COINBASE GLOBAL, INC., 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 24, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 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, $0.00001 par value per share  
Trading Symbol COIN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001679788  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   215,159,125
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   41,779,032
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 7,539,388 $ 8,543,903
Restricted cash and cash equivalents 69,190 38,519
USDC 2,153,824 1,241,808
Customer custodial funds 5,121,640 6,158,949
Crypto assets held for operations 125,974 82,781
Loan receivables 803,366 475,370
Crypto assets held as collateral 951,272 767,484
Crypto assets borrowed 223,620 261,052
Accounts receivable, net 222,996 265,251
Other current assets 279,230 277,536
Total current assets 17,490,500 18,112,653
Crypto assets held for investment 1,838,887 1,552,995
Strategic investments 1,933,843 374,161
Deferred tax assets 541,354 941,298
Goodwill 1,153,621 1,139,670
Other non-current assets 517,833 421,174
Total assets 23,476,038 22,541,951
Current liabilities:    
Customer custodial fund liabilities 5,121,640 6,158,949
Current portion of long-term debt 1,266,577 0
Crypto asset borrowings 268,550 300,110
Obligation to return collateral 972,661 792,125
Accrued expenses and other current liabilities 601,354 690,136
Total current liabilities 8,230,782 7,941,320
Long-term debt 2,973,545 4,234,081
Other non-current liabilities 176,822 89,708
Total liabilities 11,381,149 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 June 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 5,639,538 5,365,990
Accumulated other comprehensive loss (60) (50,051)
Retained earnings 6,455,409 4,960,901
Total stockholders’ equity 12,094,889 10,276,842
Total liabilities and stockholders’ equity 23,476,038 22,541,951
Class A Common Stock    
Stockholders’ equity:    
Common stock 2 2
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 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) 213,840,000 209,762,000
Common stock, outstanding (in shares) 213,840,000 209,762,000
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) 42,593,000 43,878,000
Common stock, outstanding (in shares) 42,593,000 43,878,000
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Revenue $ 1,497,208 $ 1,449,628 $ 3,531,503 $ 3,087,198
Operating expenses:        
Transaction expense 245,261 191,477 548,287 408,884
Technology and development 387,322 364,258 742,690 722,121
Sales and marketing 236,245 165,262 483,528 263,847
General and administrative 353,707 320,115 748,053 607,351
Losses (gains) on crypto assets held for operations, net (8,702) 31,016 25,663 (55,342)
Other operating expense, net 308,025 34,383 302,126 36,759
Total operating expenses 1,521,858 1,106,511 2,850,347 1,983,620
Operating (loss) income (24,650) 343,117 681,156 1,103,578
Interest expense 20,535 20,507 41,046 39,578
Losses (gains) on crypto assets held for investment, net (362,053) 319,020 234,598 (331,409)
Other (income) expense, net (1,506,905) 63,827 (1,500,717) 18,222
Income (loss) before income taxes 1,823,773 (60,237) 1,906,229 1,377,187
Provision for (benefit from) income taxes 394,873 (96,387) 411,721 164,792
Net income 1,428,900 36,150 1,494,508 1,212,395
Net income attributable to common stockholders:        
Basic 1,428,900 36,127 1,494,508 1,211,611
Diluted $ 1,432,511 $ 36,128 $ 1,501,717 $ 1,217,829
Net income per share:        
Basic (in dollars per share) $ 5.60 $ 0.15 $ 5.87 $ 4.95
Diluted (in dollars per share) $ 5.14 $ 0.14 $ 5.39 $ 4.49
Weighted-average shares of common stock used to compute net income per share:        
Basic (in shares) 255,188 246,298 254,537 244,546
Diluted (in shares) 278,913 266,831 278,700 271,003
Net revenue        
Revenue:        
Revenue $ 1,420,096 $ 1,379,942 $ 3,380,415 $ 2,967,619
Other revenue        
Revenue:        
Revenue $ 77,112 $ 69,686 $ 151,088 $ 119,579
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 1,428,900 $ 36,150 $ 1,494,508 $ 1,212,395
Other comprehensive income (loss):        
Translation adjustment 41,992 (2,785) 50,010 (9,683)
Income tax effect 40 10 (19) (318)
Translation adjustment, net of tax 42,032 (2,775) 49,991 (10,001)
Comprehensive income $ 1,470,932 $ 33,375 $ 1,544,499 $ 1,202,394
v3.25.2
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]              
Common stock withheld related to net share settlement of equity awards (in shares)     (662)        
Common stock withheld for net share settlement of equity awards (117,225)     (117,225)      
Common stock issued in connection with equity awards, net of stock options repurchases (in shares)     6,951        
Common stock issued in connection with equity awards, net of stock options repurchases 80,634     80,634      
Stock-based compensation (inclusive of capitalized stock-based compensation) 465,938     465,938      
Purchases of capped calls (104,110)     (104,110)      
Other comprehensive income (loss) (10,001)       (10,001)    
Net income 1,212,395         1,212,395  
Ending balance (in shares) at Jun. 30, 2024     248,337        
Ending balance at Jun. 30, 2024 8,370,769   $ 2 4,816,808 (40,271) 3,594,230  
Beginning balance (in shares) at Mar. 31, 2024     245,371        
Beginning balance at Mar. 31, 2024 8,070,994   $ 2 4,550,408 (37,496) 3,558,080  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock issued in connection with equity awards (in shares)     2,966        
Common stock issued in connection with equity awards 36,031     36,031      
Stock-based compensation (inclusive of capitalized stock-based compensation) 230,369     230,369      
Other comprehensive income (loss) (2,775)       (2,775)    
Net income 36,150         36,150  
Ending balance (in shares) at Jun. 30, 2024     248,337        
Ending balance at Jun. 30, 2024 8,370,769   $ 2 4,816,808 (40,271) 3,594,230  
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]              
Common stock issued in connection with equity awards (in shares)     3,564        
Common stock issued in connection with equity awards 59,455     59,455      
Common stock withheld related to net share settlement of equity awards (in shares)     (771)        
Common stock withheld for net share settlement of equity awards (201,381)     (201,381)      
Stock-based compensation (inclusive of capitalized stock-based compensation) 415,474     415,474      
Other comprehensive income (loss) 49,991       49,991    
Net income 1,494,508         1,494,508  
Ending balance (in shares) at Jun. 30, 2025     256,433        
Ending balance at Jun. 30, 2025 12,094,889   $ 2 5,639,538 (60) 6,455,409  
Beginning balance (in shares) at Mar. 31, 2025     254,590        
Beginning balance at Mar. 31, 2025 10,468,240   $ 2 5,483,821 (42,092) 5,026,509  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock issued in connection with equity awards (in shares)     2,226        
Common stock issued in connection with equity awards 48,615     48,615      
Common stock withheld related to net share settlement of equity awards (in shares)     (383)        
Common stock withheld for net share settlement of equity awards (101,078)     (101,078)      
Stock-based compensation (inclusive of capitalized stock-based compensation) 208,180     208,180      
Other comprehensive income (loss) 42,032       42,032    
Net income 1,428,900         1,428,900  
Ending balance (in shares) at Jun. 30, 2025     256,433        
Ending balance at Jun. 30, 2025 $ 12,094,889   $ 2 $ 5,639,538 $ (60) $ 6,455,409  
v3.25.2
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]
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 1,494,508 $ 1,212,395
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 67,234 63,828
Stock-based compensation expense 386,889 442,438
Deferred income taxes 399,971 83,961
Losses (gains) on crypto assets held for operations, net 25,663 (55,342)
Losses (gains) on crypto assets held for investment, net 234,598 (331,409)
(Gains) losses on strategic investments, net (1,475,448) 14,663
Other operating activities, net 48,582 32,782
Net changes in operating assets and liabilities (1,036,250) (567,634)
Net cash provided by operating activities 145,747 895,682
Cash flows from investing activities    
Fiat loans originated (955,488) (808,334)
Proceeds from repayment of fiat loans 588,004 646,700
Purchases of crypto assets held for investment (458,728) 0
Dispositions of crypto assets held for investment 62,443 52,425
Other investing activities, net (153,040) (35,083)
Net cash used in investing activities (916,809) (144,292)
Cash flows from financing activities    
Customer custodial fund liabilities (1,140,867) (357,657)
Fiat received as collateral 370,553 493,499
Fiat received as collateral returned (373,804) (243,510)
Taxes paid related to net share settlement of equity awards (201,381) (117,225)
Issuance of convertible senior notes, net 0 1,246,025
Purchases of capped calls 0 (104,110)
Other financing activities, net 60,560 76,966
Net cash (used in) provided by financing activities (1,284,939) 993,988
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents (2,056,001) 1,745,378
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents 79,845 (25,923)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 14,610,442 9,555,429
Cash, cash equivalents, and restricted cash and cash equivalents, end of period $ 12,634,286 $ 11,274,884
v3.25.2
NATURE OF OPERATIONS
 6 Months Ended
Jun. 30, 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.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30, 2025, the Company held $202.8 million at these venues, including $110.3 million in cash, $54.3 million in crypto assets, and $36.9 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 June 30, 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.
v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
3. REVENUE
The following table presents revenue disaggregated by type (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net revenue
Transaction revenue
Consumer, net
$649,908  $664,772 $1,745,414 $1,599,984 
Institutional, net60,819 63,624 159,707 149,016 
Other transaction revenue, net53,543 52,506 121,357 108,643 
Total transaction revenue764,270 780,902 2,026,478 1,857,643 
Subscription and services revenue
Stablecoin revenue(1)
332,497 240,436 630,032 437,753 
Blockchain rewards144,535 185,139 341,127 336,068 
Interest and finance fee income(2)
59,316 69,400 122,402 136,063 
Other subscription and services revenue
119,478 104,065 260,376 200,092 
Total subscription and services revenue655,826 599,040 1,353,937 1,109,976 
Total net revenue1,420,096 1,379,942 3,380,415 2,967,619 
Other revenue
Corporate interest and other income(1)
77,112 69,686 151,088 119,579 
Total other revenue77,112 69,686 151,088 119,579 
Total revenue$1,497,208 $1,449,628 $3,531,503 $3,087,198 
__________________
(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 and six months ended June 30, 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 June 30,Six Months Ended June 30,
2025202420252024
U.S.(1)
$1,291,616 $1,232,616 $2,997,268 $2,586,066 
International(2)
205,592 217,012 534,235 501,132 
Total revenue$1,497,208 $1,449,628 $3,531,503 $3,087,198 
__________________
(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.
v3.25.2
COLLATERALIZED ARRANGEMENTS AND FINANCING
 6 Months Ended
Jun. 30, 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):
June 30,December 31,
20252024
Loan receivables
Fiat loan receivables$750,237 $382,751 
Crypto asset loan receivables53,129 92,619 
Total loan receivables(1)
$803,366 $475,370 
Customer loans not meeting recognition criteria
USDC$75,436 $168,795 
__________________
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of June 30, 2025 and December 31, 2024.
As of June 30, 2025 and December 31, 2024, the Company had three and two counterparties, respectively, 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 June 30, 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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$21,389 N/AN/A$24,641 
Bitcoin7,978 $577,798 859,940 6,918 $414,745 647,568 
Ethereum36,750 100,767 91,332 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$678,565 951,272 $521,597 767,484 
Total recognized held as collateral
$972,661 $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):
June 30,December 31,
20252024
Fiat$50,161 $64,760 
USDC32,357 45,222 
Crypto assets532,575 178,619 
Total customer collateral not recognized as collateral
$615,093 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin1,100 $105,212 $117,906 1,923 $191,986 $179,480 
Ethereum32,355 86,709 80,439 17,413 65,213 57,989 
Other crypto assets(1)
nm27,500 25,275 nm18,701 23,583 
Total borrowed$219,421 $223,620 $275,900 $261,052 
Crypto asset borrowings
Bitcoin1,342 $128,665 $143,790 2,178 $213,096 $203,370 
Ethereum35,172 92,562 87,443 19,133 68,803 63,720 
Other crypto assets(1)
nm39,550 37,317 nm28,141 33,020 
Total borrowings$260,777 $268,550 $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 June 30, 2025 and December 31, 2024, the weighted average annual fees on these borrowings were 2.9% 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):
June 30,December 31,
20252024
Assets pledged as collateral
USDC
$— $4,009 
Assets pledged as collateral not meeting derecognition criteria
USDC
$294,761 $329,832 
v3.25.2
CRYPTO ASSETS HELD FOR OPERATIONS
 6 Months Ended
Jun. 30, 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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin514 $57,113 $55,136 57 $7,814 $5,473 
Ethereum11,195 19,552 27,813 8,142 21,843 27,122 
Solana64,991 11,085 9,656 69,280 14,526 13,245 
Other crypto assets(1)
nm40,793 33,369 nm51,871 36,941 
Total held for operations$128,543 $125,974 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin11,776 $740,339 $1,261,220 6,885 $272,164 $642,738 
Ethereum136,782 268,673 339,502 115,700 260,674 385,314 
Other crypto assets(1)
nm264,163 238,165 nm347,827 524,943 
Total held for investment$1,273,175 $1,838,887 $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 June 30, 2025, the Company had $75.7 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2025 and 2029.
v3.25.2
ACCOUNTS RECEIVABLE, NET
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET
6. ACCOUNTS RECEIVABLE, NET
Accounts receivable, net consisted of the following (in thousands):
June 30,December 31,
20252024
Stablecoin revenue receivable$108,888 $85,983 
Customer fee revenue receivable28,637 39,317 
Other accounts receivable98,294 169,380 
Gross accounts receivable235,819 294,680 
Less: allowance for doubtful accounts(12,823)(29,429)
Total accounts receivable, net$222,996 $265,251 
As of June 30, 2025 and December 31, 2024, the Company had two and one counterparties, respectively, each who accounted for more than 10%
v3.25.2
CRYPTO ASSETS HELD FOR INVESTMENT
 6 Months Ended
Jun. 30, 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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin514 $57,113 $55,136 57 $7,814 $5,473 
Ethereum11,195 19,552 27,813 8,142 21,843 27,122 
Solana64,991 11,085 9,656 69,280 14,526 13,245 
Other crypto assets(1)
nm40,793 33,369 nm51,871 36,941 
Total held for operations$128,543 $125,974 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin11,776 $740,339 $1,261,220 6,885 $272,164 $642,738 
Ethereum136,782 268,673 339,502 115,700 260,674 385,314 
Other crypto assets(1)
nm264,163 238,165 nm347,827 524,943 
Total held for investment$1,273,175 $1,838,887 $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 June 30, 2025, the Company had $75.7 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2025 and 2029.
v3.25.2
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT
8. LONG-TERM DEBT
The components of Long-term debt, including the current portion due June 1, 2026, were as follows (in thousands, except percentages):
Effective Interest RatePrincipal Amount
Unamortized Debt Discount and Issuance Costs
Net Carrying Amount
Fair Value(1)
June 30, 2025
0.50% 2026 Convertible Notes due June 1, 2026
0.98%$1,273,013 $(6,436)$1,266,577 $1,474,022 
3.38% 2028 Senior Notes due October 1, 2028
3.57%1,000,000 (5,711)994,289 938,750 
0.25% 2030 Convertible Notes due April 1, 2030
0.55%1,265,000 (17,506)1,247,494 1,654,747 
3.63% 2031 Senior Notes due October 1, 2031
3.77%737,457 (5,695)731,762 659,102 
Total$4,275,470 $(35,348)$4,240,122 $4,726,621 
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.
v3.25.2
DERIVATIVES
 6 Months Ended
Jun. 30, 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
June 30, 2025
Accounts receivable, net(1)
$10,519 $23,354 $2,959 $30,914 
Crypto asset borrowings260,777 22,825 30,598 268,550 
Obligation to return collateral(1)
678,566 9,442 282,148 951,272 
Accrued expenses and other current liabilities(1)
26,663 4,573 2,132 24,222 
Total fair value of derivatives$60,194 $317,837 
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
The impacts of (losses) gains on derivative instruments recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Crypto asset borrowings(1)
$(69,671)$46,099 $(17,703)$(49,815)
Obligation to return collateral(1)
(183,665)112,915 (31,559)(4,351)
Other(2)
14,056 (26,707)(1,193)(14,633)
Total$(239,280)$132,307 $(50,455)$(68,799)
__________________
(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 expense, net or Other (income) expense, net in the Condensed Consolidated Statements of Operations depending on the nature of the derivative.
v3.25.2
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS
 6 Months Ended
Jun. 30, 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):
June 30,December 31,
20252024
Other current assets
Prepaid expenses$92,578 $88,500 
Income taxes receivable40,823 5,530 
Other145,829 183,506 
Total other current assets$279,230 $277,536 
Other non-current assets
Software and equipment, net$241,776 $200,080 
Intangible assets, net
41,309 46,804 
Income taxes receivable61,110 60,004 
Lease right-of-use assets135,969 81,151 
Other37,669 33,135 
Total other non-current assets$517,833 $421,174 
Accrued expenses and other current liabilities
Accrued payroll and payroll related expenses$108,694 $186,151 
Other accrued expenses211,421 145,369 
Accounts payable68,518 63,316 
Income taxes payable6,464 90,910 
Other payables206,257 204,390 
Total accrued expenses and other current liabilities$601,354 $690,136 
Other non-current liabilities
Lease liabilities$169,393 $85,789 
Other7,429 3,919 
Total other non-current liabilities
$176,822 $89,708 

Leases
The Company has operating leases for corporate offices. The leases have remaining lease terms ranging from less than one year to 13 years, and generally have options to extend or terminate the lease that were not accounted for in determining the lease terms as the Company is not reasonably certain it will exercise those options.
Maturities of lease liabilities for the 12-month period ending June 30 of the respective year, were as follows as of June 30, 2025 (in thousands):
2026$17,906 
202720,938 
202819,187 
202919,107 
203021,070 
Thereafter182,994 
Total lease payments281,202 
Less: imputed interest
(93,427)
Total lease liabilities
$187,775 

Other information related to leases was as follows:
June 30,December 31,
20252024
Weighted-average remaining lease term (in years)10.39.8
Weighted-average discount rate6.64%6.36%
v3.25.2
FAIR VALUE MEASUREMENTS AND STRATEGIC INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS AND STRATEGIC INVESTMENTS
11. FAIR VALUE MEASUREMENTS AND STRATEGIC INVESTMENTS
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):
June 30, 2025December 31, 2024
Level 1Level 2Level 1Level 2
Assets
Cash equivalents(1)
$5,980,319 $— $6,607,023 $— 
Restricted cash equivalents(2)
2,519 — 1,415 — 
Customer custodial funds(3)
3,139,226 — 4,269,410 — 
Crypto assets held for operations125,974 — 82,781 — 
Crypto asset loan receivables— 53,129 — 92,619 
Crypto assets held as collateral951,272 — 767,484 — 
Crypto assets borrowed223,620 — 261,052 — 
Other current assets(4)
105,711 — — — 
Crypto assets held for investment1,838,887 — 1,552,995 — 
Strategic investments(5)
1,543,261 10,340 — — 
Derivative assets(6)
— 60,194 — 108,665 
Total assets$13,910,789 $123,663 $13,542,160 $201,284 
Liabilities
Derivative liabilities(6)
$— $317,837 $— $255,915 
__________________
(1)Represents cash equivalents, which comprise money market funds. Excludes cash of $1.6 billion and $1.9 billion as of June 30, 2025 and December 31, 2024, respectively.
(2)Represents restricted cash equivalents, which comprise money market funds. Excludes restricted cash of $66.7 million and $37.1 million as of June 30, 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 June 30, 2025 and December 31, 2024, respectively.
(4)Represents short-term investments. Excludes Other current assets that are not measured and recorded at fair value of $173.5 million and $277.5 million as of June 30, 2025 and December 31, 2024, respectively.
(5)Represents marketable equity securities. Excludes strategic investments that are not measured and recorded at fair value on a recurring basis of $380.2 million and $374.2 million as of June 30, 2025 and December 31, 2024, respectively.
(6)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 as an observable input. This includes prices for underlying crypto assets and, for non-crypto denominated assets and liabilities, prices for similar assets and liabilities in inactive markets.
During the three and six months ended June 30, 2025, there were net unrealized gains of $1.5 billion related to the Company’s marketable equity securities held as of June 30, 2025. There were no realized gains or losses during these periods as no marketable equity securities were sold, and nearly all of this investment balance is subject to restrictions as to disposition.
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.
Nearly all of the Company’s strategic investments measured and recorded at fair value on a non-recurring basis due to the lack of readily determinable fair values are 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 these 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 June 30, 2025 and December 31, 2024. Cumulative impairments and downward adjustments as of these dates were $121.6 million and $145.8 million, respectively.
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.
v3.25.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 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(1,496)28.93 
Forfeited and cancelled(42)100.51 
Balance at June 30, 202521,391 $25.20 4.8$6,958,048 
Exercisable at June 30, 202516,483 $25.72 4.7$5,353,251 
Vested and expected to vest at June 30, 202516,483 $25.72 4.7$5,353,251 
As of June 30, 2025, there was total unrecognized compensation cost of $13.7 million related to unvested stock options, which cost is expected to be recognized over a weighted-average period of 2.7 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 
Granted3,344 262.80 — — — — 
Vested(1,772)211.24 (81)55.42 (235)113.75 
Forfeited and cancelled(354)216.38 — — (12)64.51 
Balance at June 30, 20253,568 $227.84 643 $55.42 93 $64.51 
__________________
(1)Represents the weighted-average grant date fair value per share.
As of June 30, 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$722,724 1.4
Performance restricted stock units
$4,556 0.6
Restricted stock
$3,352 0.7
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 June 30,Six Months Ended June 30,
2025202420252024
Statements of Operations
Technology and development$117,240 $133,622 $225,332 $273,452 
Sales and marketing14,533 16,691 29,438 33,314 
General and administrative64,387 67,621 132,119 135,672 
Total stock-based compensation expense$196,160 $217,934 $386,889 $442,438 
Balance Sheets
Other non-current assets(1)
$12,020 $12,435 $28,585 $23,500 
_______________
(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.
v3.25.2
OTHER (INCOME) EXPENSE, NET
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
OTHER (INCOME) EXPENSE, NET
13. OTHER (INCOME) EXPENSE, NET
Other (income) expense, net consisted of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(Gains) losses on strategic investments, net(1)
$(1,472,121)$13,814 $(1,475,448)$14,663 
(Gains) losses on other financial instruments, net(17,740)24,584 3,943 11,398 
(Gains) losses on crypto asset loan receivables, net(1,453)34,010 1,400 8,484 
 Other
(15,591)(8,581)(30,612)(16,323)
Total other (income) expense, net$(1,506,905)$63,827 $(1,500,717)$18,222 
_______________
(1)See Note 11. Fair Value Measurements and Strategic Investments for additional details.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
14. INCOME TAXES
The Company’s effective tax rate (“ETR”) for the three months ended June 30, 2025 and 2024 was 21.7% and 160.0%, respectively. The ETR of 21.7% for the three months ended June 30, 2025 was higher than the U.S. statutory rate of 21.0%, primarily due to the Company’s non-deductible expenses and state tax, mostly offset by deductible stock-based compensation. The Company’s ETR for the six months ended June 30, 2025 and 2024 was 21.6% and 12.0%, respectively. The ETR of 21.6% for the six months ended June 30, 2025 was higher than the U.S. statutory rate of 21.0%, primarily due to the Company’s non-deductible expenses and state tax, mostly offset by deductible stock-based compensation.
As of June 30, 2025, the Company had a net deferred tax asset balance of $541.4 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.
v3.25.2
NET INCOME PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME 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
June 30,		Six Months Ended
June 30,
2025202420252024
Numerators
Net income$1,428,900 $36,150 $1,494,508 $1,212,395 
Less: net income allocated to participating shares
— (23)— (784)
Net income attributable to common stockholders, basic$1,428,900 $36,127 $1,494,508 $1,211,611 
Net income$1,428,900 $36,150 $1,494,508 $1,212,395 
Add: interest on convertible notes, net of tax
3,611 — 7,209 6,145 
Less: net income allocated to participating shares
— (22)— (711)
Net income attributable to common stockholders, diluted$1,432,511 $36,128 $1,501,717 $1,217,829 
Denominators
WASO - basic255,188 246,298 254,537 244,546 
Weighted-average effect of potentially dilutive shares:
Stock options15,299 17,254 15,561 17,894 
Convertible notes7,229 — 7,229 5,687 
Restricted stock units665 2,672 807 2,250 
Performance restricted stock units446 350 413 343 
Restricted stock86 257 153 283 
WASO - diluted278,913 266,831 278,700 271,003 
Net income per share attributable to common stockholders:
Basic$5.60 $0.15 $5.87 $4.95 
Diluted$5.14 $0.14 $5.39 $4.49 
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, or in the case of performance awards, as the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the reporting period (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Equity awards(1)
7,383 7,807 7,383 7,807 
Convertible notes— 7,229 — — 
Total7,383 15,036 7,383 7,807 
__________________
(1)Includes shares under the ESPP.
See also Note 16. Commitments and Contingencies for discussion of an additional 10,997,881 shares of Class A common stock that would be issued should the Company’s acquisition of Sentillia B.V. (“Deribit”) close as anticipated.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024. The Company holds crypto assets and USDC in custodial products on its platform on behalf of its customers totaling $425.0 billion and $404.0 billion at fair value at June 30, 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 $425.0 billion and $404.0 billion at June 30, 2025 and December 31, 2024, respectively. Since the risk of loss is remote, the Company did not recognize a contingent liability at June 30, 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 parties have 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 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.
Other commitments
On May 8, 2025, the Company signed a definitive agreement to acquire Deribit. Deribit is a crypto derivatives exchange, and the Company believes this strategic acquisition will play a key role in its goal to be the premier global platform for crypto derivatives. The Company agreed to pay $700.0 million cash and 10,997,881 shares of the Company’s Class A common stock. The aggregate purchase price of cash and issuance of the Company’s Class A common stock are due upon the closing of the transaction, which is subject to customary closing conditions, including regulatory approvals, and is expected to close by December 31, 2025. In the interim, the aggregate purchase price will continue to fluctuate with changes in the price of the Company’s Class A common stock.
During the three months ended June 30, 2025, the Company renewed a multi-year technology services agreement, committing $600.0 million in total purchases over the next four years, including annual minimums ranging from $90.0 million to $130.0 million, consistent with historical commitment levels. None of this commitment was accrued as of June 30, 2025.
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 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 $1.6 million and $6.7 million during the three months ended June 30, 2025 and 2024, respectively, and $5.2 million and $13.6 million during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, Accounts receivable, net from related party customers were $1.3 million and $2.7 million, respectively.
Customer custodial funds and liabilities
Customer custodial funds and Customer custodial fund liabilities for related parties were $5.1 million and $44.0 million as of June 30, 2025 and December 31, 2024, respectively.
Other assets
The Company made strategic investments of an aggregate of $4.7 million and $3.3 million during the three months ended June 30, 2025 and 2024, respectively, and $7.8 million and $3.3 million during the six months ended June 30, 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 amounts of professional and consulting services provided by entities affiliated with related parties during the three and six months ended June 30, 2025, compared to $0.3 million and
$1.4 million, respectively, during the same periods in 2024. As of June 30, 2025 and December 31, 2024, there were no Accounts payable to related parties.
v3.25.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
18. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Changes in operating assets and liabilities affecting cash were as follows (in thousands):
Six Months Ended June 30,
20252024
USDC$(947,025)$(492,242)
Accounts receivable, net43,556 (69,779)
Customer custodial funds in transit34,997 (5,012)
Income taxes, net(125,633)(1,667)
Other current and non-current assets(117,405)(2,971)
Other current and non-current liabilities75,260 4,037 
Net changes in operating assets and liabilities$(1,036,250)$(567,634)
The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands):
June 30,
20252024
Cash and cash equivalents$7,539,388 $7,225,535 
Restricted cash and cash equivalents69,190 34,282 
Customer custodial cash and cash equivalents5,025,708 4,015,067 
Total cash, cash equivalents, and restricted cash and cash equivalents$12,634,286 $11,274,884 
The following is a supplemental schedule of non-cash investing and financing activities (in thousands):
Six Months Ended June 30,
20252024
Crypto assets received as collateral$1,507,022 $1,686,190 
Crypto assets received as collateral returned1,354,794 1,448,854 
Crypto asset loan receivables originated1,110,482 837,729 
Crypto asset loan receivables repaid1,145,392 741,500 
Crypto assets borrowed588,999 225,037 
Crypto assets borrowed repaid638,262 100,285 
Additions of crypto asset investments171,645 1,941 
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):
Six Months Ended June 30,
20252024
Cash paid during the period for interest$35,005 $33,424 
Cash paid during the period for income taxes, net of refunds
131,310 — 
Cash paid during the period for income taxes (prior to ASU No. 2023-09, Improvements to Income Tax Disclosures)
— 81,552 
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income $ 1,428,900 $ 36,150 $ 1,494,508 $ 1,212,395
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 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
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30, 2025, the Company held $202.8 million at these venues, including $110.3 million in cash, $54.3 million in crypto assets, and $36.9 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 June 30, 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.
v3.25.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
Net revenue
Transaction revenue
Consumer, net
$649,908  $664,772 $1,745,414 $1,599,984 
Institutional, net60,819 63,624 159,707 149,016 
Other transaction revenue, net53,543 52,506 121,357 108,643 
Total transaction revenue764,270 780,902 2,026,478 1,857,643 
Subscription and services revenue
Stablecoin revenue(1)
332,497 240,436 630,032 437,753 
Blockchain rewards144,535 185,139 341,127 336,068 
Interest and finance fee income(2)
59,316 69,400 122,402 136,063 
Other subscription and services revenue
119,478 104,065 260,376 200,092 
Total subscription and services revenue655,826 599,040 1,353,937 1,109,976 
Total net revenue1,420,096 1,379,942 3,380,415 2,967,619 
Other revenue
Corporate interest and other income(1)
77,112 69,686 151,088 119,579 
Total other revenue77,112 69,686 151,088 119,579 
Total revenue$1,497,208 $1,449,628 $3,531,503 $3,087,198 
__________________
(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
The following table presents revenue disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
U.S.(1)
$1,291,616 $1,232,616 $2,997,268 $2,586,066 
International(2)
205,592 217,012 534,235 501,132 
Total revenue$1,497,208 $1,449,628 $3,531,503 $3,087,198 
__________________
(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.
v3.25.2
COLLATERALIZED ARRANGEMENTS AND FINANCING (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Prime Financing lending arrangements
The following table summarizes the Company’s Prime Financing lending arrangements (in thousands):
June 30,December 31,
20252024
Loan receivables
Fiat loan receivables$750,237 $382,751 
Crypto asset loan receivables53,129 92,619 
Total loan receivables(1)
$803,366 $475,370 
Customer loans not meeting recognition criteria
USDC$75,436 $168,795 
__________________
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of June 30, 2025 and December 31, 2024.
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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$21,389 N/AN/A$24,641 
Bitcoin7,978 $577,798 859,940 6,918 $414,745 647,568 
Ethereum36,750 100,767 91,332 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$678,565 951,272 $521,597 767,484 
Total recognized held as collateral
$972,661 $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):
June 30,December 31,
20252024
Fiat$50,161 $64,760 
USDC32,357 45,222 
Crypto assets532,575 178,619 
Total customer collateral not recognized as collateral
$615,093 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin1,100 $105,212 $117,906 1,923 $191,986 $179,480 
Ethereum32,355 86,709 80,439 17,413 65,213 57,989 
Other crypto assets(1)
nm27,500 25,275 nm18,701 23,583 
Total borrowed$219,421 $223,620 $275,900 $261,052 
Crypto asset borrowings
Bitcoin1,342 $128,665 $143,790 2,178 $213,096 $203,370 
Ethereum35,172 92,562 87,443 19,133 68,803 63,720 
Other crypto assets(1)
nm39,550 37,317 nm28,141 33,020 
Total borrowings$260,777 $268,550 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin514 $57,113 $55,136 57 $7,814 $5,473 
Ethereum11,195 19,552 27,813 8,142 21,843 27,122 
Solana64,991 11,085 9,656 69,280 14,526 13,245 
Other crypto assets(1)
nm40,793 33,369 nm51,871 36,941 
Total held for operations$128,543 $125,974 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin11,776 $740,339 $1,261,220 6,885 $272,164 $642,738 
Ethereum136,782 268,673 339,502 115,700 260,674 385,314 
Other crypto assets(1)
nm264,163 238,165 nm347,827 524,943 
Total held for investment$1,273,175 $1,838,887 $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):
June 30,December 31,
20252024
Assets pledged as collateral
USDC
$— $4,009 
Assets pledged as collateral not meeting derecognition criteria
USDC
$294,761 $329,832 
v3.25.2
CRYPTO ASSETS HELD FOR OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$21,389 N/AN/A$24,641 
Bitcoin7,978 $577,798 859,940 6,918 $414,745 647,568 
Ethereum36,750 100,767 91,332 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$678,565 951,272 $521,597 767,484 
Total recognized held as collateral
$972,661 $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):
June 30,December 31,
20252024
Fiat$50,161 $64,760 
USDC32,357 45,222 
Crypto assets532,575 178,619 
Total customer collateral not recognized as collateral
$615,093 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin1,100 $105,212 $117,906 1,923 $191,986 $179,480 
Ethereum32,355 86,709 80,439 17,413 65,213 57,989 
Other crypto assets(1)
nm27,500 25,275 nm18,701 23,583 
Total borrowed$219,421 $223,620 $275,900 $261,052 
Crypto asset borrowings
Bitcoin1,342 $128,665 $143,790 2,178 $213,096 $203,370 
Ethereum35,172 92,562 87,443 19,133 68,803 63,720 
Other crypto assets(1)
nm39,550 37,317 nm28,141 33,020 
Total borrowings$260,777 $268,550 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin514 $57,113 $55,136 57 $7,814 $5,473 
Ethereum11,195 19,552 27,813 8,142 21,843 27,122 
Solana64,991 11,085 9,656 69,280 14,526 13,245 
Other crypto assets(1)
nm40,793 33,369 nm51,871 36,941 
Total held for operations$128,543 $125,974 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin11,776 $740,339 $1,261,220 6,885 $272,164 $642,738 
Ethereum136,782 268,673 339,502 115,700 260,674 385,314 
Other crypto assets(1)
nm264,163 238,165 nm347,827 524,943 
Total held for investment$1,273,175 $1,838,887 $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.
v3.25.2
ACCOUNTS RECEIVABLE, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of accounts receivable, net
Accounts receivable, net consisted of the following (in thousands):
June 30,December 31,
20252024
Stablecoin revenue receivable$108,888 $85,983 
Customer fee revenue receivable28,637 39,317 
Other accounts receivable98,294 169,380 
Gross accounts receivable235,819 294,680 
Less: allowance for doubtful accounts(12,823)(29,429)
Total accounts receivable, net$222,996 $265,251 
v3.25.2
CRYPTO ASSETS HELD FOR INVESTMENT (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat(1)
N/AN/A$21,389 N/AN/A$24,641 
Bitcoin7,978 $577,798 859,940 6,918 $414,745 647,568 
Ethereum36,750 100,767 91,332 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$678,565 951,272 $521,597 767,484 
Total recognized held as collateral
$972,661 $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):
June 30,December 31,
20252024
Fiat$50,161 $64,760 
USDC32,357 45,222 
Crypto assets532,575 178,619 
Total customer collateral not recognized as collateral
$615,093 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Crypto assets borrowed
Bitcoin1,100 $105,212 $117,906 1,923 $191,986 $179,480 
Ethereum32,355 86,709 80,439 17,413 65,213 57,989 
Other crypto assets(1)
nm27,500 25,275 nm18,701 23,583 
Total borrowed$219,421 $223,620 $275,900 $261,052 
Crypto asset borrowings
Bitcoin1,342 $128,665 $143,790 2,178 $213,096 $203,370 
Ethereum35,172 92,562 87,443 19,133 68,803 63,720 
Other crypto assets(1)
nm39,550 37,317 nm28,141 33,020 
Total borrowings$260,777 $268,550 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin514 $57,113 $55,136 57 $7,814 $5,473 
Ethereum11,195 19,552 27,813 8,142 21,843 27,122 
Solana64,991 11,085 9,656 69,280 14,526 13,245 
Other crypto assets(1)
nm40,793 33,369 nm51,871 36,941 
Total held for operations$128,543 $125,974 $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):
June 30, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin11,776 $740,339 $1,261,220 6,885 $272,164 $642,738 
Ethereum136,782 268,673 339,502 115,700 260,674 385,314 
Other crypto assets(1)
nm264,163 238,165 nm347,827 524,943 
Total held for investment$1,273,175 $1,838,887 $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.
v3.25.2
LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
The components of Long-term debt, including the current portion due June 1, 2026, were as follows (in thousands, except percentages):
Effective Interest RatePrincipal Amount
Unamortized Debt Discount and Issuance Costs
Net Carrying Amount
Fair Value(1)
June 30, 2025
0.50% 2026 Convertible Notes due June 1, 2026
0.98%$1,273,013 $(6,436)$1,266,577 $1,474,022 
3.38% 2028 Senior Notes due October 1, 2028
3.57%1,000,000 (5,711)994,289 938,750 
0.25% 2030 Convertible Notes due April 1, 2030
0.55%1,265,000 (17,506)1,247,494 1,654,747 
3.63% 2031 Senior Notes due October 1, 2031
3.77%737,457 (5,695)731,762 659,102 
Total$4,275,470 $(35,348)$4,240,122 $4,726,621 
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.
v3.25.2
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2025
Accounts receivable, net(1)
$10,519 $23,354 $2,959 $30,914 
Crypto asset borrowings260,777 22,825 30,598 268,550 
Obligation to return collateral(1)
678,566 9,442 282,148 951,272 
Accrued expenses and other current liabilities(1)
26,663 4,573 2,132 24,222 
Total fair value of derivatives$60,194 $317,837 
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
The impacts of (losses) gains on derivative instruments recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Crypto asset borrowings(1)
$(69,671)$46,099 $(17,703)$(49,815)
Obligation to return collateral(1)
(183,665)112,915 (31,559)(4,351)
Other(2)
14,056 (26,707)(1,193)(14,633)
Total$(239,280)$132,307 $(50,455)$(68,799)
__________________
(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 expense, net or Other (income) expense, net in the Condensed Consolidated Statements of Operations depending on the nature of the derivative.
v3.25.2
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS (Tables)
 6 Months Ended
Jun. 30, 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):
June 30,December 31,
20252024
Other current assets
Prepaid expenses$92,578 $88,500 
Income taxes receivable40,823 5,530 
Other145,829 183,506 
Total other current assets$279,230 $277,536 
Other non-current assets
Software and equipment, net$241,776 $200,080 
Intangible assets, net
41,309 46,804 
Income taxes receivable61,110 60,004 
Lease right-of-use assets135,969 81,151 
Other37,669 33,135 
Total other non-current assets$517,833 $421,174 
Accrued expenses and other current liabilities
Accrued payroll and payroll related expenses$108,694 $186,151 
Other accrued expenses211,421 145,369 
Accounts payable68,518 63,316 
Income taxes payable6,464 90,910 
Other payables206,257 204,390 
Total accrued expenses and other current liabilities$601,354 $690,136 
Other non-current liabilities
Lease liabilities$169,393 $85,789 
Other7,429 3,919 
Total other non-current liabilities
$176,822 $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):
June 30,December 31,
20252024
Other current assets
Prepaid expenses$92,578 $88,500 
Income taxes receivable40,823 5,530 
Other145,829 183,506 
Total other current assets$279,230 $277,536 
Other non-current assets
Software and equipment, net$241,776 $200,080 
Intangible assets, net
41,309 46,804 
Income taxes receivable61,110 60,004 
Lease right-of-use assets135,969 81,151 
Other37,669 33,135 
Total other non-current assets$517,833 $421,174 
Accrued expenses and other current liabilities
Accrued payroll and payroll related expenses$108,694 $186,151 
Other accrued expenses211,421 145,369 
Accounts payable68,518 63,316 
Income taxes payable6,464 90,910 
Other payables206,257 204,390 
Total accrued expenses and other current liabilities$601,354 $690,136 
Other non-current liabilities
Lease liabilities$169,393 $85,789 
Other7,429 3,919 
Total other non-current liabilities
$176,822 $89,708 
Maturities of lease liabilities
Maturities of lease liabilities for the 12-month period ending June 30 of the respective year, were as follows as of June 30, 2025 (in thousands):
2026$17,906 
202720,938 
202819,187 
202919,107 
203021,070 
Thereafter182,994 
Total lease payments281,202 
Less: imputed interest
(93,427)
Total lease liabilities
$187,775 
Components of lease cost
Other information related to leases was as follows:
June 30,December 31,
20252024
Weighted-average remaining lease term (in years)10.39.8
Weighted-average discount rate6.64%6.36%
v3.25.2
FAIR VALUE MEASUREMENTS AND STRATEGIC INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 2025December 31, 2024
Level 1Level 2Level 1Level 2
Assets
Cash equivalents(1)
$5,980,319 $— $6,607,023 $— 
Restricted cash equivalents(2)
2,519 — 1,415 — 
Customer custodial funds(3)
3,139,226 — 4,269,410 — 
Crypto assets held for operations125,974 — 82,781 — 
Crypto asset loan receivables— 53,129 — 92,619 
Crypto assets held as collateral951,272 — 767,484 — 
Crypto assets borrowed223,620 — 261,052 — 
Other current assets(4)
105,711 — — — 
Crypto assets held for investment1,838,887 — 1,552,995 — 
Strategic investments(5)
1,543,261 10,340 — — 
Derivative assets(6)
— 60,194 — 108,665 
Total assets$13,910,789 $123,663 $13,542,160 $201,284 
Liabilities
Derivative liabilities(6)
$— $317,837 $— $255,915 
__________________
(1)Represents cash equivalents, which comprise money market funds. Excludes cash of $1.6 billion and $1.9 billion as of June 30, 2025 and December 31, 2024, respectively.
(2)Represents restricted cash equivalents, which comprise money market funds. Excludes restricted cash of $66.7 million and $37.1 million as of June 30, 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 June 30, 2025 and December 31, 2024, respectively.
(4)Represents short-term investments. Excludes Other current assets that are not measured and recorded at fair value of $173.5 million and $277.5 million as of June 30, 2025 and December 31, 2024, respectively.
(5)Represents marketable equity securities. Excludes strategic investments that are not measured and recorded at fair value on a recurring basis of $380.2 million and $374.2 million as of June 30, 2025 and December 31, 2024, respectively.
(6)See Note 9. Derivatives for additional details.
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 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(1,496)28.93 
Forfeited and cancelled(42)100.51 
Balance at June 30, 202521,391 $25.20 4.8$6,958,048 
Exercisable at June 30, 202516,483 $25.72 4.7$5,353,251 
Vested and expected to vest at June 30, 202516,483 $25.72 4.7$5,353,251 
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 
Granted3,344 262.80 — — — — 
Vested(1,772)211.24 (81)55.42 (235)113.75 
Forfeited and cancelled(354)216.38 — — (12)64.51 
Balance at June 30, 20253,568 $227.84 643 $55.42 93 $64.51 
__________________
(1)Represents the weighted-average grant date fair value per share.
As of June 30, 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$722,724 1.4
Performance restricted stock units
$4,556 0.6
Restricted stock
$3,352 0.7
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 
Granted3,344 262.80 — — — — 
Vested(1,772)211.24 (81)55.42 (235)113.75 
Forfeited and cancelled(354)216.38 — — (12)64.51 
Balance at June 30, 20253,568 $227.84 643 $55.42 93 $64.51 
__________________
(1)Represents the weighted-average grant date fair value per share.
As of June 30, 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$722,724 1.4
Performance restricted stock units
$4,556 0.6
Restricted stock
$3,352 0.7
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 
Granted3,344 262.80 — — — — 
Vested(1,772)211.24 (81)55.42 (235)113.75 
Forfeited and cancelled(354)216.38 — — (12)64.51 
Balance at June 30, 20253,568 $227.84 643 $55.42 93 $64.51 
__________________
(1)Represents the weighted-average grant date fair value per share.
As of June 30, 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$722,724 1.4
Performance restricted stock units
$4,556 0.6
Restricted stock
$3,352 0.7
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 June 30,Six Months Ended June 30,
2025202420252024
Statements of Operations
Technology and development$117,240 $133,622 $225,332 $273,452 
Sales and marketing14,533 16,691 29,438 33,314 
General and administrative64,387 67,621 132,119 135,672 
Total stock-based compensation expense$196,160 $217,934 $386,889 $442,438 
Balance Sheets
Other non-current assets(1)
$12,020 $12,435 $28,585 $23,500 
_______________
(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.
v3.25.2
OTHER (INCOME) EXPENSE, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of other expense (income), net
Other (income) expense, net consisted of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(Gains) losses on strategic investments, net(1)
$(1,472,121)$13,814 $(1,475,448)$14,663 
(Gains) losses on other financial instruments, net(17,740)24,584 3,943 11,398 
(Gains) losses on crypto asset loan receivables, net(1,453)34,010 1,400 8,484 
 Other
(15,591)(8,581)(30,612)(16,323)
Total other (income) expense, net$(1,506,905)$63,827 $(1,500,717)$18,222 
_______________
(1)See Note 11. Fair Value Measurements and Strategic Investments for additional details.
v3.25.2
NET INCOME PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of computation of 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
June 30,		Six Months Ended
June 30,
2025202420252024
Numerators
Net income$1,428,900 $36,150 $1,494,508 $1,212,395 
Less: net income allocated to participating shares
— (23)— (784)
Net income attributable to common stockholders, basic$1,428,900 $36,127 $1,494,508 $1,211,611 
Net income$1,428,900 $36,150 $1,494,508 $1,212,395 
Add: interest on convertible notes, net of tax
3,611 — 7,209 6,145 
Less: net income allocated to participating shares
— (22)— (711)
Net income attributable to common stockholders, diluted$1,432,511 $36,128 $1,501,717 $1,217,829 
Denominators
WASO - basic255,188 246,298 254,537 244,546 
Weighted-average effect of potentially dilutive shares:
Stock options15,299 17,254 15,561 17,894 
Convertible notes7,229 — 7,229 5,687 
Restricted stock units665 2,672 807 2,250 
Performance restricted stock units446 350 413 343 
Restricted stock86 257 153 283 
WASO - diluted278,913 266,831 278,700 271,003 
Net income per share attributable to common stockholders:
Basic$5.60 $0.15 $5.87 $4.95 
Diluted$5.14 $0.14 $5.39 $4.49 
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, or in the case of performance awards, as the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the reporting period (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Equity awards(1)
7,383 7,807 7,383 7,807 
Convertible notes— 7,229 — — 
Total7,383 15,036 7,383 7,807 
__________________
(1)Includes shares under the ESPP.
See also Note 16. Commitments and Contingencies for discussion of an additional 10,997,881 shares of Class A common stock that would be issued should the Company’s acquisition of Sentillia B.V. (“Deribit”) close as anticipated.
v3.25.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)
 6 Months Ended
Jun. 30, 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):
Six Months Ended June 30,
20252024
USDC$(947,025)$(492,242)
Accounts receivable, net43,556 (69,779)
Customer custodial funds in transit34,997 (5,012)
Income taxes, net(125,633)(1,667)
Other current and non-current assets(117,405)(2,971)
Other current and non-current liabilities75,260 4,037 
Net changes in operating assets and liabilities$(1,036,250)$(567,634)
The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands):
June 30,
20252024
Cash and cash equivalents$7,539,388 $7,225,535 
Restricted cash and cash equivalents69,190 34,282 
Customer custodial cash and cash equivalents5,025,708 4,015,067 
Total cash, cash equivalents, and restricted cash and cash equivalents$12,634,286 $11,274,884 
The following is a supplemental schedule of non-cash investing and financing activities (in thousands):
Six Months Ended June 30,
20252024
Crypto assets received as collateral$1,507,022 $1,686,190 
Crypto assets received as collateral returned1,354,794 1,448,854 
Crypto asset loan receivables originated1,110,482 837,729 
Crypto asset loan receivables repaid1,145,392 741,500 
Crypto assets borrowed588,999 225,037 
Crypto assets borrowed repaid638,262 100,285 
Additions of crypto asset investments171,645 1,941 
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):
Six Months Ended June 30,
20252024
Cash paid during the period for interest$35,005 $33,424 
Cash paid during the period for income taxes, net of refunds
131,310 — 
Cash paid during the period for income taxes (prior to ASU No. 2023-09, Improvements to Income Tax Disclosures)
— 81,552 
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Assets held at venues $ 202.8  
Unrestricted cash, held at venues 110.3 $ 88.2
Crypto assets held for operations 54.3  
Restricted cash, held at venues $ 36.9  
v3.25.2
REVENUE - Schedule of revenue disaggregated by source (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Interest and finance fee income $ 59,316 $ 69,400 $ 122,402 $ 136,063
Total revenue 1,497,208 1,449,628 3,531,503 3,087,198
Net revenue        
Disaggregation of Revenue [Line Items]        
Total revenue 1,420,096 1,379,942 3,380,415 2,967,619
Total transaction revenue        
Disaggregation of Revenue [Line Items]        
Revenue 764,270 780,902 2,026,478 1,857,643
Consumer, net        
Disaggregation of Revenue [Line Items]        
Revenue 649,908 664,772 1,745,414 1,599,984
Institutional, net        
Disaggregation of Revenue [Line Items]        
Revenue 60,819 63,624 159,707 149,016
Other transaction revenue        
Disaggregation of Revenue [Line Items]        
Revenue 53,543 52,506 121,357 108,643
Subscription and services revenue        
Disaggregation of Revenue [Line Items]        
Revenue 655,826 599,040 1,353,937 1,109,976
Stablecoin revenue        
Disaggregation of Revenue [Line Items]        
Revenue 332,497 240,436 630,032 437,753
Blockchain rewards        
Disaggregation of Revenue [Line Items]        
Revenue 144,535 185,139 341,127 336,068
Other subscription and services revenue        
Disaggregation of Revenue [Line Items]        
Revenue 119,478 104,065 260,376 200,092
Other revenue        
Disaggregation of Revenue [Line Items]        
Total revenue 77,112 69,686 151,088 119,579
Corporate interest and other income        
Disaggregation of Revenue [Line Items]        
Corporate interest and other income $ 77,112 $ 69,686 $ 151,088 $ 119,579
v3.25.2
REVENUE - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
One Customer | Revenue | Customer Concentration Risk        
Disaggregation of Revenue [Line Items]        
Concentration risk, percentage (more than) 10.00% 10.00% 10.00% 10.00%
v3.25.2
REVENUE - Schedule of revenue disaggregated by geographic area (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 1,497,208 $ 1,449,628 $ 3,531,503 $ 3,087,198
U.S.        
Disaggregation of Revenue [Line Items]        
Total revenue 1,291,616 1,232,616 2,997,268 2,586,066
International        
Disaggregation of Revenue [Line Items]        
Total revenue $ 205,592 $ 217,012 $ 534,235 $ 501,132
v3.25.2
COLLATERALIZED ARRANGEMENTS AND FINANCING - Summary of Prime Financing Lending Arrangements (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Loan receivables    
Fiat loan receivables $ 750,237 $ 382,751
Crypto asset loan receivables 53,129 92,619
Total loan receivables 803,366 475,370
Customer loans not meeting recognition criteria    
USDC $ 75,436 $ 168,795
v3.25.2
COLLATERALIZED ARRANGEMENTS AND FINANCING - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
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 2.90% 2.40%
Two Customers | Financing Receivable | Customer Concentration Risk    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage (more than)   10.00%
Three Customers | Financing Receivable | Customer Concentration Risk    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage (more than) 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%
v3.25.2
COLLATERALIZED ARRANGEMENTS AND FINANCING - Crypto Assets Held as Collateral and Obligation to Return (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Asset, Holding [Line Items]    
Fair Value $ 972,661 $ 792,125
Cost Basis 678,565 521,597
Crypto assets held as collateral 951,272 767,484
Total recognized held as collateral 972,661 792,125
Assets pledged as collateral not meeting derecognition criteria    
Crypto Asset, Holding [Line Items]    
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability $ 615,093 $ 288,601
Crypto Assets | Bitcoin    
Crypto Asset, Holding [Line Items]    
Units | unit 7,978 6,918
Cost Basis $ 577,798 $ 414,745
Crypto assets held as collateral $ 859,940 $ 647,568
Crypto Assets | Ethereum    
Crypto Asset, Holding [Line Items]    
Units | unit 36,750 33,130
Cost Basis $ 100,767 $ 98,787
Crypto assets held as collateral $ 91,332 111,445
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 532,575 178,619
Fiat    
Crypto Asset, Holding [Line Items]    
Fair Value 21,389 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 50,161 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 $ 32,357 $ 45,222
v3.25.2
COLLATERALIZED ARRANGEMENTS AND FINANCING - Units, cost basis and fair value of crypto asset borrowings and borrowed (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Assets, Borrowed [Abstract]    
Cost Basis $ 219,421 $ 275,900
Fair Value 223,620 261,052
Crypto asset borrowings    
Cost Basis 260,777 310,040
Fair Value $ 268,550 $ 300,110
Bitcoin    
Crypto Assets, Borrowed [Abstract]    
Units | unit 1,100 1,923
Cost Basis $ 105,212 $ 191,986
Fair Value $ 117,906 $ 179,480
Crypto asset borrowings    
Units | unit 1,342 2,178
Cost Basis $ 128,665 $ 213,096
Fair Value $ 143,790 $ 203,370
Ethereum    
Crypto Assets, Borrowed [Abstract]    
Units | unit 32,355 17,413
Cost Basis $ 86,709 $ 65,213
Fair Value $ 80,439 $ 57,989
Crypto asset borrowings    
Units | unit 35,172 19,133
Cost Basis $ 92,562 $ 68,803
Fair Value 87,443 63,720
Other crypto assets    
Crypto Assets, Borrowed [Abstract]    
Cost Basis 27,500 18,701
Fair Value 25,275 23,583
Crypto asset borrowings    
Cost Basis 39,550 28,141
Fair Value $ 37,317 $ 33,020
v3.25.2
COLLATERALIZED ARRANGEMENTS AND FINANCING - Assets pledged as collateral against crypto borrowings (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Crypto Asset, Holding [Line Items]    
Assets $ 23,476,038 $ 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 $ 294,761 $ 329,832
v3.25.2
CRYPTO ASSETS HELD FOR OPERATIONS - Summary of Units, Cost Basis and Fair Value (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Asset, Holding [Line Items]    
Cost Basis $ 128,543 $ 96,054
Crypto assets held for operations $ 125,974 $ 82,781
Ethereum    
Crypto Asset, Holding [Line Items]    
Units | unit 11,195 8,142
Cost Basis $ 19,552 $ 21,843
Crypto assets held for operations $ 27,813 $ 27,122
Solana    
Crypto Asset, Holding [Line Items]    
Units | unit 64,991 69,280
Cost Basis $ 11,085 $ 14,526
Crypto assets held for operations $ 9,656 $ 13,245
Bitcoin    
Crypto Asset, Holding [Line Items]    
Units | unit 514 57
Cost Basis $ 57,113 $ 7,814
Crypto assets held for operations 55,136 5,473
Other crypto assets    
Crypto Asset, Holding [Line Items]    
Cost Basis 40,793 51,871
Crypto assets held for operations $ 33,369 $ 36,941
v3.25.2
ACCOUNTS RECEIVABLE, NET (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Stablecoin revenue receivable $ 108,888 $ 85,983
Customer fee revenue receivable 28,637 39,317
Other accounts receivable 98,294 169,380
Gross accounts receivable 235,819 294,680
Less: allowance for doubtful accounts (12,823) (29,429)
Total accounts receivable, net $ 222,996 $ 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%
v3.25.2
CRYPTO ASSETS HELD FOR INVESTMENT - Summary of Units, Cost Basis and Fair Value (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Asset, Holding [Line Items]    
Cost Basis $ 1,273,175 $ 880,665
Fair Value $ 1,838,887 $ 1,552,995
Bitcoin    
Crypto Asset, Holding [Line Items]    
Units | unit 11,776 6,885
Cost Basis $ 740,339 $ 272,164
Fair Value $ 1,261,220 $ 642,738
Ethereum    
Crypto Asset, Holding [Line Items]    
Units | unit 136,782 115,700
Cost Basis $ 268,673 $ 260,674
Fair Value 339,502 385,314
Other crypto assets    
Crypto Asset, Holding [Line Items]    
Cost Basis 264,163 347,827
Fair Value $ 238,165 $ 524,943
v3.25.2
CRYPTO ASSETS HELD FOR INVESTMENT - Narrative (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Crypto asset subject to selling restriction $ 75.7
v3.25.2
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 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 (35,348) (41,389)
Long-Term Debt, Total 4,240,122 4,234,081
Fair Value $ 4,726,621 $ 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 (6,436) (9,395)
Long-Term Debt, Total 1,266,577 1,263,618
Fair Value $ 1,474,022 $ 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 (17,506) (19,322)
Long-Term Debt, Total 1,247,494 1,245,678
Fair Value $ 1,654,747 $ 1,353,044
Senior Notes | 2028 Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, stated percentage 3.38% 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 (5,711) (6,562)
Long-Term Debt, Total 994,289 993,438
Fair Value $ 938,750 $ 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 (5,695) (6,110)
Long-Term Debt, Total 731,762 731,347
Fair Value $ 659,102 $ 624,995
v3.25.2
DERIVATIVES - Schedule of derivative assets and liabilities (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gross Derivative Assets $ 60,194 $ 108,665
Gross Derivative Liabilities 317,837 255,915
Accounts receivable, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 10,519 16,264
Gross Derivative Assets 23,354 20,368
Gross Derivative Liabilities 2,959 1,811
Total 30,914 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 260,777 310,040
Gross Derivative Assets 22,825 18,030
Gross Derivative Liabilities 30,598 8,100
Total 268,550 300,110
Accrued expenses and other current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 26,663 37,428
Gross Derivative Assets 4,573 6,814
Gross Derivative Liabilities 2,132 2,708
Total 24,222 33,322
Obligation to return collateral    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 678,566 526,337
Gross Derivative Assets 9,442 2,149
Gross Derivative Liabilities 282,148 243,296
Total $ 951,272 $ 767,484
v3.25.2
DERIVATIVES - Schedule of gains (losses) recorded in income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative [Line Items]        
Gain (loss) on derivatives $ (239,280) $ 132,307 $ (50,455) $ (68,799)
Crypto asset borrowings        
Derivative [Line Items]        
Gain (loss) on derivatives (69,671) 46,099 (17,703) (49,815)
Obligation to return collateral        
Derivative [Line Items]        
Gain (loss) on derivatives (183,665) 112,915 (31,559) (4,351)
Other        
Derivative [Line Items]        
Gain (loss) on derivatives $ 14,056 $ (26,707) $ (1,193) $ (14,633)
v3.25.2
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Balance sheet (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 92,578 $ 88,500
Income taxes receivable 40,823 5,530
Other 145,829 183,506
Total other current assets 279,230 277,536
Software and equipment, net 241,776 200,080
Intangible assets, net 41,309 46,804
Income taxes receivable 61,110 60,004
Lease ROU assets 135,969 81,151
Other 37,669 33,135
Total other non-current assets 517,833 421,174
Accrued payroll and payroll related expenses 108,694 186,151
Other accrued expenses 211,421 145,369
Accounts payable 68,518 63,316
Income taxes payable 6,464 90,910
Other payables 206,257 204,390
Total accrued expenses and other current liabilities 601,354 690,136
Lease liabilities 169,393 85,789
Other 7,429 3,919
Total other non-current liabilities $ 176,822 $ 89,708
v3.25.2
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Lease Maturity (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
2026 $ 17,906
2027 20,938
2028 19,187
2029 19,107
2030 21,070
Thereafter 182,994
Total lease payments 281,202
Less: imputed interest (93,427)
Total lease liabilities $ 187,775
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 13 years
v3.25.2
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Other Information Related to Leases (Details)
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (in years) 10 years 3 months 18 days 9 years 9 months 18 days
Weighted-average discount rate 6.64% 6.36%
v3.25.2
FAIR VALUE MEASUREMENTS AND STRATEGIC INVESTMENTS - Schedule of fair value of assets and liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Assets      
Cash equivalents $ 7,539,388 $ 8,543,903 $ 7,225,535
Crypto assets held for operations 54,300    
Crypto assets borrowed 223,620 261,052  
Crypto assets held for investment 1,838,887 1,552,995  
Liabilities      
Restricted cash and deposits 66,700 37,100  
Non-marketable securities 380,200 374,200  
Other current assets not measured at fair value 173,500 277,500  
Deposits Held at Banks      
Assets      
Cash equivalents 1,600,000 1,900,000  
Customer custodial funds 2,000,000 1,900,000  
Cash Held at Venues      
Assets      
Cash equivalents 1,600,000 1,900,000  
Level 1 | Fair Value, Recurring      
Assets      
Cash equivalents 5,980,319 6,607,023  
Restricted cash equivalents 2,519 1,415  
Customer custodial funds 3,139,226 4,269,410  
Crypto assets held for operations 125,974 82,781  
Crypto asset loan receivables 0 0  
Crypto assets held as collateral 951,272 767,484  
Crypto assets borrowed 223,620 261,052  
Other current assets 105,711 0  
Crypto assets held for investment 1,838,887 1,552,995  
Strategic investments 1,543,261 0  
Derivative assets 0 0  
Total assets 13,910,789 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  
Crypto asset loan receivables 53,129 92,619  
Crypto assets held as collateral 0 0  
Crypto assets borrowed 0 0  
Other current assets 0 0  
Crypto assets held for investment 0 0  
Strategic investments 10,340 0  
Derivative assets 60,194 108,665  
Total assets 123,663 201,284  
Liabilities      
Derivative liabilities $ 317,837 $ 255,915  
v3.25.2
FAIR VALUE MEASUREMENTS AND STRATEGIC INVESTMENTS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]      
Net unrealized gains $ 1,500,000 $ 1,500,000  
Cumulative impairments and downward adjustments due to remeasurement of investments $ 121,600 $ 121,600 $ 145,800
v3.25.2
STOCK-BASED COMPENSATION - Schedule of stock option activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Options Outstanding    
Beginning balance (in shares) 22,929  
Exercised (in shares) (1,496)  
Forfeited and cancelled (in shares) (42)  
Ending balance (in shares) 21,391 22,929
Weighted Average Exercise Price Per Share    
Options outstanding, Beginning balance (in dollars per share) $ 25.59  
Options exercised (in dollars per share) 28.93  
Options forfeited and cancelled (in dollars per share) 100.51  
Options outstanding, Ending balance (in dollars per share) $ 25.20 $ 25.59
Stock Option Activity, Additional Disclosures    
Options outstanding, Weighted average remaining contractual life 4 years 9 months 18 days 5 years 2 months 12 days
Options outstanding, Aggregate intrinsic value $ 6,958,048 $ 5,106,538
Options exercisable, Number of options (in shares) 16,483  
Options exercisable, Weighted average exercise price per share (in dollars per share) $ 25.72  
Options exercisable, Weighted average remaining contractual life 4 years 8 months 12 days  
Options exercisable, Aggregate intrinsic value $ 5,353,251  
Options vested and expected to vest, Number of options (in shares) 16,483  
Options vested and expected to vest, Weighted average exercise price per share (in dollars per share) $ 25.72  
Options vested and expected to vest, Weighted average remaining contractual life 4 years 8 months 12 days  
Options vested and expected to vest, Aggregate intrinsic value $ 5,353,251  
v3.25.2
STOCK-BASED COMPENSATION - Narrative (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total unrecognized compensation cost related to unvested stock options $ 13,700
Stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, weighted-average period of recognition 2 years 8 months 12 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 4 months 24 days
Total unrecognized compensation cost $ 722,724
Performance restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, weighted-average period of recognition 7 months 6 days
Total unrecognized compensation cost $ 4,556
Restricted stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, weighted-average period of recognition 8 months 12 days
Total unrecognized compensation cost $ 3,352
v3.25.2
STOCK-BASED COMPENSATION - Schedule of restricted stock unit and restricted stock activity (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 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 3,344
Vested (in shares) | shares (1,772)
Forfeited and cancelled (in shares) | shares (354)
Ending balance (in shares) | shares 3,568
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 262.80
Vested, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 211.24
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) | $ / shares 216.38
Ending balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares $ 227.84
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 (12)
Ending balance (in shares) | shares 93
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 64.51
Ending balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares $ 64.51
v3.25.2
STOCK-BASED COMPENSATION - Schedule of stock based compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense $ 196,160 $ 217,934 $ 386,889 $ 442,438
Share based payment arrangement, capitalized 12,020 12,435 28,585 23,500
Technology and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense 117,240 133,622 225,332 273,452
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense 14,533 16,691 29,438 33,314
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock based compensation expense $ 64,387 $ 67,621 $ 132,119 $ 135,672
v3.25.2
OTHER (INCOME) EXPENSE, NET (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Income and Expenses [Abstract]        
(Gains) losses on strategic investments, net $ (1,472,121) $ 13,814 $ (1,475,448) $ 14,663
(Gains) losses on other financial instruments, net (17,740) 24,584 3,943 11,398
(Gains) losses on crypto asset loan receivables, net (1,453) 34,010 1,400 8,484
Other (15,591) (8,581) (30,612) (16,323)
Total other (income) expense, net $ (1,506,905) $ 63,827 $ (1,500,717) $ 18,222
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Effective income tax rate 21.70% 160.00% 21.60% 12.00%  
Federal tax rate     21.00%    
Net deferred tax asset $ 541,354   $ 541,354   $ 941,298
v3.25.2
NET INCOME PER SHARE - Schedule of net income per share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net income attributable to common stockholders, basic        
Net income $ 1,428,900 $ 36,150 $ 1,494,508 $ 1,212,395
Less: net income allocated to participating shares 0 (23) 0 (784)
Net income attributable to common stockholders, basic 1,428,900 36,127 1,494,508 1,211,611
Net income attributable to common stockholders, diluted        
Net income 1,428,900 36,150 1,494,508 1,212,395
Add: interest on convertible notes, net of tax 3,611 0 7,209 6,145
Less: net income allocated to participating shares 0 (22) 0 (711)
Net income attributable to common stockholders, diluted $ 1,432,511 $ 36,128 $ 1,501,717 $ 1,217,829
Weighted-average shares of common stock used to compute net income per share:        
WASO - basic (in shares) 255,188 246,298 254,537 244,546
Weighted-average effect of potentially dilutive shares:        
Convertible Notes (in shares) 7,229 0 7,229 5,687
WASO - diluted (in shares) 278,913 266,831 278,700 271,003
Basic (in dollars per share) $ 5.60 $ 0.15 $ 5.87 $ 4.95
Diluted (in dollars per share) $ 5.14 $ 0.14 $ 5.39 $ 4.49
Stock options        
Weighted-average effect of potentially dilutive shares:        
Share-based payment arrangements (in shares) 15,299 17,254 15,561 17,894
Restricted stock units        
Weighted-average effect of potentially dilutive shares:        
Share-based payment arrangements (in shares) 665 2,672 807 2,250
Performance restricted stock units        
Weighted-average effect of potentially dilutive shares:        
Share-based payment arrangements (in shares) 446 350 413 343
Restricted stock        
Weighted-average effect of potentially dilutive shares:        
Share-based payment arrangements (in shares) 86 257 153 283
v3.25.2
NET INCOME PER SHARE - Schedule of potentially dilutive shares (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of shares excluded in the computation of diluted earnings per share 7,383 15,036 7,383 7,807
Equity awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of shares excluded in the computation of diluted earnings per share 7,383 7,807 7,383 7,807
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 0 7,229 0 0
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 2 Months Ended 3 Months Ended
May 08, 2025
USD ($)
shares
Aug. 31, 2021
class_action_case
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]        
Off balance sheet safeguarding assets     $ 425,000.0 $ 404,000.0
Off balance sheet safeguarding liabilities     425,000.0 $ 404,000.0
Number of purported securities class actions filed | class_action_case   3    
Multi-Year Technology Services Agreement        
Business Combination [Line Items]        
Other commitment     $ 600.0  
Other commitment term     4 years  
Multi-Year Technology Services Agreement | Minimum        
Business Combination [Line Items]        
Minimum annual payment     $ 90.0  
Multi-Year Technology Services Agreement | Maximum        
Business Combination [Line Items]        
Minimum annual payment     $ 130.0  
Sentillia B.V.        
Business Combination [Line Items]        
Cash consideration $ 700.0      
Equity interest (in shares) | shares 10,997,881      
v3.25.2
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]          
Revenue $ 1,497,208 $ 1,449,628 $ 3,531,503 $ 3,087,198  
Customer custodial funds 5,121,640   5,121,640   $ 6,158,949
Customer custodial fund liabilities 5,121,640   5,121,640   6,158,949
Related Party          
Related Party Transaction [Line Items]          
Revenue 1,600 6,700 5,200 13,600  
Amounts receivable from customers, net of allowance 1,300   1,300   2,700
Customer custodial funds 5,100   5,100   44,000
Customer custodial fund liabilities 5,100   5,100   $ 44,000
Professional and consulting services   300   1,400  
Related Party | Strategic Investments in Equity Securities, FV-NI and without Readily Determinable Fair Value          
Related Party Transaction [Line Items]          
Related party transaction $ 4,700 $ 3,300 $ 7,800 $ 3,300  
v3.25.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Changes in Operating Assets and Liabilities (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]    
USDC $ (947,025) $ (492,242)
Accounts receivable, net 43,556 (69,779)
Customer custodial funds in transit 34,997 (5,012)
Income taxes, net (125,633) (1,667)
Other current and non-current assets (117,405) (2,971)
Other current and non-current liabilities 75,260 4,037
Net changes in operating assets and liabilities $ (1,036,250) $ (567,634)
v3.25.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]        
Cash and cash equivalents $ 7,539,388 $ 8,543,903 $ 7,225,535  
Restricted cash and cash equivalents 69,190 38,519 34,282  
Customer custodial cash and cash equivalents 5,025,708   4,015,067  
Total cash, cash equivalents, and restricted cash and cash equivalents $ 12,634,286 $ 14,610,442 $ 11,274,884 $ 9,555,429
v3.25.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Non-cash Investing and Financing Activities (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Crypto Asset, Activity [Line Items]    
Crypto assets received as collateral returned $ 1,354,794 $ 1,448,854
Crypto assets received as collateral 1,507,022 1,686,190
Crypto asset loan receivables originated 1,110,482 837,729
Crypto asset loan receivables repaid 1,145,392 741,500
Crypto assets borrowed 588,999 225,037
Crypto assets borrowed repaid 638,262 100,285
Additions of crypto asset investments 171,645 1,941
Cumulative-effect adjustment due to the adoption of ASU 2023-08 $ 0 $ 561,489
v3.25.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Cash Paid For Interest and Income Taxes (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]    
Cash paid during the period for interest $ 35,005 $ 33,424
Cash paid during the period for Income taxes, net of refunds $ 131,310 $ 81,552