v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Schedule of assets and liabilities measured at fair value on recurring basis

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Fair value measured as of March 31, 2026

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Significant

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Quoted prices in

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Significant other

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unobservable

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Total carrying

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active markets

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observable inputs

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inputs

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  ​ ​ ​

value

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(Level 1)

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(Level 2)

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(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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$

—

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$

—

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$

97,118

Derivative liabilities(c)

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$

922

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$

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​

$

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$

922

Contingent consideration liabilities(d)

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$

8,195

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$

—

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$

—

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$

8,195

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Fair value measured as of December 31, 2025

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Significant

​

​

​

​

​

Quoted prices in

​

Significant other

​

unobservable

​

​

Total carrying

​

active markets

​

observable inputs

​

inputs

​

  ​ ​ ​

value

  ​ ​ ​

(Level 1)

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(Level 2)

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(Level 3)

Bitcoin(a)

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$

1,227,462

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$

1,227,462

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$

—

​

$

—

Restricted bitcoin(a)

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$

347,979

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$

347,979

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$

—

​

$

—

Derivative assets(b)

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$

148,048

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$

—

​

$

—

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$

148,048

Contingent consideration liabilities(d)

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$

8,195

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$

—

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$

—

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$

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.