COINBASE GLOBAL, INC., 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 01, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-40289  
Entry Registrant Name Coinbase Global, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-4707224  
Entity Address, Address Line One One Madison Avenue  
Entity Address, Address Line Two Suite 2400  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10010  
Title of 12(b) Security Class A common stock, $0.00001 par value per share  
Trading Symbol COIN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001679788  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   211,407,406
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   43,297,558
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 8,051,169 $ 8,543,903
Restricted cash and cash equivalents 55,672 38,519
USDC 2,225,054 1,241,808
Customer custodial funds 5,369,865 6,158,949
Crypto assets held for operations 67,485 82,781
Loan receivables 454,473 475,370
Crypto assets held as collateral 597,548 767,484
Crypto assets borrowed 235,433 261,052
Accounts receivable, net 245,112 265,251
Other current assets 151,977 277,536
Total current assets 17,453,788 18,112,653
Crypto assets held for investment 1,268,001  
Crypto assets held for investment   1,552,995
Deferred tax assets 995,529 941,298
Goodwill 1,153,621 1,139,670
Other non-current assets 860,067 795,335
Total assets 21,731,006 22,541,951
Current liabilities:    
Customer custodial fund liabilities 5,369,865 6,158,949
Crypto asset borrowings 272,608 300,110
Obligation to return collateral 628,854 792,125
Accrued expenses and other current liabilities 662,042 690,136
Total current liabilities 6,933,369 7,941,320
Long-term debt 4,237,090 4,234,081
Other non-current liabilities 92,307 89,708
Total liabilities 11,262,766 12,265,109
Commitments and contingencies (Note 16.)
Stockholders’ equity:    
Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of March 31, 2025 and December 31, 2024 0 0
Additional paid-in capital 5,483,821 5,365,990
Accumulated other comprehensive loss (42,092) (50,051)
Retained earnings 5,026,509 4,960,901
Total stockholders’ equity 10,468,240 10,276,842
Total liabilities and stockholders’ equity 21,731,006 22,541,951
Class A Common Stock    
Stockholders’ equity:    
Common stock 2 2
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Convertible preferred stock par value (in dollars per share) $ 0.00001 $ 0.00001
Convertible preferred shares authorized (in shares) 500,000,000 500,000,000
Convertible preferred shares issued (in shares) 0 0
Convertible preferred shares outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, authorized (in shares) 10,000,000,000 10,000,000,000
Common stock, issued (in shares) 210,960,000 209,762,000
Common stock, outstanding (in shares) 210,960,000 209,762,000
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 43,630,000 43,878,000
Common stock, outstanding (in shares) 43,630,000 43,878,000
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue:    
Revenue $ 2,034,295 $ 1,637,570
Operating expenses:    
Transaction expense 303,026 217,407
Technology and development 355,368 357,863
Sales and marketing 247,283 98,585
General and administrative 394,346 287,236
Losses (gains) on crypto assets held for operations, net 34,365 (86,358)
Other operating (income) expense, net (5,899) 2,376
Total operating expenses 1,328,489 877,109
Operating income 705,806 760,461
Interest expense 20,511 19,071
Losses (gains) on crypto assets held for investment, net 596,651 (650,429)
Other expense (income), net 6,188 (45,605)
Income before income taxes 82,456 1,437,424
Provision for income taxes 16,848 261,179
Net income 65,608 1,176,245
Net income attributable to common stockholders:    
Basic 65,608 1,175,479
Diluted $ 65,608 $ 1,178,079
Net income per share:    
Basic (in dollars per share) $ 0.26 $ 4.84
Diluted (in dollars per share) $ 0.24 $ 4.40
Weighted-average shares of common stock used to compute net income per share:    
Basic (in shares) 253,878 242,793
Diluted (in shares) 271,251 267,945
Net revenue    
Revenue:    
Revenue $ 1,960,319 $ 1,587,677
Other revenue    
Revenue:    
Revenue $ 73,976 $ 49,893
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 65,608 $ 1,176,245
Other comprehensive income (loss):    
Translation adjustment 8,018 (6,898)
Income tax effect (59) (328)
Translation adjustment, net of tax 7,959 (7,226)
Comprehensive income $ 73,567 $ 1,169,019
v3.25.1
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Adjustment
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Retained Earnings
Cumulative Adjustment
Beginning balance (in shares) at Dec. 31, 2023     242,048        
Beginning balance at Dec. 31, 2023 $ 6,281,649 $ 561,489 $ 2 $ 4,491,571 $ (30,270) $ 1,820,346 $ 561,489
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock upon settlement of stock awards, net of shares withheld (in shares)     999        
Issuance of common stock upon settlement of stock awards, net of shares withheld (117,225)     (117,225)      
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)     2,324        
Issuance of common stock upon exercise of stock options 44,603     44,603      
Stock-based compensation (inclusive of capitalized stock-based compensation) 235,569     235,569      
Purchases of capped calls (104,110)     (104,110)      
Other comprehensive income (loss) (7,226)       (7,226)    
Net income 1,176,245         1,176,245  
Ending balance (in shares) at Mar. 31, 2024     245,371        
Ending balance at Mar. 31, 2024 8,070,994   $ 2 4,550,408 (37,496) 3,558,080  
Beginning balance (in shares) at Dec. 31, 2024     253,640        
Beginning balance at Dec. 31, 2024 10,276,842   $ 2 5,365,990 (50,051) 4,960,901  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock upon settlement of stock awards, net of shares withheld (in shares)     554        
Issuance of common stock upon settlement of stock awards, net of shares withheld $ (100,303)     (100,303)      
Issuance of common stock upon exercise of stock options, net of repurchases (in shares) 396   396        
Issuance of common stock upon exercise of stock options $ 10,840     10,840      
Stock-based compensation (inclusive of capitalized stock-based compensation) 207,294     207,294      
Other comprehensive income (loss) 7,959       7,959    
Net income 65,608         65,608  
Ending balance (in shares) at Mar. 31, 2025     254,590        
Ending balance at Mar. 31, 2025 $ 10,468,240   $ 2 $ 5,483,821 $ (42,092) $ 5,026,509  
v3.25.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical)
 12 Months Ended
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]  
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2023-08 [Member]
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 65,608 $ 1,176,245
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 33,333 29,327
Stock-based compensation expense 190,729 224,504
Deferred income taxes (54,540) 214,361
Losses (gains) on crypto assets held for operations, net 34,365 (86,358)
Losses (gains) on crypto assets held for investment, net 596,651 (650,429)
Other operating activities, net 77,629 (22,163)
Net changes in operating assets and liabilities (1,126,502) (474,002)
Net cash (used in) provided by operating activities (182,727) 411,485
Cash flows from investing activities    
Fiat loans originated (277,922) (416,405)
Proceeds from repayment of fiat loans 248,055 254,600
Purchase of crypto assets held for investment (148,083) (135)
Dispositions of crypto assets held for investment 10,622 51,659
Other investing activities, net (64,325) (15,400)
Net cash used in investing activities (231,653) (125,681)
Cash flows from financing activities    
Taxes paid related to net share settlement of equity awards (100,303) (117,225)
Customer custodial fund liabilities (818,487) 645,938
Issuance of convertible senior notes, net 0 1,246,025
Purchases of capped calls 0 (104,110)
Fiat received as collateral 231,895 340,296
Fiat received as collateral returned (225,230) (132,879)
Other financing activities, net 18,323 49,676
Net cash (used in) provided by financing activities (893,802) 1,927,721
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents (1,308,182) 2,213,525
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents 1,655 (21,186)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 14,610,442 9,555,448
Cash, cash equivalents, and restricted cash and cash equivalents, end of period $ 13,303,915 $ 11,747,787
v3.25.1
NATURE OF OPERATIONS
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS
1. NATURE OF OPERATIONS
Coinbase, Inc. was founded in 2012. In April 2014, in connection with a corporate reorganization, Coinbase, Inc. became a wholly-owned subsidiary of Coinbase Global, Inc. (together with its consolidated subsidiaries, the “Company”).
The Company provides a trusted platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a wide variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. The Company offers (i) consumers their primary financial account for the cryptoeconomy, (ii) institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and (iii) developers a suite of products granting access to build onchain.
The Company is remote-first and accordingly, does not maintain a headquarters. Substantially all of the Company’s executive team meetings are held virtually, with meetings occasionally held in-person at locations that are either not in the Company’s offices or in various of the Company’s offices distributed around the world. The Company holds all of its stockholder meetings virtually.
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation and preparation
The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries – entities in which the Company holds, directly or indirectly, more than 50% of the voting rights, or where it exercises control. The Condensed Consolidated Financial Statements are unaudited but have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) on the same basis as the audited Consolidated Financial Statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair presentation of the Company’s Financial Statements. Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions in the Condensed Consolidated Financial Statements and notes thereto. Certain prior period amounts in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period’s presentation. The unaudited Condensed Consolidated Results of Operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year or any other period and should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2025 (the “Annual Report”).
There were no material changes to the Company’s most significant estimates and assumptions, significant accounting policies, segment reporting, or recent accounting pronouncements that were disclosed in Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements included in the Annual Report, other than as discussed below.
Concentration of credit risk
The Company’s cash and cash equivalents, restricted cash and cash equivalents, customer custodial funds, USDC, loan receivables, certain crypto assets held, accounts receivable, and deposits are potentially subject to concentration of credit risk. See below and Notes 4. Collateralized Arrangements and Financing and 6. Accounts Receivable, Net for a discussion of these risks by counterparty and type of transaction.
Funds held at financial institutions
Cash and cash equivalents, restricted cash and cash equivalents, and customer custodial funds are primarily placed with financial institutions which are of high credit quality. The Company holds cash and
cash equivalents and customer custodial funds primarily in highly liquid, highly rated instruments which are uninsured. The Company may also have corporate deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation insurance limit of $250,000. The Company has not experienced losses on these accounts and does not believe it is exposed to any significant credit risk with respect to these accounts.
Funds held at trading venues, payment processors, and clearing brokers
The Company holds cash, restricted cash and deposits, and crypto assets at crypto asset trading venues, payment processors, and clearing brokers, and performs a regular assessment of these venues as part of its risk management process. As of March 31, 2025, the Company held $231.6 million at these venues, including $135.5 million in cash, $62.9 million in crypto assets, and $31.0 million in restricted cash. As of December 31, 2024, the Company held $88.2 million in cash at these venues.
USDC
The Company holds USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars and issued by Circle Internet Financial, LLC (“Circle”) and its affiliate, Circle Internet Financial Europe SAS. USDC is accounted for as a financial instrument in the Condensed Consolidated Financial Statements. Circle reported that, as of March 31, 2025, underlying reserves were held in cash, short-duration U.S. Treasuries, and overnight U.S. Treasury repurchase agreements within segregated accounts for the benefit of USDC holders.
v3.25.1
REVENUE
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
3. REVENUE
The following table presents revenue disaggregated by type (in thousands):
Three Months Ended March 31,
20252024
Net revenue
Transaction revenue
Consumer, net
$1,095,506 $935,212 
Institutional, net98,888 85,392 
Other transaction revenue, net67,814 56,137 
Total transaction revenue1,262,208 1,076,741 
Subscription and services revenue
Stablecoin revenue(1)
297,535 197,317 
Blockchain rewards196,592 150,929 
Interest and finance fee income(2)
63,086 66,663 
Other subscription and services revenue
140,898 96,027 
Total subscription and services revenue698,111 510,936 
Total net revenue1,960,319 1,587,677 
Other revenue
Corporate interest and other income(1)
73,976 49,893 
Total other revenue73,976 49,893 
Total revenue$2,034,295 $1,637,570 
__________________
(1)Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”).
(2)Amounts primarily represent revenue that is not accounted for as revenue from contracts with customers, as well as an immaterial amount of finance fee income in all periods presented that is accounted for as revenue from contracts with customers.
During the three months ended March 31, 2025 and 2024, one counterparty accounted for more than 10% of total revenue in each period.
Revenue by geographic location
The following table presents revenue disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
Three Months Ended March 31,
20252024
U.S.(1)
$1,705,652 $1,353,450 
International(2)
328,643 284,120 
Total revenue$2,034,295 $1,637,570 
__________________
(1)Nearly all revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606, is with counterparties in the U.S.
(2)No country accounted for more than 10% of Total revenue.
v3.25.1
COLLATERALIZED ARRANGEMENTS AND FINANCING
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
COLLATERALIZED ARRANGEMENTS AND FINANCING
4. COLLATERALIZED ARRANGEMENTS AND FINANCING
Loans and related collateral
The following table summarizes the Company’s Prime Financing lending arrangements (in thousands):
March 31,December 31,
20252024
Loan receivables
Fiat loan receivables$393,046 $382,751 
Crypto asset loan receivables41,853 92,619 
Fiat trade finance receivables19,574 — 
Total loan receivables$454,473 $475,370 
Customer loans not meeting recognition criteria
USDC$62,732 $168,795 
As of March 31, 2025 and December 31, 2024, the Company had two counterparties each, who accounted for more than 10% of the Company’s recognized Loan receivables. As of both of these dates, the Company also had three counterparties each, who accounted for more than 10% of the Company’s customer loans that did not meet the recognition criteria.
As of March 31, 2025 and December 31, 2024, the collateral requirements for all loans outstanding, including customer loans not meeting recognition criteria, ranged from 100% to 300% of the fair value of the loan. No allowance, write-offs, or recoveries were recognized against loan receivables or customer loans not meeting recognition criteria during the periods presented, and none of these loans were past due.
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$31,306 N/AN/A$24,641 
Bitcoin6,587 $419,448 542,555 6,918 $414,745 647,568 
Ethereum30,280 89,060 54,993 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$508,508 597,548 $521,597 767,484 
Total recognized held as collateral
$628,854 $792,125 
__________________
nm - not meaningful
(1)Fiat collateral held is recognized within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
(2)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held as collateral.
The following table summarizes assets the Company holds as collateral that it has not recognized as collateral nor as an obligation to return the collateral to the borrower (in thousands):
March 31,December 31,
20252024
Fiat$43,397 $64,760 
USDC55,151 45,222 
Crypto assets146,200 178,619 
Total customer collateral not recognized as collateral
$244,748 $288,601 
Borrowings and related collateral
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed and the associated Crypto asset borrowings (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin2,130 $196,907 $175,789 1,923 $191,986 $179,480 
Ethereum22,725 74,058 41,405 17,413 65,213 57,989 
Other crypto assets(1)
nm26,126 18,239 nm18,701 23,583 
Total borrowed$297,091 $235,433 $275,900 $261,052 
Crypto asset borrowings
Bitcoin2,200 $202,963 $181,538 2,178 $213,096 $203,370 
Ethereum28,937 85,149 52,725 19,133 68,803 63,720 
Other crypto assets(1)
nm46,393 38,345 nm28,141 33,020 
Total borrowings$334,505 $272,608 $310,040 $300,110 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets borrowed or total Crypto asset borrowings, as applicable.
As of March 31, 2025 and December 31, 2024, the weighted average annual fees on these borrowings were 2.6% and 2.4%, respectively.
The fair value of the Company’s corporate assets pledged as collateral against Crypto asset borrowings consisted of the following (in thousands):
March 31,December 31,
20252024
Assets pledged as collateral
USDC
$— $4,009 
Assets pledged as collateral not meeting derecognition criteria
USDC
$300,897 $329,832 
v3.25.1
CRYPTO ASSETS HELD FOR OPERATIONS
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
CRYPTO ASSETS HELD FOR OPERATIONS
5. CRYPTO ASSETS HELD FOR OPERATIONS
The following table summarizes Crypto assets held for operations (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin302 $28,280 $24,993 57 $7,814 $5,473 
Ethereum9,058 15,186 16,518 8,142 21,843 27,122 
Solana31,910 4,768 3,990 69,280 14,526 13,245 
Other crypto assets(1)
nm31,657 21,984 nm51,871 36,941 
Total held for operations$79,891 $67,485 $96,054 $82,781 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for operations.
7. CRYPTO ASSETS HELD FOR INVESTMENT
The following table summarizes Crypto assets held for investment (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin9,267 $518,365 $765,034 6,885 $272,164 $642,738 
Ethereum137,334 314,167 250,229 115,700 260,674 385,314 
Other crypto assets(1)
nm406,727 252,738 nm347,827 524,943 
Total held for investment$1,239,259 $1,268,001 $880,665 $1,552,995 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for investment.
As of March 31, 2025, the Company had $47.7 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2025 and 2029.
v3.25.1
ACCOUNTS RECEIVABLE, NET
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET
6. ACCOUNTS RECEIVABLE, NET
Accounts receivable, net consisted of the following (in thousands):
March 31,December 31,
20252024
Stablecoin revenue receivable$112,876 $85,983 
Customer fee revenue receivable34,038 39,317 
Other accounts receivable125,525 169,380 
Gross accounts receivable272,439 294,680 
Less: allowance for doubtful accounts(27,327)(29,429)
Total accounts receivable, net$245,112 $265,251 
As of both March 31, 2025 and December 31, 2024, one counterparty accounted for more than 10% of Accounts receivable, net.
v3.25.1
CRYPTO ASSETS HELD FOR INVESTMENT
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
CRYPTO ASSETS HELD FOR INVESTMENT
5. CRYPTO ASSETS HELD FOR OPERATIONS
The following table summarizes Crypto assets held for operations (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin302 $28,280 $24,993 57 $7,814 $5,473 
Ethereum9,058 15,186 16,518 8,142 21,843 27,122 
Solana31,910 4,768 3,990 69,280 14,526 13,245 
Other crypto assets(1)
nm31,657 21,984 nm51,871 36,941 
Total held for operations$79,891 $67,485 $96,054 $82,781 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for operations.
7. CRYPTO ASSETS HELD FOR INVESTMENT
The following table summarizes Crypto assets held for investment (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin9,267 $518,365 $765,034 6,885 $272,164 $642,738 
Ethereum137,334 314,167 250,229 115,700 260,674 385,314 
Other crypto assets(1)
nm406,727 252,738 nm347,827 524,943 
Total held for investment$1,239,259 $1,268,001 $880,665 $1,552,995 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for investment.
As of March 31, 2025, the Company had $47.7 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2025 and 2029.
v3.25.1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT
8. LONG-TERM DEBT
The components of Long-term debt were as follows (in thousands, except percentages):
Effective Interest RatePrincipal Amount
Unamortized Debt Discount and Issuance Costs
Net Carrying Amount
Fair Value(1)
March 31, 2025
0.50% 2026 Convertible Notes due June 1, 2026
0.98 %$1,273,013 $(7,924)$1,265,089 $1,248,189 
3.38% 2028 Senior Notes due October 1, 2028
3.57 %1,000,000 (6,138)993,862 906,300 
0.25% 2030 Convertible Notes due April 1, 2030
0.55 %1,265,000 (18,415)1,246,585 1,170,252 
3.63% 2031 Senior Notes due October 1, 2031
3.77 %737,457 (5,903)731,554 623,151 
Total$4,275,470 $(38,380)$4,237,090 $3,947,892 
December 31, 2024
0.50% 2026 Convertible Notes due June 1, 2026
0.98 %$1,273,013 $(9,395)$1,263,618 $1,331,062 
3.38% 2028 Senior Notes due October 1, 2028
3.57 %1,000,000 (6,562)993,438 901,250 
0.25% 2030 Convertible Notes due April 1, 2030
0.55 %1,265,000 (19,322)1,245,678 1,353,044 
3.63% 2031 Senior Notes due October 1, 2031
3.77 %737,457 (6,110)731,347 624,995 
Total$4,275,470 $(41,389)$4,234,081 $4,210,351 
__________________
(1)Fair values are based on quoted prices for these instruments in markets that are not active and other market observable inputs, which are considered Level 2 valuation inputs.
v3.25.1
DERIVATIVES
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES
9. DERIVATIVES
During the periods presented, the Company’s derivatives were all embedded forward contracts to receive or deliver a fixed amount of crypto assets in the future and none were designated as hedging instruments.
Impact of derivatives on the Condensed Consolidated Balance Sheets
The following table summarizes information on derivative instruments by their location in the Condensed Consolidated Balance Sheets, as measured in U.S. dollar equivalents (in thousands):
Embedded Derivative
HostGross Derivative AssetsGross Derivative LiabilitiesAggregate Carrying Value
March 31, 2025
Accounts receivable, net(1)
$28,814 $38,984 $4,299 $63,499 
Crypto asset borrowings334,506 63,552 1,654 272,608 
Obligation to return collateral(1)
508,508 48,856 137,896 597,548 
Accrued expenses and other current liabilities(1)
25,100 7,652 2,312 19,760 
Total fair value of derivatives$159,044 $146,161 
December 31, 2024
Accounts receivable, net(1)
$16,264 $20,368 $1,811 $34,821 
Other current assets(1)
99,265 61,304 — 160,569 
Crypto asset borrowings310,040 18,030 8,100 300,110 
Obligation to return collateral(1)
526,337 2,149 243,296 767,484 
Accrued expenses and other current liabilities(1)
37,428 6,814 2,708 33,322 
Total fair value of derivatives$108,665 $255,915 
__________________
(1)Represents the portion of the Condensed Consolidated Balance Sheets line item that is denominated in crypto assets.
Impact of derivatives on the Condensed Consolidated Statements of Operations
Gains (losses) on derivative instruments recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):
Three Months Ended March 31,
20252024
Crypto asset borrowings(1)
$51,968 $(95,914)
Obligation to return collateral(1)
152,106 (117,266)
Other(2)
(15,249)12,074 
Total$188,825 $(201,106)
__________________
(1)Changes in fair value are recognized in Transaction expense in the Condensed Consolidated Statements of Operations. The impact of changes in fair value of Crypto asset borrowings and Obligation to return collateral derivatives is naturally offset, at least in part, by the impact of changes in fair value of the associated naturally offsetting positions, which are also recognized in Transaction expense.
(2)Changes in fair value are recognized in Other operating (income) expense, net or Other expense (income), net in the Condensed Consolidated Statements of Operations depending on the nature of the derivative.
v3.25.1
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS
10. OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS
The following table presents certain other details of the Condensed Consolidated Balance Sheets (in thousands):
March 31,December 31,
20252024
Other current assets
Prepaid expenses$109,562 $88,500 
Income taxes receivable5,762 5,530 
Other36,653 183,506 
Total other current assets$151,977 $277,536 
Other non-current assets
Strategic investments$417,259 $374,161 
Software and equipment, net218,445 200,080 
Intangible assets, net
46,599 46,804 
Income taxes receivable60,554 60,004 
Lease right-of-use (“ROU”) assets83,660 81,151 
Other33,550 33,135 
Total other non-current assets$860,067 $795,335 
Accrued expenses and other current liabilities
Accrued payroll and payroll related expenses$98,635 $186,151 
Other accrued expenses223,019 145,369 
Accounts payable62,515 63,316 
Income taxes payable127,597 90,910 
Other payables150,276 204,390 
Total accrued expenses and other current liabilities$662,042 $690,136 
Other non-current liabilities
Lease liabilities$85,050 $85,789 
Other7,257 3,919 
Total other non-current liabilities
$92,307 $89,708 
v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
11. FAIR VALUE MEASUREMENTS
The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
March 31, 2025December 31, 2024
Level 1Level 2Level 1Level 2
Assets
Cash equivalents(1)
$6,153,826 $— $6,607,023 $— 
Restricted cash equivalents(2)
2,802 — 1,415 — 
Customer custodial funds(3)
3,359,413 — 4,269,410 — 
Crypto assets held for operations67,485 — 82,781 — 
Crypto asset loan receivables— 41,853 — 92,619 
Crypto assets held as collateral597,548 — 767,484 — 
Crypto assets borrowed235,433 — 261,052 — 
Crypto assets held for investment1,268,001 — 1,552,995 — 
Derivative assets(4)
— 159,044 — 108,665 
Total assets$11,684,508 $200,897 $13,542,160 $201,284 
Liabilities
Derivative liabilities(4)
$— $146,161 $— $255,915 
__________________
(1)Represents cash equivalents, which comprise money market funds. Excludes cash of $1.9 billion at each of March 31, 2025 and December 31, 2024.
(2)Represents restricted cash equivalents, which comprise money market funds. Excludes restricted cash of $52.9 million and $37.1 million as of March 31, 2025 and December 31, 2024, respectively.
(3)Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds of $2.0 billion and $1.9 billion as of March 31, 2025 and December 31, 2024, respectively.
(4)See Note 9. Derivatives for additional details.
The Company has valued all Level 2 assets and liabilities measured at fair value on a recurring basis using quoted market prices for the underlying crypto assets as an observable input.
Assets and liabilities measured and recorded at fair value on a non-recurring basis
The Company’s non-financial assets, such as software and equipment, goodwill, and other intangible assets, are adjusted to fair value when an impairment charge is recognized.
The Company’s strategic investments are nearly all accounted for using the measurement alternative, whereby they are recognized at cost and adjusted to fair value for observable transactions for same or similar investments of the same issuer or for impairment, on a non-recurring basis. Fair value measurements for strategic investments are based predominantly on Level 3 inputs to an Option-Pricing Model that uses publicly available market data of comparable companies and other unobservable inputs including expected volatility, expected time to liquidity, adjustments for other company-specific developments, and the rights and obligations of the securities the Company holds.
The impact on the Condensed Consolidated Statements of Operations from remeasurement of measurement alternative investments was immaterial for all periods presented, as were cumulative upward adjustments of measurement alternative investments outstanding at March 31, 2025 and December 31, 2024. Cumulative impairments and downward adjustments as of these dates were $120.7 million and $145.8 million, respectively. See Note 10. Other Condensed Consolidated Balance Sheets Details for the carrying amount of the Company’s strategic investments.
Assets and liabilities not measured and recorded at fair value
Certain of the Company’s financial instruments are not measured and recorded at fair value because carrying values of these instruments approximate their fair values due to their liquid or short-term nature. The following financial instruments denominated in fiat or USDC, as applicable, would be based on Level 1 valuation inputs if they were recorded at fair value: cash, restricted cash, USDC, certain customer custodial funds and related liabilities, collateral pledged, and obligations to return collateral. The following financial instruments denominated in fiat or USDC, as applicable, would be based on Level 2 valuation inputs if they were recorded at fair value: accounts receivable, loan receivables, accounts payable, and long-term debt.
The Company’s long-term debt is not measured and recorded at fair value. See Note 8. Long-Term Debt for the estimated fair value of the Company’s long-term debt.
v3.25.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
12. STOCK-BASED COMPENSATION
Stock options
A summary of stock options activity, including performance-based options, is as follows (in thousands, except per share and years data):
Weighted-Average
Options OutstandingExercise Price Per ShareRemaining Contractual Life (Years)Aggregate Intrinsic Value
Balance at January 1, 202522,929 $25.59 5.2$5,106,538 
Exercised(396)26.57 
Forfeited and cancelled(34)113.11 
Balance at March 31, 202522,499 $25.44 5.0$3,320,324 
Exercisable at March 31, 202517,592 $25.99 4.9$2,590,282 
Vested and expected to vest at March 31, 202517,592 $25.99 4.9$2,590,282 
As of March 31, 2025, there was total unrecognized compensation cost of $17.3 million related to unvested stock options, which cost is expected to be recognized over a weighted-average period of 2.6 years.
Other awards
A summary of restricted stock units, performance restricted stock units, and restricted stock (“Other Awards”) activity is as follows (in thousands, except per share data):
Restricted Stock Units
Performance Restricted Stock Units
Restricted Stock
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Balance at January 1, 20252,350 $163.82 724 $55.42 340 $98.49 
Granted3,062 268.16 — — — — 
Vested(847)201.77 (81)55.42 (235)113.75 
Forfeited and cancelled(166)205.56 — — — — 
Balance at March 31, 20254,399 $227.56 643 $55.42 105 $64.51 
__________________
(1)Represents the weighted-average grant date fair value per share.
As of March 31, 2025, there was unrecognized compensation cost related to Other Awards as follows (in thousands, except years data):
Unrecognized Compensation
Weighted-Average Recognition Period (Years)
Restricted stock units$905,359 1.5
Performance restricted stock units
$6,572 0.8
Restricted stock
$5,219 0.9

Stock-based compensation
The effects of stock-based compensation on the Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets are as follows (in thousands):
Three Months Ended March 31,
20252024
Statements of Operations
Technology and development$108,092 $139,830 
Sales and marketing14,905 16,623 
General and administrative67,732 68,051 
Total stock-based compensation expense$190,729 $224,504 
Balance Sheets
Other non-current assets(1)
$16,565 $11,065 
_______________
(1)Represents capitalized stock-based compensation that is recognized in Software and equipment, net and presented within this financial statement line item. See Note 10. Other Condensed Consolidated Balance Sheets Details for additional details.
v3.25.1
OTHER EXPENSE (INCOME), NET
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
OTHER EXPENSE (INCOME), NET
13. OTHER EXPENSE (INCOME), NET
Other expense (income), net consisted of the following (in thousands):
Three Months Ended March 31,
20252024
Losses (gains) on other financial instruments, net21,683 (13,186)
Losses (gains) on crypto asset loan receivables, net2,853 (25,526)
Other(18,348)(6,893)
Total other expense (income), net$6,188 $(45,605)
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
14. INCOME TAXES
For the three months ended March 31, 2025 and 2024, the Company calculated the tax provision using a discrete effective tax rate method. The Company’s effective tax rate (“ETR”) for the three months ended March 31, 2025 and 2024 was 20.4% and 18.2%, respectively. The ETR of 20.4% for the three months ended March 31, 2025 was lower than the U.S. statutory rate of 21.0%, primarily due to the Company’s deductible stock-based compensation, mostly offset by non-deductible expenses, state tax, and tax on foreign operations.
As of March 31, 2025, the Company had a net deferred tax asset balance of $995.5 million, compared to $941.3 million as of December 31, 2024. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Management determined that there is sufficient positive evidence to conclude that it is more likely than not that the Company’s net deferred tax asset will be fully realized.
v3.25.1
NET INCOME (LOSS) PER SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE
15. NET INCOME PER SHARE
The computation of Net income per share, including the weighted-average shares outstanding (“WASO”) used in the computation, is as follows (in thousands, except per share amounts):
Three Months Ended March 31,
20252024
Numerators
Net income$65,608 $1,176,245 
Less: Net income allocated to participating shares
— (766)
Net income attributable to common stockholders, basic$65,608 $1,175,479 
Net income$65,608 $1,176,245 
Add: Interest on convertible notes, net of tax
— 2,531 
Less: Net income allocated to participating shares
— (697)
Net income attributable to common stockholders, diluted$65,608 $1,178,079 
Denominators
WASO - basic253,878 242,793 
Weighted-average effect of potentially dilutive shares:
Stock options15,823 18,534 
Restricted stock units
949 1,828 
Performance restricted stock units
380 336 
Restricted stock
221 309 
Convertible notes
— 4,145 
WASO - diluted271,251 267,945 
Net income per share attributable to common stockholders:
Basic$0.26 $4.84 
Diluted$0.24 $4.40 
The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the undistributed earnings are allocated on a proportionate basis and the resulting income or loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive (in thousands):
Three Months Ended March 31,
20252024
Stock-based compensation awards(1)
8,088 8,260 
Convertible notes7,229 — 
Total15,317 8,260 
__________________
(1)Includes shares under the ESPP.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
16. COMMITMENTS AND CONTINGENCIES
Crypto assets and USDC on platform
The Company is obligated to securely store all crypto assets and USDC that it holds in custodial products on behalf of customers. As such, the Company may be liable to its users for losses arising from
the Company’s failure to secure these assets from theft or loss. The Company has not incurred any losses related to such obligations and therefore has not accrued any liabilities as of each March 31, 2025 and December 31, 2024. The Company holds crypto assets and USDC in custodial products on its platform on behalf of its customers totaling $327.5 billion and $404.0 billion at fair value at March 31, 2025 and December 31, 2024, respectively. These assets are not recognized in the Condensed Consolidated Balance Sheets. Similarly, as the Company has an obligation to securely store all of these assets, it has a corresponding unrecognized liability of $327.5 billion and $404.0 billion at March 31, 2025 and December 31, 2024, respectively. Since the risk of loss is remote, the Company did not recognize a contingent liability at March 31, 2025 or December 31, 2024. The Company has no reason to believe it will incur any expense associated with such potential liability because (i) it has no known or historical experience of claims to use as a basis of measurement, (ii) it accounts for and continually verifies the amount of crypto assets within its control, and (iii) it has established security around custodial product private keys to minimize the risk of theft or loss.
Indemnifications
In the event any registrable securities are included in a registration statement, the Company’s Amended and Restated Investors’ Rights Agreement (the “IRA”) entered into with certain of the Company’s stockholders provides indemnity to each stockholder, their partners, members, officers, directors, and stockholders and certain of their advisors; each underwriter, if any; and each person who controls each stockholder or underwriter, against any damages incurred in connection with investigating or defending any claim or proceeding arising as a result of such registration from which damages may result. The Company will reimburse each such party for any legal and any other expenses reasonably incurred, provided that the Company will not be liable in any such case to the extent the damages arise out of or are based upon any actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such stockholder or underwriter and stated to be specifically for use therein.
The Company also has indemnity agreements with certain officers and directors of the Company pursuant to which the Company must indemnify the officer or director against all expenses, judgments, fines, and amounts paid in settlement reasonably incurred in connection with a third party proceeding, if the indemnitee acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company, and in the case of a criminal proceeding, had no reasonable cause to believe the indemnitee’s conduct was unlawful.
It is not possible to determine the maximum potential exposure under these indemnification agreements: (i) because the facts and circumstances involved in each claim are unique and the Company cannot predict the number or nature of claims that may be made; (ii) due to the unique facts and circumstances involved in each particular agreement; and (iii) due to the requirement for a registration of the Company’s securities before any of the indemnification obligations contemplated in the IRA become effective.
The Company has also provided indemnities or similar commitments on standard commercial terms in the ordinary course of business.
Legal and regulatory proceedings
The Company is subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business. The Company is also subject to regulatory oversight by numerous regulatory and other governmental agencies, including at the federal and state levels and internationally. The Company reviews its lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and recognizes loss contingencies in accordance with the loss contingencies accounting guidance. In accordance with such guidance, the Company establishes accruals for such matters when potential losses become probable and can be reasonably estimated. If the
Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the Condensed Consolidated Financial Statements.
In July and August 2021, three purported securities class actions were filed in the U.S. District Court for the Northern District of California against the Company, its directors, certain of its officers and employees, and certain venture capital and investment firms. The complaints alleged violations of Sections 11, 12(a)(2) and 15 of the Securities Act, in connection with the registration statement and prospectus filed in connection with the Direct Listing. In November 2021, these actions were consolidated and recaptioned as In re Coinbase Global Securities Litigation, and an amended complaint was filed. The plaintiff sought, among other relief, unspecified compensatory damages, attorneys’ fees, and costs. The Company disputed the claims and vigorously defended against them. In March 2025, the plaintiff voluntarily dismissed this action and the court entered an order closing the case. The resolution of this action did not have a material impact on the Company’s business and financial statements. The Company has subsequently received, and expects to receive in the future, similar shareholder claims.
In October 2021, a purported class action captioned Underwood et al. v. Coinbase Global, Inc., was filed in the U.S. District Court for the Southern District of New York (the “District Court”) against the Company alleging claims under Sections 5, 15(a)(1) and 29(b) of the Exchange Act, and violations of certain California and Florida state statutes. On March 11, 2022, plaintiffs filed an amended complaint adding Coinbase, Inc. and Brian Armstrong as defendants and adding causes of action, including alleging claims under Sections 5, 12(a)(1) and 15 of the Securities Act and violations of certain New Jersey state statutes. Among other relief requested, the plaintiffs sought injunctive relief, unspecified damages, attorneys’ fees and costs. On February 1, 2023, the District Court dismissed all federal claims (with prejudice) and state law claims (without prejudice) against Coinbase Global, Inc., Coinbase, Inc. and Brian Armstrong. Subsequently, on February 9, 2023, the plaintiffs appealed that ruling to the U.S. Court of Appeals for the Second Circuit (the “Court of Appeals”), and the parties completed briefing the appeal on September 13, 2023. Oral argument took place on February 1, 2024 and on April 5, 2024, the Court of Appeals issued a Summary Order affirming the District Court’s dismissal order with respect to the claims alleging violations of the Exchange Act, and reversing the District Court’s dismissal order with respect to the claims alleging violations of the Securities Act and violations of the state statutes. On June 27, 2024, defendants filed an answer to the amended complaint, and on July 29, 2024, the defendants filed a Motion for Judgment on the Pleadings requesting the District Court dismiss the remaining claims. On February 7, 2025, the District Court denied defendants’ Motion for Judgement on the Pleadings and allowed the case to proceed to bifurcated discovery, followed by summary judgment motions. The defendants continue to dispute the claims in this case and intend to vigorously defend against them. Based on the nature of the proceedings in this case, the outcome of this matter remains uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. The Company has subsequently received, and expects to receive in the future, similar class action claims.
In December 2021, a shareholder derivative suit captioned Shin v. Coinbase Global, Inc., was filed in New York state court against the Company and its directors, alleging breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets, and seeking unspecified damages and injunctive relief. The Company has subsequently received, and expects to receive in the future, similar derivative claims. The Company disputes the claims in these cases and intends to vigorously defend against them. Based on the preliminary nature of the proceedings in these cases, the outcome of these matters remain uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time.
In June 2023, the SEC filed a complaint in the District Court against the Company and Coinbase, Inc. alleging that Coinbase, Inc. acted as an unregistered securities exchange, broker, and clearing agency in violation of Sections 5, 15(a) and 17A(b) of the Exchange Act and that, through its staking program, Coinbase, Inc. offered and sold securities without registering its offers and sales in violation of Sections 5(a) and 5(c) of the Securities Act. The SEC also alleged that the Company is liable for the alleged violations as an alleged control person of Coinbase, Inc. The case was captioned SEC v. Coinbase, Inc.
et al. The SEC sought, among other relief, injunctive relief, disgorgement and civil money penalties. The Company and Coinbase, Inc. filed an answer to the SEC complaint in June 2023, disputed the claims in the case, and vigorously defended against them. On August 4, 2023, the Company and Coinbase, Inc. filed a motion for judgment on the pleadings. The SEC filed its response on October 3, 2023 and the Company and Coinbase, Inc. filed their reply on October 24, 2023. Oral argument took place on January 17, 2024. On March 27, 2024, the District Court denied in part the Company and Coinbase, Inc.’s motion for judgment on the pleadings with respect to the SEC’s claims that Coinbase, Inc. operated as an unregistered securities exchange, broker, and clearing agency and engaged in an unregistered offer and sale of securities through the Company’s staking program. The District Court dismissed the SEC’s claim that Coinbase, Inc. acted as an unregistered broker through its wallet service. On April 12, 2024, the Company and Coinbase, Inc. filed a motion with the District Court seeking certification of an interlocutory appeal to the Court of Appeals. The District Court granted that motion on January 7, 2025 and stayed proceedings in the District Court. On January 17, 2025, the Company and Coinbase, Inc. filed a petition for permission to appeal to the Court of Appeals. On February 28, 2025, the SEC and the Company and Coinbase, Inc. jointly stipulated to dismissal of SEC v. Coinbase, Inc. et al. with prejudice. The case is now concluded. The resolution of the SEC’s lawsuit did not have a material impact on the Company’s business and financial statements.
In June 2023, the Company and Coinbase, Inc. were issued notices, show-cause orders, and cease-and-desist letters, and became the subject of various legal actions initiated by U.S. state securities regulators in the states of Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington and Wisconsin alleging violations of state securities laws with respect to staking services provided by Coinbase, Inc. In July 2023, the Company and Coinbase, Inc. entered into agreements with state securities regulators in California, New Jersey, South Carolina and Wisconsin, pursuant to which customers in those states will no longer be able to stake new funds, in each case pending final adjudication of the matters. In October 2023, the Company and Coinbase, Inc. entered into a similar agreement with the Maryland state securities regulator. In March and April 2025, the Alabama, Kentucky, Illinois, South Carolina, and Vermont state securities regulators dismissed, vacated, rescinded, and/or withdrew their legal actions. The Company and Coinbase, Inc. dispute the claims of the state securities regulators and intend to vigorously defend against them. Based on the preliminary nature of these actions, the final outcome of these matters remains uncertain and the Company cannot estimate the potential impact on its business or financial statements at this time. An adverse resolution in these state matters could have a material impact on the Company’s business and financial statements.
The Company has, from time to time, received investigative subpoenas and requests from regulators for documents and information, including about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products.
Except as otherwise disclosed, the Company believes the ultimate resolution of existing legal and regulatory investigation matters will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially.
Tax regulation
Current tax rules related to crypto assets are evolving and require significant judgments to be made in interpretation of the law, including but not limited to the areas of income tax, information reporting, value added taxes, digital services tax, transaction level taxes and the withholding of tax at source. Further, it is possible that additional legislation or guidance may be issued by U.S. and non-U.S. governing bodies that may differ significantly from the Company's practices or interpretation of the law, which could have unforeseen effects on the Company’s financial condition and results of operations, and accordingly, the
Company is unable to determine an estimate of the possible loss or range of loss beyond amounts already accrued. As a result, the Company may have exposure to additional tax liabilities that could have an adverse effect on the Company’s operating results and financial condition.
v3.25.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
17. RELATED PARTY TRANSACTIONS
Revenue and Accounts receivable, net
Certain of the Company’s directors, executive officers, and principal owners, including immediate family members, are users of the Company’s platform. The Company recognized revenue from related party customers of $3.6 million and $6.9 million during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, Accounts receivable, net from related party customers were $1.4 million and $2.7 million, respectively.
Customer custodial funds and liabilities
Customer custodial funds and Customer custodial fund liabilities for related parties were $7.0 million and $44.0 million as of March 31, 2025 and December 31, 2024, respectively.
Other assets
The Company made strategic investments of an aggregate of $3.1 million and an immaterial amount during the three months ended March 31, 2025 and 2024, respectively, in investees in which certain related parties of the Company held an interest over 10%.
Expenses and Accounts payable
There were immaterial professional and consulting services provided by entities affiliated with related parties during the three months ended March 31, 2025, compared to $1.1 million during the same period in 2024. As of March 31, 2025 and December 31, 2024, there were no Accounts payable to related parties.
v3.25.1
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
18. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Changes in operating assets and liabilities affecting cash were as follows (in thousands):
Three Months Ended March 31,
20252024
USDC$(1,035,421)$(299,507)
Accounts receivable, net(10,443)(108,802)
Customer custodial funds in transit(41,862)(21,260)
Income taxes, net29,163 41,613 
Other current and non-current assets(55,554)(3,856)
Other current and non-current liabilities(12,385)(82,190)
Net changes in operating assets and liabilities$(1,126,502)$(474,002)
The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands):
March 31,
20252024
Cash and cash equivalents$8,051,169 $6,711,400 
Restricted cash and cash equivalents55,672 33,499 
Customer custodial cash and cash equivalents5,197,074 5,002,888 
Total cash, cash equivalents, and restricted cash and cash equivalents$13,303,915 $11,747,787 
The following is a supplemental schedule of non-cash investing and financing activities (in thousands):
Three Months Ended March 31,
20252024
Crypto assets received as collateral$779,893 $590,690 
Crypto assets received as collateral returned797,722 495,237 
Crypto asset loan receivables originated730,895 424,248 
Crypto asset loan receivables repaid766,183 286,475 
Crypto assets borrowed465,262 191,436 
Crypto assets borrowed repaid440,796 77,451 
Additions of crypto asset investments171,542 3,051 
Cumulative-effect adjustment due to the adoption of ASU 2023-08— 561,489 
The following is a supplemental schedule of cash paid for interest and income taxes (in thousands):
Three Months Ended March 31,
20252024
Cash paid during the period for income taxes, net of refunds
$36,092 $— 
Cash paid during the period for income taxes (prior to ASU No. 2023-09, Improvements to Income Tax Disclosures)
— 5,528 
v3.25.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
19. SUBSEQUENT EVENT
On May 8, 2025, the Company signed a definitive agreement to acquire Sentillia B.V. (“Deribit”) for an aggregate purchase price of approximately $2.9 billion based on the closing price of the Company’s Class A common stock on May 7, 2025, consisting of cash and shares of the Company’s Class A common stock. Deribit is a crypto derivatives exchange, and this strategic acquisition will enable the Company to grow its global presence within crypto derivatives trading. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close by December 31, 2025.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 65,608 $ 1,176,245
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of presentation and preparation
Basis of presentation and preparation
The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries – entities in which the Company holds, directly or indirectly, more than 50% of the voting rights, or where it exercises control. The Condensed Consolidated Financial Statements are unaudited but have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) on the same basis as the audited Consolidated Financial Statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair presentation of the Company’s Financial Statements. Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions in the Condensed Consolidated Financial Statements and notes thereto. Certain prior period amounts in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period’s presentation. The unaudited Condensed Consolidated Results of Operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year or any other period and should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2025 (the “Annual Report”).
There were no material changes to the Company’s most significant estimates and assumptions, significant accounting policies, segment reporting, or recent accounting pronouncements that were disclosed in Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements included in the Annual Report, other than as discussed below.
Concentration of credit risk
Concentration of credit risk
The Company’s cash and cash equivalents, restricted cash and cash equivalents, customer custodial funds, USDC, loan receivables, certain crypto assets held, accounts receivable, and deposits are potentially subject to concentration of credit risk. See below and Notes 4. Collateralized Arrangements and Financing and 6. Accounts Receivable, Net for a discussion of these risks by counterparty and type of transaction.
Funds held at financial institutions
Cash and cash equivalents, restricted cash and cash equivalents, and customer custodial funds are primarily placed with financial institutions which are of high credit quality. The Company holds cash and
cash equivalents and customer custodial funds primarily in highly liquid, highly rated instruments which are uninsured. The Company may also have corporate deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation insurance limit of $250,000. The Company has not experienced losses on these accounts and does not believe it is exposed to any significant credit risk with respect to these accounts.
Funds held at trading venues, payment processors, and clearing brokers
The Company holds cash, restricted cash and deposits, and crypto assets at crypto asset trading venues, payment processors, and clearing brokers, and performs a regular assessment of these venues as part of its risk management process. As of March 31, 2025, the Company held $231.6 million at these venues, including $135.5 million in cash, $62.9 million in crypto assets, and $31.0 million in restricted cash. As of December 31, 2024, the Company held $88.2 million in cash at these venues.
USDC
The Company holds USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars and issued by Circle Internet Financial, LLC (“Circle”) and its affiliate, Circle Internet Financial Europe SAS. USDC is accounted for as a financial instrument in the Condensed Consolidated Financial Statements. Circle reported that, as of March 31, 2025, underlying reserves were held in cash, short-duration U.S. Treasuries, and overnight U.S. Treasury repurchase agreements within segregated accounts for the benefit of USDC holders.
v3.25.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregated revenue by source
The following table presents revenue disaggregated by type (in thousands):
Three Months Ended March 31,
20252024
Net revenue
Transaction revenue
Consumer, net
$1,095,506 $935,212 
Institutional, net98,888 85,392 
Other transaction revenue, net67,814 56,137 
Total transaction revenue1,262,208 1,076,741 
Subscription and services revenue
Stablecoin revenue(1)
297,535 197,317 
Blockchain rewards196,592 150,929 
Interest and finance fee income(2)
63,086 66,663 
Other subscription and services revenue
140,898 96,027 
Total subscription and services revenue698,111 510,936 
Total net revenue1,960,319 1,587,677 
Other revenue
Corporate interest and other income(1)
73,976 49,893 
Total other revenue73,976 49,893 
Total revenue$2,034,295 $1,637,570 
__________________
(1)Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”).
(2)Amounts primarily represent revenue that is not accounted for as revenue from contracts with customers, as well as an immaterial amount of finance fee income in all periods presented that is accounted for as revenue from contracts with customers.
Schedule of revenues disaggregated by geography s revenue disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
Three Months Ended March 31,
20252024
U.S.(1)
$1,705,652 $1,353,450 
International(2)
328,643 284,120 
Total revenue$2,034,295 $1,637,570 
__________________
(1)Nearly all revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606, is with counterparties in the U.S.
(2)No country accounted for more than 10% of Total revenue.
v3.25.1
COLLATERALIZED ARRANGEMENTS AND FINANCING (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Prime Financing lending arrangements
The following table summarizes the Company’s Prime Financing lending arrangements (in thousands):
March 31,December 31,
20252024
Loan receivables
Fiat loan receivables$393,046 $382,751 
Crypto asset loan receivables41,853 92,619 
Fiat trade finance receivables19,574 — 
Total loan receivables$454,473 $475,370 
Customer loans not meeting recognition criteria
USDC$62,732 $168,795 
Schedule of crypto asset holdings
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$31,306 N/AN/A$24,641 
Bitcoin6,587 $419,448 542,555 6,918 $414,745 647,568 
Ethereum30,280 89,060 54,993 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$508,508 597,548 $521,597 767,484 
Total recognized held as collateral
$628,854 $792,125 
__________________
nm - not meaningful
(1)Fiat collateral held is recognized within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
(2)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held as collateral.
The following table summarizes assets the Company holds as collateral that it has not recognized as collateral nor as an obligation to return the collateral to the borrower (in thousands):
March 31,December 31,
20252024
Fiat$43,397 $64,760 
USDC55,151 45,222 
Crypto assets146,200 178,619 
Total customer collateral not recognized as collateral
$244,748 $288,601 
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed and the associated Crypto asset borrowings (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin2,130 $196,907 $175,789 1,923 $191,986 $179,480 
Ethereum22,725 74,058 41,405 17,413 65,213 57,989 
Other crypto assets(1)
nm26,126 18,239 nm18,701 23,583 
Total borrowed$297,091 $235,433 $275,900 $261,052 
Crypto asset borrowings
Bitcoin2,200 $202,963 $181,538 2,178 $213,096 $203,370 
Ethereum28,937 85,149 52,725 19,133 68,803 63,720 
Other crypto assets(1)
nm46,393 38,345 nm28,141 33,020 
Total borrowings$334,505 $272,608 $310,040 $300,110 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets borrowed or total Crypto asset borrowings, as applicable.
The following table summarizes Crypto assets held for operations (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin302 $28,280 $24,993 57 $7,814 $5,473 
Ethereum9,058 15,186 16,518 8,142 21,843 27,122 
Solana31,910 4,768 3,990 69,280 14,526 13,245 
Other crypto assets(1)
nm31,657 21,984 nm51,871 36,941 
Total held for operations$79,891 $67,485 $96,054 $82,781 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for operations.
The following table summarizes Crypto assets held for investment (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin9,267 $518,365 $765,034 6,885 $272,164 $642,738 
Ethereum137,334 314,167 250,229 115,700 260,674 385,314 
Other crypto assets(1)
nm406,727 252,738 nm347,827 524,943 
Total held for investment$1,239,259 $1,268,001 $880,665 $1,552,995 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for investment.
Schedule of collateral posted
The fair value of the Company’s corporate assets pledged as collateral against Crypto asset borrowings consisted of the following (in thousands):
March 31,December 31,
20252024
Assets pledged as collateral
USDC
$— $4,009 
Assets pledged as collateral not meeting derecognition criteria
USDC
$300,897 $329,832 
v3.25.1
CRYPTO ASSETS HELD FOR OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of crypto asset holdings
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$31,306 N/AN/A$24,641 
Bitcoin6,587 $419,448 542,555 6,918 $414,745 647,568 
Ethereum30,280 89,060 54,993 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$508,508 597,548 $521,597 767,484 
Total recognized held as collateral
$628,854 $792,125 
__________________
nm - not meaningful
(1)Fiat collateral held is recognized within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
(2)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held as collateral.
The following table summarizes assets the Company holds as collateral that it has not recognized as collateral nor as an obligation to return the collateral to the borrower (in thousands):
March 31,December 31,
20252024
Fiat$43,397 $64,760 
USDC55,151 45,222 
Crypto assets146,200 178,619 
Total customer collateral not recognized as collateral
$244,748 $288,601 
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed and the associated Crypto asset borrowings (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin2,130 $196,907 $175,789 1,923 $191,986 $179,480 
Ethereum22,725 74,058 41,405 17,413 65,213 57,989 
Other crypto assets(1)
nm26,126 18,239 nm18,701 23,583 
Total borrowed$297,091 $235,433 $275,900 $261,052 
Crypto asset borrowings
Bitcoin2,200 $202,963 $181,538 2,178 $213,096 $203,370 
Ethereum28,937 85,149 52,725 19,133 68,803 63,720 
Other crypto assets(1)
nm46,393 38,345 nm28,141 33,020 
Total borrowings$334,505 $272,608 $310,040 $300,110 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets borrowed or total Crypto asset borrowings, as applicable.
The following table summarizes Crypto assets held for operations (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin302 $28,280 $24,993 57 $7,814 $5,473 
Ethereum9,058 15,186 16,518 8,142 21,843 27,122 
Solana31,910 4,768 3,990 69,280 14,526 13,245 
Other crypto assets(1)
nm31,657 21,984 nm51,871 36,941 
Total held for operations$79,891 $67,485 $96,054 $82,781 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for operations.
The following table summarizes Crypto assets held for investment (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin9,267 $518,365 $765,034 6,885 $272,164 $642,738 
Ethereum137,334 314,167 250,229 115,700 260,674 385,314 
Other crypto assets(1)
nm406,727 252,738 nm347,827 524,943 
Total held for investment$1,239,259 $1,268,001 $880,665 $1,552,995 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for investment.
v3.25.1
ACCOUNTS RECEIVABLE, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of accounts receivable, net
Accounts receivable, net consisted of the following (in thousands):
March 31,December 31,
20252024
Stablecoin revenue receivable$112,876 $85,983 
Customer fee revenue receivable34,038 39,317 
Other accounts receivable125,525 169,380 
Gross accounts receivable272,439 294,680 
Less: allowance for doubtful accounts(27,327)(29,429)
Total accounts receivable, net$245,112 $265,251 
v3.25.1
CRYPTO ASSETS HELD FOR INVESTMENT (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of crypto asset holdings
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$31,306 N/AN/A$24,641 
Bitcoin6,587 $419,448 542,555 6,918 $414,745 647,568 
Ethereum30,280 89,060 54,993 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$508,508 597,548 $521,597 767,484 
Total recognized held as collateral
$628,854 $792,125 
__________________
nm - not meaningful
(1)Fiat collateral held is recognized within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Cost basis and units are not required disclosure and are therefore labeled N/A.
(2)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held as collateral.
The following table summarizes assets the Company holds as collateral that it has not recognized as collateral nor as an obligation to return the collateral to the borrower (in thousands):
March 31,December 31,
20252024
Fiat$43,397 $64,760 
USDC55,151 45,222 
Crypto assets146,200 178,619 
Total customer collateral not recognized as collateral
$244,748 $288,601 
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed and the associated Crypto asset borrowings (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin2,130 $196,907 $175,789 1,923 $191,986 $179,480 
Ethereum22,725 74,058 41,405 17,413 65,213 57,989 
Other crypto assets(1)
nm26,126 18,239 nm18,701 23,583 
Total borrowed$297,091 $235,433 $275,900 $261,052 
Crypto asset borrowings
Bitcoin2,200 $202,963 $181,538 2,178 $213,096 $203,370 
Ethereum28,937 85,149 52,725 19,133 68,803 63,720 
Other crypto assets(1)
nm46,393 38,345 nm28,141 33,020 
Total borrowings$334,505 $272,608 $310,040 $300,110 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets borrowed or total Crypto asset borrowings, as applicable.
The following table summarizes Crypto assets held for operations (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin302 $28,280 $24,993 57 $7,814 $5,473 
Ethereum9,058 15,186 16,518 8,142 21,843 27,122 
Solana31,910 4,768 3,990 69,280 14,526 13,245 
Other crypto assets(1)
nm31,657 21,984 nm51,871 36,941 
Total held for operations$79,891 $67,485 $96,054 $82,781 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for operations.
The following table summarizes Crypto assets held for investment (in thousands, except units):
March 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin9,267 $518,365 $765,034 6,885 $272,164 $642,738 
Ethereum137,334 314,167 250,229 115,700 260,674 385,314 
Other crypto assets(1)
nm406,727 252,738 nm347,827 524,943 
Total held for investment$1,239,259 $1,268,001 $880,665 $1,552,995 
__________________
nm - not meaningful
(1)Includes various other crypto asset balances, none of which individually represented more than 5% of the fair value of total Crypto assets held for investment.
v3.25.1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
The components of Long-term debt were as follows (in thousands, except percentages):
Effective Interest RatePrincipal Amount
Unamortized Debt Discount and Issuance Costs
Net Carrying Amount
Fair Value(1)
March 31, 2025
0.50% 2026 Convertible Notes due June 1, 2026
0.98 %$1,273,013 $(7,924)$1,265,089 $1,248,189 
3.38% 2028 Senior Notes due October 1, 2028
3.57 %1,000,000 (6,138)993,862 906,300 
0.25% 2030 Convertible Notes due April 1, 2030
0.55 %1,265,000 (18,415)1,246,585 1,170,252 
3.63% 2031 Senior Notes due October 1, 2031
3.77 %737,457 (5,903)731,554 623,151 
Total$4,275,470 $(38,380)$4,237,090 $3,947,892 
December 31, 2024
0.50% 2026 Convertible Notes due June 1, 2026
0.98 %$1,273,013 $(9,395)$1,263,618 $1,331,062 
3.38% 2028 Senior Notes due October 1, 2028
3.57 %1,000,000 (6,562)993,438 901,250 
0.25% 2030 Convertible Notes due April 1, 2030
0.55 %1,265,000 (19,322)1,245,678 1,353,044 
3.63% 2031 Senior Notes due October 1, 2031
3.77 %737,457 (6,110)731,347 624,995 
Total$4,275,470 $(41,389)$4,234,081 $4,210,351 
__________________
(1)Fair values are based on quoted prices for these instruments in markets that are not active and other market observable inputs, which are considered Level 2 valuation inputs.
v3.25.1
DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the notional amount of derivative contracts outstanding
The following table summarizes information on derivative instruments by their location in the Condensed Consolidated Balance Sheets, as measured in U.S. dollar equivalents (in thousands):
Embedded Derivative
HostGross Derivative AssetsGross Derivative LiabilitiesAggregate Carrying Value
March 31, 2025
Accounts receivable, net(1)
$28,814 $38,984 $4,299 $63,499 
Crypto asset borrowings334,506 63,552 1,654 272,608 
Obligation to return collateral(1)
508,508 48,856 137,896 597,548 
Accrued expenses and other current liabilities(1)
25,100 7,652 2,312 19,760 
Total fair value of derivatives$159,044 $146,161 
December 31, 2024
Accounts receivable, net(1)
$16,264 $20,368 $1,811 $34,821 
Other current assets(1)
99,265 61,304 — 160,569 
Crypto asset borrowings310,040 18,030 8,100 300,110 
Obligation to return collateral(1)
526,337 2,149 243,296 767,484 
Accrued expenses and other current liabilities(1)
37,428 6,814 2,708 33,322 
Total fair value of derivatives$108,665 $255,915 
__________________
(1)Represents the portion of the Condensed Consolidated Balance Sheets line item that is denominated in crypto assets.
Schedule of gains (losses) recorded in income
Gains (losses) on derivative instruments recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):
Three Months Ended March 31,
20252024
Crypto asset borrowings(1)
$51,968 $(95,914)
Obligation to return collateral(1)
152,106 (117,266)
Other(2)
(15,249)12,074 
Total$188,825 $(201,106)
__________________
(1)Changes in fair value are recognized in Transaction expense in the Condensed Consolidated Statements of Operations. The impact of changes in fair value of Crypto asset borrowings and Obligation to return collateral derivatives is naturally offset, at least in part, by the impact of changes in fair value of the associated naturally offsetting positions, which are also recognized in Transaction expense.
(2)Changes in fair value are recognized in Other operating (income) expense, net or Other expense (income), net in the Condensed Consolidated Statements of Operations depending on the nature of the derivative.
v3.25.1
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of other assets current and non-current assets
The following table presents certain other details of the Condensed Consolidated Balance Sheets (in thousands):
March 31,December 31,
20252024
Other current assets
Prepaid expenses$109,562 $88,500 
Income taxes receivable5,762 5,530 
Other36,653 183,506 
Total other current assets$151,977 $277,536 
Other non-current assets
Strategic investments$417,259 $374,161 
Software and equipment, net218,445 200,080 
Intangible assets, net
46,599 46,804 
Income taxes receivable60,554 60,004 
Lease right-of-use (“ROU”) assets83,660 81,151 
Other33,550 33,135 
Total other non-current assets$860,067 $795,335 
Accrued expenses and other current liabilities
Accrued payroll and payroll related expenses$98,635 $186,151 
Other accrued expenses223,019 145,369 
Accounts payable62,515 63,316 
Income taxes payable127,597 90,910 
Other payables150,276 204,390 
Total accrued expenses and other current liabilities$662,042 $690,136 
Other non-current liabilities
Lease liabilities$85,050 $85,789 
Other7,257 3,919 
Total other non-current liabilities
$92,307 $89,708 
Schedule of accrued expenses and other current liabilities
The following table presents certain other details of the Condensed Consolidated Balance Sheets (in thousands):
March 31,December 31,
20252024
Other current assets
Prepaid expenses$109,562 $88,500 
Income taxes receivable5,762 5,530 
Other36,653 183,506 
Total other current assets$151,977 $277,536 
Other non-current assets
Strategic investments$417,259 $374,161 
Software and equipment, net218,445 200,080 
Intangible assets, net
46,599 46,804 
Income taxes receivable60,554 60,004 
Lease right-of-use (“ROU”) assets83,660 81,151 
Other33,550 33,135 
Total other non-current assets$860,067 $795,335 
Accrued expenses and other current liabilities
Accrued payroll and payroll related expenses$98,635 $186,151 
Other accrued expenses223,019 145,369 
Accounts payable62,515 63,316 
Income taxes payable127,597 90,910 
Other payables150,276 204,390 
Total accrued expenses and other current liabilities$662,042 $690,136 
Other non-current liabilities
Lease liabilities$85,050 $85,789 
Other7,257 3,919 
Total other non-current liabilities
$92,307 $89,708 
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of fair value of assets and liabilities
The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
March 31, 2025December 31, 2024
Level 1Level 2Level 1Level 2
Assets
Cash equivalents(1)
$6,153,826 $— $6,607,023 $— 
Restricted cash equivalents(2)
2,802 — 1,415 — 
Customer custodial funds(3)
3,359,413 — 4,269,410 — 
Crypto assets held for operations67,485 — 82,781 — 
Crypto asset loan receivables— 41,853 — 92,619 
Crypto assets held as collateral597,548 — 767,484 — 
Crypto assets borrowed235,433 — 261,052 — 
Crypto assets held for investment1,268,001 — 1,552,995 — 
Derivative assets(4)
— 159,044 — 108,665 
Total assets$11,684,508 $200,897 $13,542,160 $201,284 
Liabilities
Derivative liabilities(4)
$— $146,161 $— $255,915 
__________________
(1)Represents cash equivalents, which comprise money market funds. Excludes cash of $1.9 billion at each of March 31, 2025 and December 31, 2024.
(2)Represents restricted cash equivalents, which comprise money market funds. Excludes restricted cash of $52.9 million and $37.1 million as of March 31, 2025 and December 31, 2024, respectively.
(3)Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds of $2.0 billion and $1.9 billion as of March 31, 2025 and December 31, 2024, respectively.
(4)See Note 9. Derivatives for additional details.
v3.25.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of activity of options outstanding
A summary of stock options activity, including performance-based options, is as follows (in thousands, except per share and years data):
Weighted-Average
Options OutstandingExercise Price Per ShareRemaining Contractual Life (Years)Aggregate Intrinsic Value
Balance at January 1, 202522,929 $25.59 5.2$5,106,538 
Exercised(396)26.57 
Forfeited and cancelled(34)113.11 
Balance at March 31, 202522,499 $25.44 5.0$3,320,324 
Exercisable at March 31, 202517,592 $25.99 4.9$2,590,282 
Vested and expected to vest at March 31, 202517,592 $25.99 4.9$2,590,282 
Schedule of activity of RSUs outstanding
A summary of restricted stock units, performance restricted stock units, and restricted stock (“Other Awards”) activity is as follows (in thousands, except per share data):
Restricted Stock Units
Performance Restricted Stock Units
Restricted Stock
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Balance at January 1, 20252,350 $163.82 724 $55.42 340 $98.49 
Granted3,062 268.16 — — — — 
Vested(847)201.77 (81)55.42 (235)113.75 
Forfeited and cancelled(166)205.56 — — — — 
Balance at March 31, 20254,399 $227.56 643 $55.42 105 $64.51 
__________________
(1)Represents the weighted-average grant date fair value per share.
As of March 31, 2025, there was unrecognized compensation cost related to Other Awards as follows (in thousands, except years data):
Unrecognized Compensation
Weighted-Average Recognition Period (Years)
Restricted stock units$905,359 1.5
Performance restricted stock units
$6,572 0.8
Restricted stock
$5,219 0.9
Schedule of activity of PRSUs outstanding
A summary of restricted stock units, performance restricted stock units, and restricted stock (“Other Awards”) activity is as follows (in thousands, except per share data):
Restricted Stock Units
Performance Restricted Stock Units
Restricted Stock
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Balance at January 1, 20252,350 $163.82 724 $55.42 340 $98.49 
Granted3,062 268.16 — — — — 
Vested(847)201.77 (81)55.42 (235)113.75 
Forfeited and cancelled(166)205.56 — — — — 
Balance at March 31, 20254,399 $227.56 643 $55.42 105 $64.51 
__________________
(1)Represents the weighted-average grant date fair value per share.
As of March 31, 2025, there was unrecognized compensation cost related to Other Awards as follows (in thousands, except years data):
Unrecognized Compensation
Weighted-Average Recognition Period (Years)
Restricted stock units$905,359 1.5
Performance restricted stock units
$6,572 0.8
Restricted stock
$5,219 0.9
Schedule of activity of restricted Class A common stock
A summary of restricted stock units, performance restricted stock units, and restricted stock (“Other Awards”) activity is as follows (in thousands, except per share data):
Restricted Stock Units
Performance Restricted Stock Units
Restricted Stock
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Balance at January 1, 20252,350 $163.82 724 $55.42 340 $98.49 
Granted3,062 268.16 — — — — 
Vested(847)201.77 (81)55.42 (235)113.75 
Forfeited and cancelled(166)205.56 — — — — 
Balance at March 31, 20254,399 $227.56 643 $55.42 105 $64.51 
__________________
(1)Represents the weighted-average grant date fair value per share.
As of March 31, 2025, there was unrecognized compensation cost related to Other Awards as follows (in thousands, except years data):
Unrecognized Compensation
Weighted-Average Recognition Period (Years)
Restricted stock units$905,359 1.5
Performance restricted stock units
$6,572 0.8
Restricted stock
$5,219 0.9
Schedule of stock based compensation
The effects of stock-based compensation on the Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets are as follows (in thousands):
Three Months Ended March 31,
20252024
Statements of Operations
Technology and development$108,092 $139,830 
Sales and marketing14,905 16,623 
General and administrative67,732 68,051 
Total stock-based compensation expense$190,729 $224,504 
Balance Sheets
Other non-current assets(1)
$16,565 $11,065 
_______________
(1)Represents capitalized stock-based compensation that is recognized in Software and equipment, net and presented within this financial statement line item. See Note 10. Other Condensed Consolidated Balance Sheets Details for additional details.
v3.25.1
OTHER EXPENSE (INCOME), NET (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of other expense (income), net
Other expense (income), net consisted of the following (in thousands):
Three Months Ended March 31,
20252024
Losses (gains) on other financial instruments, net21,683 (13,186)
Losses (gains) on crypto asset loan receivables, net2,853 (25,526)
Other(18,348)(6,893)
Total other expense (income), net$6,188 $(45,605)
v3.25.1
NET INCOME (LOSS) PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of computation of net income (loss) per share
The computation of Net income per share, including the weighted-average shares outstanding (“WASO”) used in the computation, is as follows (in thousands, except per share amounts):
Three Months Ended March 31,
20252024
Numerators
Net income$65,608 $1,176,245 
Less: Net income allocated to participating shares
— (766)
Net income attributable to common stockholders, basic$65,608 $1,175,479 
Net income$65,608 $1,176,245 
Add: Interest on convertible notes, net of tax
— 2,531 
Less: Net income allocated to participating shares
— (697)
Net income attributable to common stockholders, diluted$65,608 $1,178,079 
Denominators
WASO - basic253,878 242,793 
Weighted-average effect of potentially dilutive shares:
Stock options15,823 18,534 
Restricted stock units
949 1,828 
Performance restricted stock units
380 336 
Restricted stock
221 309 
Convertible notes
— 4,145 
WASO - diluted271,251 267,945 
Net income per share attributable to common stockholders:
Basic$0.26 $4.84 
Diluted$0.24 $4.40 
Schedule of potentially dilutive shares
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive (in thousands):
Three Months Ended March 31,
20252024
Stock-based compensation awards(1)
8,088 8,260 
Convertible notes7,229 — 
Total15,317 8,260 
__________________
(1)Includes shares under the ESPP.
v3.25.1
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental disclosures of cash flow information
Changes in operating assets and liabilities affecting cash were as follows (in thousands):
Three Months Ended March 31,
20252024
USDC$(1,035,421)$(299,507)
Accounts receivable, net(10,443)(108,802)
Customer custodial funds in transit(41,862)(21,260)
Income taxes, net29,163 41,613 
Other current and non-current assets(55,554)(3,856)
Other current and non-current liabilities(12,385)(82,190)
Net changes in operating assets and liabilities$(1,126,502)$(474,002)
The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands):
March 31,
20252024
Cash and cash equivalents$8,051,169 $6,711,400 
Restricted cash and cash equivalents55,672 33,499 
Customer custodial cash and cash equivalents5,197,074 5,002,888 
Total cash, cash equivalents, and restricted cash and cash equivalents$13,303,915 $11,747,787 
The following is a supplemental schedule of non-cash investing and financing activities (in thousands):
Three Months Ended March 31,
20252024
Crypto assets received as collateral$779,893 $590,690 
Crypto assets received as collateral returned797,722 495,237 
Crypto asset loan receivables originated730,895 424,248 
Crypto asset loan receivables repaid766,183 286,475 
Crypto assets borrowed465,262 191,436 
Crypto assets borrowed repaid440,796 77,451 
Additions of crypto asset investments171,542 3,051 
Cumulative-effect adjustment due to the adoption of ASU 2023-08— 561,489 
The following is a supplemental schedule of cash paid for interest and income taxes (in thousands):
Three Months Ended March 31,
20252024
Cash paid during the period for income taxes, net of refunds
$36,092 $— 
Cash paid during the period for income taxes (prior to ASU No. 2023-09, Improvements to Income Tax Disclosures)
— 5,528 
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Assets held at venues $ 231.6  
Unrestricted cash, held at venues 135.5 $ 88.2
Crypto assets held for operations 62.9  
Restricted cash, held at venues $ 31.0  
v3.25.1
REVENUE - Schedule of revenue disaggregated by source (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Interest and finance fee income $ 63,086 $ 66,663
Total revenue 2,034,295 1,637,570
Net revenue    
Disaggregation of Revenue [Line Items]    
Total revenue 1,960,319 1,587,677
Total transaction revenue    
Disaggregation of Revenue [Line Items]    
Revenue 1,262,208 1,076,741
Consumer, net    
Disaggregation of Revenue [Line Items]    
Revenue 1,095,506 935,212
Institutional, net    
Disaggregation of Revenue [Line Items]    
Revenue 98,888 85,392
Other transaction revenue    
Disaggregation of Revenue [Line Items]    
Revenue 67,814 56,137
Subscription and services revenue    
Disaggregation of Revenue [Line Items]    
Revenue 698,111 510,936
Stablecoin revenue    
Disaggregation of Revenue [Line Items]    
Revenue 297,535 197,317
Blockchain rewards    
Disaggregation of Revenue [Line Items]    
Revenue 196,592 150,929
Other subscription and services revenue    
Disaggregation of Revenue [Line Items]    
Revenue 140,898 96,027
Other revenue    
Disaggregation of Revenue [Line Items]    
Total revenue 73,976 49,893
Corporate interest and other income    
Disaggregation of Revenue [Line Items]    
Corporate interest and other income $ 73,976 $ 49,893
v3.25.1
REVENUE - Schedule of revenue disaggregated by geographic area (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenue $ 2,034,295 $ 1,637,570
U.S.    
Disaggregation of Revenue [Line Items]    
Total revenue 1,705,652 1,353,450
International    
Disaggregation of Revenue [Line Items]    
Total revenue $ 328,643 $ 284,120
v3.25.1
COLLATERALIZED ARRANGEMENTS AND FINANCING - Summary of Prime Financing Lending Arrangements (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Loan receivables    
Fiat loan receivables $ 393,046 $ 382,751
Crypto asset loan receivables 41,853 92,619
Fiat trade finance receivables 19,574 0
Total loan receivables 454,473 475,370
Customer loans not meeting recognition criteria    
USDC $ 62,732 $ 168,795
v3.25.1
COLLATERALIZED ARRANGEMENTS AND FINANCING - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2025
Sep. 30, 2024
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Allowance for credit loss against crypto asset loan receivables $ 0    
Crypto asset, fee percentage on borrowings 2.60% 2.40%  
Two Customers | Financing Receivable | Customer Concentration Risk      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Concentration risk, percentage (more than) 10.00%   10.00%
Three Customers | Loans Not Meeting Recognition Criteria | Customer Concentration Risk      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Concentration risk, percentage (more than) 10.00%   10.00%
Minimum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Assets pledged as collateral, percentage of fair value 100.00%   100.00%
Maximum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Assets pledged as collateral, percentage of fair value 300.00%   300.00%
v3.25.1
COLLATERALIZED ARRANGEMENTS AND FINANCING - Crypto Assets Held as Collateral and Obligation to Return (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Asset, Holding [Line Items]    
Fair Value $ 628,854 $ 792,125
Cost Basis 508,508 521,597
Crypto assets held as collateral 597,548 767,484
Total recognized held as collateral 628,854 792,125
Assets pledged as collateral not meeting derecognition criteria    
Crypto Asset, Holding [Line Items]    
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability $ 244,748 $ 288,601
Crypto Assets | Bitcoin    
Crypto Asset, Holding [Line Items]    
Units | unit 6,587 6,918
Cost Basis $ 419,448 $ 414,745
Crypto assets held as collateral $ 542,555 $ 647,568
Crypto Assets | Ethereum    
Crypto Asset, Holding [Line Items]    
Units | unit 30,280 33,130
Cost Basis $ 89,060 $ 98,787
Crypto assets held as collateral $ 54,993 111,445
Crypto Assets | Other crypto assets    
Crypto Asset, Holding [Line Items]    
Units | unit 0  
Cost Basis $ 0 8,065
Crypto assets held as collateral 0 8,471
Crypto Assets | Assets pledged as collateral not meeting derecognition criteria    
Crypto Asset, Holding [Line Items]    
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability 146,200 178,619
Fiat    
Crypto Asset, Holding [Line Items]    
Fair Value 31,306 24,641
Fiat | Assets pledged as collateral not meeting derecognition criteria    
Crypto Asset, Holding [Line Items]    
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability 43,397 64,760
USDC | Assets pledged as collateral not meeting derecognition criteria    
Crypto Asset, Holding [Line Items]    
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability $ 55,151 $ 45,222
v3.25.1
COLLATERALIZED ARRANGEMENTS AND FINANCING - Units, cost basis and fair value of crypto asset borrowings and borrowed (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Assets, Borrowed [Abstract]    
Cost Basis $ 297,091 $ 275,900
Fair Value 235,433 261,052
Crypto asset borrowings    
Cost Basis 334,505 310,040
Fair Value $ 272,608 $ 300,110
Bitcoin    
Crypto Assets, Borrowed [Abstract]    
Units | unit 2,130 1,923
Cost Basis $ 196,907 $ 191,986
Fair Value $ 175,789 $ 179,480
Crypto asset borrowings    
Units | unit 2,200 2,178
Cost Basis $ 202,963 $ 213,096
Fair Value $ 181,538 $ 203,370
Ethereum    
Crypto Assets, Borrowed [Abstract]    
Units | unit 22,725 17,413
Cost Basis $ 74,058 $ 65,213
Fair Value $ 41,405 $ 57,989
Crypto asset borrowings    
Units | unit 28,937 19,133
Cost Basis $ 85,149 $ 68,803
Fair Value 52,725 63,720
Other crypto assets    
Crypto Assets, Borrowed [Abstract]    
Cost Basis 26,126 18,701
Fair Value 18,239 23,583
Crypto asset borrowings    
Cost Basis 46,393 28,141
Fair Value $ 38,345 $ 33,020
v3.25.1
COLLATERALIZED ARRANGEMENTS AND FINANCING - Assets pledged as collateral against crypto borrowings (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Crypto Asset, Holding [Line Items]    
Assets $ 21,731,006 $ 22,541,951
USDC | Assets pledged as collateral    
Crypto Asset, Holding [Line Items]    
Assets 0 4,009
USDC | Assets pledged as collateral not meeting derecognition criteria    
Crypto Asset, Holding [Line Items]    
Assets $ 300,897 $ 329,832
v3.25.1
CRYPTO ASSETS HELD FOR OPERATIONS - Summary of Units, Cost Basis and Fair Value (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Asset, Holding [Line Items]    
Cost Basis $ 79,891 $ 96,054
Crypto assets held for operations $ 67,485 $ 82,781
Ethereum    
Crypto Asset, Holding [Line Items]    
Units | unit 9,058 8,142
Cost Basis $ 15,186 $ 21,843
Crypto assets held for operations $ 16,518 $ 27,122
Solana    
Crypto Asset, Holding [Line Items]    
Units | unit 31,910 69,280
Cost Basis $ 4,768 $ 14,526
Crypto assets held for operations $ 3,990 $ 13,245
Bitcoin    
Crypto Asset, Holding [Line Items]    
Units | unit 302 57
Cost Basis $ 28,280 $ 7,814
Crypto assets held for operations 24,993 5,473
Other crypto assets    
Crypto Asset, Holding [Line Items]    
Cost Basis 31,657 51,871
Crypto assets held for operations $ 21,984 $ 36,941
v3.25.1
ACCOUNTS RECEIVABLE, NET (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Stablecoin revenue receivable $ 112,876 $ 85,983
Customer fee revenue receivable 34,038 39,317
Other accounts receivable 125,525 169,380
Gross accounts receivable 272,439 294,680
Less: allowance for doubtful accounts (27,327) (29,429)
Total accounts receivable, net $ 245,112 $ 265,251
One Customer | Accounts receivable, net | Customer Concentration Risk    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage (more than) 10.00% 10.00%
v3.25.1
CRYPTO ASSETS HELD FOR INVESTMENT - Summary of Units, Cost Basis and Fair Value (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Asset, Holding [Line Items]    
Cost Basis $ 1,239,259 $ 880,665
Fair Value $ 1,268,001 $ 1,552,995
Bitcoin    
Crypto Asset, Holding [Line Items]    
Units | unit 9,267 6,885
Cost Basis $ 518,365 $ 272,164
Fair Value $ 765,034 $ 642,738
Ethereum    
Crypto Asset, Holding [Line Items]    
Units | unit 137,334 115,700
Cost Basis $ 314,167 $ 260,674
Fair Value 250,229 385,314
Other crypto assets    
Crypto Asset, Holding [Line Items]    
Cost Basis 406,727 347,827
Fair Value $ 252,738 $ 524,943
v3.25.1
CRYPTO ASSETS HELD FOR INVESTMENT - Narrative (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Crypto asset subject to selling restriction $ 47.7
v3.25.1
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-Term Debt, Gross $ 4,275,470 $ 4,275,470
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net (38,380) (41,389)
Long-Term Debt, Total 4,237,090 4,234,081
Fair Value $ 3,947,892 $ 4,210,351
Convertible notes | 2026 Convertible Notes    
Debt Instrument [Line Items]    
Debt instrument, stated percentage 0.50% 0.50%
Debt Instrument, Interest Rate, Effective Percentage 0.98% 0.98%
Long-Term Debt, Gross $ 1,273,013 $ 1,273,013
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net (7,924) (9,395)
Long-Term Debt, Total 1,265,089 1,263,618
Fair Value $ 1,248,189 $ 1,331,062
Convertible notes | 2030 Convertible Notes    
Debt Instrument [Line Items]    
Debt instrument, stated percentage 0.25% 0.25%
Debt Instrument, Interest Rate, Effective Percentage 0.55% 0.55%
Long-Term Debt, Gross $ 1,265,000 $ 1,265,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net (18,415) (19,322)
Long-Term Debt, Total 1,246,585 1,245,678
Fair Value $ 1,170,252 $ 1,353,044
Senior Notes | 2028 Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, stated percentage   3.38%
Debt Instrument, Interest Rate, Effective Percentage 3.57% 3.57%
Long-Term Debt, Gross $ 1,000,000 $ 1,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net (6,138) (6,562)
Long-Term Debt, Total 993,862 993,438
Fair Value $ 906,300 $ 901,250
Senior Notes | 2031 Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, stated percentage 3.63% 3.63%
Debt Instrument, Interest Rate, Effective Percentage 3.77% 3.77%
Long-Term Debt, Gross $ 737,457 $ 737,457
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net (5,903) (6,110)
Long-Term Debt, Total 731,554 731,347
Fair Value $ 623,151 $ 624,995
v3.25.1
DERIVATIVES - Schedule of derivative assets and liabilities (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gross Derivative Assets $ 159,044 $ 108,665
Gross Derivative Liabilities 146,161 255,915
Accounts receivable, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 28,814 16,264
Gross Derivative Assets 38,984 20,368
Gross Derivative Liabilities 4,299 1,811
Total 63,499 34,821
Other current assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host   99,265
Gross Derivative Assets   61,304
Gross Derivative Liabilities   0
Total   160,569
Crypto asset borrowings    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 334,506 310,040
Gross Derivative Assets 63,552 18,030
Gross Derivative Liabilities 1,654 8,100
Total 272,608 300,110
Accrued expenses and other current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 25,100 37,428
Gross Derivative Assets 7,652 6,814
Gross Derivative Liabilities 2,312 2,708
Total 19,760 33,322
Obligation to return collateral    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 508,508 526,337
Gross Derivative Assets 48,856 2,149
Gross Derivative Liabilities 137,896 243,296
Total $ 597,548 $ 767,484
v3.25.1
DERIVATIVES - Schedule of gains (losses) recorded in income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative [Line Items]    
Gain (loss) on derivatives $ 188,825 $ (201,106)
Crypto asset borrowings    
Derivative [Line Items]    
Gain (loss) on derivatives 51,968 (95,914)
Obligation to return collateral    
Derivative [Line Items]    
Gain (loss) on derivatives 152,106 (117,266)
Other    
Derivative [Line Items]    
Gain (loss) on derivatives $ (15,249) $ 12,074
v3.25.1
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Balance sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 109,562 $ 88,500
Income taxes receivable 5,762 5,530
Other 36,653 183,506
Total other current assets 151,977 277,536
Strategic investments 417,259 374,161
Software and equipment, net 218,445 200,080
Intangible assets, net 46,599 46,804
Income taxes receivable 60,554 60,004
Lease ROU assets 83,660 81,151
Other 33,550 33,135
Total other non-current assets 860,067 795,335
Accrued payroll and payroll related expenses 98,635 186,151
Other accrued expenses 223,019 145,369
Accounts payable 62,515 63,316
Income taxes payable 127,597 90,910
Other payables 150,276 204,390
Total accrued expenses and other current liabilities 662,042 690,136
Lease liabilities 85,050 85,789
Other 7,257 3,919
Total other non-current liabilities $ 92,307 $ 89,708
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of fair value of assets and liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Assets      
Cash equivalents $ 8,051,169 $ 8,543,903 $ 6,711,400
Crypto assets held for operations 62,900    
Crypto assets borrowed 235,433 261,052  
Crypto assets held for investment 1,268,001 1,552,995  
Liabilities      
Restricted cash and deposits 52,900 37,100  
Deposits Held at Banks      
Assets      
Cash equivalents 1,900,000 1,900,000  
Customer custodial funds 2,000,000 1,900,000  
Cash Held at Venues      
Assets      
Cash equivalents 1,900,000 1,900,000  
Level 1 | Fair Value, Recurring      
Assets      
Cash equivalents 6,153,826 6,607,023  
Restricted cash equivalents 2,802 1,415  
Customer custodial funds 3,359,413 4,269,410  
Crypto assets held for operations 67,485 82,781  
Fiat loan receivables 0 0  
Crypto assets held as collateral 597,548 767,484  
Crypto assets borrowed 235,433 261,052  
Crypto assets held for investment 1,268,001 1,552,995  
Derivative assets 0 0  
Total assets 11,684,508 13,542,160  
Liabilities      
Derivative liabilities 0 0  
Level 2 | Fair Value, Recurring      
Assets      
Cash equivalents 0 0  
Restricted cash equivalents 0 0  
Customer custodial funds 0 0  
Crypto assets held for operations 0 0  
Fiat loan receivables 41,853 92,619  
Crypto assets held as collateral 0 0  
Crypto assets borrowed 0 0  
Crypto assets held for investment 0 0  
Derivative assets 159,044 108,665  
Total assets 200,897 201,284  
Liabilities      
Derivative liabilities $ 146,161 $ 255,915  
v3.25.1
FAIR VALUE MEASUREMENTS - Cumulative remeasurement (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Cumulative impairments and downward adjustments $ 120,700 $ 145,800
v3.25.1
STOCK-BASED COMPENSATION - Schedule of stock option activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Options Outstanding    
Beginning balance (in shares) 22,929  
Exercised (in shares) (396)  
Forfeited and cancelled (in shares) (34)  
Ending balance (in shares) 22,499 22,929
Weighted Average Exercise Price Per Share    
Options outstanding, Beginning balance (in dollars per share) $ 25.59  
Options exercised (in dollars per share) 26.57  
Options forfeited and cancelled (in dollars per share) 113.11  
Options outstanding, Ending balance (in dollars per share) $ 25.44 $ 25.59
Stock Option Activity, Additional Disclosures    
Options outstanding, Weighted average remaining contractual life 5 years 5 years 2 months 12 days
Options outstanding, Aggregate intrinsic value $ 3,320,324 $ 5,106,538
Options exercisable, Number of options (in shares) 17,592  
Options exercisable, Weighted average exercise price per share (in dollars per share) $ 25.99  
Options exercisable, Weighted average remaining contractual life 4 years 10 months 24 days  
Options exercisable, Aggregate intrinsic value $ 2,590,282  
Options vested and expected to vest, Number of options (in shares) 17,592  
Options vested and expected to vest, Weighted average exercise price per share (in dollars per share) $ 25.99  
Options vested and expected to vest, Weighted average remaining contractual life 4 years 10 months 24 days  
Options vested and expected to vest, Aggregate intrinsic value $ 2,590,282  
v3.25.1
STOCK-BASED COMPENSATION - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total unrecognized compensation cost related to unvested stock options $ 17,300
Stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, weighted-average period of recognition 2 years 7 months 6 days
Restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, weighted-average period of recognition 1 year 6 months
Total unrecognized compensation cost $ 905,359
Performance restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, weighted-average period of recognition 9 months 18 days
Total unrecognized compensation cost $ 6,572
Restricted stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, weighted-average period of recognition 10 months 24 days
Total unrecognized compensation cost $ 5,219
v3.25.1
STOCK-BASED COMPENSATION - Schedule of restricted stock unit and restricted stock activity (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Restricted stock units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Beginning balance (in shares) | shares 2,350
Granted (in shares) | shares 3,062
Vested (in shares) | shares (847)
Forfeited and cancelled (in shares) | shares (166)
Ending balance (in shares) | shares 4,399
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares $ 163.82
Granted, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 268.16
Vested, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 201.77
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 205.56
Ending balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares $ 227.56
Performance restricted stock units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Beginning balance (in shares) | shares 724
Granted (in shares) | shares 0
Vested (in shares) | shares (81)
Forfeited and cancelled (in shares) | shares 0
Ending balance (in shares) | shares 643
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares $ 55.42
Granted, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 0
Vested, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 55.42
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 0
Ending balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares $ 55.42
Restricted stock  
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Beginning balance (in shares) | shares 340
Granted (in shares) | shares 0
Vested (in shares) | shares (235)
Forfeited and cancelled (in shares) | shares 0
Ending balance (in shares) | shares 105
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares $ 98.49
Granted, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 0
Vested, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 113.75
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 0
Ending balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares $ 64.51
v3.25.1
STOCK-BASED COMPENSATION - Schedule of stock based compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock based compensation expense $ 190,729 $ 224,504
Share based payment arrangement, capitalized 16,565 11,065
Technology and development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock based compensation expense 108,092 139,830
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock based compensation expense 14,905 16,623
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock based compensation expense $ 67,732 $ 68,051
v3.25.1
OTHER EXPENSE (INCOME), NET (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Losses (gains) on other financial instruments, net $ 21,683 $ (13,186)
Losses (gains) on crypto asset loan receivables, net 2,853 (25,526)
Other (18,348) (6,893)
Other Nonoperating Income (Expense) $ 6,188 $ (45,605)
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]      
Effective income tax rate 20.40% 18.20%  
Federal tax rate 21.00%    
Net deferred tax asset $ 995,529   $ 941,298
v3.25.1
NET INCOME (LOSS) PER SHARE - Schedule of net income (loss) per share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net income attributable to common stockholders, basic    
Net income $ 65,608 $ 1,176,245
Less: Net income allocated to participating shares 0 (766)
Net income attributable to common stockholders, basic 65,608 1,175,479
Net income attributable to common stockholders, diluted    
Net income 65,608 1,176,245
Add: Interest on convertible notes, net of tax 0 2,531
Less: Net income allocated to participating shares 0 (697)
Net income attributable to common stockholders, diluted $ 65,608 $ 1,178,079
Weighted-average shares of common stock used to compute net income per share:    
WASO - basic (in shares) 253,878 242,793
Weighted-average effect of potentially dilutive shares:    
Convertible Notes (in shares) 0 4,145
WASO - diluted (in shares) 271,251 267,945
Basic (in dollars per share) $ 0.26 $ 4.84
Diluted (in dollars per share) $ 0.24 $ 4.40
Stock options    
Weighted-average effect of potentially dilutive shares:    
Share-based payment arrangements (in shares) 15,823 18,534
Restricted stock units    
Weighted-average effect of potentially dilutive shares:    
Share-based payment arrangements (in shares) 949 1,828
Performance restricted stock units    
Weighted-average effect of potentially dilutive shares:    
Share-based payment arrangements (in shares) 380 336
Restricted stock    
Weighted-average effect of potentially dilutive shares:    
Share-based payment arrangements (in shares) 221 309
v3.25.1
NET INCOME (LOSS) PER SHARE - Schedule of potentially dilutive shares (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of shares excluded in the computation of diluted earnings per share 15,317 8,260
Stock-based compensation awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of shares excluded in the computation of diluted earnings per share 8,088 8,260
Convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of shares excluded in the computation of diluted earnings per share 7,229 0
v3.25.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Billions
 2 Months Ended
Aug. 31, 2021
class_action_case
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]      
Off balance sheet safeguarding assets   $ 327.5 $ 404.0
Off balance sheet safeguarding liabilities   $ 327.5 $ 404.0
Number of purported securities class actions filed | class_action_case 3    
v3.25.1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]      
Revenue $ 2,034,295 $ 1,637,570  
Customer custodial funds 5,369,865   $ 6,158,949
Customer custodial fund liabilities 5,369,865   6,158,949
Related Party      
Related Party Transaction [Line Items]      
Revenue 3,600 6,900  
Amounts receivable from customers, net of allowance 1,400   2,700
Customer custodial funds 7,000   44,000
Customer custodial fund liabilities 7,000   $ 44,000
Professional and consulting services   $ 1,100  
Related Party | Strategic Investments in Equity Securities, FV-NI and without Readily Determinable Fair Value      
Related Party Transaction [Line Items]      
Related party transaction $ 3,100    
v3.25.1
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Changes in Operating Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]    
USDC $ (1,035,421) $ (299,507)
Accounts receivable, net (10,443) (108,802)
Customer custodial funds in transit (41,862) (21,260)
Income taxes, net 29,163 41,613
Other current and non-current assets (55,554) (3,856)
Other current and non-current liabilities (12,385) (82,190)
Net changes in operating assets and liabilities $ (1,126,502) $ (474,002)
v3.25.1
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]        
Cash and cash equivalents $ 8,051,169 $ 8,543,903 $ 6,711,400  
Restricted cash and cash equivalents 55,672 38,519 33,499  
Customer custodial cash and cash equivalents 5,197,074   5,002,888  
Total cash, cash equivalents, and restricted cash and cash equivalents $ 13,303,915 $ 14,610,442 $ 11,747,787 $ 9,555,448
v3.25.1
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Non-cash Investing and Financing Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Crypto Asset, Activity [Line Items]    
Crypto assets received as collateral returned $ 797,722 $ 495,237
Crypto assets received as collateral 779,893 590,690
Crypto asset loan receivables originated 730,895 424,248
Crypto asset loan receivables repaid 766,183 286,475
Crypto assets borrowed 465,262 191,436
Crypto assets borrowed repaid 440,796 77,451
Additions of crypto asset investments 171,542 3,051
Cumulative-effect adjustment due to the adoption of ASU 2023-08 $ 0 $ 561,489
v3.25.1
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Cash Paid For Interest and Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]    
Cash paid during the period for Income taxes, net of refunds $ 36,092 $ 5,528
v3.25.1
Subsequent Events (Details)
$ in Billions
May 08, 2025
USD ($)
Subsequent Event | Sentillia B.V.  
Subsequent Event [Line Items]  
Price of acquisition $ 2.9