoin (in thousands): | | | | | | | | | | | | | For the Nine Months Ended September 30, | | 2025 | | 2024 | | Opening balance | $ | 92,651 | | | $ | 32,978 | | | Bitcoin received from equity investees | 20,714 | | | 10,487 | | | Bitcoin received from mining activities | 139,858 | | | 109,443 | | | Bitcoin received from loan | 16,551 | | | - | | | Bitcoin loan payments | (140) | | | - | | | Proceeds from sales of bitcoin | (150,226) | | | (79,785) | | Realized gains on sales of bitcoin, net(1) | 16,092 | | | 25,114 | | Unrealized losses on bitcoin(2) | (2,927) | | | (2,778) | | Realized loss on bitcoin transferred to collateral, net(3) | (3,195) | | | - | | Bitcoin transferred from collateral, net | 40,925 | | | - | | | Ending balance | $ | 170,303 | | | $ | 95,459 | | (1) Realized losses from sale of bitcoin were immaterial in all periods presented. | (2) Unrealized gains from sale of bitcoin were immaterial in all periods presented. | (3) Realized loss on bitcoin transferred to collateral, net is classified under other income (expense) on the condensed consolidated statement of operations |
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