The following discussion about our market risk exposures involves forward-looking statements. Actual results could differ materially from those projected in our forward-looking statements. For more information regarding the forward-looking statements used in this section and elsewhere in this Quarterly Report, see the “Cautionary Note Regarding Forward-Looking Statements” at the forepart of this Quarterly Report. The sensitivity analyses disclosed below provide only a limited, point-in-time view of the market risk of the financial instruments discussed. The actual impact of the respective underlying rates and price changes on the financial instruments may differ significantly from those shown in the sensitivity analyses. Risks Regarding the Price of Bitcoin Our business and development strategy is focused on maintaining and expanding our Bitcoin Mining operations to maximize the amount of new bitcoin rewards we earn. As of June 30, 2026, we held 11,380 bitcoin recognized at its fair value of $0.7 billion. The market price of bitcoin is highly volatile, and we cannot accurately predict future price movements. Fluctuations in Bitcoin’s market value directly affect revenue generated from our mining operations. In addition, any decline in the fair value of the bitcoin we mine and hold for our account would be reflected in our financial statements as a charge against net income, which could have a material adverse effect on our results of operations and the market price for our securities. We manage our exposure to bitcoin price volatility by investing in energy-efficient miners and vertical integration, and by diversifying our revenue streams through our data center initiatives. Management regularly monitors market conditions and liquidity requirements to determine the timing of bitcoin sales and our capital expenditures. The following table presents the impact of 10% changes in the price of bitcoin on our bitcoin holdings during the applicable period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2026 ​ For the six months ended June 30, 2025 ​ ​ ​ ​ 10% Increase in ​ 10% Decrease in ​ 10% Increase in ​ 10% Decrease in ​ ​ Price of Bitcoin ​ Price of Bitcoin ​ Price of Bitcoin ​ Price of Bitcoin Increase/(Decrease) in Net Income ​ $ 139,818 ​ $ (139,818) ​ $ 338,388 ​ $ (338,388) ​ The decreased sensitivity to price changes in 2026 as compared to 2025 was primarily due to the decrease in our bitcoin holdings in 2026, and as of June 30, 2026, as compared to June 30, 2025. Risk Regarding the Price of Commodities Our operations are highly dependent on the availability and cost of electricity. Certain of our operating costs are subject to price fluctuations caused by the volatility of underlying commodity prices, including the cost of power used in our Bitcoin Mining and data center operations. We manage commodity price risk through PPAs and participation in energy demand-response programs that allow us to curtail operations and return capacity to the grid during periods of high demand. Management considers forward power prices, grid reliability requirements, and operational flexibility when determining the extent of its risk management strategy over 53 Table of Contents power costs. While these strategies are intended to mitigate the impact of price volatility, significant increases in electricity costs or disruptions in power supply could still have a material adverse effect on our results of operations and financial condition. The following table presents the hypothetical impact on our net income of 10% changes in the future power prices (taking into account the dates of maturity of our various fixed price PPAs) used to derive the fair value of the Rockdale PPA and the Corsicana PPA derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2026 ​ For the six months ended June 30, 2025 ​ ​ ​ ​ 10% Increase in ​ 10% Decrease in ​ 10% Increase in ​ 10% Decrease in ​ ​ Future Power Prices ​ Future Power Prices ​ Future Power Prices ​ Future Power Prices Increase/(Decrease) in Net Income ​ $ 29,174 ​ $ (29,175) ​ $ 41,537 ​ $ (41,537) ​