v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Fair Value Measurements

Note 15. Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:

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Fair value measured as of March 31, 2026

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​

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​

​

​

​

​

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Significant

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​

​

​

​

Quoted prices in

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Significant other

​

unobservable

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​

Total carrying

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active markets

​

observable inputs

​

inputs

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  ​ ​ ​

value

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

Bitcoin(a)

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$

673,885

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$

673,885

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$

—

​

$

—

Restricted bitcoin(a)

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$

395,810

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$

395,810

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$

—

​

$

—

Derivative assets(b)

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$

97,118

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$

—

​

$

—

​

$

97,118

Derivative liabilities(c)

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$

922

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$

​

​

$

​

​

$

922

Contingent consideration liabilities(d)

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$

8,195

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$

—

​

$

—

​

$

8,195

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value measured as of December 31, 2025

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​

​

​

​

​

​

​

​

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Significant

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​

​

​

​

Quoted prices in

​

Significant other

​

unobservable

​

​

Total carrying

​

active markets

​

observable inputs

​

inputs

​

  ​ ​ ​

value

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

(Level 3)

Bitcoin(a)

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$

1,227,462

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$

1,227,462

​

$

—

​

$

—

Restricted bitcoin(a)

​

$

347,979

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$

347,979

​

$

—

​

$

—

Derivative assets(b)

​

$

148,048

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$

—

​

$

—

​

$

148,048

Contingent consideration liabilities(d)

​

$

8,195

​

$

—

​

$

—

​

$

8,195

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(a)See Note 5. Bitcoin.
(b)See Note 8. Power Supply Agreements.
(c)See Note 8. Power Supply Agreements. Derivative liability balances are included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets.
(d)See Note 16. Commitments and Contingencies.

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There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.

Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a nonrecurring basis. The Company’s non-financial assets, including goodwill, intangible assets, operating lease right-of-use assets, and property and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized.

As of March 31, 2026 and December 31, 2025, the fair values of cash and cash equivalents, restricted cash, accounts receivable, contract assets, prepaid expenses and other current assets, accounts payable, contract liabilities, and accrued expenses and other current liabilities approximated their carrying values because of the short-term nature of these instruments.