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Actual results could differ materially from those projected in the forward-looking statements.
+Added: For more information regarding the forward-looking statements used in this section and elsewhere in this Annual Report, see the “Cautionary Note Regarding Forward-Looking Statements” at the forepart of this Annual Report.
+Added: The sensitivity analyses disclosed below provide only a limited, point-in-time view of the market risk of the financial instruments discussed.
+Added: 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.
Market Price Risk of Bitcoin.
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• We occasionally enter into derivative financial instruments to manage our exposure resulting from fluctuations in the price of bitcoin;
−Removed: As of December 31, 2024, we held approximately 44,893 bitcoin, of which, 10,374 were loaned or collateralized, for a total fair value of approximately $4.2 billion.
+Added: • We are subject to market based volatility arising from bitcoin price, global hashrate and network difficulty levels.
+Added: As of December 31, 2025, we held a total of 53,822 bitcoin, of which 15,315 were loaned or pledged as collateral, for a total fair value of approximately $4.7 billion.
+Added: We cannot predict the future market price of bitcoin, the future value of which will affect revenue from our operations, and any future declines in the fair value of the bitcoin we mine and hold for our account would be reported in our financial statements and results of operations as a charge against net income (or loss), which could have a material adverse effect on the market price for our securities.
+Added: The fair value of our bitcoin may be materially impacted as the market value of bitcoin fluctuates.
+Added: For illustrative purposes, a hypothetical $10,000 change in the market price of bitcoin would have resulted in an estimated change of $538.2 million and $448.9 million to our income (loss) before income taxes for the years ended December 31, 2025 and 2024, respectively.
+Added: This sensitivity analysis is based on our bitcoin holdings and related fair value measurement as of that date and is provided solely to demonstrate the potential magnitude of bitcoin price volatility on our financial results.
+Added: Actual results could differ materially depending on future market conditions, transaction activity and other factors affecting the fair value of digital assets.
+Added: Market Price Risk of Energy.
+Added: We consume a significant amount of energy, and as such, we are exposed to the impact of market risks related to fluctuations in electricity prices in our mining operations.
+Added: Energy prices are affected by various factors beyond our control, including geopolitical events, demand fluctuations, supply chain disruptions, and regulatory changes.
+Added: We purchase electricity directly at our owned sites under power purchase agreements or at prevailing market prices, and indirectly at third-party hosted sites.
+Added: We manage these risks through energy procurement strategies, including power purchase agreements, voluntary curtailment of consumption, and hedging arrangements, where feasible, to stabilize costs over various terms.
+Added: Management considers energy prices, weather forecasts, forecasted energy purchases, and other factors when determining the extent of its risk management strategy over electricity price risk.
+Added: However, these measures may not fully offset rapid or sustained energy price changes.
+Added: As of December 31, 2025, we had approximately 779 megawatts of operational capacity at our owned sites, and approximately 536 megawatts of allocated capacity under contract at third-party hosted sites.
+Added: Assuming 100% utilization of megawatt capacity at owned and third-party hosted sites for a full year, and excluding the impact of any derivative instruments, a hypothetical $10 per megawatt hour change in the price of electricity would cause cash flows to vary by approximately $115.2 million.
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.