1 unchanged sentence
We are exposed to market risks in the ordinary course of our business.
−Removed: Market risk represents the risk of loss that may impact
−Removed: our financial position due to adverse changes in financial market prices and rates.
−Removed: Our market risk exposure is primarily the result of
−Removed: fluctuations in the price of bitcoin and commodities.
+Added: Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
+Added: Our market risk exposure is primarily the result of fluctuations in the price of bitcoin and commodities.
Risk Regarding the Price of Bitcoin
−Removed: As of March 31, 2026 , we held 547 bitcoin, with a carrying value of $37.3 million , all of which were produced from our bitcoin
−Removed: mining operations.
−Removed: We cannot predict the future market price of bitcoin and, as such, we cannot predict future changes in the carrying value of our
−Removed: bitcoin assets based on future market prices.
−Removed: The future value of bitcoin will affect the amount of revenue recognized from our
−Removed: operations, and any changes in the future value of bitcoin while we hold it in our account would also be reported in our net income (or
−Removed: loss), either of which could have a material adverse effect on the market price for our securities.
−Removed: Bitcoin p rices for the three months ended March 31, 2026 ranged from a low of $60,123 to a high of $97,877 , with an average
−Removed: price of $76,649 .
+Added: As of June 30, 2026, we held 848 bitcoin, with a carrying value of $50 million, all of which were produced from our bitcoin mining operations.
+Added: We cannot predict the future market price of bitcoin and, as such, we cannot predict future changes in the carrying value of our bitcoin assets based on future market prices.
+Added: The future value of bitcoin will affect the amount of revenue recognized from our operations, and any changes in the future value of bitcoin while we hold it in our account would also be reported in our net income (or loss), either of which could have a material adverse effect on the market price for our securities.
+Added: Bitcoin prices for the six months ended June 30, 2026 ranged from a low of $58,097 to a high of $97,877, with an average price of $74,142.
Interest Rate Risk
−Removed: As of March 31, 2026 , we had $1.0 billion outstanding under our Term Loan Facility, which bears interest at Term Secured
−Removed: Overnight Financing Rate (“SOFR”) plus 2.50% per annum.
−Removed: A hypothetical 100 basis point increase in Term SOFR would increase
−Removed: our annual interest expense by approximately $10.0 million.
−Removed: We do not currently use interest rate hedging instruments to manage this
−Removed: See Note 6 — Debt to our consolidated financial statements in Item 1 of Part I of this Quarterly Report on Form 10-Q for
−Removed: additional details.
+Added: As of June 30, 2026, we had no variable-rate debt outstanding.
+Added: The Term Loan Facility, which bore interest at Term SOFR plus 2.50% per annum, was repaid in full and terminated on May 6, 2026, using proceeds from the Senior Secured Notes offering.
+Added: Our primary debt obligations as of June 30, 2026 consist of the Senior Secured Notes, which bear interest at a fixed rate of 7.75% per annum, the 2029 Convertible Notes, which bear interest at a fixed rate of 3.00% per annum, and the 2031 Convertible Notes, which bear no stated interest.
+Added: As of June 30, 2026, we do not have material exposure to interest rate fluctuation risk on our debt.
+Added: We do not currently use interest rate hedging instruments to manage this exposure.
+Added: See Note 7 — Debt to our consolidated financial statements in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional details.
Commodity Price Risk
−Removed: Certain operating costs incurred by us are subject to price fluctuations caused by the volatility of underlying commodity prices,
−Removed: the most significant of which is electricity.
+Added: Certain operating costs incurred by us are subject to price fluctuations caused by the volatility of underlying commodity prices, the most significant of which is electricity.
We closely monitor the cost of electricity at all of our locations.
−Removed: Our colocation customer
−Removed: agreements include power pass-through provisions that allow us to recover the cost of customer power usage.
−Removed: We did not have
−Removed: commodity derivative instruments outstanding as of March 31, 2026 .
+Added: Our colocation customer agreements include power pass-through provisions that allow us to recover the cost of customer power usage.
+Added: We did not have commodity derivative instruments outstanding as of June 30, 2026.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.