7 unchanged sentences
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.
−Removed: As of December 31, 2024, we held 17,722 Bitcoin that was recognized at its fair value of $1.7 billion.
−Removed: Of our Bitcoin held 11,938 were produced from our Bitcoin Mining operations and 5,784 were acquired using proceeds of approximately $577.5 million from the offering of the 2030 Notes.
−Removed: We cannot accurately 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, which could have a material adverse effect on the market price for our securities.
−Removed: The following table presents the impact of 10% changes in the price of Bitcoin on our Bitcoin holdings during the applicable year :
+Added: As of December 31, 2025, we held 18,005 bitcoin recognized at its fair value of $1.6 billion.
+Added: The market price of bitcoin is highly volatile, and we cannot accurately predict future price movements.
+Added: Fluctuations in Bitcoin ’ s market value directly affect revenue generated from our mining operations.
+Added: In addition, any declines 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.
+Added: 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.
+Added: Management regularly monitors market conditions and liquidity requirements to determine the timing of bitcoin sales and our capital expenditures.
+Added: The following table presents the hypothetical impact on our net income of 10% changes in the price of bitcoin during the applicable year :
For the year ended December 31, 2025
9 unchanged sentences
Increase/(Decrease) in Net Income
−Removed: The increased sensitivity to price changes in 2024 as compared to 2023 was primarily due to the significant increase in Bitcoin throughout 2024 and as of December 31, 2024 as compared to December 31, 2023.
−Removed: Risk Regarding the Price of Power
−Removed: The following table presents the impact 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 derivative assets:
+Added: The increased sensitivity to price changes in 2025 as compared to 2024 was primarily due to the significant increase in our bitcoin holdings in 2025 and as of December 31, 2025, as compared to December 31, 2024.
+Added: Risk Regarding the Price of Commodities
+Added: Our operations are highly dependent on the availability and cost of electricity.
+Added: 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.
+Added: 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.
+Added: Management considers forward power prices, grid reliability requirements, and operational flexibility when determining the extent of its risk management strategy over power costs.
+Added: 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.
+Added: 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 derivative assets:
For the year ended December 31, 2025
10 unchanged sentences
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.