Digital Assets Balance

82% increase (from 23,909,373 thousand USD in Q4 2024 to 43,546,079 thousand USD in Q1 2025)

Aggressive bitcoin accumulation and fair value adjustments drove this rise; previous period’s digital asset purchases and subsequent market recovery contributed to a higher reported balance as the company continued its long-term strategy of holding bitcoin. " "

Long-Term Debt

86% decline (from 7,191,158 thousand USD in Q4 2024 to 999,587 thousand USD in Q1 2025)

Significant debt repayments, conversions, and restructuring efforts reduced the overall debt load; earlier periods saw large issuances to fund operations, while the current period reflects a strategic push to de-leverage and lower financing costs. " "

Digital Asset Purchases (Cash Flow)

Reversed from an outflow of (18,064,549) thousand USD in Q4 2024 to an inflow of 7,661,663 thousand USD in Q1 2025

A dramatic turnaround in cash flow indicates a shift in financing or transaction strategy; while prior periods recorded substantial cash outflows to acquire digital assets, the current period’s inflow suggests either a pause or reversal in purchases and possibly proceeds from other digital asset-related activities. " "

Operating Expenses Improvement

Improvement indicated by digital asset impairment losses reducing from 39,238 thousand USD (and a –149,770 thousand USD income tax benefit) in Q4 2023 to –5.91 thousand USD impairment losses and a 1.69 thousand USD income tax benefit in Q1 2025

This significant expense improvement is likely due to reduced impairment charges—a benefit of rising bitcoin fair values and accounting adjustments—contrasting with the heavy losses in previous periods and reflecting improved operational cost management. "