Marathon Digital Holdings Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

NOTE 16 – QUARTERLY FINANCIAL DATA (UNAUDITED)

The following tables present the impacts of the restatement adjustments, as described in NOTE 2 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT. Restated Consolidated Statements of Stockholders’ Equity are not presented as all impacted items on those statements, net income (loss), accumulated deficit, and total stockholders’ equity, are presented within the following tables. This quarterly information has been prepared on the same basis as the Consolidated Financial Statements and includes all adjustments necessary to state fairly the information for the interim periods presented, which management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. We believe these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance.

Unaudited Interim Consolidated Balance Sheets

The following Unaudited Interim Consolidated Balance Sheets tables present the impacts of the restatement adjustments as of the periods ended March 31, 2021 and 2022, June 30, 2021 and 2022, and September 30, 2021 and 2022. For the impacts of the restatement adjustments for the Consolidated Balance Sheets as of December 31, 2021 refer to NOTE 2 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT. The period ended December 31, 2022 was not subject to restatement and is presented in Part I of ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
	As of
	March 31, 2021
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	211,934		$	—		$	—	$	211,934
Restricted cash
Digital assets		10,746			(204	)		—		10,542
Digital assets held in Fund		281,823			205			—		282,028
Other receivable
Deposits		128,869			—			—		128,869
Loan receivable
Digital assets, restricted
Prepaid expenses and other current assets		2,514			—			—		2,514
Total current assets		635,886			1			—		635,887

Other assets:
Property and equipment, net		41,961			—			—		41,961
Assets held for sale
Advances to vendors
Investments
Digital assets, restricted
Long term deposits
Long term prepaids		7,854			—			—		7,854
Right-of-use assets
Intangible assets, net		985			—			—		985
Total other assets		50,800			—			—		50,800
TOTAL ASSETS	$	686,686		$	1		$	—	$	686,687

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	344		$	—		$	—	$	344
Accrued expenses		643			205			—		848
Legal reserve payable
Warrant liability		1,914			—			—		1,914
Short term borrowings - revolving credit line
Operating lease liabilities
Current portion of accrued bond interest
Total current liabilities		2,901			205			—		3,106
Long-term liabilities:
Notes payable
Operating lease liabilities
Deferred tax liabilities
SBA PPP loan payable		63			—			—		63
Total long-term liabilities		63			—			—		63

Commitments and Contingencies		-			-			-		-

Stockholders’ Equity:
Preferred stock		—			—			—		—
Common stock		10			—			—		10
Additional paid-in capital		716,862			—			—		716,862
Accumulated other comprehensive loss		(451	)		—			—		(451	)
Accumulated deficit		(32,699	)		(204	)		—		(32,903	)
Total stockholders’ equity		683,722			(204	)		—		683,518
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	686,686		$	1		$	—	$	686,687

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
	As of
	June 30, 2021
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	170,616		$	38		$	—	$	170,654
Digital assets		28,966			(2,148	)		—		26,818
Digital assets held in Fund		166,915			111			—		167,026
Deposits		121,583			—			—		121,583
Prepaid expenses and other current assets		3,571			—			—		3,571
Total current assets		491,651			(1,999	)		—		489,652
Other assets:
Property and equipment, net		80,151			—			—		80,151
Long term prepaids		11,095			—			—		11,095
Intangible assets, net		967			—			—		967
Total other assets		92,213			—			—		92,213
TOTAL ASSETS	$	583,864		$	(1,999	)	$	—	$	581,865

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	437		$	—		$	—	$	437
Accrued expenses		2,190			149			—		2,339
Warrant liability		718			—			—		718
Total current liabilities		3,345			149			—		3,494

Commitments and Contingencies

Stockholders’ Equity:
Preferred stock		—			—			—		—
Common stock		10			—			—		10
Additional paid-in capital		722,543			—			—		722,543
Accumulated other comprehensive loss		(451	)		—			—		(451	)
Accumulated deficit		(141,583	)		(2,148	)		—		(143,731	)
Total stockholders’ equity		580,519			(2,148	)		—		578,371
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	583,864		$	(1,999	)	$	—	$	581,865

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	As of
	September 30, 2021
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	32,854		$	—		$	—		$	32,854
Digital assets		64,358			(1,597	)		(2,363	)		60,398
Digital assets held in Fund		208,765			144			—			208,909
Other receivable		—			—			12,710			12,710
Deposits		203,258			—			—			203,258
Digital assets, restricted		9,574			—			(9,574	)		—
Prepaid expenses and other current assets		35,751			—			—			35,751
Total current assets		554,560			(1,453	)		773			553,880
Other assets:
Property and equipment, net		93,932			—			—			93,932
Long term prepaids		14,900			—			—			14,900
Intangible assets, net		949			—			—			949
Total other assets		109,781			—			—			109,781
TOTAL ASSETS	$	664,341		$	(1,453	)	$	773		$	663,661

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	2,814		$	—		$	—		$	2,814
Accrued expenses		561			144			—			705
Warrant liability		550			—			—			550
Total current liabilities		3,925			144			—			4,069

Commitments and Contingencies

Stockholders’ Equity:
Preferred stock		—			—			—			—
Common stock		10			—			—			10
Additional paid-in capital		824,613			—			—			824,613
Accumulated other comprehensive loss		(451	)		—			—			(451	)
Accumulated deficit		(163,756	)		(1,597	)		773			(164,580	)
Total stockholders’ equity		660,416			(1,597	)		773			659,592
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	664,341		$	(1,453	)	$	773		$	663,661

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	As of
	March 31, 2022
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	117,911		$	31		$	—		$	117,942
Restricted cash		600			—			—			600
Digital assets		135,124			(6,204	)		527			129,447
Digital assets held in Fund		218,237			202			—			218,439
Other receivable		4,720			—			25,150			29,870
Deposits		40,792			—			—			40,792
Digital assets, restricted		20,437			—			(20,437	)		—
Prepaid expenses and other current assets		54,765			(2,000	)		—			52,765
Total current assets		592,586			(7,971	)		5,240			589,855
Other assets:
Property and equipment, net		333,317			—			—			333,317
Advances to vendors		594,240			—			—			594,240
Investments		13,500			20			—			13,520
Long term prepaids		3,131			2,000			—			5,131
Right-of-use assets		1,326			—			—			1,326
Total other assets		945,514			2,020			—			947,534
TOTAL ASSETS	$	1,538,100		$	(5,951	)	$	5,240		$	1,537,389

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	7,715		$	—		$	—		$	7,715
Accrued expenses		4,125			517			—			4,642
Operating lease liabilities		264			—			—			264
Current portion of accrued interest		2,710			—			—			2,710
Total current liabilities		14,814			517			—			15,331
Long-term liabilities:
Notes payable		729,377			—			—			729,377
Operating lease liabilities		1,071			—			—			1,071
Deferred tax liabilities		18,724			(1,711	)		1,300			18,313
Total long-term liabilities		749,172			(1,711	)		1,300			748,761

Commitments and Contingencies

Stockholders’ Equity:
Preferred stock		—			—			—			—
Common stock		11			—			—			11
Additional paid-in capital		939,742			—			—			939,742
Accumulated other comprehensive loss		(451	)		451			—			—
Accumulated deficit		(165,188	)		(5,208	)		3,940			(166,456	)
Total stockholders’ equity		774,114			(4,757	)		3,940			773,297
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,538,100		$	(5,951	)	$	5,240		$	1,537,389

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	As of
	June 30, 2022
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	86,461		$	(500	)	$	—		$	85,961
Restricted cash		3,200			—			—			3,200
Digital assets		136,836			(9,344	)		—			127,492
Deposits		40,006			—			—			40,006
Digital assets, restricted		53,559			(3,657	)		—			49,902
Prepaid expenses and other current assets		42,130			(1,000	)		—			41,130
Total current assets		362,192			(14,501	)		—			347,691
Other assets:
Property and equipment, net		314,257			(4,122	)		—			310,135
Assets held for sale		14,758			—			—			14,758
Advances to vendors		800,205			—			—			800,205
Investments		17,000			(10	)		—			16,990
Long term prepaids		—			1,000			—			1,000
Right-of-use assets		1,166			—			—			1,166
Total other assets		1,147,386			(3,132	)		—			1,144,254
TOTAL ASSETS	$	1,509,578		$	(17,633	)	$	—		$	1,491,945

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	48,577		$	—		$	—		$	48,577
Accrued expenses		5,783			(216	)		—			5,567
Short term borrowings - revolving credit line		35,000			—			—			35,000
Operating lease liabilities		162			—			—			162
Current portion of accrued interest		623			—			—			623
Total current liabilities		90,145			(216	)		—			89,929
Long-term liabilities:
Notes payable		730,348			—			—			730,348
Operating lease liabilities		1,067			—			—			1,067
Deferred tax liabilities		28,571			(1,134	)		1,353			28,790
Total long-term liabilities		759,986			(1,134	)		1,353			760,205

Commitments and Contingencies

Stockholders’ Equity:
Preferred stock		—			—			—			—
Common stock		11			—			—			11
Additional paid-in capital		1,016,722			—			—			1,016,722
Accumulated other comprehensive loss		(451	)		451			—			—
Accumulated deficit		(356,835	)		(16,734	)		(1,353	)		(374,922	)
Total stockholders’ equity		659,447			(16,283	)		(1,353	)		641,811
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,509,578		$	(17,633	)	$	—		$	1,491,945

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	As of
	September 30, 2022
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	55,339		$	—		$	—		$	55,339
Restricted cash		8,800			—			—			8,800
Digital assets		126,418			(5,433	)		—			120,985
Other receivable		1,000			—			—			1,000
Deposits		22,534			—			—			22,534
Prepaid expenses and other current assets		26,016			(1,000	)		—			25,016
Total current assets		240,107			(6,433	)		—			233,674

Other assets:
Property and equipment, net		403,523			(6,237	)		—			397,286
Advances to vendors		687,777			—			—			687,777
Investments		37,000			(10	)		—			36,990
Long term deposits		26,554			—			—			26,554
Long term prepaids		8,704			1,000			—			9,704
Right-of-use assets		1,370			—			—			1,370
Digital assets, restricted		70,743			(3,039	)		—			67,704
Total other assets		1,235,671			(8,286	)		—			1,227,385
TOTAL ASSETS	$	1,475,778		$	(14,719	)	$	—		$	1,461,059

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	19,051		$	—		$	—		$	19,051
Accrued expenses		2,141			45			—			2,186
Legal reserve payable		21,200			—			—			21,200
Operating lease liabilities		306			—			—			306
Current portion of accrued interest		2,844			—			—			2,844
Total current liabilities		45,542			45			—			45,587
Long-term liabilities:
Notes payable		731,319			—			—			731,319
Term loan		49,863			—			—			49,863
Operating lease liabilities		1,132			—			—			1,132
Deferred tax liabilities		22,820			(1,223	)		1,367			22,964
Total long-term liabilities		805,134			(1,223	)		1,367			805,278

Commitments and Contingencies		-			-			-			-

Stockholders’ Equity:
Preferred stock		—			—			—			—
Common stock		12			—			—			12
Additional paid-in capital		1,057,798			—			—			1,057,798
Accumulated other comprehensive loss		(451	)		451			—			—
Accumulated deficit		(432,257	)		(13,992	)		(1,367	)		(447,616	)
Total stockholders’ equity		625,102			(13,541	)		(1,367	)		610,194
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,475,778		$	(14,719	)	$	—		$	1,461,059

Unaudited Consolidated Interim Statements of Other Comprehensive Income (Loss)

The following Unaudited Interim Statements of Other Comprehensive Income (Loss) tables present the impacts of the restatement adjustments for the periods ended March 31, 2021 and 2022, June 30, 2021 and 2022, and September 30, 2021 and 2022. For the impacts of the restatement adjustments for the Statements of Other Comprehensive Income (Loss) for the period ended December 31, 2021 refer to NOTE 2 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT. The Statements of Other Comprehensive Income (Loss) for the period ended December 31, 2022 was not subject to restatement and is presented in Part I of ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
	For the three months ended
	March 31, 2021
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
Total revenues	$	9,153		$	—		$	—	$	9,153

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(1,668	)		—			—		(1,668	)
Cost of revenues - depreciation and amortization		(738	)		—			—		(738	)
Total cost of revenues		(2,406	)		—			—		(2,406	)
Operating expenses
General and administrative expenses		(53,140	)		(205	)		—		(53,345	)
Legal reserves
Impairment of deposits due to vendor bankruptcy filing
Impairment of digital assets		(662	)		(204	)		—		(866	)
Impairment of patents
Impairment of mining equipment and advances to vendors
Realized and unrealized gains (losses) on digital assets
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			132,028			—		132,028
Gain on sale of equipment, net of disposals
Total operating expenses		(53,802	)		131,619			—		77,817
Operating loss		(47,055	)		131,619			—		84,564
Impairment of loan and investment due to vendor bankruptcy filing
Change in fair value of digital assets held in Fund		131,823			(131,823	)		—		—
Other non-operating income (loss)		(1,408	)		—			—		(1,408	)
Interest expense		(1	)		—			—		(1	)
Income before income taxes		83,359			(204	)		—		83,155
Income tax benefit (expense)		(1	)		—			—		(1	)
Net income (loss)	$	83,358		$	(204	)	$	—	$	83,154

Net income (loss) per share, basic:	$	0.88		$	—		$	—	$	0.88
Net income (loss) per share, diluted:	$	0.87		$	—		$	—	$	0.86
Weighted average shares outstanding, basic:		94,350,216			94,350,216			94,350,216		94,350,216
Weighted average shares outstanding, diluted:		96,251,240			96,251,240			96,251,240		96,251,240

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—		—
Comprehensive income (loss)	$	83,358		$	(204	)	$	—	$	83,154

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
	For the three months ended
	June 30, 2021
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
Total revenues	$	29,322		$	—		$	—	$	29,322

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(4,056	)		—			—		(4,056	)
Cost of revenues - depreciation and amortization		(2,938	)		—			—		(2,938	)
Total cost of revenues		(6,994	)		—			—		(6,994	)
Operating expenses
General and administrative expenses		(6,628	)		(203	)		—		(6,831	)
Impairment of digital assets		(11,079	)		(1,944	)		—		(13,023	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		1			—			—		1
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			(114,705	)		—		(114,705	)
Total operating expenses		(17,706	)		(116,852	)		—		(134,558	)
Operating income (loss)		4,622			(116,852	)		—		(112,230	)
Change in fair value of digital assets held in Fund		(114,908	)		114,908			—		—
Other non-operating income (loss)		1,400			—			—		1,400
Interest expense		(1	)		—			—		(1	)
Income (loss) before income taxes		(108,887	)		(1,944	)		—		(110,831	)
Income tax benefit (expense)		2			—			—		2
Net income (loss)	$	(108,885	)	$	(1,944	)	$	—	$	(110,829	)

Net loss per share, basic and diluted:	$	(1.09	)	$	(0.02	)	$	—	$	(1.11	)
Weighted average shares outstanding, basic and diluted:		99,466,946			99,466,946			99,466,946		99,466,946

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—		—
Comprehensive income (loss)	$	(108,885	)	$	(1,944	)	$	—	$	(110,829	)

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
	For the six months ended
	June 30, 2021
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
Total revenues	$	38,475		$	—		$	—	$	38,475

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(5,724	)		—			—		(5,724	)
Cost of revenues - depreciation and amortization		(3,676	)		—			—		(3,676	)
Total cost of revenues		(9,400	)		—			—		(9,400	)
Operating expenses
General and administrative expenses		(59,768	)		(408	)		—		(60,176	)
Impairment of digital assets		(11,741	)		(2,148	)		—		(13,889	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		1			—			—		1
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			17,323			—		17,323
Total operating expenses		(71,508	)		14,767			—		(56,741	)
Operating income (loss)		(42,433	)		14,767			—		(27,666	)
Change in fair value of digital assets held in Fund		16,915			(16,915	)		—		—
Other non-operating income (loss)		(8	)		—			—		(8	)
Interest expense		(2	)		—			—		(2	)
Income (loss) before income taxes		(25,528	)		(2,148	)		—		(27,676	)
Income tax benefit (expense)		1			—			—		1
Net income (loss)	$	(25,527	)	$	(2,148	)	$	—	$	(27,675	)

Net loss per share, basic and diluted:	$	(0.26	)	$	(0.02	)	$	—	$	(0.29	)
Weighted average shares outstanding, basic and diluted:		96,922,964			96,922,964			96,922,964		96,922,964

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—		—
Comprehensive income (loss)		(25,527	)		(2,148	)		—		(27,675	)

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the three months ended
	September 30, 2021
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Total revenues	$	51,707		$	624		$	—		$	52,331

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(5,923	)		(624	)		—			(6,547	)
Cost of revenues - depreciation and amortization		(4,340	)		—			—			(4,340	)
Total cost of revenues		(10,263	)		(624	)		—			(10,887	)
Operating expenses
General and administrative expenses		(98,999	)		(237	)		(428	)		(99,664	)
Impairment of digital assets		(6,732	)		551			1,593			(4,588	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		8			—			(392	)		(384	)
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			42,087			—			42,087
Total operating expenses		(105,723	)		42,401			773			(62,549	)
Operating income (loss)		(64,279	)		42,401			773			(21,105	)
Change in fair value of digital assets held in Fund		41,850			(41,850	)		—			—
Other non-operating income (loss)		253			—			—			253
Income (loss) before income taxes		(22,176	)		551			773			(20,852	)
Income tax benefit (expense)		3			—			—			3
Net income (loss)	$	(22,173	)	$	551		$	773		$	(20,849	)

Net loss per share, basic and diluted:	$	(0.22	)	$	0.01		$	0.01		$	(0.21	)
Weighted average shares outstanding, basic and diluted:		100,803,809			100,803,809			100,803,809			100,803,809

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—			—
Comprehensive income (loss)		(22,173	)		551			773			(20,849	)

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the nine months ended
	September 30, 2021
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Total revenues		90,182			624			—			90,806

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(11,647	)		(624	)		—			(12,271	)
Cost of revenues - depreciation and amortization		(8,016	)		—			—			(8,016	)
Total cost of revenues		(19,663	)		(624	)		—			(20,287	)
Operating expenses
General and administrative expenses		(158,767	)		—			(428	)		(159,840	)
Impairment of digital assets		(18,473	)		(1,597	)		1,593			(18,477	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		9			—			(392	)		(383	)
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			59,410			—			59,410
Total operating expenses		(177,231	)		57,168			773			(119,290	)
Operating income (loss)		(106,712	)		57,168			773			(48,771	)
Change in fair value of digital assets held in Fund		58,765			(58,765	)		—			—
Other non-operating income (loss)		245			—			—			245
Interest expense		(2)			—			—			(2	)
Income (loss) before income taxes		(47,704	)		(1,597	)		773			(48,528	)
Income tax benefit (expense)		4			—			—			4
Net income (loss)		(47,700	)		(1,597	)		773			(48,524	)

Net loss per share, basic and diluted:	$	(0.49	)	$	(0.02	)	$	0.01		$	(0.49	)
Weighted average shares outstanding, basic and diluted:		98,230,795			98,230,795			98,230,795			98,230,795

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—			—
Comprehensive income (loss)		(47,700	)		(1,597	)		773			(48,524	)

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the three months ended
	December 31, 2021
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Total Revenues	$	60,282		$	8,075		$	—		$	68,357

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(7,145	)		(8,075	)		—			(15,220	)
Cost of revenues - depreciation and amortization		(6,888	)		—			—			(6,888	)
Total cost of revenues		(14,033	)		(8,075	)		—			(22,108	)
Operating expenses
General and administrative expenses		(13,536	)		(557	)		(423	)		(14,516	)
Impairment of digital assets		(11,080	)		(851	)		78			(11,853	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		5			—			935			940
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			15,286			—			15,286
Total operating expenses		(24,611	)		13,878			590			(10,143	)
Operating income (loss)		21,638			13,878			590			36,106
Change in fair value of digital assets held in Fund		15,013			(15,013	)		—			—
Other non-operating income (loss)		(552	)		—			19			(533	)
Interest expense		(1,567	)		—			—			(1,567	)
Income (loss) before income taxes		34,532			(1,135	)		609			34,006
Income tax benefit (expense)		(23,006	)		781			(354	)		(22,579	)
Net income (loss)	$	11,526		$	(354	)	$	255		$	11,427

Net income per share, basic:	$	0.11		$	—		$	—		$	0.11
Net income per share, diluted:	$	0.10		$	—		$	—		$	0.10
Weighted average shares outstanding, basic:		102,620,749			102,620,749			102,620,749			102,620,749
Weighted average shares outstanding, diluted:		113,402,577			113,402,577			113,402,577			113,402,577

Other comprehensive income (loss)
Foreign currency translation adjustments		—			(451	)		—			(451	)
Comprehensive income (loss)		11,526			(805	)		255			10,976

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the three months ended
	March 31, 2022
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Total revenues	$	51,718		$	5		$	—		$	51,723

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(12,517	)		(5	)		—			(12,522	)
Cost of revenues - depreciation and amortization		(13,877	)		—			—			(13,877	)
Total cost of revenues		(26,394	)		(5	)		—			(26,399	)
Operating expenses
General and administrative expenses		(13,980	)		(214	)		(1,322	)		(15,516	)
Impairment of digital assets		(19,551	)		(3,756	)		5,660			(17,647	)
Impairment of patents		(919	)		—			—			(919	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		—			—			(461	)		(461	)
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			(5,328	)		—			(5,328	)
Total operating expenses		(34,450	)		(9,298	)		3,877			(39,871	)
Operating income ( loss)		(9,126	)		(9,298	)		3,877			(14,547	)
Change in fair value of digital assets held in Fund		(5,542	)		5,542			—			—
Other non-operating income (loss)		227			20			—			247
Interest expense		(2,814	)		—			—			(2,814	)
Income (loss) before income taxes		(17,255	)		(3,736	)		3,877			(17,114	)
Income tax benefit (expense)		4,296			930			(965	)		4,261
Net income (loss)	$	(12,959	)	$	(2,806	)	$	2,912		$	(12,853	)

Net loss per share, basic and diluted:	$	(0.13	)	$	(0.03	)	$	0.03		$	(0.12	)
Weighted average shares outstanding, basic and diluted:		103,102,596			103,102,596			103,102,596			103,102,596

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—			—
Comprehensive income (loss)		(12,959	)		(2,806	)		2,912			(12,853	)

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the three months ended
	June 30, 2022
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Total revenues	$	24,922		$	1		$	—		$	24,923

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(16,685	)		(1	)		—			(16,686	)
Cost of revenues - depreciation and amortization		(24,710	)		—			—			(24,710	)
Total cost of revenues		(41,395	)		(1	)		—			(41,396	)
Operating expenses
General and administrative expenses		(12,420	)		(221	)		2,173			(10,468	)
Impairment of digital assets		(127,590	)		(6,797	)		6,586			(127,801	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		—			—			(13,999	)		(13,999	)
Gain on sale of equipment, net of disposals		58,182			(4,122	)		—			54,060
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			(79,689	)		—			(79,689	)
Total operating expenses		(81,828	)		(90,829	)		(5,240	)		(177,897	)
Operating income (loss)		(98,301	)		(90,829	)		(5,240	)		(194,370	)
Change in fair value of digital assets held in Fund		(79,910	)		79,910			—			—
Other non-operating income (loss)		165			(30	)		—			135
Interest expense		(3,748	)		—			—			(3,748	)
Income (loss) before income taxes		(181,794	)		(10,949	)		(5,240	)		(197,983	)
Income tax benefit (expense)		(9,852	)		(577	)		(54	)		(10,483	)
Net income (loss)	$	(191,646	)	$	(11,526	)	$	(5,294	)	$	(208,466	)

Net loss per share, basic and diluted:	$	(1.75	)	$	(0.11	)	$	(0.05	)	$	(1.90	)
Weighted average shares outstanding, basic and diluted:		109,437,293			109,437,293			109,437,293			109,437,293

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—			—
Comprehensive income (loss)		(191,646	)		(11,526	)		(5,294	)		(208,466	)

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the six months ended
	June 30, 2022
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Total revenues	$	76,640		$	6		$	—		$	76,646

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(29,202	)		(6	)		—			(29,208	)
Cost of revenues - depreciation and amortization		(38,587	)		—			—			(38,587	)
Total cost of revenues		(67,789	)		(6	)		—			(67,795	)
Operating expenses
General and administrative expenses		(26,400	)		(435	)		851			(25,984	)
Impairment of digital assets		(147,141	)		(10,553	)		12,246			(145,448	)
Impairment of patents		(919	)		—			—			(919	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		—			—			(14,460	)		(14,460	)
Gain on sale of equipment, net of disposals		58,182			(4,122	)		—			54,060
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			(85,017	)		—			(85,017	)
Total operating expenses		(116,278	)		(100,127	)		(1,363	)		(217,768	)
Operating income (loss)		(107,427	)		(100,127	)		(1,363	)		(208,917	)
Change in fair value of digital assets held in Fund		(85,452	)		85,452			—			—
Other non-operating income (loss)		392			(10	)		—			382
Interest expense		(6,562	)		—			—			(6,562	)
Income (loss) before income taxes		(199,049	)		(14,685	)		(1,363	)		(215,097	)
Income tax benefit (expense)		(5,556	)		353			(1,019	)		(6,222	)
Net income (loss)	$	(204,605	)	$	(14,332	)	$	(2,382	)	$	(221,319	)

Net loss per share, basic and diluted:	$	(1.93	)	$	(0.14	)	$	(0.02	)	$	(2.09	)
Weighted average shares outstanding, basic and diluted:		106,101,762			106,101,762			106,101,762			106,101,762

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—			—
Comprehensive income (loss)		(204,605	)		(14,332	)		(2,382	)		(221,319	)

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the three months ended
	September 30, 2022
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Total revenues	$	12,690		$	—		$	—		$	12,690

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(13,773	)		—			—			(13,773	)
Cost of revenues - depreciation and amortization		(26,295	)		—			—			(26,295	)
Total cost of revenues		(40,068	)		—			—			(40,068	)
Operating expenses
General and administrative expenses		(12,118	)		(28	)		—			(12,146	)
Legal reserves		(24,960	)		—			—			(24,960	)
Impairment of deposits due to vendor bankruptcy filing		(7,987	)		—			—			(7,987	)
Impairment of digital assets		(5,904	)		4,529			—			(1,375	)
Gain on sale of equipment, net of disposals		31,935			(2,115	)		—			29,820
Total operating expenses		(19,034	)		2,386			—			(16,648	)
Operating income (loss)		(46,412	)		2,386			—			(44,026	)
Impairment of loan and investment due to vendor bankruptcy filing		(31,013	)		—			—			(31,013	)
Change in fair value of digital assets held in Fund		(234	)		234			—			—
Other non-operating income (loss)		238			—			—			238
Interest expense		(3,752	)		—			—			(3,752	)
Income (loss) before income taxes		(81,173	)		2,620			—			(78,553	)
Income tax benefit (expense)		5,750			122			(14	)		5,858
Net income (loss)	$	(75,423	)	$	2,742		$	(14	)	$	(72,695	)

Net loss per share, basic and diluted:	$	(0.65	)	$	0.02		$	—		$	(0.62	)
Weighted average shares outstanding, basic and diluted:		116,533,816			116,533,816			116,533,816			116,533,816

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—			—
Comprehensive income (loss)		(75,423	)		2,742			(14	)		(72,695	)

(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the nine months ended
	September 30, 2022
(in thousands, except share and per share data)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Total revenues	$	89,330		$	6		$	—		$	89,336

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(42,975	)		(6	)		—			(42,981	)
Cost of revenues - depreciation and amortization		(64,882	)		—			—			(64,882	)
Total cost of revenues		(107,857	)		(6	)		—			(107,863	)
Operating expenses
General and administrative expenses		(38,518	)		(463	)		851			(38,130	)
Legal reserves		(24,960	)		—			—			(24,960	)
Impairment of deposits due to vendor bankruptcy filing		(7,987	)		—			—			(7,987	)
Impairment of digital assets		(153,045	)		(6,024	)		12,246			(146,823	)
Impairment of patents		(919	)		—			—			(919	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		—			—			(14,460	)		(14,460	)
Gain on sale of equipment, net of disposals		90,117			(6,237	)		—			83,880
Realized and unrealized gains (losses) on digital assets held within Investment Fund		—			(85,017	)		—			(85,017	)
Total operating expenses		(135,312	)		(97,741	)		(1,363	)		(234,416	)
Operating income (loss)		(153,839	)		(97,741	)		(1,363	)		(252,943	)
Change in fair value of digital assets held in Fund		(85,686	)		85,686			—			—
Other non-operating income (loss)		630			(10	)		—			620
Impairment of loan and investment due to vendor bankruptcy filing		(31,013	)		—			—			(31,013	)
Interest expense		(10,314	)		—			—			(10,314	)
Income (loss) before income taxes		(280,222	)		(12,065	)		(1,363	)		(293,650	)
Income tax benefit (expense)		194			475			(1,033	)		(364	)
Net income (loss)	$	(280,028	)	$	(11,590	)	$	(2,396	)	$	(294,014	)

Net loss per share, basic and diluted:	$	(2.56	)	$	(0.11	)	$	(0.02	)	$	(2.69	)
Weighted average shares outstanding, basic and diluted:		109,492,865			109,492,865			109,492,865			109,492,865

Other comprehensive income (loss)
Foreign currency translation adjustments		—			—			—			—
Comprehensive income (loss)		(280,028	)		(11,590	)		(2,396	)		(294,014	)

	For the three months ended
(in thousands, except share and per share data)	December 31, 2022
Total revenues	$	28,417

Costs and expenses
Cost of revenues
Cost of revenues - energy, hosting and other		(29,736	)
Cost of revenues - depreciation and amortization		(13,827	)
Total cost of revenues		(43,563	)
Operating expenses
General and administrative expenses		(18,609	)
Legal reserves		(1,171	)
Impairment of deposits due to vendor bankruptcy filing		(16,674	)
Impairment of digital assets		(26,392	)
Impairment of mining equipment and advances to vendors		(332,933	)
Total operating expenses		(395,779	)
Operating income (loss)		(410,925	)
Other non-operating income (loss)		663
Interest expense		(4,666	)
Income (loss) before income taxes		(414,928	)
Income tax benefit (expense)		22,202
Net loss	$	(392,726	)

Net income (loss) per share, basic and diluted:	$	(3.14	)
Net loss per share, basic:	$	(3.14	)
Weighted average shares outstanding, basic and diluted:		125,263,133
Weighted average shares outstanding, basic:		125,263,133

Unaudited Interim Consolidated Statements of Cash Flows

The following Unaudited Interim Consolidated Statement of Cash Flow tables present the impacts of the restatement adjustments for the periods ended March 31, 2021 and 2022, June 30, 2021 and 2022, and September 30, 2021 and 2022. For the impacts of the restatement adjustments for the Consolidated Statement of Cash Flows for the period ended December 31, 2021 refer to NOTE 2 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT. The Consolidated Statements of Cash Flows for the period ended December 31, 2022 was not subject to restatement and is presented in Part I of ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
	For the three months ended
	March 31, 2021
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
Cash flows from operating activities
Net income		83,358			(204	)		—		83,154
Adjustments to reconcile net less to net cash used in operating activities:
Realized and unrealized losses (gains) on digital assets held within Investment Fund		—			(131,823	)		—		(131,823	)
Change in fair value of digital assets held in Investment Fund		(131,823	)		131,823			—		—
Impairment of digital assets		662			204			—		866
Other adjustment from operations, net		—			(205	)		—		(205	)
Proceeds from sale of digital currencies in fund
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets
Other adjustment from operations, net		—			(205	)		—		(205	)
Realized gain (loss) on sale of digital currencies
Deferred tax expense
Impairment of digital currencies
Gain on Sale of Asset, net of disposals
Realized and unrealized losses (gains) on digital currencies held in fund
Changes in operating assets and liabilities:
Prepaid expenses and other assets
Accounts payable and accrued expenses		(14	)		205			—		191
All other adjustments to reconcile net loss to net cash used in operating activities		44,733			—			—		44,733
Net cash used in operating activities		(3,084	)		—			—		(3,084	)

Cash flows from investing activities

Deconsolidation of Fund
All other adjustments to reconcile net loss to net cash used in investing activities		(238,662	)		—			—		(238,662	)
Net cash used in investing activities		(238,662	)		—			—		(238,662	)

Cash flows from financing activities

All other adjustments to reconcile net loss to net cash used in financing activities		312,357			—			—		312,357
Net cash used in financing activities		312,357			—			—		312,357

Net (decrease) increase in cash, cash equivalents, and restricted cash		70,611			—			—		70,611
Cash, cash equivalents, and restricted cash — beginning of period		141,323			—			—		141,323
Cash, cash equivalents, and restricted cash — end of period		211,934			—			—		211,934

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
	For the six months ended
	June 30, 2021
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments		As Restated
Cash flows from operating activities
Net loss		(25,527	)		(2,148	)		—		(27,675	)
Adjustments to reconcile net less to net cash used in operating activities:
Realized and unrealized losses (gains) on digital assets held within Investment Fund		—			(17,323	)		—		(17,323	)
Change in fair value of digital assets held in Investment Fund		(16,915	)		16,915			—		—
Impairment of digital assets		11,741			2,148			—		13,889
Other adjustment from operations, net		859			296			—		1,155
Changes in operating assets and liabilities:
Accounts payable and accrued expenses		1,627			150			—		1,777
All other adjustments to reconcile net loss to net cash used in operating activities		21,423			—			—		21,423
Net cash used in operating activities		(6,792	)		38			—		(6,754	)

Cash flows from investing activities

All other adjustments to reconcile net loss to net cash used in investing activities		(272,462	)		—			—		(272,462	)
Net cash used in investing activities		(272,462	)		—			—		(272,462	)

Cash flows from financing activities

All other adjustments to reconcile net loss to net cash used in financing activities		308,547			—			—		308,547
Net cash used in financing activities		308,547			—			—		308,547

Net (decrease) increase in cash, cash equivalents, and restricted cash		29,293			38			—		29,331
Cash, cash equivalents, and restricted cash — beginning of period		141,323			—			—		141,323
Cash, cash equivalents, and restricted cash — end of period		170,616			38			—		170,654

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the nine months ended
	September 30, 2021
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Cash flows from operating activities
Net loss		(47,700	)		(1,597	)		773			(48,524	)
Adjustments to reconcile net less to net cash used in operating activities:
Realized and unrealized losses (gains) on digital assets held within Investment Fund		—			(59,410	)		—			(59,410	)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		(9	)		—			392			383
Change in fair value of digital assets held in Investment Fund		(58,765	)		58,765			—			—
Impairment of digital assets		18,473			1,596			(1,593	)		18,476
Other adjustment from operations, net		—			502			—			502
Changes in operating assets and liabilities:											—
Prepaid expenses and other assets		(28,700	)		—			428			(28,272	)
Accounts payable and accrued expenses		2,375			144			—			2,519
All other adjustments to reconcile net loss to net cash used in operating activities		70,411			—			—			70,411
Net cash used in operating activities		(43,915	)		—			—			(43,915	)

Cash flows from investing activities

All other adjustments to reconcile net loss to net cash used in investing activities		(372,223	)		—			—			(372,223	)
Net cash used in investing activities		(372,223	)		—			—			(372,223	)

Cash flows from financing activities

All other adjustments to reconcile net loss to net cash used in financing activities		307,669			—			—			307,669
Net cash used in financing activities		307,669			—			—			307,669

Net (decrease) increase in cash, cash equivalents, and restricted cash		(108,469	)		—			—			(108,469	)
Cash, cash equivalents, and restricted cash — beginning of period		141,323			—			—			141,323
Cash, cash equivalents, and restricted cash — end of period		32,854			—			—			32,854

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the three months ended
	March 31, 2022
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Cash flows from operating activities
Net loss		(12,959	)		(2,806	)		2,912			(12,853	)
Adjustments to reconcile net less to net cash used in operating activities:
Deferred tax benefit		(4,296	)		(930	)		965			(4,261	)
Realized and unrealized losses (gains) on digital assets held within Investment Fund		—			5,328			—			5,328
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		—			—			461			461
Change in fair value of digital assets held in Investment Fund		5,542			(5,542	)		—			—
Impairment of digital assets		19,551			3,756			(5,660	)		17,647
Other adjustment from operations, net		—			(222	)		—			(222	)
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(6,211	)		—			1,322			(4,889	)
Accounts payable and accrued expenses		(1,087	)		447			—			(640	)
All other adjustments to reconcile net loss to net cash used in operating activities		(26,599	)		—			—			(26,599	)
Net cash used in operating activities		(26,059	)		31			—			(26,028	)

Cash flows from investing activities

All other adjustments to reconcile net loss to net cash used in investing activities		(209,425	)		—			—			(209,425	)
Net cash used in investing activities		(209,425	)		—			—			(209,425	)

Cash flows from financing activities

All other adjustments to reconcile net loss to net cash used in financing activities		85,473			—			—			85,473
Net cash used in financing activities		85,473			—			—			85,473

Net (decrease) increase in cash, cash equivalents, and restricted cash		(150,011	)		31			—			(149,980	)
Cash, cash equivalents, and restricted cash — beginning of period		268,522			—			—			268,522
Cash, cash equivalents, and restricted cash — end of period		118,511			31			—			118,542

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the six months ended
	June 30, 2022
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Cash flows from operating activities
Net loss		(204,605	)		(14,332	)		(2,382	)		(221,319	)
Adjustments to reconcile net less to net cash used in operating activities:
Gain on sale of assets		(58,182	)		4,122			—			(54,060	)
Deferred tax expense		5,550			(353	)		1,019			6,216
Realized and unrealized losses (gains) on digital assets held within Investment Fund		—			85,017			—			85,017
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		—			—			14,460			14,460
Change in fair value of digital assets held in Investment Fund		85,452			(85,452	)		—			—
Impairment of digital assets		147,141			10,552			(12,246	)		145,447
Other adjustment from operations, net		498			447			—			945
Changes in operating assets and liabilities:											—
Prepaid expenses and other assets		(1,269	)		—			(851	)		(2,120	)
All other adjustments to reconcile net loss to net cash used in operating activities		(15,424	)		—			—			(15,424	)
Net cash used in operating activities		(40,839	)		1			—			(40,838	)

Cash flows from investing activities

Deconsolidation of Fund		—			(500	)		—			(500	)
All other adjustments to reconcile net loss to net cash used in investing activities		(334,020	)		—			—			(334,020	)
Net cash used in investing activities		(334,020	)		(500	)		—			(334,520	)

Cash flows from financing activities

All other adjustments to reconcile net loss to net cash used in financing activities		195,998			—			—			195,998
Net cash used in financing activities		195,998			—			—			195,998

Net (decrease) increase in cash, cash equivalents, and restricted cash		(178,861	)		(499	)		—			(179,360	)
Cash, cash equivalents, and restricted cash — beginning of period		268,522			—			—			268,522
Cash, cash equivalents, and restricted cash — end of period		89,661			(499	)		—			89,162

(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
	For the nine months ended
	September 30, 2022
(in thousands)	As Reported			Restatement Adjustments			Accounting Policy Adjustments			As Restated
Cash flows from operating activities
Net loss		(280,028	)		(11,590	)		(2,396	)		(294,014	)
Adjustments to reconcile net less to net cash used in operating activities:
Gain on Sale of Asset, net of disposals		(90,117	)		6,237			—			(83,880	)
Deferred tax expense		(194	)		(475	)		1,033			364
Realized and unrealized losses (gains) on digital currencies held within Investment Fund		—			85,017			—			85,017
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets		—			—			14,460			14,460
Change in fair value of digital assets held in Investment Fund		85,686			(85,686	)		—			—
Impairment of digital currencies		153,045			6,023			(12,246	)		146,822
Other adjustment from operations, net		898			1,181			—			2,079
Changes in operating assets and liabilities:											—
Prepaid expenses and other assets		(30,583	)		—			(851	)		(31,434	)
Accounts payable and accrued expenses		8,094			(206	)		—			7,888
All other adjustments to reconcile net loss to net cash used in operating activities		68,956			—			—			68,956
Net cash used in operating activities		(84,243	)		501			—			(83,742	)

Cash flows from investing activities

Deconsolidation of Fund		—			(500	)		—			(500	)
All other adjustments to reconcile net loss to net cash used in investing activities		(368,073	)		—			—			(368,073	)
Net cash used in investing activities		(368,073	)		(500	)		—			(368,573	)

Cash flows from financing activities

All other adjustments to reconcile net loss to net cash used in financing activities		247,899			—			—			247,899
Net cash used in financing activities		247,899			—			—			247,899

Net (decrease) increase in cash, cash equivalents, and restricted cash		(204,417	)		1			—			(204,416	)
Cash, cash equivalents, and restricted cash — beginning of period		268,556			—			—			268,556
Cash, cash equivalents, and restricted cash — end of period		64,139			1			—			64,140