16 unchanged sentences
Bitcoin Market Price Risk
−Removed: Our bitcoin investment is measured using observed prices from active exchanges and adjustments are recorded in net income through “other expense (income), net” on the consolidated statements of operations.
+Added: 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 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 and adverse effect on our financial results in future periods.
−Removed: As of December 31, 2024, the fair value of our bitcoin investment included in other non-current assets was $792.3 million, and for the year ended December 31, 2024 and 2023, we recognized a $420.9 million and $207.1 million gain, respectively, from the remeasurement of our bitcoin investment.
+Added: As of December 31, 2025, the fair value of our bitcoin investment was $777.5 million, and for the year ended December 31, 2025 and 2024, we recognized a $55.9 million loss and a $420.9 million gain, respectively, from the remeasurement of our bitcoin investment.
Interest Rate Sensitivity
3 unchanged sentences
Additionally, we have the ability to hold these instruments until maturity if necessary to reduce our risk.
−Removed: Our Warehouse Facilities borrowings and any future borrowings incurred under the 2020 Credit Facility both accrue interest at variable rates based on formulas tied to certain market rates at the time of incurrence.
+Added: Our Warehouse Facilities borrowings and any future borrowings incurred under the Credit Agreement both accrue interest at variable rates based on formulas tied to certain market rates at the time of incurrence.
A hypothetical 10% increase or decrease in interest rates would not have a material effect on our financial results.
8 unchanged sentences
We do not use derivative financial instruments for trading or speculative purposes.
−Removed: Gains and losses from foreign currency transactions, as well as foreign exchange forward contracts, were not significant for any period presented in the consolidated financial statements included in this Annual Report on Form 10-K.
+Added: Gains and losses from foreign currency transactions, as well as foreign exchange forward contracts, were not significant for any period presented in the consolidated financial statements included in this Form 10-K.
We did not have any material gains and losses from foreign currency derivatives outstanding as of December 31, 2025.
1 unchanged sentence
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.