Bitcoin Market Price Risk Our bitcoin investment is measured using observed prices from active exchanges and adjustments are recorded in net income through “Remeasurement loss (gain) on bitcoin investment” on the condensed consolidated statements of operations. The bitcoin market price may fluctuate significantly and a decline in the market price of bitcoin could result in a material adverse effect on our financial results in future periods. As of June 30, 2026, the fair value of our bitcoin investment was $533.9 million and, for the three and six months ended June 30, 2026, we recognized a loss of $88.5 million and $261.3 million, respectively, from the remeasurement of our bitcoin investment. There have been no additional material changes in market risk from the information presented in Part II, Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended December 31, 2025.