COINBASE GLOBAL, INC., 10-K filed on 2/12/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 05, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40289    
Entry Registrant Name Coinbase Global, Inc.    
Entity Incorporation, State or Country Code TX    
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    
Entity Tax Identification Number 46-4707224    
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 FY    
Document Financial Statement Error Correction [Flag] false    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 74.2
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Shareholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
    
Class A Common Stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   223,041,278  
Class B Common Stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   41,033,891  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche, LLP
Auditor Location San Francisco, California
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 11,285,452 $ 9,308,266
Restricted cash and cash equivalents 334,318 347,169
Customer custodial funds 5,347,428 6,158,949
Crypto assets held for operations 120,831 82,781
Loan receivables 1,354,692 644,165
Crypto assets held as collateral 822,827 767,484
Crypto assets borrowed 318,849 261,052
Accounts receivable, net 307,119 265,251
Marketable investments 309,765 0
Other current assets 187,164 277,536
Total current assets 20,388,445 18,112,653
Crypto assets held for investment 1,998,871 1,552,995
Strategic investments 622,985 374,161
Deferred tax assets 570,819 941,298
Software and equipment, net 264,573 200,080
Goodwill 4,168,967 1,139,670
Intangible assets, net 1,397,794 46,804
Other non-current assets 259,378 174,290
Total assets 29,671,832 22,541,951
Current liabilities:    
Customer custodial fund liabilities 5,347,428 6,158,949
Accounts payable 117,605 63,316
Current portion of long-term debt 1,269,585 0
Short-term borrowings 452,105 374,268
Obligation to return collateral 826,883 792,125
Accrued expenses and other current liabilities 687,676 552,662
Total current liabilities 8,701,282 7,941,320
Long-term debt 5,937,034 4,234,081
Other non-current liabilities 240,458 89,708
Total liabilities 14,878,774 12,265,109
Commitments and contingencies (Note 21.)
Shareholders’ equity:    
Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of December 31, 2025 and December 31, 2024 0 0
Class A and B common stock, $0.00001 par value; 10,500,000 (Class A 10,000,000, Class B 500,000) shares authorized at December 31, 2025 and December 31, 2024; 267,836 (Class A 226,797, Class B 41,039) shares issued and outstanding at December 31, 2025 and 253,640 (Class A 209,762, Class B 43,878) shares issued and outstanding at December 31, 2024 3 2
Additional paid-in capital 8,566,854 5,365,990
Accumulated other comprehensive income (loss) 4,973 (50,051)
Retained earnings 6,221,228 4,960,901
Total shareholders’ equity 14,793,058 10,276,842
Total liabilities and shareholders’ equity $ 29,671,832 $ 22,541,951
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Convertible preferred stock par value (in dollars per share) $ 0.00001 $ 0.00001
Convertible preferred shares authorized (in shares) 500,000,000 500,000,000
Convertible preferred shares issued (in shares) 0 0
Convertible preferred shares outstanding (in shares) 0 0
Common stock, authorized (in shares) 10,500,000,000 10,500,000,000
Common stock, issued (in shares) 267,836,000 253,640,000
Common stock, outstanding (in shares) 267,836,000 253,640,000
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) 226,797,000 209,762,000
Common stock, outstanding (in shares) 226,797,000 209,762,000
Class B Common Stock    
Common stock, authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 41,039,000 43,878,000
Common stock, outstanding (in shares) 41,039,000 43,878,000
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Revenue $ 7,181,325 $ 6,564,028 $ 3,108,383
Operating expenses:      
Transaction expense 1,020,230 897,707 420,705
Technology and development 1,670,605 1,468,252 1,324,541
Sales and marketing 1,058,577 654,444 332,312
General and administrative 1,619,642 1,300,257 1,074,308
Losses (gains) on crypto assets held for operations, net 20,704 (71,725) 0
Crypto asset impairment, net 0 0 (34,675)
Restructuring 0 0 142,594
Other operating expense, net 356,126 7,933 10,260
Total operating expenses 5,745,884 4,256,868 3,270,045
Operating income (loss) 1,435,441 2,307,160 (161,662)
Interest expense 85,413 80,645 82,766
Losses (gains) on crypto assets held for investment, net 528,857 (687,055) 0
Other income, net (700,894) (29,074) (167,583)
Income (loss) before income taxes 1,522,065 2,942,644 (76,845)
Provision for (benefit from) income taxes 261,738 363,578 (171,716)
Net income 1,260,327 2,579,066 94,871
Net income attributable to common shareholders:      
Basic 1,260,327 2,577,755 94,752
Diluted $ 1,277,314 $ 2,591,248 $ 94,751
Net income per share:      
Basic (in dollars per share) $ 4.85 $ 10.42 $ 0.40
Diluted (in dollars per share) $ 4.45 $ 9.48 $ 0.37
Weighted-average shares of common stock used to compute net income per share:      
Basic (in shares) 260,088 247,374 235,796
Diluted (in shares) 287,209 273,377 254,391
Net revenue      
Revenue:      
Revenue $ 6,883,438 $ 6,293,246 $ 2,926,540
Other revenue      
Revenue:      
Revenue $ 297,887 $ 270,782 $ 181,843
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 1,260,327 $ 2,579,066 $ 94,871
Other comprehensive income (loss):      
Translation adjustment 54,486 (19,653) 9,077
Income tax effect 538 (128) (741)
Translation adjustment, net of tax 55,024 (19,781) 8,336
Comprehensive income $ 1,315,351 $ 2,559,285 $ 103,207
v3.25.4
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) Income
Retained Earnings
Retained Earnings
Cumulative Adjustment
Beginning balance (in shares) at Dec. 31, 2022     230,866        
Beginning balance at Dec. 31, 2022 $ 5,454,557   $ 2 $ 3,767,686 $ (38,606) $ 1,725,475  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of equity instruments as consideration for business combination (in shares)     961        
Issuance of equity instruments as consideration for business combination 11,302     11,302      
Common stock issued to settle contingent consideration (in shares)     28        
Common stock issued to settle contingent consideration 2,291     2,291      
Common stock issued in connection with equity awards (in shares)     13,966        
Common stock issued in connection with equity awards, net of stock options repurchases 69,763     69,763      
Common stock withheld related to net share settlement of equity awards (in shares)     (3,773)        
Common stock withheld for net share settlement of equity awards (277,798)     (277,798)      
Stock-based compensation (inclusive of capitalized stock-based compensation) 918,327     918,327      
Other comprehensive income (loss) 8,336       8,336    
Net income 94,871         94,871  
Ending balance (in shares) at Dec. 31, 2023     242,048        
Ending 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)     12,292        
Common stock issued in connection with equity awards, net of stock options repurchases 145,330     145,330      
Stock-based compensation (inclusive of capitalized stock-based compensation) 960,906     960,906      
Purchases of capped calls (104,110)     (104,110)      
Other (in shares)     (38)        
Other (10,482)     (10,482)      
Other comprehensive income (loss) (19,781)       (19,781)    
Net income 2,579,066         2,579,066  
Ending balance (in shares) at Dec. 31, 2024     253,640        
Ending balance at Dec. 31, 2024 10,276,842   $ 2 5,365,990 (50,051) 4,960,901  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of equity instruments as consideration for business combination (in shares)     11,639        
Issuance of equity instruments as consideration for business combination 3,677,635   $ 1 3,677,634      
Common stock issued in connection with equity awards (in shares)     7,088        
Common stock issued in connection with equity awards, net of stock options repurchases 110,629     110,629      
Common stock repurchased (in shares)     (3,039)        
Common stock repurchased (850,178)     (850,178)      
Common stock withheld related to net share settlement of equity awards (in shares)     (1,492)        
Common stock withheld for net share settlement of equity awards (402,791)     (402,791)      
Stock-based compensation (inclusive of capitalized stock-based compensation) 889,820     889,820      
Purchases of capped calls (224,250)     (224,250)      
Other comprehensive income (loss) 55,024       55,024    
Net income 1,260,327         1,260,327  
Ending balance (in shares) at Dec. 31, 2025     267,836        
Ending balance at Dec. 31, 2025 $ 14,793,058   $ 3 $ 8,566,854 $ 4,973 $ 6,221,228  
v3.25.4
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]
v3.25.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 1,260,327 $ 2,579,066 $ 94,871
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 188,428 127,518 139,642
Stock-based compensation expense 839,440 912,838 780,668
Deferred income taxes 238,308 151,315 (216,334)
Losses (gains) on crypto assets held for operations, net 20,704 (71,725) 0
Losses (gains) on crypto assets held for investment, net 528,857 (687,055) 0
(Gains) losses on investments, net (680,520) 11,553 (24,368)
Gains on extinguishment of long-term debt, net 0 0 (117,383)
Gains on crypto assets held, net (pre ASU 2023-08)     (117,650)
Crypto asset impairment expense (pre ASU 2023-08)     96,783
Crypto assets received as revenue (pre ASU 2023-08)     (460,878)
Crypto asset payments for expenses (pre ASU 2023-08)     298,255
Other operating activities, net 62,246 11,336 151,118
Accounts receivable, net (1,983) (100,568) 84,021
Customer custodial funds in transit 57,152 46,829 (115,391)
Income taxes, net (147,449) 77,099 8,547
Other current and non-current assets (47,228) 48,564 28,033
Other current and non-current liabilities 108,101 (2,835) 43,442
Net cash provided by operating activities 2,426,383 3,103,935 673,376
Cash flows from investing activities      
Loans originated (12,453,223) (7,364,193) (923,336)
Proceeds from repayment of loans 11,664,530 7,189,488 647,448
Assets pledged as collateral (16,009) (100,929) (159,835)
Return of assets pledged as collateral 16,188 147,096 196,028
Business combinations, net of cash and cash equivalents acquired (742,038) 0 (30,730)
Purchases of crypto assets held for investment (787,821) (35,182) (279,868)
Dispositions of crypto assets held for investment 266,546 91,925 466,299
Purchase of investments (377,426) (59,915) (18,835)
Dispositions of investments 490,298 5,001 3,543
Other investing activities, net (110,595) (74,294) (106,890)
Net cash used in investing activities (2,049,550) (201,003) (206,176)
Cash flows from financing activities      
Issuance of common stock upon exercise of stock options, net of repurchases 78,286 126,140 47,944
Issuances of convertible senior notes, net 2,957,135 1,246,025 0
Repurchase of common stock (790,195) 0 0
Repayment of long-term debt 0 0 (303,533)
Purchases of capped calls (224,250) (104,110) 0
Customer custodial fund liabilities (936,205) 1,638,087 (274,822)
Customer collateral received 871,389 567,806 321,398
Return of customer collateral (891,967) (544,228) (347,209)
Taxes paid related to net share settlement of equity awards (402,791) (117,225) (277,798)
Proceeds from short-term borrowings 626,428 122,566 31,640
Repayments of short-term borrowings (580,664) (48,407) (52,122)
Other financing activities, net 33,116 16,424 16,297
Net cash provided by (used in) financing activities 740,282 2,903,078 (838,205)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents 1,117,115 5,806,010 (371,005)
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents 92,850 (48,367) 8,772
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 15,683,455 9,925,812 10,288,045
Cash, cash equivalents, and restricted cash and cash equivalents, end of period $ 16,893,420 $ 15,683,455 $ 9,925,812
v3.25.4
NATURE OF OPERATIONS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS
1. NATURE OF OPERATIONS
Coinbase, Inc. was founded in 2012. In April 2014, in connection with a corporate reorganization, Coinbase, Inc. became a wholly-owned subsidiary of Coinbase Global, Inc. (together with its consolidated subsidiaries, the “Company”). On December 15, 2025, the Company effected a reincorporation from the State of Delaware to the State of Texas (the “Reincorporation”).
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 onchain economy, (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.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation and preparation
The accompanying 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 Consolidated Financial Statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”), 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 Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions in the Consolidated Financial Statements and notes thereto.
Significant estimates and assumptions include the identification and valuation of assets acquired and liabilities assumed in business combinations; the valuation of goodwill and intangible assets, including impairments; the valuation of privately-held strategic investments, including impairments; the determination of the recognition, measurement, and valuation of current and deferred income taxes; the fair value of performance stock-based awards issued; the useful lives of long-lived assets; the impairment of long-lived assets; the fair value of derivatives and loss contingency identification and valuation, including assessing the likelihood of adverse outcomes from positions, claims, and disputes, recoveries of losses recorded, and associated timing.
Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the Consolidated Financial Statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities.
Certain prior period amounts in the Consolidated Financial Statements have been reclassified to conform to the current period’s presentation.
Change in accounting principle
Accounting for payment stablecoins
Effective December 31, 2025, the Company voluntarily elected to change its method of accounting for payment stablecoins to classify them as cash equivalents and to apply the Company’s accounting policies for crypto lending, borrowing, and collateral to payment stablecoin lending, borrowing, and collateral. Payment stablecoins include USDC, EURC, and PYUSD. In prior periods, EURC and PYUSD balances were not material and were presented together with USDC; accordingly, references to “USDC” in prior
period disclosures include these stablecoins. The Company previously accounted for payment stablecoins as financial instruments under Accounting Standards Codification (“ASC”) 310, Receivables, and applied the recognition and derecognition criteria under ASC 860, Transfers and Servicing, when transferring (or receiving) payment stablecoins.
The Company believes the reclassification of USDC to Cash and cash equivalents is preferable because it better reflects its economic substance and the manner in which it is utilized by the Company. USDC is readily convertible to known amounts of cash, allowing for near-instant, one-to-one redemption of USDC for U.S. dollars. Furthermore, the underlying reserves backing USDC, comprising cash in segregated accounts titled for benefit of USDC holders and a government money market fund that holds cash, short-duration U.S. Treasuries, and overnight U.S. Treasury repurchase agreements, exhibit the risk and liquidity characteristics of cash equivalents as defined in ASC 230, Statement of Cash Flows.
The Company further believes the application of our accounting policies for crypto lending, borrowing, and collateral to USDC lending, borrowing, and collateral is preferable as it aligns the accounting with our other crypto collateralized arrangements and financing activities and better reflects the risks and transfer of economic benefits of the related transactions.
This change in accounting principle has been applied retrospectively to all periods presented, including in the Consolidated Balance Sheets and Statements of Cash Flows. This reclassification had no effect on previously reported total assets, total liabilities, equity, net income, or earnings per share for any period presented.
The following tables show the changes in presentation in the Consolidated Balance Sheets and Statements of Cash Flows upon the Company’s change in accounting principle (in thousands):
Consolidated Balance Sheets Extract
December 31, 2024
Previously Reported
Adjustment
As Adjusted
Cash and cash equivalents$8,543,903 $764,363 $9,308,266 
Restricted cash and cash equivalents38,519 308,650 347,169 
USDC1,241,808 (1,241,808)— 
Loan receivables475,370 168,795 644,165 
Net adjustment$— 
Consolidated Statements of Cash Flows Extracts
Year Ended December 31, 2024
Previously Reported
Adjustment
As Adjusted
Changes in operating assets and liabilities$(478,002)$547,091 $69,089 
Loans originated(1,700,055)(5,664,138)(7,364,193)
Proceeds from repayment of loans1,488,500 5,700,988 7,189,488 
Assets pledged as collateral(2,895)(98,034)(100,929)
Return of assets pledged as collateral1,191 145,905 147,096 
Purchase of investments(41,333)(18,582)(59,915)
Dispositions of investments4,914 87 5,001 
Purchases of crypto assets held for investment(12,451)(22,731)(35,182)
Dispositions of crypto assets held for investment54,039 37,886 91,925 
Proceeds from short-term borrowings— 122,566 122,566 
Repayments of short-term borrowings— (48,407)(48,407)
Year Ended December 31, 2023
Previously ReportedAdjustmentAs Adjusted
Gains on crypto assets held, net (pre ASU 2023-08)$(145,594)$27,944 $(117,650)
Changes in operating assets and liabilities326,206 (277,554)48,652 
Loans originated(586,691)(336,645)(923,336)
Proceeds from repayment of loans513,698 133,750 647,448 
Assets pledged as collateral(27,899)(131,936)(159,835)
Return of assets pledged as collateral68,338 127,690 196,028 
Purchase of investments(11,822)(7,013)(18,835)
Dispositions of investments3,430 113 3,543 
Purchase of crypto assets held (pre ASU 2023-08)(277,367)(2,501)(279,868)
Sale of crypto assets held (pre ASU 2023-08)461,325 4,974 466,299 
Customer collateral received66,014 255,384 321,398 
Return of customer collateral(64,952)(282,257)(347,209)
Recent accounting pronouncements
Recently adopted accounting pronouncements
Disaggregation of income statement expenses
On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 amends ASC 220, Comprehensive Income, to expand income statement expense disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026, with early adoption permitted. The Company early adopted ASU 2024-03 on December 31, 2025 on a retrospective basis. See Note 17. Other Consolidated Statements of Operations Details for the disaggregation of relevant expense captions.
Accounting pronouncements pending adoption
On September 18, 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 amends ASC 350-40, Intangibles-Goodwill and Other-Internal Use Software, to reflect that software is not always developed in a linear manner, removing all references to development stages and adding new guidance on how to evaluate whether the probable-to-complete threshold has been met. ASU 2025-06 is required to be adopted for fiscal years commencing after December 15, 2027, with early adoption permitted. ASU 2025-06 allows for a prospective, retrospective, or modified transition approach to adoption, based on the status of the project and whether software costs were capitalized before the date of adoption. The Company anticipates using a prospective transition approach and is evaluating the impact of adopting the standard on the Consolidated Financial Statements.
Segment reporting
The Company reports its segment information to reflect the manner in which the CODM reviews and assesses performance. The Company’s Chief Executive Officer and President and Chief Operating Officer have joint responsibility as the CODM and review and assess the performance of the Company as a whole.
The primary financial measures used by the CODM to evaluate performance and allocate resources are net income and operating income (loss). The CODM uses net income and operating income (loss) to evaluate the performance of the Company’s ongoing operations and as part of the Company’s internal planning and forecasting processes. Information on Net income and Operating income (loss) is disclosed
in the Consolidated Statements of Operations. Segment expenses and other segment items are provided to the CODM on the same basis as disclosed in the Consolidated Statements of Operations.
The CODM does not evaluate performance or allocate resources based on segment assets, and therefore such information is not presented in the notes to the financial statements.
Revenue recognition
Revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration to which the Company expects to be entitled.
Transaction revenue
Consumer and institutional revenue
The Company earns transaction fees primarily from providing crypto asset matching services and executing trades on the Company’s derivative exchanges. The Company considers the matching of buyers and sellers to buy, sell or convert crypto assets or the execution of a derivative trade to be a single performance obligation. The Company considers its performance obligation satisfied, and recognizes revenue, at the point in time the transaction is processed or the trade is executed. Contracts with customers are defined at the transaction level as they are open-ended and may be terminated by either party without penalty.
The transaction price, determined at the transaction level, is calculated based on volume and varies depending on payment type, transaction value, and the Company’s published fee disclosures. Transaction fees may be variable based on tiered discounts driven by trading volume in a prior historical period. Volume-based tiered discounts are not considered material rights as they correspond to the standalone selling prices typically offered to the respective customer class. Transaction fees are reduced by any transaction-specific rebates provided to the customer. In instances where transaction fees are collected in crypto assets, revenue is measured based on the fair value of the crypto assets received at the time of the transaction.
Transaction revenue is recognized net of an allowance for estimated transaction fee reversals (such as credit card chargebacks or bank disputes). These estimates are determined using the most likely amount method, relying on historical experience and judgment regarding the probability of significant reversals. These estimates of variable consideration are reassessed each reporting period. While the reversal of the transaction fee is recorded as a reduction of net revenue, any loss of the underlying crypto asset resulting from the reversal is included in Transaction expense.
The Company applies judgment to determine whether it is the principal or the agent in transactions. The Company evaluates the presentation of revenue on a gross or net basis based on whether it controls the crypto asset or derivative instrument before it is transferred to the customer (gross) or whether it acts as an agent by matching buyers and sellers of crypto assets or executing trades between customers (net). The Company does not control the crypto asset or derivative instrument provided before it is transferred to the buyer, does not have inventory risk, and is not responsible for fulfillment. The Company also does not set the price for the crypto asset or derivative instrument as the price is a market rate established by users of the platform. As a result, the Company has determined that it acts as an agent in transactions between customers.
Other transaction revenue
Other transaction revenue primarily comprises Base sequencer revenue and fees the Company charges customers at the transaction level to process deposits to, and withdrawals from, the Company’s platform. Generally, Other transaction revenue consists of a single performance obligation and is recognized at the time that a transaction is executed. Base sequencer revenue is denominated in crypto
assets, with revenue measured based on the amount of crypto assets received and the fair value of the crypto assets at the time of the transaction.
Subscription and services revenue
Stablecoin revenue
The Company earns revenue through an arrangement, as updated in August 2023 and further updated in November 2024, with Circle Internet Financial, LLC (“Circle”). The Company’s revenue from this arrangement is determined based on the daily income generated from the reserves backing USDC, which is dependent on the total USDC market capitalization, defined as the total amount of USDC in circulation, less the management fees charged by non-affiliated third parties managing such reserves and certain other expenses (the “Payment Base”). From the Payment Base, (i) Circle retains a portion in consideration of its role as issuer of USDC, (ii) the Company and Circle earn an amount based on the share of USDC held on their respective platforms, (iii) other approved participants in the USDC ecosystem earn an amount based on terms agreed between the approved participant, Circle, and the Company, and (iv) the Company receives 50% of the remaining Payment Base. The arrangement is not within the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”) as Circle is not a customer of the Company. Revenue is accrued on a monthly basis as it becomes realizable.
Blockchain rewards
Blockchain rewards primarily comprises staking revenue, in which the Company participates in networks with proof-of-stake consensus algorithms through creating or validating blocks on the network using the staking validators that it controls. Blockchain protocols, or the participants that form the protocol networks, reward users for performing various activities on the blockchain. The Company considers itself the principal in transactions with the blockchain networks, and therefore presents such blockchain rewards earned on a gross basis. In exchange for participating in the consensus mechanism of these networks, the Company recognizes revenue in the form of the native token of the network. Each block creation or validation is a performance obligation. Revenue is recognized at the point when the block creation or validation is complete and the rewards are transferred into a digital wallet that the Company controls. Revenue is measured based on the number of tokens received and the fair value of the token at contract inception.
Interest and finance fee income
The Company holds customer custodial funds at certain third-party depository institutions and asset managers, which earn interest. Interest income earned from customer custodial funds is calculated using the interest method and is not within the scope of ASC 606. Financing interest income on fiat and payment stablecoin loan receivables is accrued using the interest method over the term of the loan, and is not within the scope of ASC 606. Financing fees earned on crypto asset loan receivables are denominated in crypto assets and are recognized on an accrual basis over the over term of the loan. The amount earned depends on the total loans issued and the contractual rates.
Other subscription and services revenue
Other subscription and services revenue primarily comprises revenue from: Coinbase One; developer product revenue, including items such as delegation, participation and infrastructure services; custodial fees for a dedicated cold storage solution provided to customers through Prime Custody; and revenue from other subscription licenses. Generally, revenue from other subscription and services contains one performance obligation, may have variable and non-cash consideration, and is recognized at a point in time or over the period that services are provided.
Other revenue
Corporate interest and other income
Corporate interest and other income primarily comprises interest income earned on corporate cash and cash equivalents, calculated using the interest method and reported within Other revenue in the Consolidated Statements of Operations.
Collateralized arrangements and financing
Lending and related collateral
The Company lends fiat, payment stablecoins, crypto assets borrowed, and crypto assets held for investment to eligible institutional customers. Institutional financing loans may have open ended or fixed terms that are less than one year, with the exception of trade finance arrangements. These arrangements are typically settled in one to three days.
Loan receivables are recorded in Loan receivables in the Consolidated Balance Sheets. Fiat and payment stablecoin loan receivables are measured at amortized cost, which approximates fair value given their short-term nature (generally less than 12 months) and fully collateralized structure. Crypto asset loan receivables are measured at the fair value of the underlying crypto asset loaned, with changes in fair value recognized in Transaction expense in the Consolidated Statements of Operations. Accrued interest is recorded separately within Accounts receivable, net in the Consolidated Balance Sheets. Fee income is recorded in Interest and finance fee income within Net revenue in the Consolidated Statements of Operations.
Institutional financing loans are fully collateralized by a customer’s pledged fiat, payment stablecoins, or crypto assets, as applicable. The Company adheres to strict internal risk management and liquidation protocols for loan counterparty defaults, including restricting trading and withdrawals and liquidating assets in borrowers’ accounts as contractually permitted. The Company continuously and systematically monitors the fair value of the related collateral assets pledged compared to the fair value of the related loan receivable, and if the value of the borrower’s eligible collateral falls below the required collateral requirement, the customer is obligated to deposit additional collateral up to the required collateral level. Accordingly, the Company applies the collateral maintenance provision practical expedient to determine if an allowance for doubtful accounts is required on loan receivables. The Company’s credit exposure is significantly limited and no allowance, write-offs, or recoveries have been recorded against loan receivables for the periods presented due to the collateral requirements the Company applies to such loans, the Company’s process for collateral maintenance, and collateral held on the Company’s platform. The Company would recognize credit losses on these loans if there is a collateral shortfall and it is not reasonably expected that the borrower will replenish such a shortfall. Due to the nature of the collateral the Company requires to be pledged, the Company is readily able to liquidate in the case of the borrower’s default.
The Company recognizes collateral it receives, with an associated obligation to return collateral, when it obtains control of the collateral. The Company does not reuse or rehypothecate customer payment stablecoins or crypto assets nor grant security interests in such assets, in each case unless required by law or expressly agreed to by the customer.
Crypto assets held as collateral are initially recorded at cost and are subsequently remeasured at fair value with changes in fair value recognized in Transaction expense in the Consolidated Statements of Operations. Fair value is measured using quoted crypto asset prices within the Company’s principal market at the time of measurement. Crypto assets held as collateral includes collateral within the Company’s control and may exceed the required contractual amounts. Crypto assets held as collateral are derecognized from the Consolidated Balance Sheets when the collateral is returned to the borrower or when the collateral is sold or rehypothecated. Gains and losses at the time of derecognition are determined on a weighted average cost basis.
Obligation to return collateral in the form of crypto assets is accounted for as a hybrid instrument, with a liability host contract that contains an embedded derivative based on the changes in fair value of the underlying crypto asset. The gain or loss on remeasurement of the Obligation to return collateral is recorded in Transaction expense.
See Note 23. Supplemental Disclosures of Cash Flow Information for details on flows of non-cash collateral, including crypto assets.
Borrowings and related collateral
To facilitate institutional financing loans, the Company may borrow fiat, payment stablecoins and crypto assets from third parties.
Payment stablecoins borrowed by the Company that have not been subsequently sold or rehypothecated are recognized within Cash and cash equivalents with a corresponding liability in Short-term borrowings in the Consolidated Balance Sheets.
Crypto assets borrowed by the Company are recorded in Crypto assets borrowed, and the associated liabilities are recorded in Short-term borrowings in the Consolidated Balance Sheets.
Crypto assets borrowed are initially recorded at cost and are subsequently remeasured at fair value at the end of each reporting period, with changes in fair value recognized in Transaction expense in the Consolidated Statements of Operations. Fair value is measured using quoted crypto asset prices within the Company’s principal market at the time of measurement. Crypto assets borrowed are derecognized from the Consolidated Balance Sheets when they are used to originate loans with customers, in which case they are recorded as Loan receivables in the Consolidated Balance Sheets, or when they are repaid to third parties. Gains and losses at the time of derecognition are determined using the specific identification method.
Crypto asset borrowings are accounted for as hybrid instruments. The liability host contract is not accounted for as a debt instrument because it is not a financial liability and is carried at the initial fair value of the assets acquired. The embedded derivative relates to the changes in the fair value of the underlying crypto asset and is subsequently measured at fair value, with changes in fair value recognized in Transaction expense in the Consolidated Statements of Operations.
The term of these crypto asset borrowings either can be for a fixed term of less than one year or open-ended and repayable at the option of the Company or the lender. These borrowings bear a fee payable by the Company to the lender, which is based on a percentage of the amount borrowed. Fee expenses for crypto asset borrowings are accrued and expensed over the term of the loan and are included in Transaction expense in the Consolidated Statements of Operations.
Under the terms of the Company’s payment stablecoin and crypto asset borrowing arrangements, the Company may be required to maintain a collateral to borrowing ratio and pledge fiat, payment stablecoins, or crypto assets as collateral. The lender is not obligated to return collateral equal to the fair value of the borrowings if the Company defaults on its borrowings. As of December 31, 2025, the Company has not defaulted on any of its borrowings.
The Company’s accounting for pledged collateral is determined by whether control is retained or surrendered. The Company derecognizes collateral it pledges when it loses control of the collateral, resulting in the recognition of the related collateral receivable within Other current assets in the Consolidated Balance Sheets. When the Company retains control of the collateral, fiat and payment stablecoins pledged as collateral are reclassified to Restricted cash and cash equivalents and where crypto assets are pledged, the collateral remains recorded within Crypto assets borrowed or Crypto assets held for investment, each within the Consolidated Balance Sheets.
Customer derivatives and margin
The Company executes trade matching and other trading activities of derivative contracts between customers on its platform. These transactions are subject to margin requirements with customers to help the Company mitigate its exposure to credit risk from a customer’s failure to fulfill its obligations in a trade.
Crypto assets and payment stablecoins pledged by customers to meet margin requirements are not recognized in the Consolidated Balance Sheets unless the customer expressly agrees to transfer control to the Company, in which case they are recognized on the same basis as discussed in the Lending and related collateral section above. Fiat pledged by customers to meet margin requirements is recognized in Customer custodial funds with an offsetting liability in Customer custodial fund liabilities in the Consolidated Balance Sheets.
Cash and cash equivalents
Cash and cash equivalents comprise cash that is not restricted as to withdrawal or use, payment stablecoins, and interest-bearing highly liquid investments, such as money market funds with an initial maturity of three months or less, held in accounts at financial institutions or venues. Financial institutions include asset managers, while venues include payment processors, clearing brokers, and other financial services providers.
Payment stablecoins
Payment stablecoins, which include USDC, EURC, and PYUSD, are redeemable on a one-to-one basis for cash and cash equivalents and are classified as Cash and cash equivalents in the Consolidated Balance Sheets. As of December 31, 2025 and 2024, the reserves backing these payment stablecoins were held by the issuer in cash and cash equivalents in segregated accounts titled for the benefit of payment stablecoins holders.
Funds held at financial institutions
Cash and cash equivalents, excluding payment stablecoins which are held on our platform, are primarily placed with financial institutions which are of high credit quality, 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 venues
The Company holds cash at venues, and performs a regular assessment of these venues as part of its risk management process. As of December 31, 2025 and 2024, the Company held $110.8 million and $88.2 million, respectively, in cash at venues.
Restricted cash and cash equivalents
The Company has restricted cash deposits and interest-bearing highly liquid investments held at financial institutions related to operational reserves. Restricted cash and cash equivalents also includes payment stablecoins pledged as collateral where the Company retains control of the payment stablecoins. These payment stablecoins are contractually restricted and not available for general corporate use until the related borrowings are repaid.
Crypto assets held for operations
The Company may receive crypto assets as a form of payment for transaction revenue, blockchain rewards, and other subscriptions and services revenue, which are recorded in Crypto assets held for operations in the Consolidated Balance Sheets when received. Crypto assets received as a form of
payment are converted to cash or used to fulfill expenses, primarily blockchain rewards fees, nearly immediately. Therefore, the associated risk of exposure of these assets to crypto asset price fluctuations, even during periods of significant volatility, has been immaterial. Crypto assets held for operations are initially recorded at the transaction price of the crypto assets at initial recognition and are subsequently remeasured at fair value at the end of each reporting period, with changes in fair value recognized in Losses (gains) on crypto assets held for operations, net in the Consolidated Statements of Operations. Realized gains and losses on disposition are recognized on a first-in-first-out basis. Fair value is measured using quoted crypto asset prices within the Company’s principal market at the time of measurement. Gains and losses are influenced by the volume and mix of crypto assets received and used, and the timing of the turnover of these crypto assets. Cash flows from crypto assets held for operations are recorded as Changes in operating assets and liabilities in the Consolidated Statements of Cash Flows.
Accounts receivable and allowance for doubtful accounts
Accounts receivable are contractual rights to receive cash or crypto assets and consist of stablecoin revenue receivable, customer accounts receivable, and other receivables.
Stablecoin revenue receivable represents the Company’s portion of income earned and receivable on payment stablecoin reserves through its arrangements with the issuers of these stablecoins.
Customer accounts receivable primarily comprises receivables from custodial fee revenue and other transaction fee and subscription and services revenue.
Receivables are recorded at the transaction price when the Company’s performance obligations are satisfied, either at a point in time or over time (typically monthly). Accounts receivable denominated in crypto assets represent rights to receive a fixed amount of crypto assets at the time of invoicing and are initially and subsequently measured at the fair value of the underlying crypto assets to be received, with changes in the fair value recorded in Other operating expense, net in the Consolidated Statements of Operations.
The Company recognizes an allowance for doubtful accounts for accounts receivable based on expected credit losses. In determining expected credit losses, the Company considers historical loss experience and the aging of its accounts receivable balances.
Crypto assets held for investment
Crypto assets held for investment are primarily held long term. The Company does not engage in regular trading of these assets but may lend them or stake them. When crypto assets that were loaned are returned, they continue to be held for investment. See Note 5. Collateralized Arrangements and Financing for details on institutional financing activities.
Crypto assets held for investment are initially recorded at cost and are subsequently remeasured at fair value at the end of each reporting period, with changes in fair value recognized in Losses (gains) on crypto assets held for investment, net in the Consolidated Statements of Operations. Realized gains and losses on disposition are recognized on a specific identification basis. Fair value is measured using quoted crypto asset prices within the Company’s principal market at the time of measurement.
Crypto assets held for investment that are loaned are derecognized and related crypto asset loan receivables are recognized for the period that the loan is outstanding. See discussion of accounting for crypto asset loan receivables under —Lending and related collateral above.
Crypto assets held for investment that are staked remain recorded within Crypto assets held for investment in the Consolidated Balance Sheets. Staking rewards earned by the Company through staking of these assets are recognized as an addition to Crypto assets held for investment and in Other income, net in the Consolidated Statements of Operations in the period received.
Software and equipment, net
Software and equipment, net is stated at cost less associated accumulated depreciation and amortization, and consists mainly of capitalized internally developed software. Depreciation and amortization is computed using the straight-line method over the lesser of the estimated useful life of the asset or the remaining lease term, as applicable. The estimated useful lives of capitalized internally developed software is three years. The remaining balance of software and equipment consists of furniture and fixtures, computer equipment, and leasehold improvements, for which the useful lives generally range from one to 10 years.
Capitalized software consists of costs incurred during the application development stage of internal-use software or implementation of a hosting arrangement that is a service contract. Capitalized costs consist of salaries and other compensation costs for employees, fees paid to third-party consultants who are directly involved in development efforts, and costs incurred for upgrades and enhancements to add functionality of the software. Other costs that do not meet the capitalization criteria are expensed as incurred.
Business combinations, goodwill, and acquired intangible assets
The Company accounts for business combinations using the acquisition method. Purchase consideration is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated acquisition-date fair values, with any excess consideration recognized as goodwill. The results of acquired businesses are included in the Consolidated Financial Statements from the date of the acquisition. Acquisition-related costs are expensed as incurred in General and administrative expenses within the Consolidated Statements of Operations.
Estimates of fair value are subject to refinement. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill, if new information is obtained about facts and circumstances that existed at the acquisition date. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations.
Goodwill and indefinite-lived intangible assets are not amortized but are tested for impairment annually on October 1, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Goodwill is tested at the reporting unit level. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized for the amount of the excess, limited to the total amount of goodwill allocated to that reporting unit.
Acquired intangible assets with a definite useful life are amortized over their estimated useful lives on a straight-line basis. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Amortization of acquired developed technology is recorded under Technology and development expense and amortization of other acquired intangible assets is recorded under General and administrative expense in the Consolidated Statements of Operations.
The Company evaluates the recoverability of acquired intangible assets on an annual basis, or more frequently whenever circumstances indicate an intangible asset may be impaired. When indicators of impairment exist, the Company estimates future undiscounted cash flows attributable to such assets. If the future undiscounted cash flows do not exceed the carrying amount of the assets, an impairment loss is measured based upon the difference between the carrying amount and the fair value of the assets.
Long-term debt and interest expense
Long-term debt is carried at amortized cost. The Company accounts for the 2026, 2029, 2030, and 2032 Convertible Notes wholly as debt because (1) the conversion features do not require bifurcation as a
derivative under ASC 815, Derivatives and Hedging (“ASC 815”), and (2) these convertible notes were not issued at a substantial discount.
Coupon interest on the Company’s long-term debt comprises the majority of Interest expense in the Consolidated Statements of Operations. Debt discounts and debt issuance costs are also amortized to Interest expense in the Consolidated Statements of Operations using the effective interest method over the contractual term of the respective note.
Capped calls entered into in connection with the Company’s long-term debt meet the criteria for classification in equity, are not remeasured each reporting period, and are included as a reduction to Additional paid-in capital within Total shareholders’ equity in the Consolidated Balance Sheets.
The Company recognizes gains and losses on extinguishment of long-term debt as the difference between the reacquisition price and the net carrying amount of the debt, and these gains and losses are recognized in current-period earnings in Other income, net in the Consolidated Statements of Operations.
Customer custodial funds and Customer custodial fund liabilities
Customer custodial funds represent restricted cash and cash equivalents maintained in segregated accounts of the Company at financial institutions and asset managers that are held for the exclusive benefit of customers and deposits in transit from payment processors and financial institutions. Customer custodial fund liabilities represent the obligation to return cash deposits held by customers in their fiat wallets and unsettled fiat deposits and withdrawals. Deposits in transit represent settlements from third-party payment processors and banks for customer transactions. Deposits in transit are typically received within five business days of the transaction date. The Company establishes withdrawal-based limits in order to mitigate potential losses by preventing customers from withdrawing the associated crypto asset to an external blockchain address until the deposit settles. In certain jurisdictions, deposits in transit qualify as eligible liquid assets to meet regulatory requirements to fulfill the Company’s direct obligations under customer custodial fund liabilities. In these cases, the Company restricts the use of these assets and classifies them as current based on their purpose and availability to fulfill the Company’s direct obligation under Customer custodial fund liabilities in the Consolidated Balance Sheets.
Certain jurisdictions where the Company operates require the Company to hold eligible liquid assets, as defined by applicable regulatory requirements and commercial law in these jurisdictions, equal to at least 100% of the aggregate amount of all applicable customer custodial fund liabilities. Depending on the jurisdiction, eligible liquid assets can include cash and cash equivalents, customer custodial funds, and in-transit customer receivables. As of December 31, 2025 and 2024, the Company’s eligible liquid assets were greater than the aggregate amount of Customer custodial fund liabilities.
Customer custodial funds are primarily placed with financial institutions which are of high credit quality, primarily in highly liquid, highly rated instruments which are uninsured. 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.
Leases
The Company determines if an arrangement is a lease at inception. The Company’s leases are primarily operating leases for corporate offices. Operating lease right-of-use (“ROU”) assets are included in Other non-current assets, and current and non-current lease liabilities are included in Accrued expenses and other current liabilities and Other non-current liabilities, respectively, in the Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. Operating lease ROU assets also include any lease payments made before commencement and exclude lease incentives. As the Company’s leases do not generally provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement to determine the present value of
future payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
Lease expense is recognized on a straight-line basis over the lease term. The Company has made the policy election to account for short-term leases by recognizing the lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term and not recognizing these leases in the Consolidated Balance Sheets. The Company has real estate lease agreements with lease and non-lease components for which the Company has made the accounting policy election to account for these agreements as a single lease component.
Derivative contracts
The Company enters into arrangements that result in obtaining the right to receive or obligation to deliver a fixed amount of crypto assets in the future. These are hybrid instruments, consisting of a receivable or debt host contract that is initially measured at the fair value of the underlying crypto assets and is subsequently carried at amortized cost, and an embedded forward feature based on the changes in the fair value of the underlying crypto asset. The embedded forward is bifurcated from the host contract, and is subsequently measured at fair value.
These derivative contracts derive their value from underlying asset prices, other inputs, or a combination of these factors. Derivative contracts are recognized as either assets or liabilities in the Consolidated Balance Sheets at fair value, with changes in fair value recognized in Transaction expense, Other operating expense, net, or Other income, net in the Consolidated Statements of Operations, depending on the nature of the derivative. Cash flows from derivative contracts are recognized as investing activities and adjustments to reconcile Net income to Net cash provided by operating activities in the Consolidated Statements of Cash Flows, depending on the nature of the derivative.
Investments
The Company holds marketable securities and strategic investments, which are recorded within Marketable investments and Strategic investments in the Consolidated Balance Sheets.
Marketable investments primarily include equity securities and are measured and recorded at fair value on a recurring basis. These investments are available for trading subject to any associated lock up.
The Company’s strategic investments primarily include equity investments in privately held companies without readily determinable fair values where the Company (1) holds less than 20% ownership in the entity and (2) does not exercise significant influence. These investments are recorded at cost and adjusted for: (i) observable transactions for same or similar investments of the same issuer (referred to as the measurement alternative) or (ii) impairment.
Marketable and strategic investments activities are recorded in Other income, net in the Consolidated Statements of Operations.
Fair value measurements
The Company measures certain assets and liabilities at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
•Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3: Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
Transaction expense
Transaction expense includes certain costs incurred to operate the Company’s platform, process crypto asset trades, and perform wallet services, and are directly associated with generating revenue. Primary components include blockchain rewards distributed to customers for their participation in blockchain activities such as staking, account verification fees, fees paid to payment processors and other financial institutions for customer transaction activity, blockchain network fees, transaction rebates, and crypto asset losses from transaction reversals. Transaction expense also includes gains and losses from the fair value remeasurement of crypto asset borrowings, obligations to return crypto asset collateral, crypto assets borrowed, crypto assets held as collateral, and crypto asset loan receivables originated with borrowed assets. These items are offsetting by nature and generally net to an immaterial amount. Transaction-level costs are expensed as incurred, while fixed-fee costs are expensed over the contract term. The Company has elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would otherwise have been recognized is one year or less.
Sales and marketing
The Company defines its selling expenses in accordance with ASC 220 as Sales and marketing expenses as presented in the Consolidated Statements of Operations. These expenses primarily comprise employee-related expenses, marketing programs, USDC rewards, and customer acquisition expenses. Employee-related costs include employee cash, stock-based compensation, and other employee benefits. Marketing programs costs primarily represent third-party advertising expenses. Employee-related advertising costs are immaterial for all periods presented.
Stock-based compensation
Stock plans
The Company maintains the 2021 Equity Incentive Plan (the “2021 Plan”) the 2021 Employee Stock Purchase Plan (the “ESPP”), and two legacy plans: the Amended and Restated 2013 Stock Plan and the 2019 Equity Incentive Plan (collectively, the “Prior Plans”). Following the direct listing in 2021, all new equity awards are granted under the 2021 Plan and ESPP. Additionally, certain awards assumed in connection with acquisitions are governed by their respective original plans.
Evergreen provisions
The 2021 Plan and ESPP provide for automatic annual increases in the number of shares available for issuance on January 1 of each year for 10 years. The increases are equal to the lesser of 5% (for the 2021 Plan) and 1% (for the ESPP) of the total outstanding shares of common stock on the preceding December 31, or a lesser amount determined by the Board.
Awards and vesting
The Company primarily grants restricted stock units (“RSUs”) and restricted stock awards (“RSAs”). The Company previously granted stock options under Prior Plans, which remain outstanding.
RSUs generally vest over a service period ranging from one to four years. Performance RSUs (“PRSUs”) vest upon the achievement of specified financial or market-based thresholds. RSAs issued in acquisitions generally vest over three years and are subject to repurchase at par value upon forfeiture.
Stock options outstanding have a contractual term of 10 years. Options under Prior Plans generally vest over four years (25% cliff followed by monthly vesting) and allow for a seven-year post-termination exercise window for certain employees. Outstanding options under the 2021 Plan generally vest quarterly over three years with a three-month post-termination exercise window. Outstanding options also include performance stock options granted to the Chief Executive Officer that vest upon the achievement of specific market conditions, subject to continued service.
Valuation and expense recognition
The Company accounts for stock-based compensation by measuring the fair value of awards at the grant date. For service-based awards, expense is recognized on a straight-line basis over the requisite service period. Forfeitures are recognized as they occur.
The fair value of RSUs is based on the closing market price of the Company’s Class A common stock on the grant date.
For stock options granted in prior periods, fair value was estimated using the Black-Scholes-Merton model. Key assumptions included the expected term (based on historical exercise behavior and contractual terms), historical volatility of the Company’s Class A common stock, risk-free rates based on U.S. Treasury yields, and a zero dividend yield.
Market-based awards, which are performance stock options and PRSUs, are valued using a Monte Carlo simulation. Expense is recognized using the accelerated attribution method and is not reversed if the market condition is not met, provided the requisite service is rendered.
PRSUs subject to financial performance conditions are valued based on the price of the Company’s Class A common stock on the grant date. Expense is recognized when achievement of the condition becomes probable, evaluated at each reporting date, with cumulative adjustments recorded in the period of change.
Income taxes
The Company accounts for income taxes using the asset and liability method whereby deferred tax asset and liability account balances are determined based on temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when management estimates that it is more likely than not that deferred tax assets will not be realized. Realization of deferred tax assets is dependent upon future pre-tax earnings, the reversal of temporary differences between book and tax income, and the expected tax rates in future periods.
The Company is required to evaluate the tax positions taken in the course of preparing its tax returns to determine whether tax positions are more likely than not of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount that is initially recognized. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense.
For U.S. federal tax purposes, crypto asset transactions are treated under the same tax principles as property transactions. The Company recognizes a gain or loss when crypto assets are exchanged for other property, in the amount of the difference between the fair market value of the property received and
the tax basis of the exchanged crypto assets. Receipts of crypto assets in exchange for goods or services are included in taxable income at the fair market value on the date of receipt.
Net income (loss) per share
The Company computes net income (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Certain shares of the Company’s restricted stock granted as consideration in past acquisitions are deemed participating securities. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses.
Basic net income (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted net income (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options and warrants, vesting of RSUs and restricted stock, conversion of the Company’s convertible notes, and settlement of contingent consideration.
Foreign currency transactions
The Company’s functional currency is the U.S. dollar. The Company has exposure to foreign currency translation gains and losses arising from the Company’s net investment in foreign subsidiaries. The revenues, expenses, and financial results of these foreign subsidiaries are recorded in their respective functional currencies. The financial statements of these subsidiaries are translated into U.S. dollars using a current rate of exchange, with gains or losses, net of tax as applicable, included in Accumulated other comprehensive income (loss) (“AOCI”) within the Consolidated Statements of Changes in Shareholders’ Equity. Cumulative translation adjustments are released from AOCI and recorded in the Consolidated Statements of Operations when the Company disposes or loses control of a consolidated subsidiary. Gains and losses resulting from remeasurement are recorded in Other income, net within the Consolidated Statements of Operations.
Realized gains and losses on changes in foreign currency exchange rates resulting from settlement of the Company’s foreign currency-denominated assets and liabilities and unrealized gains and losses resulting from remeasurement of transactions and monetary assets and liabilities denominated in non-functional currencies are recognized as a component of Other income, net in the Consolidated Statements of Operations.
v3.25.4
ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS
3. ACQUISITIONS
Information on acquisitions completed during the periods presented is set forth below. The results of operations of all business combinations have been recorded in the Consolidated Financial Statements since the dates of acquisition.
Deribit
On August 14, 2025, the Company acquired the outstanding equity of Sentillia B.V. (“Deribit”), a crypto derivatives exchange. The Company believes this strategic acquisition will play a key role in its goal to be the premier global platform for crypto derivatives. Total consideration transferred in the
acquisition, subject to customary post-closing adjustments, was $4.3 billion, consisting of the following (in thousands):
Cash$721,460 
Class A common stock of the Company(1)
3,573,092 
Total purchase consideration$4,294,552 
__________________
(1)Fair value, representing the closing market price of the Company’s Class A common stock on the acquisition date.

The aggregate purchase consideration includes $150.0 million in cash subject to an indemnity escrow that expires 15 months after the acquisition date.
In accordance with ASC 805, Business Combinations (“ASC 805”), the acquisition was accounted for as a business combination under the acquisition method. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date with the excess recorded as goodwill, as follows (in thousands):
Goodwill$2,818,754 
Intangible assets1,390,000 
Crypto assets held for investment164,263 
Deferred tax assets and liabilities, net(132,527)
Cash and cash equivalents and restricted cash
112,928 
Other assets and liabilities, net(58,866)
Net assets acquired$4,294,552 
The goodwill is primarily attributed to the assembled workforce as well as the anticipated operational synergies from the integration of Deribit’s trading platform with the Company’s existing platform. The goodwill is expected to be deductible for U.S. tax purposes.
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data):
Fair ValueUseful Life at Acquisition (in years)
Customer relationships$1,059,000 15
Acquired developed technology288,000 6
Trade name43,000 8
Total identifiable intangible assets acquired$1,390,000 13
The customer relationships represent the fair value of projected cash flows derived from existing customers of Deribit and were valued using the multi-period excess earnings method. The present value of projected cash flows included significant judgment and assumptions regarding future revenues, attrition rates, and the discount rate.
Echo
On October 8, 2025, the Company acquired all of the outstanding equity interests of Gm Echo Ltd (“Echo”), an onchain capital raising platform. The Company believes this strategic acquisition will play a key role in its goal to create more accessible, efficient, and transparent capital markets.
In accordance with ASC 805, the acquisition was accounted for as a business combination under the acquisition method. The total purchase consideration transferred in the acquisition was $176.0 million, which included $68.0 million in cash and $108.0 million in Class A common stock of the Company. Net assets acquired were $23.7 million, and the excess purchase price of $152.3 million was recorded as
goodwill. The goodwill is primarily attributed to the assembled workforce as well as the anticipated operational synergies from the integration of Echo’s platform with the Company’s existing platform. The goodwill is expected to be deductible for U.S. tax purposes.
Other acquisitions
During 2025 and 2023, the Company completed other business combinations that were immaterial, both individually and in the aggregate. There were no business combinations in
v3.25.4
REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
4. REVENUE
The following table presents revenue disaggregated by type (in thousands):
Year Ended December 31,
202520242023
Net revenue
Transaction revenue
Consumer, net$3,322,835 $3,430,322 $1,334,018 
Institutional, net479,667 345,598 90,164 
Other transaction revenue, net252,888 210,193 95,472 
Total transaction revenue4,055,390 3,986,113 1,519,654 
Subscription and services revenue
Stablecoin revenue(1)
1,348,821 910,464 694,247 
Blockchain rewards677,405 705,757 330,885 
Interest and finance fee income(2)
247,047 265,799 186,685 
Other subscription and services revenue554,775 425,113 195,069 
Total subscription and services revenue2,828,048 2,307,133 1,406,886 
Total net revenue6,883,438 6,293,246 2,926,540 
Other revenue
Corporate interest and other income(1)
297,887 270,782 181,843 
Total other revenue297,887 270,782 181,843 
Total revenue$7,181,325 $6,564,028 $3,108,383 
__________________
(1)Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in 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 that is accounted for as revenue from contracts with customers.
During the years ended December 31, 2025, 2024, and 2023, one counterparty accounted for 19%, 14%, and 22%, respectively, of total revenue.
Revenue by geographic location
The following table presents revenue disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
Year Ended December 31,
202520242023
U.S.(1)
$6,010,607 $5,460,820 $2,725,620 
International(2)
1,170,718 1,103,208 382,763 
Total revenue$7,181,325 $6,564,028 $3,108,383 
__________________
(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.
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
COLLATERALIZED ARRANGEMENTS AND FINANCING
5. COLLATERALIZED ARRANGEMENTS AND FINANCING
Lending and related collateral
The following table summarizes the Company’s institutional financing lending arrangements (in thousands):
December 31,
20252024
Fiat and payment stablecoin loan receivables$1,340,213 $551,546 
Crypto asset loan receivables14,479 92,619 
Total loan receivables(1)
$1,354,692 $644,165 
__________________
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of December 31, 2025 and 2024.
As of December 31, 2025 and 2024, the Company had four and three counterparties, respectively, each of whom accounted for more than 10% of the Company’s Loan receivables.
As of December 31, 2025 and 2024, the collateral requirements for all loans outstanding ranged from 100% to 300% of the fair value of the loan.
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):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat and payment stablecoins(1)
N/AN/A$4,056 N/AN/A$24,641 
Bitcoin8,579 $818,787 756,447 6,918 $414,745 647,568 
Ethereum22,327 69,736 66,380 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$888,523 822,827 $521,597 767,484 
Total recognized held as collateral
$826,883 $792,125 
__________________
nm - not meaningful
(1)Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the 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 provides a reconciliation of Crypto assets held as collateral (in thousands):
Year Ended December 31,
20252024
Beginning balance$767,484 $354,008 
Collateral received3,117,616 3,030,311 
Collateral returned(2,755,431)(2,759,660)
Gains1,338 175,480 
Losses(308,180)(32,655)
Ending balance$822,827 $767,484 
No cumulative realized gains or losses occurred during the period presented as no Crypto assets held as collateral were sold or rehypothecated.
The following table summarizes collateral pledged by customers in financing arrangements with the Company, which the Company has not recognized as collateral nor as an obligation to return the collateral (in thousands):
December 31,
20252024
Fiat and payment stablecoins$303,983 $109,982 
Crypto assets1,559,458 178,619 
Total customer collateral not recognized as collateral
$1,863,441 $288,601 
Borrowings and related collateral
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin1,920 $173,848 $167,989 1,923 $191,986 $179,480 
Ethereum43,536 149,374 129,162 17,413 65,213 57,989 
Other crypto assets(1)
nm27,145 21,698 nm18,701 23,583 
Total borrowed$350,367 $318,849 $275,900 $261,052 
__________________
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.
The following table provides a reconciliation of Crypto assets borrowed (in thousands):
Year Ended December 31,
20252024
Beginning balance$261,052 $45,212 
Borrowing activity:
Borrowings4,293,287 844,717 
Repayment of borrowings(4,239,621)(579,210)
Lending activity:
Origination of loan receivables(1)
(2,205,275)(1,346,485)
Customer repayment of loan receivables(1)
2,226,076 1,322,636 
Gains15,996 4,023 
Losses(32,666)(29,841)
Ending balance$318,849 $261,052 
__________________
(1)Represents loans originated from borrowed assets. See Note 8. Crypto Assets Held for Investment for loans originated from assets held for investment.
No cumulative realized gains or losses occurred during the periods presented as no Crypto assets borrowed were sold.
The following table summarizes the units, cost basis, and fair value of Short-term borrowings (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Payment stablecoinsN/AN/A$119,923 N/AN/A$74,158 
Bitcoin2,035 $183,882 178,022 2,178 $213,096 203,370 
Ethereum43,941 150,424 130,363 19,133 68,803 63,720 
Other crypto assets(1)
nm29,399 23,797 nm28,141 33,020 
Total crypto asset borrowings
$363,705 332,182 $310,040 300,110 
Total short-term borrowings
$452,105 $374,268 
__________________
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 asset borrowings.
As of December 31, 2025 and 2024, the weighted average annual fees on Short-term borrowings were 3.5% and 2.7%, respectively.
The fair value of the Company’s corporate assets pledged as collateral against Short-term borrowings are recorded in Restricted cash and cash equivalents and consisted of the following (in thousands):
December 31,
20252024
Payment stablecoins$236,308 $308,650 
v3.25.4
CRYPTO ASSETS HELD FOR OPERATIONS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
CRYPTO ASSETS HELD FOR OPERATIONS
6. CRYPTO ASSETS HELD FOR OPERATIONS
The following table summarizes Crypto assets held for operations (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin487 $48,191 $43,282 57 $7,814 $5,473 
Ethereum10,499 27,341 31,174 8,142 21,843 27,122 
Solana52,933 7,698 6,624 69,280 14,526 13,245 
Other crypto assets(1)
nm55,068 39,751 nm51,871 36,941 
Total held for operations$138,298 $120,831 $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.
8. CRYPTO ASSETS HELD FOR INVESTMENT
The following table summarizes Crypto assets held for investment (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin15,389 $1,079,153 $1,346,452 6,885 $272,164 $642,738 
Ethereum151,175 348,975 448,484 115,700 260,674 385,314 
Other crypto assets(1)
nm323,226 203,935 nm347,827 524,943 
Total held for investment$1,751,354 $1,998,871 $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.
The following table provides a reconciliation of Crypto assets held for investment (in thousands):
Year Ended December 31,
20252024
Beginning balance$1,552,995 $330,610 
Cumulative-effect adjustment upon adoption of ASU 2023-08— 717,373 
Additions(1)
1,195,708 107,580 
Dispositions(265,373)(243,595)
Lending activity:
Origination of loan receivables(2)
(160,095)(213,232)
Customer repayment of loan receivables(2)
204,493 167,204 
Gains(3)
168,641 799,804 
Losses(3)
(697,498)(112,749)
Ending balance$1,998,871 $1,552,995 
__________________
(1)Additions represent purchases of, and staking rewards earned on, Crypto assets held for investment.
(2)Represents loans originated from Crypto assets held for investment. See Note 5. Collateralized Arrangements and Financing for loans originated from borrowed assets.
(3)The Company measures gains and losses by each asset held. These amounts include cumulative realized gains of $75.2 million and $153.4 million, and unrealized losses of $604.0 million and gains of $533.7 million, during the years ended December 31, 2025 and 2024, respectively.
As of December 31, 2025, the Company held $68.3 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2026 and 2029
v3.25.4
ACCOUNTS RECEIVABLE, NET
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET
7. ACCOUNTS RECEIVABLE, NET
Accounts receivable, net consisted of the following (in thousands):
December 31,
20252024
Stablecoin revenue receivable$122,936 $85,983 
Customer accounts receivable54,143 40,776 
Other accounts receivable133,202 167,921 
Gross accounts receivable310,281 294,680 
Less: allowance for doubtful accounts(3,162)(29,429)
Total accounts receivable, net$307,119 $265,251 
As of December 31, 2025 and 2024, the Company had two and one counterparties, respectively, each of whom accounted for more than 10% of the Company’s Accounts receivable, net.
v3.25.4
CRYPTO ASSETS HELD FOR INVESTMENT
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
CRYPTO ASSETS HELD FOR INVESTMENT
6. CRYPTO ASSETS HELD FOR OPERATIONS
The following table summarizes Crypto assets held for operations (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin487 $48,191 $43,282 57 $7,814 $5,473 
Ethereum10,499 27,341 31,174 8,142 21,843 27,122 
Solana52,933 7,698 6,624 69,280 14,526 13,245 
Other crypto assets(1)
nm55,068 39,751 nm51,871 36,941 
Total held for operations$138,298 $120,831 $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.
8. CRYPTO ASSETS HELD FOR INVESTMENT
The following table summarizes Crypto assets held for investment (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin15,389 $1,079,153 $1,346,452 6,885 $272,164 $642,738 
Ethereum151,175 348,975 448,484 115,700 260,674 385,314 
Other crypto assets(1)
nm323,226 203,935 nm347,827 524,943 
Total held for investment$1,751,354 $1,998,871 $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.
The following table provides a reconciliation of Crypto assets held for investment (in thousands):
Year Ended December 31,
20252024
Beginning balance$1,552,995 $330,610 
Cumulative-effect adjustment upon adoption of ASU 2023-08— 717,373 
Additions(1)
1,195,708 107,580 
Dispositions(265,373)(243,595)
Lending activity:
Origination of loan receivables(2)
(160,095)(213,232)
Customer repayment of loan receivables(2)
204,493 167,204 
Gains(3)
168,641 799,804 
Losses(3)
(697,498)(112,749)
Ending balance$1,998,871 $1,552,995 
__________________
(1)Additions represent purchases of, and staking rewards earned on, Crypto assets held for investment.
(2)Represents loans originated from Crypto assets held for investment. See Note 5. Collateralized Arrangements and Financing for loans originated from borrowed assets.
(3)The Company measures gains and losses by each asset held. These amounts include cumulative realized gains of $75.2 million and $153.4 million, and unrealized losses of $604.0 million and gains of $533.7 million, during the years ended December 31, 2025 and 2024, respectively.
As of December 31, 2025, the Company held $68.3 million of Crypto assets held for investment subject to selling restrictions that are time-based and lift between 2026 and 2029
v3.25.4
SOFTWARE AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
SOFTWARE AND EQUIPMENT, NET
9. SOFTWARE AND EQUIPMENT, NET
Software and equipment, net consisted of the following (in thousands):
December 31,
20252024
Capitalized internally developed software
$454,324 $361,760 
Other(1)
81,758 22,938 
Total software and equipment, gross
536,082 384,698 
Accumulated depreciation and amortization(271,509)(184,618)
Total software and equipment, net
$264,573 $200,080 
_______________
(1)Includes leasehold improvements, construction in progress, furniture and fixtures, and computers and equipment.

Total additions to capitalized internally developed software were $138.3 million, $110.5 million, and $112.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Depreciation and amortization expense associated with software and equipment was $121.3 million, $100.5 million, and $70.0 million for the years ended December 31, 2025, 2024, and 2023, respectively, comprising primarily amortization of capitalized internally developed software. There were no material impairment charges associated with these assets during these years.
v3.25.4
GOODWILL, INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, INTANGIBLE ASSETS, NET 10. GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill
The following table reflects the changes in the carrying amount of goodwill (in thousands):
Carrying Amount
Balance at January 1, 2025$1,139,670 
Additions due to acquisitions3,029,297 
Balance at December 31, 2025$4,168,967 
There was no impairment recognized against goodwill at the beginning or end of the year presented, and no measurement period adjustments during the year presented.
Intangible assets, net
Intangible assets, net, as disclosed in this footnote, exclude internally developed software and crypto assets, which are presented within Software and equipment, net and the various crypto assets held line items in the Consolidated Balance Sheets, respectively. Intangible assets, net and their associated weighted average remaining useful lives in years (“Life”) consisted of the following (in thousands, except years):
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetLifeGross Carrying AmountAccumulated AmortizationIntangible Assets, NetLife
Amortizing assets
Customer relationships$1,072,800 $(35,935)$1,036,865 14.6$75,711 $(65,989)$9,722 0.4
Acquired developed technology335,411 (47,969)287,442 5.430,700 (21,962)8,738 1.6
Trade name and other48,000 (2,513)45,487 7.13,400 (3,306)94 0.1
Indefinite-lived assets
Licenses and other28,000 — 28,000 N/A28,250 — 28,250 N/A
Total$1,484,211 $(86,417)$1,397,794 $138,061 $(91,257)$46,804 
The effects of amortization of Intangible assets, net on the Consolidated Statements of Operations was as follows (in thousands):
Year Ended December 31,
202520242023
Technology and development$28,662 $10,414 $46,610 
Sales and marketing29,252 — — 
General and administrative9,212 16,628 23,018 
Total amortization expense$67,126 $27,042 $69,628 
There were no material impairment charges associated with these assets during these periods. The Company estimates no significant residual value related to these amortizing intangible assets.
The expected future amortization expense for amortizing intangible assets as of December 31, 2025, was as follows (in thousands):
2026$138,231 
2027130,341 
2028127,481 
2029124,043 
2030123,524 
Thereafter726,174 
Total expected future amortization expense$1,369,794 
v3.25.4
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT
11. 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)
December 31, 2025
0.50% 2026 Convertible Notes due June 1, 2026
0.98%$1,273,013 $(3,428)$1,269,585 $1,267,666 
3.38% 2028 Senior Notes due October 1, 2028
3.57%1,000,000 (4,845)995,155 953,750 
0.00% 2029 Convertible Notes due October 1, 2029
0.35%1,500,000 (19,380)1,480,620 1,392,600 
0.25% 2030 Convertible Notes due April 1, 2030
0.55%1,265,000 (15,684)1,249,316 1,294,222 
3.63% 2031 Senior Notes due October 1, 2031
3.77%737,457 (5,273)732,184 657,259 
0.00% 2032 Convertible Notes due October 1, 2032
0.20%1,500,000 (20,241)1,479,759 1,335,300 
Total$7,275,470 $(68,851)$7,206,619 $6,900,797 
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.
Convertible senior notes
2026 Convertible Notes
In May 2021, the Company issued an aggregate principal amount of $1.4 billion of 0.5% convertible senior notes due in 2026 (the “2026 Convertible Notes”) in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2026 Convertible Notes are senior unsecured obligations of the Company maturing on June 1, 2026, unless earlier converted, redeemed or repurchased. The 2026 Convertible Notes bear interest at a rate of 0.5% per year, payable semi-annually in arrears on June 1 and December 1.
The 2026 Convertible Notes are convertible at the option of the holders from and after December 1, 2025, at any time at their election until the close of business on the second scheduled trading day immediately preceding June 1, 2026. The Company may satisfy conversions in cash, shares of the Company’s Class A common stock, or a combination, based on the applicable conversion rate. The initial conversion rate is 2.6994 shares of the Company’s Class A common stock per $1,000 principal amount of 2026 Convertible Notes (approximately $370.45 per share), subject to adjustment as set forth in the indenture governing the 2026 Convertible Notes. In the event of a make-whole fundamental change, the conversion rate will, in certain circumstances, be increased for a specified period of time. In the event of a fundamental change, holders may require the Company to repurchase their 2026 Convertible Notes at a repurchase price equal to 100% of the principal amount of the 2026 Convertible Notes being repurchased, plus accrued and unpaid interest.
In 2023, the Company paid $126.4 million to repurchase $164.5 million of aggregate principal amount of the 2026 Convertible Notes with a carrying value of $162.4 million, net of immaterial unamortized issuance costs, original issue discount, and legal fees. The Company recorded a corresponding net gain
on extinguishment of long-term debt during the year ended December 31, 2023 of $35.8 million in Other income, net within the Consolidated Statements of Operations.
2029 Convertible Notes
In August 2025, the Company issued an aggregate principal amount of $1.5 billion of 0% convertible senior notes due 2029 (the “2029 Convertible Notes”) in a private offering pursuant to Rule 144A under the Securities Act. This issuance included the full exercise by the initial purchasers of their option to purchase an additional $200.0 million aggregate principal amount of the 2029 Convertible Notes, pursuant to an indenture, dated August 8, 2025 between the Company and U.S. Bank Trust Company, National Association, as trustee (the “2029 Indenture”).
The 2029 Convertible Notes do not bear regular interest or accrete principal and mature on October 1, 2029, unless converted or repurchased earlier. The Company may pay special interest on the 2029 Convertible Notes under certain circumstances in accordance with the terms of the 2029 Indenture.
The 2029 Convertible Notes are not redeemable before maturity. Holders may convert the 2029 Convertible Notes at any time before the close of business on the business day immediately preceding July 2, 2029, only if specific price or event conditions are met or certain corporate events occur, or at any time from, and including, July 2, 2029, until the close of business on the second trading day immediately prior to the maturity date. The Company may satisfy conversions in cash, Class A common stock, or a combination, at an initial rate of 2.2005 shares per $1,000 (approximately $454.44 per share). The conversion rate and conversion price are subject to adjustments as set forth in the indenture governing the 2029 Convertible Notes. The Company classifies the 2029 Convertible Notes wholly as long-term debt, as the conversion features do not require separate accounting.
2030 Convertible Notes
In March 2024, the Company issued an aggregate principal amount of $1.3 billion of convertible senior notes due 2030 (the “2030 Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The issuance included the full exercise by the initial purchasers of their option to purchase up to an additional $165 million aggregate principal amount of the 2030 Convertible Notes, pursuant to an indenture, dated March 18, 2024 between the Company and U.S. Bank Trust Company, National Association, as trustee (the “2030 Convertible Notes Indenture”). The 2030 Convertible Notes bear interest at a rate of 0.25% per year, payable semi-annually in arrears on April 1 and October 1.
The 2030 Convertible Notes are senior unsecured obligations of the Company maturing on April 1, 2030, unless earlier repurchased, redeemed or converted. The proceeds received of $1.2 billion, were net of a 1.5% original issue discount and immaterial debt issuance costs.
Beginning with the third quarter of 2024, the 2030 Convertible Notes are convertible at the option of the holder if the last reported sale price per share of Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter. The initial conversion rate is 2.9981 shares of the Company’s Class A common stock per $1,000 principal amount of notes (approximately $333.54 per share). The conversion rate and conversion price are subject to adjustments as set forth in the indenture governing the 2030 Convertible Notes. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of the Company’s Class A common stock, or a combination, at the Company’s election, based on the applicable conversion rate. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the 2030 Convertible Notes Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Additionally in the event of a corporate event constituting a fundamental change (as defined in the 2030 Convertible Notes Indenture), holders of the 2030 Convertible Notes may require the Company to repurchase all or a portion of their 2030 Convertible Notes at a repurchase price equal to 100% of the principal amount of the 2030 Convertible Notes being
repurchased, plus accrued and unpaid special interest or additional interest, if any, to, but excluding, the date of the fundamental change repurchase.
The Company accounts for the 2030 Convertible Notes wholly as debt because (1) the conversion features do not require bifurcation as a derivative under ASC 815, Derivatives and Hedging and (2) the 2030 Convertible Notes were not issued at a substantial premium.
2032 Convertible Notes
In August 2025, concurrently with the issuance of the 2029 Convertible Notes, the Company issued an aggregate principal amount of $1.5 billion of 0% convertible senior notes due 2032 (the “2032 Convertible Notes”) in a private offering pursuant to Rule 144A under the Securities Act. The issuance included the full exercise by the initial purchasers of their option to purchase an additional $200.0 million aggregate principal amount of the 2032 Convertible Notes, pursuant to an indenture, dated August 8, 2025 between the Company and U.S. Bank Trust Company, National Association, as trustee (the “2032 Indenture”).
The 2032 Convertible Notes do not bear regular interest or accrete principal and mature on October 1, 2032, unless converted, repurchased, or redeemed earlier. The Company may pay special interest on the 2032 Convertible Notes under certain circumstances in accordance with the terms of the 2032 Indenture.
Holders can convert the 2032 Convertible Notes at any time before the close of business on the business day immediately preceding July 1, 2032, only if specific price or trading conditions are met, certain corporate events occur, or if the notes are called for redemption. From and including July 1, 2032, holders may convert the 2032 Convertible Notes at any time until the close of business on the second trading day immediately prior to the maturity date. The Company may satisfy conversions in cash, Class A common stock, or a combination, at an initial rate of 2.5327 shares per $1,000 (approximately $394.84 per share). The conversion rate and conversion price are subject to adjustments as set forth in the indenture governing the 2032 Convertible Notes.
Subject to certain limitations, the Company may redeem the 2032 Convertible Notes on or after October 1, 2029, and on or before the 20th scheduled trading day immediately before the maturity date, if the price of the Company’s Class A common stock exceeds 130% of the conversion price for a set period. The 2032 Convertible Notes are wholly classified as long-term debt, as the conversion features do not require separate accounting.
Supplemental indentures
In connection with the Company’s Reincorporation, on December 12, 2025, the Company and U.S. Bank Trust Company, National Association, as trustee, entered into first supplemental indentures to each the 2026 Convertible Notes indenture, 2029 Indenture, 2030 Convertible Notes indenture, and 2032 Indenture to reflect ministerial changes in connection with to the Reincorporation. The Reincorporation did not result in any adjustment to the respective conversion rates or trigger any repurchase rights of the holders.
Capped calls
On May 18, 2021, in connection with the pricing of the 2026 Convertible Notes, on March 13, 2024, in connection with the pricing of the 2030 Convertible Notes, and on March 14, 2024, in connection with the full exercise by the initial purchasers of their option to purchase additional 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “2026 Capped Calls” and “2030 Capped Calls,” respectively, and “the Capped Calls,” collectively) with certain financial institutions (the “2026 Option Counterparties” and “2030 Option Counterparties,” respectively, and the “Option Counterparties” collectively) at a cost of $90.1 million and $104.1 million, respectively, in each case in exchange for the right to receive a predetermined amount of cash, shares of the Company’s Class A
common stock, or a combination thereof, at the Company’s election. The Capped Calls cover, subject to customary adjustments, the number of shares of the Company’s Class A common stock initially underlying each of the 2026 Convertible Notes and 2030 Convertible Notes (collectively, the “Convertible Notes”), as applicable. The Capped Calls allow the Company to hedge the economic effect of the conversion options embedded in the Convertible Notes and purchase shares of its own Class A common stock at a specified strike price. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the Convertible Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the Convertible Notes its Class A common stock price exceeds the conversion price of the Convertible Notes. The 2026 Capped Calls have an initial strike price of approximately $370.45 per share of Class A common stock (the “2026 Initial Strike Price”) and an initial cap price of approximately $478.00 per share of Class A common stock (the “2026 Initial Cap Price”). The 2030 Capped Calls have an initial strike price of approximately $333.54 per share of Class A common stock (the “2030 Initial Strike Price”) and an initial cap price of approximately $503.46 per share of Class A common stock (the “2030 Initial Cap Price”). Upon expiration of the agreements underlying the Capped Calls, the Capped Calls will be automatically exercised. If the closing market price of the Class A common stock is above the applicable initial cap price, the initial investments will be returned with a premium in either cash or shares at the Company’s election. If the closing market price of the Class A common stock is at or below the applicable initial strike price, the Company will receive the number of shares specified in the agreements.
Upon certain extraordinary events, nationalization, insolvency or delisting event, or additional disruption events, the Capped Calls are contractually structured to terminate. The Company has the contractual right to terminate the Capped Calls upon repurchase, redemption, or conversion (in the case of conversion, prior to December 1, 2025 or October 1, 2029, for the 2026 Capped Calls and 2030 Capped Calls, respectively) of the underlying Convertible Notes, in certain circumstances.
The Capped Calls also include early termination provisions based on beneficial ownership positions of the counterparties. That is, if at any time the counterparty’s holdings exceed 8% beneficial ownership of the Company (as defined under Section 13 of the Exchange Act) and the counterparty is unable, after commercially reasonable efforts, to effect a transfer or assignment of all or a portion of the transaction such that an excess ownership position no longer exists, the counterparty may early terminate a portion of the Capped Calls, in which case the Company can settle in cash or shares of its Class A common stock.
On August 5 and 6, 2025, the Company entered into privately negotiated capped call transactions with certain financial institutions relating to the 2029 Convertible Notes and 2032 Convertible Notes (the “Notes”), at a cost of $86.1 million and $138.1 million, respectively. These capped calls cover, subject to certain customary adjustments, the shares underlying the Notes and have initial strike prices of $454.44 (2029 Convertible Notes) and $394.84 (2032 Convertible Notes) per share, with an initial cap price of $595.98 per share. The capped calls allow the Company to hedge the economic effect of the conversion options embedded in the Notes and purchase shares of its own Class A common stock at a specified strike price, reducing dilution or offsetting excess cash payments if the stock price exceeds the strike price but does not exceed the cap price. The Capped Calls are separate transactions, and not part of the terms of any series of Notes. The agreements may be adjusted or terminated if extraordinary events like mergers, insolvency, or delisting occur, and are separate from the Notes, providing no rights to holders of the Notes.
Senior notes
In September 2021, the Company completed the issuance of an aggregate principal amount of $1.0 billion of senior notes due on October 1, 2028 (the “2028 Senior Notes”) and an aggregate principal amount of $1.0 billion of senior notes due on October 1, 2031 (the “2031 Senior Notes” and together with the 2028 Senior Notes, the “Senior Notes”). The Senior Notes were issued within the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.
In August and September 2023, the Company paid $177.2 million to repurchase $262.5 million of aggregate principal amount of the 2031 Senior Notes with a carrying value of $259.9 million, net of immaterial unamortized issuance costs and legal fees. The Company recorded a corresponding net gain on extinguishment of long-term debt during the year of $81.6 million in Other income, net within the Consolidated Statements of Operations.
The Company issued the Senior Notes at par, with the proceeds net of immaterial debt issuance costs. Interest on the Senior Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning in April 2022 at 3.375% per annum for the 2028 Senior Notes and 3.625% per annum for the 2031 Notes. The entire principal amount of the Senior Notes is due at the time of maturity, unless repurchased or redeemed at an earlier date. The Senior Notes were issued pursuant to an indenture, dated September 17, 2021, among the Company, the Guarantor (as defined below) and U.S. Bank National Association, as trustee (the “Senior Notes Indenture”).
The Senior Notes are redeemable at the Company’s discretion, in whole or in part, at any time. If redeemed prior to October 1, 2024 for the 2028 Senior Notes and October 1, 2026 for the 2031 Senior Notes, the redemption price is subject to a make-whole premium calculated by reference to then-current U.S. Treasury rates plus a fixed spread, plus any accrued and unpaid interest. If redeemed on or after those respective dates, the make-whole premium does not apply.
Upon the occurrence of a change of control triggering event (as defined in the Senior Notes Indenture), the Company must offer to repurchase each series of the Senior Notes at a repurchase price equal to 101% of the principal amount of the Senior Notes to be repurchased, plus any accrued and unpaid interest, to, but excluding, the applicable repurchase date.
The Senior Notes are guaranteed by one of the Company’s domestic subsidiaries, Coinbase, Inc. (the “Guarantor”).
The Senior Notes Indenture contains customary covenants that restrict the ability of the Company and certain of its subsidiaries to incur debt and liens. The Company is not aware of any instances of non-compliance with the covenants as of December 31, 2025.
v3.25.4
DERIVATIVES
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES
12. DERIVATIVES
During the periods presented, the Company’s derivatives were primarily 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 Consolidated Balance Sheets
The following table summarizes information on derivative instruments by their location in the Consolidated Balance Sheets, with amounts representing the portions of the respective line items denominated in crypto assets, as measured in U.S. dollar equivalents (in thousands):
Embedded Derivative
HostGross Derivative AssetsGross Derivative LiabilitiesAggregate Carrying Value
December 31, 2025
Accounts receivable, net
$9,943 $22,025 $4,399 $27,569 
Short-term borrowings
363,705 32,446 923 332,182 
Obligation to return collateral
888,523 126,962 61,266 822,827 
Accrued expenses and other current liabilities
6,897 — 2 6,899 
Total fair value of derivatives$181,433 $66,590 
December 31, 2024
Accounts receivable, net
$16,264 $20,368 $1,811 $34,821 
Other current assets
99,265 61,304 — 160,569 
Short-term borrowings
310,040 18,030 8,100 300,110 
Obligation to return collateral
526,337 2,149 243,296 767,484 
Accrued expenses and other current liabilities
37,428 6,814 2,708 33,322 
Total fair value of derivatives$108,665 $255,915 
Impact of derivatives on the Consolidated Statements of Operations
The impacts of gains (losses) on derivative instruments recognized in the Consolidated Statements of Operations were as follows (in thousands):
Year Ended December 31,
20252024
Short-term borrowings(1)
$21,593 $28,304 
Obligation to return collateral(1)
306,843 (142,825)
Other(2)
(11,053)83,269 
Total$317,383 $(31,252)
__________________
(1)Changes in fair value are recognized in Transaction expense in the 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, net in the Consolidated Statements of Operations depending on the nature of the derivative.
v3.25.4
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS
13. OTHER CONSOLIDATED BALANCE SHEETS DETAILS
The following table presents certain other details of the Consolidated Balance Sheets (in thousands):
December 31,
20252024
Other current assets
Prepaid expenses$94,886 $88,500 
Income taxes receivable63,726 5,530 
Other28,552 183,506 
Total other current assets$187,164 $277,536 
 
Other non-current assets
Lease right-of-use assets$141,631 $81,151 
Income taxes receivable62,233 60,004 
Other55,514 33,135 
Total other non-current assets$259,378 $174,290 
 
Accrued expenses and other current liabilities
Payroll and payroll related expenses$186,927 $186,151 
Other accrued expenses238,308 145,369 
Income taxes payable65,982 90,910 
Other payables196,459 130,232 
Total accrued expenses and other current liabilities$687,676 $552,662 
 
Other non-current liabilities
Lease liabilities$172,735 $85,789 
Other67,723 3,919 
Total other non-current liabilities$240,458 $89,708 

The Company’s long-lived assets, the majority of which are located in the United States, were not considered by management to be significant relative to total assets at each of December 31, 2025, 2024, and 2023.

Leases
The Company has operating leases, primarily relating to corporate offices in San Francisco, CA and New York, NY. The leases have remaining lease terms ranging from less than one year to 12 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.
Future payments of lease liabilities as of December 31, 2025 were as follows (in thousands):
2026$29,536 
202722,315 
202821,920 
202920,726 
203024,586 
Thereafter170,628 
Total lease payments289,711 
Less: imputed interest
(90,446)
Total lease liabilities
$199,265 

As of December 31, 2025, the Company has entered into leases that have not yet commenced with future short-term and long-term lease payments of $3.0 million and $125.1 million, respectively. These leases are not yet recorded on the Consolidated Balance Sheets, and will commence between 2026 and 2027, with lease terms ranging from 5 to 10 years.
Other information related to recorded leases is as follows:
December 31,
20252024
Weighted-average remaining lease term (in years)9.89.8
Weighted-average discount rate6.53%6.36%
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
14. FAIR VALUE MEASUREMENTS
The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
December 31, 2025December 31, 2024
Level 1Level 2Level 1Level 2
Assets
Cash equivalents(1)
$6,088,290 $— $6,607,023 $— 
Restricted cash equivalents(2)
1,472 — 1,415 — 
Customer custodial funds(3)
3,438,375 — 4,269,410 — 
Crypto assets held for operations120,831 — 82,781 — 
Crypto asset loan receivables— 14,479 — 92,619 
Crypto assets held as collateral822,827 — 767,484 — 
Crypto assets borrowed318,849 — 261,052 — 
Marketable investments(4)
253,468 11,903 — — 
Crypto assets held for investment1,998,871 — 1,552,995 — 
Derivative assets(5)
— 181,433 — 108,665 
Total assets$13,042,983 $207,815 $13,542,160 $201,284 
Liabilities
Derivative liabilities(5)
$— $66,590 $— $255,915 
__________________
(1)Represents money market funds. Excludes cash and cash equivalents of $5.2 billion and $2.7 billion as of December 31, 2025 and 2024, respectively.
(2)Represents money market funds. Excludes restricted cash and cash equivalents of $332.8 million and $345.8 million as of December 31, 2025 and 2024, respectively.
(3)Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds of $1.9 billion as of each December 31, 2025 and 2024.
(4)Primarily represents marketable equity securities. Excludes marketable investments not measured and recorded at fair value of $44.4 million as of December 31, 2025.
(5)See Note 12. 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.
Assets and liabilities measured and recorded at fair value on a non-recurring basis
The Company’s non-financial assets, such as software and equipment, goodwill, and other intangible assets, are adjusted to fair value when an impairment charge is recognized.
The Company’s strategic investments are nearly all accounted for using the measurement alternative, whereby they are recognized at cost and adjusted to fair value for observable transactions for same or similar investments of the same issuer or for impairment, on a non-recurring basis. Fair value measurements for 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 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 December 31, 2025 and 2024. Cumulative impairments and downward adjustments as of these dates were $127.7 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 but their carrying values approximate fair value due to their liquid or short-term nature. Financial instruments denominated in fiat or payment stablecoins that would be based on Level 1 valuation inputs if they were recorded at fair value include cash, restricted cash, payment stablecoins, certain customer custodial funds and related liabilities, collateral pledged, and obligations to return collateral. Financial instruments denominated in fiat or payment stablecoins that would be based on Level 2 valuation inputs if they were recorded at fair value include accounts receivable, loan receivables, accounts payable.
The Company’s long-term debt is not measured and recorded at fair value and its carrying value generally does not approximate its fair value. See Note 11. Long-Term Debt for its estimated fair value.
v3.25.4
CAPITAL STOCK
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
CAPITAL STOCK
15. CAPITAL STOCK
Preferred stock
The Company’s certificate of formation (the “Certificate of Formation”) authorizes the issuance of 500,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share with rights and preferences, including voting rights, designated from time to time by the Board.
Common stock
Pursuant to the Certificate of Formation, the Board is authorized to issue 10,000,000,000 shares of Class A common stock, 500,000,000 shares of Class B common stock, and 500,000,000 shares of undesignated common stock.
Dividend rights
Shares of Class A common stock and Class B common stock will be treated equally, identically, and ratably, on a per share basis, with respect to dividends that may be declared by the Board.
Voting rights
Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 20 votes per share. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters (including the election of directors) submitted to a vote of the shareholders of the Company.
Right to receive liquidation distributions
Upon a liquidation, dissolution, or winding-up of the Company, the assets legally available for distribution to shareholders would be distributed ratably among the holders of Class A common stock and Class B common stock and any participating preferred stock or new series of common stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock or new series of common stock.
Conversion
Shares of Class B common stock are convertible at any time at the option of the holder into shares of Class A common stock on a one-to-one basis. In addition, each share of Class B common stock will automatically convert into a share of Class A common stock upon a sale or transfer (other than with respect to certain estate planning and other transfers). Further, upon certain events specified in the Certificate of Formation, all outstanding shares of Class B common stock will convert automatically into shares of Class A common stock. Once converted into Class A common stock, the Class B common stock will not be reissued.
Share repurchase program
In October 2024, the Board authorized and approved a share repurchase program, which provided for the repurchase of up to $1.0 billion of the Company’s Class A common stock without expiration and in October 2025, the Board (i) increased the aggregate repurchase authorization under the program from $1.0 billion to $2.0 billion and (ii) expanded the scope of the repurchases to include a portion of the aggregate principal amount of the Company’s outstanding 2026 Convertible Notes, 2029 Convertible Notes, 2030 Convertible Notes, 2032 Convertible Notes, and both series of Senior Notes (collectively, the “Notes”) (as modified, the “Repurchase Program”). Repurchases may be made from time to time in the open market (including through trading plans intended to qualify under Rule 10b5-1 under the Exchange Act), in privately negotiated transactions, in a tender offer, or by other methods in accordance with the applicable federal and state laws and regulations. The timing and amount of any repurchases will depend on market conditions and other considerations, and will be made at management’s discretion. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares of the Company’s Class A common stock or Notes and may be modified, suspended, or discontinued at any time. As of December 31, 2025, $790.2 million had been utilized to repurchase 3,039,095 shares under the Repurchase Program, and $1.2 billion remained available for future repurchases, when considered on a settlement date basis.
v3.25.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
16. STOCK-BASED COMPENSATION
Stock plans
As of December 31, 2025, there were 21,173,773 shares of Class A common stock subject to issued and outstanding options, RSUs, and PRSUs, and 1,313,602 shares of Class B common stock subject to issued and outstanding options under the Plans. In addition, under the 2021 Plan and the ESPP, there
were 67,626,288 shares and 13,255,824 shares, respectively, of Class A common stock available for issuance.
Stock options
Following is a summary of stock options activity, including performance-based options (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(3,185)24.61 
Forfeited and cancelled(44)99.16 
Balance at December 31, 202519,700 $25.58 4.3$3,950,983 
Exercisable at December 31, 202516,019 $26.06 4.3$3,205,042 
Vested and expected to vest at December 31, 202516,019 $26.07 4.3$3,205,042 
The intrinsic value is calculated as the difference between the exercise price of the underlying stock option award and the estimated fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2025, 2024, and 2023 w    as $895.6 million, $1.2 billion, and $226.5 million, respectively.
During the years ended December 31, 2025, 2024, and 2023, 2,702,829, 1,647,333, and 4,567,625 stock options, respectively, vested with a weighted-average grant date fair value of $9.38, $24.81, and $15.93 per share, respectively.
The weighted-average assumptions inputs to the Black-Scholes-Merton Option-Pricing Model used to calculate the fair value of options granted during the year ended December 31, 2023, the most recent grants, were as follows (in percentages, except as noted):
Dividend yield0.0
Expected volatility90.5 
Expected term (in years)5.8
Risk-free interest rate3.9 
Chief Executive Officer performance stock options
On August 11, 2020, the Company granted its Chief Executive Officer an option award to purchase up to 9,293,911 shares of Class A common stock, at an exercise price of $23.46 per share and total grant date fair value of $56.7 million. Vesting of the award is dependent on both performance-based and market-based conditions being met. As of December 31, 2025, 5,613,522 of these options have vested, including 2,453,592 during the year then ended, while vesting of the remainder is subject to market conditions contingent on the Company’s Class A common stock price achieving certain stock price target milestones.
Restricted stock units
Following is a summary of RSU activity (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Balance at January 1, 20252,350 $163.82 
Granted3,869 270.02 
Vested(3,526)220.18 
Forfeited and cancelled(548)225.22 
Balance at December 31, 20252,145 $247.04 
During the years ended December 31, 2024 and 2023, the weighted-average grant date fair value per share granted was $158.85 and $108.07, respectively. During the years ended December 31, 2025, 2024, and 2023, the aggregate fair value as of the vest date of RSUs that vested was $1.0 billion, $1.4 billion, and $753.9 million, respectively.
Performance restricted stock units
Following is a summary of PRSU activity (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Balance at January 1, 2025724 $55.42 
Vested(81)55.42 
Balance at December 31, 2025643 $55.42 
President & Chief Operating Officer performance award
On April 20, 2023, the Company’s Compensation Committee granted the President & Chief Operating Officer an award of PRSUs covering up to a maximum of 803,966 shares of Class A common stock (the “2023 COO Performance Award”).
Up to 40% of the 2023 COO Performance Award is subject to vesting based upon achievement of certain cumulative revenue and cumulative adjusted EBITDA target values which are separately evaluated for the period commencing January 1, 2023 and ending on December 31, 2025, subject to her continued employment until February 20, 2026 (the “Financial Performance Tranches”). Up to 60% of the 2023 COO Performance Award is subject to vesting in increments based upon a relative shareholder return target value for the three annual periods between January 1, 2023 and December 31, 2025, and the three year period between January 1, 2023 and December 31, 2025, subject to her continued employment through the applicable year end dates (the “Market Tranches”). The total grant date fair value of the Market Tranches of this award was $25.1 million, while the grant date fair value of the Financial Performance Tranches was $19.5 million assuming maximum achievement. As of December 31, 2025, the performance and market targets for the unvested shares shown in the table above were achieved, while vesting remained subject to final certification or continued employment through the applicable vesting date (either January 15, 2026 or February 20, 2026).
Stock-based compensation
Following are the effects of stock-based compensation on the Consolidated Statements of Operations and Consolidated Balance Sheets (in thousands):
Year Ended December 31,
202520242023
Statements of Operations
Technology and development$498,235 $564,726 $476,478 
Sales and marketing57,692 69,460 59,000 
General and administrative283,513 278,652 245,190 
Restructuring— — 84,042 
Total stock-based compensation expense$839,440 $912,838 $864,710 
Balance Sheets
Software and equipment, net(1)
$50,380 $48,068 $53,617 
_______________
(1)Represents capitalized stock-based compensation that was recorded to Software and equipment, net during the years presented. See Note 9. Software and Equipment, Net for additional details.
During the years ended December 31, 2025, 2024, and 2023, the Company recognized an income tax benefit of $386.3 million, $537.7 million, and $205.6 million, respectively, related to stock-based compensation expense.
As of December 31, 2025, there was total unrecognized compensation cost of $417.4 million and $142.7 million related to unvested RSUs and RSAs, respectively, which is expected to be recognized over a weighted-average of 1.5 years and 3.4 years, respectively. Unrecognized compensation cost for all other stock-based compensation awards was immaterial at this date.
v3.25.4
OTHER CONSOLIDATED STATEMENTS OF OPERATIONS DETAILS
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
OTHER CONSOLIDATED STATEMENTS OF OPERATIONS DETAILS
17. OTHER CONSOLIDATED STATEMENTS OF OPERATIONS DETAILS
Disaggregation of relevant expense captions, as defined in ASU 2024-03, consisted of the following (in thousands):
Year Ended December 31,
202520242023
Technology and development
Employee-related(1)
$1,052,597 $1,036,656 $936,881 
Website hosting and infrastructure322,125 228,392 192,009 
Amortization, depreciation, and impairment(2)
157,067 122,595 131,611 
Other(3)
138,816 80,609 64,040 
Total technology and development
$1,670,605 $1,468,252 $1,324,541 
Sales and marketing
USDC rewards$441,347 $224,255 $34,944 
Marketing programs
402,555 247,087 134,018 
Employee-related(1)
136,229 151,036 143,762 
Other(4)
78,446 32,066 19,588 
Total sales and marketing
$1,058,577 $654,444 $332,312 
General and administrative
Employee-related(1)
$664,761 $606,554 $571,083 
Professional services292,599 202,956 182,908 
Customer support(5)
224,193 124,940 48,804 
Other(6)
438,089 365,807 271,513 
Total general and administrative
$1,619,642 $1,300,257 $1,074,308 
_______________
(1)Represents employee compensation, including transactions entered into for the benefit of employees such as health and wellness benefits.
(2)Comprises amortization, depreciation, and intangible asset impairment expenses, none of which are individually material except for amortization of internal-use software and other intangible assets, as quantified in Notes 9. Software and Equipment, Net and 10. Goodwill and Intangible Assets, Net, respectively.
(3)     Comprises primarily costs of contract resources, consulting, and facilities.
(4)    Comprises primarily costs of contract resources, travel, and software, as well as amortization, depreciation, and intangible asset impairment expenses.
(5)     Excludes employee-related and professional services expenses.
(6)    Comprises largely costs of contract resources, public policy efforts, software, and legal settlements. Also includes amortization, depreciation, and intangible asset impairments, none of which are individually material.

Other income, net consisted of the following (in thousands):
Year Ended December 31,
202520242023
(Gains) losses on investments, net(1)
$(680,520)$11,553 $(24,368)
Other
(20,374)(40,627)(143,215)
Total other income, net$(700,894)$(29,074)$(167,583)
_______________
(1)Comprises gains and losses on Marketable and Strategic investments, excluding Crypto assets held for investment. For the year ended December 31, 2025, the amount includes $251.7 million in unrealized net gains on equity securities still held at December 31, 2025 and $438.0 million in realized net gains. See Note 14. Fair Value Measurements for additional details.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
18. INCOME TAXES
The components of income (loss) before income taxes were attributable to the following regions (in thousands):
Year Ended December 31,
202520242023
Domestic$1,618,923 $2,909,765 $(113,067)
Foreign(96,858)32,879 36,222 
Total income (loss) before income taxes$1,522,065 $2,942,644 $(76,845)
Provision for (benefit from) income taxes consisted of the following (in thousands):
Year Ended December 31,
202520242023
Current
Federal$(29,158)$120,412 $8,761 
State1,942 59,961 24,236 
Foreign50,646 31,890 11,621 
Total current23,430 212,263 44,618 
Deferred
Federal209,981 134,719 (218,165)
State40,185 22,376 416 
Foreign(11,858)(5,780)1,415 
Total deferred238,308 151,315 (216,334)
Total provision for (benefit from) income taxes$261,738 $363,578 $(171,716)
The table below provides the updated requirements of ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”) for 2025 and 2024.
The effective income tax rate for the years ended December 31, 2025 and 2024 differs from the statutory federal income tax rate as follows (in thousands, except percentages):
Year Ended December 31,
20252024
$%$%
Provision for income taxes at U.S. federal statutory rate$319,634 21.00%$617,955 21.00%
State and local income taxes, net of federal benefit(1)
33,623 2.21 66,325 2.25 
Foreign tax effects59,128 3.88 18,705 0.64 
Effect of cross-border tax laws:
Foreign Derived Intangible Income (“FDII”)(653)(0.04)(11,592)(0.39)
Other(7,899)(0.53)(1,472)(0.05)
Tax credits:
Research and development (“R&D”) credits(19,068)(1.25)(69,603)(2.37)
Valuation allowance— — (7,493)(0.25)
Non-taxable or non-deductible items:
   Equity compensation(173,119)(11.37)(276,645)(9.40)
   Non-deductible compensation23,328 1.53 24,114 0.82 
Uncertain tax positions(3,555)(0.23)3,244 0.11 
Adjustment to prior period provision12,243 0.80 (1,110)(0.04)
Other adjustments18,076 1.20 1,150 0.04 
Total tax provision and effective tax rate$261,738 17.20%$363,578 12.36%
________________
(1)State and local taxes in California, Texas, and New York City made up the majority (greater than 50%) of the tax effect in this category.
The Company’s effective tax rate of 17.20% for the year ended December 31, 2025 is due primarily to tax benefits related to stock-based compensation, partially offset by state taxes and nondeductible expenses, including the impact of certain non-US losses.
The Company’s effective tax rate of 12.36% for the year ended December 31, 2024 is due primarily to tax benefits related to stock-based compensation and federal R&D credits, reduced by state taxes and certain nondeductible compensation.
As previously disclosed for the year ended December 31, 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
Year Ended December 31, 2023
%
U.S. statutory rate21.00 %
State income taxes, net of federal benefit6.08 %
Foreign rate differential(0.14)%
Non-deductible compensation(48.93)%
Equity compensation43.51 %
Adjustment to prior year provision24.85 %
R&D62.20 %
Change in valuation allowance195.59 %
Foreign tax credit6.31 %
FDII0.65 %
Global Intangible Low Taxed Income(18.55)%
Uncertain tax positions(56.06)%
Other(13.05)%
Effective income tax rate
223.46 %

The Company’s effective tax rate of 223.46% for the year ended December 31, 2023 is due primarily to a reduction of a valuation allowance related to impairment charges on crypto assets held and strategic investments and tax benefits related to federal R&D credits, reduced by certain nondeductible compensation, tax on non-U.S. earnings, and other nondeductible expenses related to political contributions.
The Company’s effective tax rate can be volatile based on the amount of pretax income or loss in the reporting period. For example, when pretax income is lower, the effect of reconciling items to the U.S. statutory rate, such as nondeductible expenses, will have a greater impact on the effective tax rate.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):
December 31,
20252024
Deferred tax assets
Obligation to return crypto assets held as collateral$154,998 $163,452 
Accruals and reserves36,745 27,262 
Net operating loss carryforward68,444 53,107 
Lease liability46,217 22,645 
Tax credit carryforward150,837 240,977 
Stock-based compensation33,109 30,663 
Intangibles— 48,641 
Capitalized expenses653,138 951,665 
Gross deferred tax assets1,143,488 1,538,412 
Less: valuation allowance
(135,361)(124,202)
Total deferred tax assets1,008,127 1,414,210 
Deferred tax liabilities
Crypto assets held as collateral(154,998)(163,452)
State taxes(24,623)(40,141)
Depreciation and amortization(13,836)(33,370)
Intangibles(82,931)— 
Lease ROU assets
(39,800)(20,369)
Capital gains - unrealized
(108,769)(184,473)
Other(12,351)(31,107)
Total deferred tax liabilities(437,308)(472,912)
Total net deferred tax assets$570,819 $941,298 
At each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. On the basis of this evaluation, only the portion of the deferred tax asset that is more likely than not to be realized was recognized. However, if the Company is not able to generate sufficient taxable income from its operations in the future, then a valuation allowance to reduce the Company’s U.S. deferred tax assets may be required, which would increase the Company’s expenses in the period the allowance is recognized.
On July 4, 2025, One Big Beautiful Bill Act (“OBBB”) was signed into law in the United States. OBBB includes significant changes to U.S. federal tax law, such as an elective deduction for domestic research and experimental expenditures, and changes to the tax rate on income from non-U.S. sources and subsidiaries. OBBB did not have a material impact on our current year effective tax rate. However, it did contribute to a decrease in the Company’s net deferred tax asset balance due to current year expensing of previously capitalized research and experimentation expenditures.
Activity related to the Company’s valuation allowance consisted of the following (in thousands):
Year Ended December 31,
202520242023
Balance, beginning of period$124,202 $102,250 $252,258 
Charged (credited) to expenses11,159 21,952 (150,008)
Balance, end of period$135,361 $124,202 $102,250 
The Company’s valuation allowance as of December 31, 2025 was higher compared to 2024 due primarily to an increase in the valuation allowance related to foreign losses, partially offset by a decrease in the valuation allowance related to California R&D credits.
As of December 31, 2025, the Company also had R&D credits of $38.1 million and $112.4 million for federal and state income tax purposes, respectively. If not utilized, the federal R&D credits will expire in various amounts beginning in 2043. However, the state of California R&D credits can be carried forward indefinitely. The Company also had U.S. federal net operating loss carryforwards of $48.8 million as of December 31, 2025, and an estimated $45.8 million as of December 31, 2024. The U.S. federal net operating losses carry forward indefinitely. Additionally, the Company had U.S. state net operating losses of approximately $401.6 million as of December 31, 2025. Generally, California and other significant U.S. states have a twenty-year carryforward for net operating losses.
Activity related to the Company’s unrecognized tax benefits consisted of the following (in thousands):
Year Ended December 31,
202520242023
Balance, beginning of period
$190,944 $171,693 $124,106 
Settlements(1,171)(67)— 
Increase related to tax positions taken during a prior year36,057 2,433 30,685 
Decrease related to tax positions taken during a prior year
(13,075)(18,378)— 
Increase related to tax positions taken during the current year
11,564 35,263 16,902 
Effect of foreign currency translation
161 — — 
Balance, end of period
$224,480 $190,944 $171,693 
As of December 31, 2025 and 2024, the Company had unrecognized tax benefits of $175.2 million and $136.8 million, respectively, which would reduce income tax expense and affect the effective tax rate, if recognized. The Company accounts for interest and penalties related to exposures as a component of income tax expense. The Company recorded $6.7 million and $1.3 million of accrued interest and penalties, respectively, as of December 31, 2025 and $2.5 million and $3.5 million of accrued interest and penalties, respectively, as of December 31, 2024.
The Company files income tax returns in the U.S. (federal and state) and foreign jurisdictions. The Company is currently under audit by the IRS with respect to its federal income tax returns for 2020 and 2021, and its income tax returns for certain years in state and local jurisdictions such as California and New York. The Company is also under audit for certain years in foreign jurisdictions such as India, Kenya and the Netherlands.
v3.25.4
NET INCOME PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME PER SHARE
19. 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):
Year Ended December 31,
202520242023
Numerators
Net income$1,260,327 $2,579,066 $94,871 
Less: net income allocated to participating shares— (1,311)(119)
Net income attributable to common shareholders, basic$1,260,327 $2,577,755 $94,752 
Net income$1,260,327 $2,579,066 $94,871 
Add: interest on convertible notes, net of tax16,987 13,375 — 
Less: net income allocated to participating shares— (1,193)(120)
Net income attributable to common shareholders, diluted$1,277,314 $2,591,248 $94,751 
Denominators
WASO - basic260,088 247,374 235,796 
Weighted-average effect of potentially dilutive shares:
Stock options15,494 16,958 16,845 
Convertible notes10,049 6,462 — 
Restricted stock units962 1,933 1,447 
Performance restricted stock units497 369 158 
Restricted stock119 281 145 
WASO - diluted287,209 273,377 254,391 
Net income per share attributable to common shareholders:
Basic$4.85 $10.42 $0.40 
Diluted$4.45 $9.48 $0.37 
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):
Year Ended December 31,
202520242023
Equity awards(1)
4,276 6,582 9,175 
Convertible notes— — 3,437 
Total4,276 6,582 12,612 
__________________
(1)Includes shares under the ESPP.
v3.25.4
RESTRUCTURING
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
20. RESTRUCTURING
In January 2023, the Company announced a restructuring impacting 21% of the Company’s headcount as of that date. The restructuring was intended to manage the Company’s operating expenses
in response to the then-ongoing market conditions impacting the cryptoeconomy and business prioritization efforts. As a result, in 2023, the Company recorded restructuring charges of $142.6 million, which included $84.0 million in stock-based compensation, $56.7 million in separation pay, and an immaterial amount of other personnel costs. The restructuring was completed and all amounts were settled in 2023.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
21. COMMITMENTS AND CONTINGENCIES
Contractual obligations
As of December 31, 2025, the Company had non-cancelable purchase obligations, primarily for technology services, as follows (in thousands):
2026$169,886 
2027157,009 
2028132,798 
2029210,729 
Total purchase obligations(1)
$670,422 
_______________
(1)    Committed spend for non-cancellable purchase obligations greater than $2.0 million per obligation.

Excluded from the table above is an additional $180.5 million in commitments as of December 31, 2025, arising from definitive agreements to acquire interests in entities, all payable within the year ending December 31, 2026.
Crypto assets and payment stablecoins on platform
The Company is obligated to securely store all crypto assets and payment stablecoins held or managed on behalf of customers in digital wallets on our platform, including our custody services, but including all assets for which we hold full keys. 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 December 31, 2025 and 2024. The Company holds full keys to crypto assets and payment stablecoins held or managed on behalf of its customers totaling $376.1 billion and $404.0 billion at fair value at December 31, 2025 and 2024, respectively. These assets are not recognized in the Consolidated Balance Sheets. Similarly, as the Company has an obligation to securely store all of these assets, it has a corresponding unrecognized liability of $376.1 billion and $404.0 billion at December 31, 2025 and 2024, respectively. Since the risk of loss is remote, the Company did not recognize a contingent liability at December 31, 2025 or 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 shareholders provides indemnity to each shareholder, their partners, members, officers, directors, and shareholders and certain of their advisors; each underwriter, if any; and each person who controls each shareholder 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 shareholder 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 has been, currently is, and may from time to time become subject to claims, arbitrations, individual and class action lawsuits with respect to a variety of matters, including employment, consumer protection, intellectual property, privacy, information security, data protection, advertising, and securities. In addition, the Company has been, currently is, and may from time to time become subject to, government and regulatory investigations, inquiries, actions or requests, other proceedings and enforcement actions alleging violations of laws, rules, and regulations, both foreign and domestic. 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 Consolidated Financial Statements.
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 Judgment 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.
In June 2023, the Company and Coinbase, Inc. were issued notices, show-cause orders, and cease-and-desist letters, and became the subject of various legal actions initiated by U.S. state securities regulators in the states of Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington and Wisconsin alleging violations of state securities laws with respect to staking services provided by Coinbase, Inc. In July 2023, the Company and Coinbase, Inc. entered into agreements with state securities regulators in California, New Jersey, South Carolina and Wisconsin, pursuant to which customers in those states will no longer be able to stake new funds, in each case pending final adjudication of the matters. In October 2023, the Company and Coinbase, Inc. entered into a similar agreement with the Maryland state securities regulator. In March and April 2025, the Alabama, Kentucky, Illinois, South Carolina, and Vermont state securities regulators dismissed, vacated, rescinded, and/or withdrew their legal actions. The Company and Coinbase, Inc. dispute the claims of the state securities regulators and intend to vigorously defend against them. Based on the preliminary nature of these actions, the final outcome of these matters remains uncertain and the Company cannot estimate the potential impact on its business or financial statements at this time. An adverse resolution in these state matters could have a material impact on the Company’s business and financial statements.
The Company has, from time to time, received investigative subpoenas and requests from regulators for documents and information, including about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products.
Except as otherwise disclosed, the Company believes the ultimate resolution of existing legal and regulatory investigation matters will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially.
Tax regulation
Current tax rules related to crypto assets are evolving and require significant judgments to be made in interpretation of the law, including but not limited to the areas of income tax, information reporting, value added taxes, digital services tax, transaction level taxes and the withholding of tax at source. Further, it is possible that additional legislation or guidance may be issued by U.S. and non-U.S. governing bodies that may differ significantly from the Company’s practices or interpretation of the law, which could have unforeseen effects on the Company’s financial condition and results of operations, and accordingly, the Company is unable to determine an estimate of the possible loss or range of loss beyond amounts already accrued. As a result, the Company may have exposure to additional tax liabilities that could have an adverse effect on the Company’s operating results and financial condition.
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
22. RELATED PARTY TRANSACTIONS
Related party customer activity
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 the following from related party customer activity:
•Total revenue of $9.6 million, $22.7 million, and $17.9 million during the years ended December 31, 2025, 2024, and 2023, respectively;
•Accounts receivable, net of $0.4 million and $2.7 million as of December 31, 2025 and 2024, respectively;
•Transaction expense of $0.1 million, $0.1 million and an immaterial amount during the years ended December 31, 2025, 2024, and 2023, respectively; and
•Customer custodial funds and Customer custodial fund liabilities of each $11.0 million and $44.0 million as of December 31, 2025 and 2024, respectively.
Related party investments
The Company made strategic investments of an aggregate of $14.2 million and $12.1 million during the years ended December 31, 2025 and 2024, respectively, in investees in which certain related parties of the Company held an interest over 10%.
Other related party activity
General and administrative costs from related party activities, primarily consulting services provided by entities affiliated with related parties, were $0.1 million, $1.4 million, and $2.5 million, during the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
23. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands):
December 31,
202520242023
Cash and cash equivalents$11,285,452 $9,308,266 $5,489,100 
Restricted cash and cash equivalents334,318 347,169 43,626 
Customer custodial cash and cash equivalents5,273,650 6,028,020 4,393,086 
Total cash, cash equivalents, and restricted cash and cash equivalents$16,893,420 $15,683,455 $9,925,812 
The following is a supplemental schedule of non-cash investing and financing activities (in thousands):
Year Ended December 31,
202520242023
Non-cash consideration paid for business combinations$3,677,634 $— $51,494 
Crypto assets borrowed4,293,287 844,717 450,663 
Crypto assets borrowed repaid4,239,621 579,210 559,191 
Customer crypto assets received as collateral3,117,616 3,030,311 886,403 
Customer crypto asset collateral returned2,755,431 2,759,660 630,682 
Crypto asset loan receivables originated2,365,370 1,559,716 396,981 
Crypto asset loan receivables repaid2,430,569 1,489,839 469,763 
Additions of crypto asset investments166,291 — — 
Cumulative-effect adjustment upon adoption of ASU 2023-08— 561,489 — 
The following is a supplemental schedule of cash paid for income taxes (in thousands):
Year Ended December 31,
202520242023
Cash paid during the period for income taxes, net of refunds:
U.S. Federal$60,662 $63,884 $— 
U.S. State and local52,29350,672— 
Foreign51,91325,785— 
Total cash paid during the period for income taxes, net of refunds
$164,868 $140,341 $— 
Cash paid during the period for income taxes (pre ASU 2023-09)
$— $— $39,122 
Individual jurisdictions equaling 5% or more of the total income taxes paid (net of refunds) for the year ended December 31, 2025 include U.S. Federal at $60.7 million, New York State at $13.2 million, Netherlands at $10.9 million, and Brazil at $9.1 million.
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
24. SUBSEQUENT EVENTS
In January 2026, the Board approved an increase in the aggregate repurchase authorization under the Repurchase Program from $2.0 billion to $4.0 billion. Subsequent to December 31, 2025 and through February 10, 2026, the Company repurchased 5,188,656 shares of Class A common stock for $954.7 million in cash under the Repurchase Program, leaving $2.3 billion available for future repurchases, all when considered on a settlement date basis.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Lawrence Bock [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 3, 2025, Lawrence Brock, the Company’s Chief People Officer, entered into a Rule 10b5-1 Plan (the “Brock Plan”) providing for the potential sale of up to 86,393 shares of Class A common stock owned by Mr. Brock, plus an additional undetermined number of shares of Class A common stock to be received by Mr. Brock upon the future grant, vesting, and settlement of RSUs for shares of Class A common stock, including upon the vesting and settlement of RSUs for shares of Class A common stock and the exercise of vested stock options for shares of Class A common stock, so long as the market price of the Class A common stock is higher than certain minimum threshold prices specified in the Brock Plan or, in certain circumstances, at the market price, between an estimated start date of March 4, 2026 and May 28, 2027. The Brock Plan provides for the sale of shares of Class A common stock to be received by Mr. Brock upon the future grant, vesting, and settlement of RSUs for shares of Class A common stock.
The Brock Plan also provides for the sale of shares of Class A common stock to be received upon the future vesting and settlement of certain outstanding RSUs, net of any shares withheld or mandatorily sold by the Company to satisfy applicable tax obligations and shares sold pursuant to Mr. Brock’s prior Rule 10b5-1 Plan dated December 2, 2024 (the “Prior Brock Plan”). The numbers of shares (i) to be received by Mr. Brock upon the future grant, vesting, and settlement of RSUs for shares of Class A common stock and (ii) to be withheld or mandatorily sold by the Company or sold pursuant to the Prior Brock Plan, and therefore the exact number of shares to be sold pursuant to the Brock Plan, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without (i) including any shares to be sold upon the future vesting and settlement of any RSUs that have not yet been granted and (ii) subtracting any shares to be withheld or mandatorily sold by the Company upon future vesting events or to be sold pursuant to the prior Brock Plan.
Name Lawrence Brock
Title Chief People Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 3, 2025
Expiration Date May 28, 2027
Arrangement Duration 541 days
Aggregate Available 86,393
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Risk Management and Strategy
We have developed and implemented cybersecurity risk management processes intended to protect the confidentiality, integrity, and availability of our critical systems and information. While everyone at our company plays a part in managing cybersecurity risks, primary cybersecurity oversight responsibility is shared by our board of directors, our audit and compliance committee (“Audit Committee”), and senior management. Our cybersecurity risk management program is integrated into our overall enterprise risk management program.
Our cybersecurity risk management program includes:
•physical, technological, and administrative controls intended to support our cybersecurity and data governance framework, including protections designed to protect the confidentiality, integrity, and availability of our key information systems and customer, employee, partner, and other third-party information stored on those systems, such as access controls, encryption, data handling requirements, and other cybersecurity safeguards, and internal policies that govern our cybersecurity risk management and data protection practices;
•a defined procedure for timely incident detection, containment, response, and remediation, including a written security incident response plan that includes procedures for responding to cybersecurity incidents;
•cybersecurity risk assessment processes designed to help identify material cybersecurity risks to our critical systems, information, products, services, and broader enterprise IT environment;
•a security team responsible for managing our cybersecurity risk assessment processes and security controls;
•the use of external consultants or other third-party experts and service providers, where considered appropriate, to assess, test, or otherwise assist with aspects of our cybersecurity controls;
•annual cybersecurity and privacy training of employees, including incident response personnel and senior management, and specialized training for certain teams depending on their role and/or access to certain types of information, such as consumer information; and
•a third-party risk management process that includes internal vetting of certain third-party vendors and service providers with whom we may share data.
As previously disclosed on a Current Report on Form 8-K filed with the SEC on May 15, 2025, a threat actor improperly obtained information about certain customer accounts and internal documentation, and used that information for social-engineering attempts (the “Data Theft Incident”). No passwords or private keys were compromised as a result of this incident. During the year ended December 31, 2025, we paid $311.2 million of cash related to the Data Theft Incident, comprising voluntary customer reimbursements and direct legal costs. We continue to face risks related to the Data Theft Incident, including harm to our reputation, and costs related to governmental investigations and regulatory scrutiny, and ongoing litigation.
Over the past fiscal year, except as set forth herein, we have not identified any cybersecurity-related risks that have materially impacted our operations, business strategy, operating results, or financial condition. We will continue to monitor and assess our cybersecurity risk management program as well as invest in and seek to improve such systems and processes as appropriate. If we were to experience any further material cybersecurity incidents in the future, such incidents may have a material effect, including
on our operations, business strategy, operating results, or financial condition. For more information regarding cybersecurity risks that we face, including previous cybersecurity incidents, and potential impacts on our business related thereto, see the section titled “Risk Factors” in Part I Item 1A of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have developed and implemented cybersecurity risk management processes intended to protect the confidentiality, integrity, and availability of our critical systems and information. While everyone at our company plays a part in managing cybersecurity risks, primary cybersecurity oversight responsibility is shared by our board of directors, our audit and compliance committee (“Audit Committee”), and senior management. Our cybersecurity risk management program is integrated into our overall enterprise risk management program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] With oversight from our board of directors, the Audit Committee is primarily responsible for assisting our board of directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and management, including relating to cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program, including processes and policies for determining risk tolerance, and reviews management’s strategies for adequately mitigating and managing identified risks, including risks relating to cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee has established the Enterprise Risk Management Working Group (“ERMWG”), comprising members of our senior management team and other senior leaders, including our Chief Security Officer (“CSO”), to provide executive oversight of our enterprise risk management program. The ERMWG receives updates on cybersecurity matters from various staff members, including our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee has established the Enterprise Risk Management Working Group (“ERMWG”), comprising members of our senior management team and other senior leaders, including our Chief Security Officer (“CSO”), to provide executive oversight of our enterprise risk management program. The ERMWG receives updates on cybersecurity matters from various staff members, including our Chief Information Security Officer (“CISO”).
The Audit Committee receives updates from members of management, including our CSO and CISO, on our cybersecurity risks at its quarterly meetings, and reviews metrics about cyber threat response preparedness, program maturity milestones, risk mitigation status, and the current and emerging threat landscape. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity threats or incidents, as well as any incidents with lesser impact potential.
The Audit Committee reports to our board of directors regarding its activities, including those related to key cybersecurity risks, mitigation strategies, and ongoing developments, on a quarterly basis or more frequently as needed. The board of directors also receives updates from our CSO and CISO on our cyber risk management program and other matters relating to our data privacy and cybersecurity approach, including risk mitigations to bolster and enhance our data protection and data governance framework. Members of our board of directors receive presentations that include cybersecurity topics and the management of key cybersecurity risks from our CSO and CISO as part of the continuing education of our board of directors on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]
Our management team, including our CSO and CISO, is responsible for assessing and managing our material risks from cybersecurity threats and for our overall cybersecurity risk management program on a day-to-day basis, and supervises both our internal cybersecurity personnel and the relationship with our retained external cybersecurity consultants. Our CSO’s and CISO’s experience includes years of working in the cybersecurity field in various industries, including the financial services industry.
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, including through periodic ERMWG meetings; briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The ERMWG receives updates on cybersecurity matters from various staff members, including our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CSO’s and CISO’s experience includes years of working in the cybersecurity field in various industries, including the financial services industry
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Audit Committee receives updates from members of management, including our CSO and CISO, on our cybersecurity risks at its quarterly meetings, and reviews metrics about cyber threat response preparedness, program maturity milestones, risk mitigation status, and the current and emerging threat landscape. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity threats or incidents, as well as any incidents with lesser impact potential.
The Audit Committee reports to our board of directors regarding its activities, including those related to key cybersecurity risks, mitigation strategies, and ongoing developments, on a quarterly basis or more frequently as needed. The board of directors also receives updates from our CSO and CISO on our cyber risk management program and other matters relating to our data privacy and cybersecurity approach, including risk mitigations to bolster and enhance our data protection and data governance framework. Members of our board of directors receive presentations that include cybersecurity topics and the management of key cybersecurity risks from our CSO and CISO as part of the continuing education of our board of directors on topics that impact public companies.
Our management team, including our CSO and CISO, is responsible for assessing and managing our material risks from cybersecurity threats and for our overall cybersecurity risk management program on a day-to-day basis, and supervises both our internal cybersecurity personnel and the relationship with our retained external cybersecurity consultants. Our CSO’s and CISO’s experience includes years of working in the cybersecurity field in various industries, including the financial services industry.
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, including through periodic ERMWG meetings; briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of presentation and preparation
Basis of presentation and preparation
The accompanying 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 Consolidated Financial Statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”), 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 Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions in the Consolidated Financial Statements and notes thereto.
Significant estimates and assumptions include the identification and valuation of assets acquired and liabilities assumed in business combinations; the valuation of goodwill and intangible assets, including impairments; the valuation of privately-held strategic investments, including impairments; the determination of the recognition, measurement, and valuation of current and deferred income taxes; the fair value of performance stock-based awards issued; the useful lives of long-lived assets; the impairment of long-lived assets; the fair value of derivatives and loss contingency identification and valuation, including assessing the likelihood of adverse outcomes from positions, claims, and disputes, recoveries of losses recorded, and associated timing.
Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the Consolidated Financial Statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities.
Reclassifications Certain prior period amounts in the Consolidated Financial Statements have been reclassified to conform to the current period’s presentation.
Change in accounting principle
Change in accounting principle
Accounting for payment stablecoins
Effective December 31, 2025, the Company voluntarily elected to change its method of accounting for payment stablecoins to classify them as cash equivalents and to apply the Company’s accounting policies for crypto lending, borrowing, and collateral to payment stablecoin lending, borrowing, and collateral. Payment stablecoins include USDC, EURC, and PYUSD. In prior periods, EURC and PYUSD balances were not material and were presented together with USDC; accordingly, references to “USDC” in prior
period disclosures include these stablecoins. The Company previously accounted for payment stablecoins as financial instruments under Accounting Standards Codification (“ASC”) 310, Receivables, and applied the recognition and derecognition criteria under ASC 860, Transfers and Servicing, when transferring (or receiving) payment stablecoins.
The Company believes the reclassification of USDC to Cash and cash equivalents is preferable because it better reflects its economic substance and the manner in which it is utilized by the Company. USDC is readily convertible to known amounts of cash, allowing for near-instant, one-to-one redemption of USDC for U.S. dollars. Furthermore, the underlying reserves backing USDC, comprising cash in segregated accounts titled for benefit of USDC holders and a government money market fund that holds cash, short-duration U.S. Treasuries, and overnight U.S. Treasury repurchase agreements, exhibit the risk and liquidity characteristics of cash equivalents as defined in ASC 230, Statement of Cash Flows.
The Company further believes the application of our accounting policies for crypto lending, borrowing, and collateral to USDC lending, borrowing, and collateral is preferable as it aligns the accounting with our other crypto collateralized arrangements and financing activities and better reflects the risks and transfer of economic benefits of the related transactions.
This change in accounting principle has been applied retrospectively to all periods presented, including in the Consolidated Balance Sheets and Statements of Cash Flows. This reclassification had no effect on previously reported total assets, total liabilities, equity, net income, or earnings per share for any period presented.
Recent accounting pronouncements
Recent accounting pronouncements
Recently adopted accounting pronouncements
Disaggregation of income statement expenses
On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 amends ASC 220, Comprehensive Income, to expand income statement expense disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026, with early adoption permitted. The Company early adopted ASU 2024-03 on December 31, 2025 on a retrospective basis. See Note 17. Other Consolidated Statements of Operations Details for the disaggregation of relevant expense captions.
Accounting pronouncements pending adoption
On September 18, 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 amends ASC 350-40, Intangibles-Goodwill and Other-Internal Use Software, to reflect that software is not always developed in a linear manner, removing all references to development stages and adding new guidance on how to evaluate whether the probable-to-complete threshold has been met. ASU 2025-06 is required to be adopted for fiscal years commencing after December 15, 2027, with early adoption permitted. ASU 2025-06 allows for a prospective, retrospective, or modified transition approach to adoption, based on the status of the project and whether software costs were capitalized before the date of adoption. The Company anticipates using a prospective transition approach and is evaluating the impact of adopting the standard on the Consolidated Financial Statements.
Segment reporting
Segment reporting
The Company reports its segment information to reflect the manner in which the CODM reviews and assesses performance. The Company’s Chief Executive Officer and President and Chief Operating Officer have joint responsibility as the CODM and review and assess the performance of the Company as a whole.
The primary financial measures used by the CODM to evaluate performance and allocate resources are net income and operating income (loss). The CODM uses net income and operating income (loss) to evaluate the performance of the Company’s ongoing operations and as part of the Company’s internal planning and forecasting processes. Information on Net income and Operating income (loss) is disclosed
in the Consolidated Statements of Operations. Segment expenses and other segment items are provided to the CODM on the same basis as disclosed in the Consolidated Statements of Operations.
The CODM does not evaluate performance or allocate resources based on segment assets, and therefore such information is not presented in the notes to the financial statements.
Revenue recognition
Revenue recognition
Revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration to which the Company expects to be entitled.
Transaction revenue
Consumer and institutional revenue
The Company earns transaction fees primarily from providing crypto asset matching services and executing trades on the Company’s derivative exchanges. The Company considers the matching of buyers and sellers to buy, sell or convert crypto assets or the execution of a derivative trade to be a single performance obligation. The Company considers its performance obligation satisfied, and recognizes revenue, at the point in time the transaction is processed or the trade is executed. Contracts with customers are defined at the transaction level as they are open-ended and may be terminated by either party without penalty.
The transaction price, determined at the transaction level, is calculated based on volume and varies depending on payment type, transaction value, and the Company’s published fee disclosures. Transaction fees may be variable based on tiered discounts driven by trading volume in a prior historical period. Volume-based tiered discounts are not considered material rights as they correspond to the standalone selling prices typically offered to the respective customer class. Transaction fees are reduced by any transaction-specific rebates provided to the customer. In instances where transaction fees are collected in crypto assets, revenue is measured based on the fair value of the crypto assets received at the time of the transaction.
Transaction revenue is recognized net of an allowance for estimated transaction fee reversals (such as credit card chargebacks or bank disputes). These estimates are determined using the most likely amount method, relying on historical experience and judgment regarding the probability of significant reversals. These estimates of variable consideration are reassessed each reporting period. While the reversal of the transaction fee is recorded as a reduction of net revenue, any loss of the underlying crypto asset resulting from the reversal is included in Transaction expense.
The Company applies judgment to determine whether it is the principal or the agent in transactions. The Company evaluates the presentation of revenue on a gross or net basis based on whether it controls the crypto asset or derivative instrument before it is transferred to the customer (gross) or whether it acts as an agent by matching buyers and sellers of crypto assets or executing trades between customers (net). The Company does not control the crypto asset or derivative instrument provided before it is transferred to the buyer, does not have inventory risk, and is not responsible for fulfillment. The Company also does not set the price for the crypto asset or derivative instrument as the price is a market rate established by users of the platform. As a result, the Company has determined that it acts as an agent in transactions between customers.
Other transaction revenue
Other transaction revenue primarily comprises Base sequencer revenue and fees the Company charges customers at the transaction level to process deposits to, and withdrawals from, the Company’s platform. Generally, Other transaction revenue consists of a single performance obligation and is recognized at the time that a transaction is executed. Base sequencer revenue is denominated in crypto
assets, with revenue measured based on the amount of crypto assets received and the fair value of the crypto assets at the time of the transaction.
Subscription and services revenue
Stablecoin revenue
The Company earns revenue through an arrangement, as updated in August 2023 and further updated in November 2024, with Circle Internet Financial, LLC (“Circle”). The Company’s revenue from this arrangement is determined based on the daily income generated from the reserves backing USDC, which is dependent on the total USDC market capitalization, defined as the total amount of USDC in circulation, less the management fees charged by non-affiliated third parties managing such reserves and certain other expenses (the “Payment Base”). From the Payment Base, (i) Circle retains a portion in consideration of its role as issuer of USDC, (ii) the Company and Circle earn an amount based on the share of USDC held on their respective platforms, (iii) other approved participants in the USDC ecosystem earn an amount based on terms agreed between the approved participant, Circle, and the Company, and (iv) the Company receives 50% of the remaining Payment Base. The arrangement is not within the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”) as Circle is not a customer of the Company. Revenue is accrued on a monthly basis as it becomes realizable.
Blockchain rewards
Blockchain rewards primarily comprises staking revenue, in which the Company participates in networks with proof-of-stake consensus algorithms through creating or validating blocks on the network using the staking validators that it controls. Blockchain protocols, or the participants that form the protocol networks, reward users for performing various activities on the blockchain. The Company considers itself the principal in transactions with the blockchain networks, and therefore presents such blockchain rewards earned on a gross basis. In exchange for participating in the consensus mechanism of these networks, the Company recognizes revenue in the form of the native token of the network. Each block creation or validation is a performance obligation. Revenue is recognized at the point when the block creation or validation is complete and the rewards are transferred into a digital wallet that the Company controls. Revenue is measured based on the number of tokens received and the fair value of the token at contract inception.
Interest and finance fee income
The Company holds customer custodial funds at certain third-party depository institutions and asset managers, which earn interest. Interest income earned from customer custodial funds is calculated using the interest method and is not within the scope of ASC 606. Financing interest income on fiat and payment stablecoin loan receivables is accrued using the interest method over the term of the loan, and is not within the scope of ASC 606. Financing fees earned on crypto asset loan receivables are denominated in crypto assets and are recognized on an accrual basis over the over term of the loan. The amount earned depends on the total loans issued and the contractual rates.
Other subscription and services revenue
Other subscription and services revenue primarily comprises revenue from: Coinbase One; developer product revenue, including items such as delegation, participation and infrastructure services; custodial fees for a dedicated cold storage solution provided to customers through Prime Custody; and revenue from other subscription licenses. Generally, revenue from other subscription and services contains one performance obligation, may have variable and non-cash consideration, and is recognized at a point in time or over the period that services are provided.
Other revenue
Corporate interest and other income
Corporate interest and other income primarily comprises interest income earned on corporate cash and cash equivalents, calculated using the interest method and reported within Other revenue in the Consolidated Statements of Operations.
Collateralized arrangements and financing
Collateralized arrangements and financing
Lending and related collateral
The Company lends fiat, payment stablecoins, crypto assets borrowed, and crypto assets held for investment to eligible institutional customers. Institutional financing loans may have open ended or fixed terms that are less than one year, with the exception of trade finance arrangements. These arrangements are typically settled in one to three days.
Loan receivables are recorded in Loan receivables in the Consolidated Balance Sheets. Fiat and payment stablecoin loan receivables are measured at amortized cost, which approximates fair value given their short-term nature (generally less than 12 months) and fully collateralized structure. Crypto asset loan receivables are measured at the fair value of the underlying crypto asset loaned, with changes in fair value recognized in Transaction expense in the Consolidated Statements of Operations. Accrued interest is recorded separately within Accounts receivable, net in the Consolidated Balance Sheets. Fee income is recorded in Interest and finance fee income within Net revenue in the Consolidated Statements of Operations.
Institutional financing loans are fully collateralized by a customer’s pledged fiat, payment stablecoins, or crypto assets, as applicable. The Company adheres to strict internal risk management and liquidation protocols for loan counterparty defaults, including restricting trading and withdrawals and liquidating assets in borrowers’ accounts as contractually permitted. The Company continuously and systematically monitors the fair value of the related collateral assets pledged compared to the fair value of the related loan receivable, and if the value of the borrower’s eligible collateral falls below the required collateral requirement, the customer is obligated to deposit additional collateral up to the required collateral level. Accordingly, the Company applies the collateral maintenance provision practical expedient to determine if an allowance for doubtful accounts is required on loan receivables. The Company’s credit exposure is significantly limited and no allowance, write-offs, or recoveries have been recorded against loan receivables for the periods presented due to the collateral requirements the Company applies to such loans, the Company’s process for collateral maintenance, and collateral held on the Company’s platform. The Company would recognize credit losses on these loans if there is a collateral shortfall and it is not reasonably expected that the borrower will replenish such a shortfall. Due to the nature of the collateral the Company requires to be pledged, the Company is readily able to liquidate in the case of the borrower’s default.
The Company recognizes collateral it receives, with an associated obligation to return collateral, when it obtains control of the collateral. The Company does not reuse or rehypothecate customer payment stablecoins or crypto assets nor grant security interests in such assets, in each case unless required by law or expressly agreed to by the customer.
Crypto assets held as collateral are initially recorded at cost and are subsequently remeasured at fair value with changes in fair value recognized in Transaction expense in the Consolidated Statements of Operations. Fair value is measured using quoted crypto asset prices within the Company’s principal market at the time of measurement. Crypto assets held as collateral includes collateral within the Company’s control and may exceed the required contractual amounts. Crypto assets held as collateral are derecognized from the Consolidated Balance Sheets when the collateral is returned to the borrower or when the collateral is sold or rehypothecated. Gains and losses at the time of derecognition are determined on a weighted average cost basis.
Obligation to return collateral in the form of crypto assets is accounted for as a hybrid instrument, with a liability host contract that contains an embedded derivative based on the changes in fair value of the underlying crypto asset. The gain or loss on remeasurement of the Obligation to return collateral is recorded in Transaction expense.
See Note 23. Supplemental Disclosures of Cash Flow Information for details on flows of non-cash collateral, including crypto assets.
Borrowings and related collateral
To facilitate institutional financing loans, the Company may borrow fiat, payment stablecoins and crypto assets from third parties.
Payment stablecoins borrowed by the Company that have not been subsequently sold or rehypothecated are recognized within Cash and cash equivalents with a corresponding liability in Short-term borrowings in the Consolidated Balance Sheets.
Crypto assets borrowed by the Company are recorded in Crypto assets borrowed, and the associated liabilities are recorded in Short-term borrowings in the Consolidated Balance Sheets.
Crypto assets borrowed are initially recorded at cost and are subsequently remeasured at fair value at the end of each reporting period, with changes in fair value recognized in Transaction expense in the Consolidated Statements of Operations. Fair value is measured using quoted crypto asset prices within the Company’s principal market at the time of measurement. Crypto assets borrowed are derecognized from the Consolidated Balance Sheets when they are used to originate loans with customers, in which case they are recorded as Loan receivables in the Consolidated Balance Sheets, or when they are repaid to third parties. Gains and losses at the time of derecognition are determined using the specific identification method.
Crypto asset borrowings are accounted for as hybrid instruments. The liability host contract is not accounted for as a debt instrument because it is not a financial liability and is carried at the initial fair value of the assets acquired. The embedded derivative relates to the changes in the fair value of the underlying crypto asset and is subsequently measured at fair value, with changes in fair value recognized in Transaction expense in the Consolidated Statements of Operations.
The term of these crypto asset borrowings either can be for a fixed term of less than one year or open-ended and repayable at the option of the Company or the lender. These borrowings bear a fee payable by the Company to the lender, which is based on a percentage of the amount borrowed. Fee expenses for crypto asset borrowings are accrued and expensed over the term of the loan and are included in Transaction expense in the Consolidated Statements of Operations.
Under the terms of the Company’s payment stablecoin and crypto asset borrowing arrangements, the Company may be required to maintain a collateral to borrowing ratio and pledge fiat, payment stablecoins, or crypto assets as collateral. The lender is not obligated to return collateral equal to the fair value of the borrowings if the Company defaults on its borrowings. As of December 31, 2025, the Company has not defaulted on any of its borrowings.
The Company’s accounting for pledged collateral is determined by whether control is retained or surrendered. The Company derecognizes collateral it pledges when it loses control of the collateral, resulting in the recognition of the related collateral receivable within Other current assets in the Consolidated Balance Sheets. When the Company retains control of the collateral, fiat and payment stablecoins pledged as collateral are reclassified to Restricted cash and cash equivalents and where crypto assets are pledged, the collateral remains recorded within Crypto assets borrowed or Crypto assets held for investment, each within the Consolidated Balance Sheets.
Customer derivatives and margin
The Company executes trade matching and other trading activities of derivative contracts between customers on its platform. These transactions are subject to margin requirements with customers to help the Company mitigate its exposure to credit risk from a customer’s failure to fulfill its obligations in a trade.
Crypto assets and payment stablecoins pledged by customers to meet margin requirements are not recognized in the Consolidated Balance Sheets unless the customer expressly agrees to transfer control to the Company, in which case they are recognized on the same basis as discussed in the Lending and related collateral section above. Fiat pledged by customers to meet margin requirements is recognized in Customer custodial funds with an offsetting liability in Customer custodial fund liabilities in the Consolidated Balance Sheets.
Cash and cash equivalents
Cash and cash equivalents
Cash and cash equivalents comprise cash that is not restricted as to withdrawal or use, payment stablecoins, and interest-bearing highly liquid investments, such as money market funds with an initial maturity of three months or less, held in accounts at financial institutions or venues. Financial institutions include asset managers, while venues include payment processors, clearing brokers, and other financial services providers.
Payment stablecoins
Payment stablecoins, which include USDC, EURC, and PYUSD, are redeemable on a one-to-one basis for cash and cash equivalents and are classified as Cash and cash equivalents in the Consolidated Balance Sheets. As of December 31, 2025 and 2024, the reserves backing these payment stablecoins were held by the issuer in cash and cash equivalents in segregated accounts titled for the benefit of payment stablecoins holders.
Funds held at financial institutions
Cash and cash equivalents, excluding payment stablecoins which are held on our platform, are primarily placed with financial institutions which are of high credit quality, 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 venues
The Company holds cash at venues, and performs a regular assessment of these venues as part of its risk management process. As of December 31, 2025 and 2024, the Company held $110.8 million and $88.2 million, respectively, in cash at venues.
Restricted cash and cash equivalents
Restricted cash and cash equivalents
The Company has restricted cash deposits and interest-bearing highly liquid investments held at financial institutions related to operational reserves. Restricted cash and cash equivalents also includes payment stablecoins pledged as collateral where the Company retains control of the payment stablecoins. These payment stablecoins are contractually restricted and not available for general corporate use until the related borrowings are repaid.
Crypto assets held for operations/investments
Crypto assets held for operations
The Company may receive crypto assets as a form of payment for transaction revenue, blockchain rewards, and other subscriptions and services revenue, which are recorded in Crypto assets held for operations in the Consolidated Balance Sheets when received. Crypto assets received as a form of
payment are converted to cash or used to fulfill expenses, primarily blockchain rewards fees, nearly immediately. Therefore, the associated risk of exposure of these assets to crypto asset price fluctuations, even during periods of significant volatility, has been immaterial. Crypto assets held for operations are initially recorded at the transaction price of the crypto assets at initial recognition and are subsequently remeasured at fair value at the end of each reporting period, with changes in fair value recognized in Losses (gains) on crypto assets held for operations, net in the Consolidated Statements of Operations. Realized gains and losses on disposition are recognized on a first-in-first-out basis. Fair value is measured using quoted crypto asset prices within the Company’s principal market at the time of measurement. Gains and losses are influenced by the volume and mix of crypto assets received and used, and the timing of the turnover of these crypto assets. Cash flows from crypto assets held for operations are recorded as Changes in operating assets and liabilities in the Consolidated Statements of Cash Flows.
Crypto assets held for investment
Crypto assets held for investment are primarily held long term. The Company does not engage in regular trading of these assets but may lend them or stake them. When crypto assets that were loaned are returned, they continue to be held for investment. See Note 5. Collateralized Arrangements and Financing for details on institutional financing activities.
Crypto assets held for investment are initially recorded at cost and are subsequently remeasured at fair value at the end of each reporting period, with changes in fair value recognized in Losses (gains) on crypto assets held for investment, net in the Consolidated Statements of Operations. Realized gains and losses on disposition are recognized on a specific identification basis. Fair value is measured using quoted crypto asset prices within the Company’s principal market at the time of measurement.
Crypto assets held for investment that are loaned are derecognized and related crypto asset loan receivables are recognized for the period that the loan is outstanding. See discussion of accounting for crypto asset loan receivables under —Lending and related collateral above.
Crypto assets held for investment that are staked remain recorded within Crypto assets held for investment in the Consolidated Balance Sheets. Staking rewards earned by the Company through staking of these assets are recognized as an addition to Crypto assets held for investment and in Other income, net in the Consolidated Statements of Operations in the period received.
Accounts receivable and allowance for doubtful accounts
Accounts receivable and allowance for doubtful accounts
Accounts receivable are contractual rights to receive cash or crypto assets and consist of stablecoin revenue receivable, customer accounts receivable, and other receivables.
Stablecoin revenue receivable represents the Company’s portion of income earned and receivable on payment stablecoin reserves through its arrangements with the issuers of these stablecoins.
Customer accounts receivable primarily comprises receivables from custodial fee revenue and other transaction fee and subscription and services revenue.
Receivables are recorded at the transaction price when the Company’s performance obligations are satisfied, either at a point in time or over time (typically monthly). Accounts receivable denominated in crypto assets represent rights to receive a fixed amount of crypto assets at the time of invoicing and are initially and subsequently measured at the fair value of the underlying crypto assets to be received, with changes in the fair value recorded in Other operating expense, net in the Consolidated Statements of Operations.
The Company recognizes an allowance for doubtful accounts for accounts receivable based on expected credit losses. In determining expected credit losses, the Company considers historical loss experience and the aging of its accounts receivable balances.
Accounts receivable and allowance for doubtful accounts
Accounts receivable and allowance for doubtful accounts
Accounts receivable are contractual rights to receive cash or crypto assets and consist of stablecoin revenue receivable, customer accounts receivable, and other receivables.
Stablecoin revenue receivable represents the Company’s portion of income earned and receivable on payment stablecoin reserves through its arrangements with the issuers of these stablecoins.
Customer accounts receivable primarily comprises receivables from custodial fee revenue and other transaction fee and subscription and services revenue.
Receivables are recorded at the transaction price when the Company’s performance obligations are satisfied, either at a point in time or over time (typically monthly). Accounts receivable denominated in crypto assets represent rights to receive a fixed amount of crypto assets at the time of invoicing and are initially and subsequently measured at the fair value of the underlying crypto assets to be received, with changes in the fair value recorded in Other operating expense, net in the Consolidated Statements of Operations.
The Company recognizes an allowance for doubtful accounts for accounts receivable based on expected credit losses. In determining expected credit losses, the Company considers historical loss experience and the aging of its accounts receivable balances.
Software and equipment, net
Software and equipment, net
Software and equipment, net is stated at cost less associated accumulated depreciation and amortization, and consists mainly of capitalized internally developed software. Depreciation and amortization is computed using the straight-line method over the lesser of the estimated useful life of the asset or the remaining lease term, as applicable. The estimated useful lives of capitalized internally developed software is three years. The remaining balance of software and equipment consists of furniture and fixtures, computer equipment, and leasehold improvements, for which the useful lives generally range from one to 10 years.
Capitalized software consists of costs incurred during the application development stage of internal-use software or implementation of a hosting arrangement that is a service contract. Capitalized costs consist of salaries and other compensation costs for employees, fees paid to third-party consultants who are directly involved in development efforts, and costs incurred for upgrades and enhancements to add functionality of the software. Other costs that do not meet the capitalization criteria are expensed as incurred.
Business combinations, goodwill, and acquired intangible assets
Business combinations, goodwill, and acquired intangible assets
The Company accounts for business combinations using the acquisition method. Purchase consideration is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated acquisition-date fair values, with any excess consideration recognized as goodwill. The results of acquired businesses are included in the Consolidated Financial Statements from the date of the acquisition. Acquisition-related costs are expensed as incurred in General and administrative expenses within the Consolidated Statements of Operations.
Estimates of fair value are subject to refinement. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill, if new information is obtained about facts and circumstances that existed at the acquisition date. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations.
Goodwill and indefinite-lived intangible assets are not amortized but are tested for impairment annually on October 1, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Goodwill is tested at the reporting unit level. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized for the amount of the excess, limited to the total amount of goodwill allocated to that reporting unit.
Acquired intangible assets with a definite useful life are amortized over their estimated useful lives on a straight-line basis. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Amortization of acquired developed technology is recorded under Technology and development expense and amortization of other acquired intangible assets is recorded under General and administrative expense in the Consolidated Statements of Operations.
The Company evaluates the recoverability of acquired intangible assets on an annual basis, or more frequently whenever circumstances indicate an intangible asset may be impaired. When indicators of impairment exist, the Company estimates future undiscounted cash flows attributable to such assets. If the future undiscounted cash flows do not exceed the carrying amount of the assets, an impairment loss is measured based upon the difference between the carrying amount and the fair value of the assets.
Long-term debt and interest expense
Long-term debt and interest expense
Long-term debt is carried at amortized cost. The Company accounts for the 2026, 2029, 2030, and 2032 Convertible Notes wholly as debt because (1) the conversion features do not require bifurcation as a
derivative under ASC 815, Derivatives and Hedging (“ASC 815”), and (2) these convertible notes were not issued at a substantial discount.
Coupon interest on the Company’s long-term debt comprises the majority of Interest expense in the Consolidated Statements of Operations. Debt discounts and debt issuance costs are also amortized to Interest expense in the Consolidated Statements of Operations using the effective interest method over the contractual term of the respective note.
Capped calls entered into in connection with the Company’s long-term debt meet the criteria for classification in equity, are not remeasured each reporting period, and are included as a reduction to Additional paid-in capital within Total shareholders’ equity in the Consolidated Balance Sheets.
The Company recognizes gains and losses on extinguishment of long-term debt as the difference between the reacquisition price and the net carrying amount of the debt, and these gains and losses are recognized in current-period earnings in Other income, net in the Consolidated Statements of Operations.
Customer custodial funds and customer custodial fund liabilities
Customer custodial funds and Customer custodial fund liabilities
Customer custodial funds represent restricted cash and cash equivalents maintained in segregated accounts of the Company at financial institutions and asset managers that are held for the exclusive benefit of customers and deposits in transit from payment processors and financial institutions. Customer custodial fund liabilities represent the obligation to return cash deposits held by customers in their fiat wallets and unsettled fiat deposits and withdrawals. Deposits in transit represent settlements from third-party payment processors and banks for customer transactions. Deposits in transit are typically received within five business days of the transaction date. The Company establishes withdrawal-based limits in order to mitigate potential losses by preventing customers from withdrawing the associated crypto asset to an external blockchain address until the deposit settles. In certain jurisdictions, deposits in transit qualify as eligible liquid assets to meet regulatory requirements to fulfill the Company’s direct obligations under customer custodial fund liabilities. In these cases, the Company restricts the use of these assets and classifies them as current based on their purpose and availability to fulfill the Company’s direct obligation under Customer custodial fund liabilities in the Consolidated Balance Sheets.
Certain jurisdictions where the Company operates require the Company to hold eligible liquid assets, as defined by applicable regulatory requirements and commercial law in these jurisdictions, equal to at least 100% of the aggregate amount of all applicable customer custodial fund liabilities. Depending on the jurisdiction, eligible liquid assets can include cash and cash equivalents, customer custodial funds, and in-transit customer receivables. As of December 31, 2025 and 2024, the Company’s eligible liquid assets were greater than the aggregate amount of Customer custodial fund liabilities.
Customer custodial funds are primarily placed with financial institutions which are of high credit quality, primarily in highly liquid, highly rated instruments which are uninsured. 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.
Leases
Leases
The Company determines if an arrangement is a lease at inception. The Company’s leases are primarily operating leases for corporate offices. Operating lease right-of-use (“ROU”) assets are included in Other non-current assets, and current and non-current lease liabilities are included in Accrued expenses and other current liabilities and Other non-current liabilities, respectively, in the Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. Operating lease ROU assets also include any lease payments made before commencement and exclude lease incentives. As the Company’s leases do not generally provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement to determine the present value of
future payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
Lease expense is recognized on a straight-line basis over the lease term. The Company has made the policy election to account for short-term leases by recognizing the lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term and not recognizing these leases in the Consolidated Balance Sheets. The Company has real estate lease agreements with lease and non-lease components for which the Company has made the accounting policy election to account for these agreements as a single lease component.
Derivative contracts
Derivative contracts
The Company enters into arrangements that result in obtaining the right to receive or obligation to deliver a fixed amount of crypto assets in the future. These are hybrid instruments, consisting of a receivable or debt host contract that is initially measured at the fair value of the underlying crypto assets and is subsequently carried at amortized cost, and an embedded forward feature based on the changes in the fair value of the underlying crypto asset. The embedded forward is bifurcated from the host contract, and is subsequently measured at fair value.
These derivative contracts derive their value from underlying asset prices, other inputs, or a combination of these factors. Derivative contracts are recognized as either assets or liabilities in the Consolidated Balance Sheets at fair value, with changes in fair value recognized in Transaction expense, Other operating expense, net, or Other income, net in the Consolidated Statements of Operations, depending on the nature of the derivative. Cash flows from derivative contracts are recognized as investing activities and adjustments to reconcile Net income to Net cash provided by operating activities in the Consolidated Statements of Cash Flows, depending on the nature of the derivative.
Investments
Investments
The Company holds marketable securities and strategic investments, which are recorded within Marketable investments and Strategic investments in the Consolidated Balance Sheets.
Marketable investments primarily include equity securities and are measured and recorded at fair value on a recurring basis. These investments are available for trading subject to any associated lock up.
The Company’s strategic investments primarily include equity investments in privately held companies without readily determinable fair values where the Company (1) holds less than 20% ownership in the entity and (2) does not exercise significant influence. These investments are recorded at cost and adjusted for: (i) observable transactions for same or similar investments of the same issuer (referred to as the measurement alternative) or (ii) impairment.
Marketable and strategic investments activities are recorded in Other income, net in the Consolidated Statements of Operations.
Fair value measurements
Fair value measurements
The Company measures certain assets and liabilities at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
•Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3: Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
Transaction expense
Transaction expense
Transaction expense includes certain costs incurred to operate the Company’s platform, process crypto asset trades, and perform wallet services, and are directly associated with generating revenue. Primary components include blockchain rewards distributed to customers for their participation in blockchain activities such as staking, account verification fees, fees paid to payment processors and other financial institutions for customer transaction activity, blockchain network fees, transaction rebates, and crypto asset losses from transaction reversals. Transaction expense also includes gains and losses from the fair value remeasurement of crypto asset borrowings, obligations to return crypto asset collateral, crypto assets borrowed, crypto assets held as collateral, and crypto asset loan receivables originated with borrowed assets. These items are offsetting by nature and generally net to an immaterial amount. Transaction-level costs are expensed as incurred, while fixed-fee costs are expensed over the contract term. The Company has elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that would otherwise have been recognized is one year or less.
Sales and marketing
Sales and marketing
The Company defines its selling expenses in accordance with ASC 220 as Sales and marketing expenses as presented in the Consolidated Statements of Operations. These expenses primarily comprise employee-related expenses, marketing programs, USDC rewards, and customer acquisition expenses. Employee-related costs include employee cash, stock-based compensation, and other employee benefits. Marketing programs costs primarily represent third-party advertising expenses. Employee-related advertising costs are immaterial for all periods presented.
Stock-based compensation
Stock-based compensation
Stock plans
The Company maintains the 2021 Equity Incentive Plan (the “2021 Plan”) the 2021 Employee Stock Purchase Plan (the “ESPP”), and two legacy plans: the Amended and Restated 2013 Stock Plan and the 2019 Equity Incentive Plan (collectively, the “Prior Plans”). Following the direct listing in 2021, all new equity awards are granted under the 2021 Plan and ESPP. Additionally, certain awards assumed in connection with acquisitions are governed by their respective original plans.
Evergreen provisions
The 2021 Plan and ESPP provide for automatic annual increases in the number of shares available for issuance on January 1 of each year for 10 years. The increases are equal to the lesser of 5% (for the 2021 Plan) and 1% (for the ESPP) of the total outstanding shares of common stock on the preceding December 31, or a lesser amount determined by the Board.
Awards and vesting
The Company primarily grants restricted stock units (“RSUs”) and restricted stock awards (“RSAs”). The Company previously granted stock options under Prior Plans, which remain outstanding.
RSUs generally vest over a service period ranging from one to four years. Performance RSUs (“PRSUs”) vest upon the achievement of specified financial or market-based thresholds. RSAs issued in acquisitions generally vest over three years and are subject to repurchase at par value upon forfeiture.
Stock options outstanding have a contractual term of 10 years. Options under Prior Plans generally vest over four years (25% cliff followed by monthly vesting) and allow for a seven-year post-termination exercise window for certain employees. Outstanding options under the 2021 Plan generally vest quarterly over three years with a three-month post-termination exercise window. Outstanding options also include performance stock options granted to the Chief Executive Officer that vest upon the achievement of specific market conditions, subject to continued service.
Valuation and expense recognition
The Company accounts for stock-based compensation by measuring the fair value of awards at the grant date. For service-based awards, expense is recognized on a straight-line basis over the requisite service period. Forfeitures are recognized as they occur.
The fair value of RSUs is based on the closing market price of the Company’s Class A common stock on the grant date.
For stock options granted in prior periods, fair value was estimated using the Black-Scholes-Merton model. Key assumptions included the expected term (based on historical exercise behavior and contractual terms), historical volatility of the Company’s Class A common stock, risk-free rates based on U.S. Treasury yields, and a zero dividend yield.
Market-based awards, which are performance stock options and PRSUs, are valued using a Monte Carlo simulation. Expense is recognized using the accelerated attribution method and is not reversed if the market condition is not met, provided the requisite service is rendered.
PRSUs subject to financial performance conditions are valued based on the price of the Company’s Class A common stock on the grant date. Expense is recognized when achievement of the condition becomes probable, evaluated at each reporting date, with cumulative adjustments recorded in the period of change.
Income taxes
Income taxes
The Company accounts for income taxes using the asset and liability method whereby deferred tax asset and liability account balances are determined based on temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when management estimates that it is more likely than not that deferred tax assets will not be realized. Realization of deferred tax assets is dependent upon future pre-tax earnings, the reversal of temporary differences between book and tax income, and the expected tax rates in future periods.
The Company is required to evaluate the tax positions taken in the course of preparing its tax returns to determine whether tax positions are more likely than not of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount that is initially recognized. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense.
For U.S. federal tax purposes, crypto asset transactions are treated under the same tax principles as property transactions. The Company recognizes a gain or loss when crypto assets are exchanged for other property, in the amount of the difference between the fair market value of the property received and
the tax basis of the exchanged crypto assets. Receipts of crypto assets in exchange for goods or services are included in taxable income at the fair market value on the date of receipt.
Net income (loss) per share
Net income (loss) per share
The Company computes net income (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Certain shares of the Company’s restricted stock granted as consideration in past acquisitions are deemed participating securities. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses.
Basic net income (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted net income (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options and warrants, vesting of RSUs and restricted stock, conversion of the Company’s convertible notes, and settlement of contingent consideration.
Foreign currency transactions
Foreign currency transactions
The Company’s functional currency is the U.S. dollar. The Company has exposure to foreign currency translation gains and losses arising from the Company’s net investment in foreign subsidiaries. The revenues, expenses, and financial results of these foreign subsidiaries are recorded in their respective functional currencies. The financial statements of these subsidiaries are translated into U.S. dollars using a current rate of exchange, with gains or losses, net of tax as applicable, included in Accumulated other comprehensive income (loss) (“AOCI”) within the Consolidated Statements of Changes in Shareholders’ Equity. Cumulative translation adjustments are released from AOCI and recorded in the Consolidated Statements of Operations when the Company disposes or loses control of a consolidated subsidiary. Gains and losses resulting from remeasurement are recorded in Other income, net within the Consolidated Statements of Operations.
Realized gains and losses on changes in foreign currency exchange rates resulting from settlement of the Company’s foreign currency-denominated assets and liabilities and unrealized gains and losses resulting from remeasurement of transactions and monetary assets and liabilities denominated in non-functional currencies are recognized as a component of Other income, net in the Consolidated Statements of Operations.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Accounting standards update and change in accounting principle
The following tables show the changes in presentation in the Consolidated Balance Sheets and Statements of Cash Flows upon the Company’s change in accounting principle (in thousands):
Consolidated Balance Sheets Extract
December 31, 2024
Previously Reported
Adjustment
As Adjusted
Cash and cash equivalents$8,543,903 $764,363 $9,308,266 
Restricted cash and cash equivalents38,519 308,650 347,169 
USDC1,241,808 (1,241,808)— 
Loan receivables475,370 168,795 644,165 
Net adjustment$— 
Consolidated Statements of Cash Flows Extracts
Year Ended December 31, 2024
Previously Reported
Adjustment
As Adjusted
Changes in operating assets and liabilities$(478,002)$547,091 $69,089 
Loans originated(1,700,055)(5,664,138)(7,364,193)
Proceeds from repayment of loans1,488,500 5,700,988 7,189,488 
Assets pledged as collateral(2,895)(98,034)(100,929)
Return of assets pledged as collateral1,191 145,905 147,096 
Purchase of investments(41,333)(18,582)(59,915)
Dispositions of investments4,914 87 5,001 
Purchases of crypto assets held for investment(12,451)(22,731)(35,182)
Dispositions of crypto assets held for investment54,039 37,886 91,925 
Proceeds from short-term borrowings— 122,566 122,566 
Repayments of short-term borrowings— (48,407)(48,407)
Year Ended December 31, 2023
Previously ReportedAdjustmentAs Adjusted
Gains on crypto assets held, net (pre ASU 2023-08)$(145,594)$27,944 $(117,650)
Changes in operating assets and liabilities326,206 (277,554)48,652 
Loans originated(586,691)(336,645)(923,336)
Proceeds from repayment of loans513,698 133,750 647,448 
Assets pledged as collateral(27,899)(131,936)(159,835)
Return of assets pledged as collateral68,338 127,690 196,028 
Purchase of investments(11,822)(7,013)(18,835)
Dispositions of investments3,430 113 3,543 
Purchase of crypto assets held (pre ASU 2023-08)(277,367)(2,501)(279,868)
Sale of crypto assets held (pre ASU 2023-08)461,325 4,974 466,299 
Customer collateral received66,014 255,384 321,398 
Return of customer collateral(64,952)(282,257)(347,209)
v3.25.4
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination Total consideration transferred in the
acquisition, subject to customary post-closing adjustments, was $4.3 billion, consisting of the following (in thousands):
Cash$721,460 
Class A common stock of the Company(1)
3,573,092 
Total purchase consideration$4,294,552 
__________________
(1)Fair value, representing the closing market price of the Company’s Class A common stock on the acquisition date.
Business Combination, Recognized Asset Acquired and Liability Assumed The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date with the excess recorded as goodwill, as follows (in thousands):
Goodwill$2,818,754 
Intangible assets1,390,000 
Crypto assets held for investment164,263 
Deferred tax assets and liabilities, net(132,527)
Cash and cash equivalents and restricted cash
112,928 
Other assets and liabilities, net(58,866)
Net assets acquired$4,294,552 
Business Combination, Intangible Asset, Acquired, Finite-Lived
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data):
Fair ValueUseful Life at Acquisition (in years)
Customer relationships$1,059,000 15
Acquired developed technology288,000 6
Trade name43,000 8
Total identifiable intangible assets acquired$1,390,000 13
v3.25.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregated revenue by source
The following table presents revenue disaggregated by type (in thousands):
Year Ended December 31,
202520242023
Net revenue
Transaction revenue
Consumer, net$3,322,835 $3,430,322 $1,334,018 
Institutional, net479,667 345,598 90,164 
Other transaction revenue, net252,888 210,193 95,472 
Total transaction revenue4,055,390 3,986,113 1,519,654 
Subscription and services revenue
Stablecoin revenue(1)
1,348,821 910,464 694,247 
Blockchain rewards677,405 705,757 330,885 
Interest and finance fee income(2)
247,047 265,799 186,685 
Other subscription and services revenue554,775 425,113 195,069 
Total subscription and services revenue2,828,048 2,307,133 1,406,886 
Total net revenue6,883,438 6,293,246 2,926,540 
Other revenue
Corporate interest and other income(1)
297,887 270,782 181,843 
Total other revenue297,887 270,782 181,843 
Total revenue$7,181,325 $6,564,028 $3,108,383 
__________________
(1)Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in 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 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):
Year Ended December 31,
202520242023
U.S.(1)
$6,010,607 $5,460,820 $2,725,620 
International(2)
1,170,718 1,103,208 382,763 
Total revenue$7,181,325 $6,564,028 $3,108,383 
__________________
(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.
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Prime Financing lending arrangements
The following table summarizes the Company’s institutional financing lending arrangements (in thousands):
December 31,
20252024
Fiat and payment stablecoin loan receivables$1,340,213 $551,546 
Crypto asset loan receivables14,479 92,619 
Total loan receivables(1)
$1,354,692 $644,165 
__________________
(1)Includes an immaterial amount of fiat and crypto asset trade finance receivables as of December 31, 2025 and 2024.
Schedule of crypto asset activity
The following table provides a reconciliation of Crypto assets held as collateral (in thousands):
Year Ended December 31,
20252024
Beginning balance$767,484 $354,008 
Collateral received3,117,616 3,030,311 
Collateral returned(2,755,431)(2,759,660)
Gains1,338 175,480 
Losses(308,180)(32,655)
Ending balance$822,827 $767,484 
The following table provides a reconciliation of Crypto assets borrowed (in thousands):
Year Ended December 31,
20252024
Beginning balance$261,052 $45,212 
Borrowing activity:
Borrowings4,293,287 844,717 
Repayment of borrowings(4,239,621)(579,210)
Lending activity:
Origination of loan receivables(1)
(2,205,275)(1,346,485)
Customer repayment of loan receivables(1)
2,226,076 1,322,636 
Gains15,996 4,023 
Losses(32,666)(29,841)
Ending balance$318,849 $261,052 
__________________
(1)Represents loans originated from borrowed assets. See Note 8. Crypto Assets Held for Investment for loans originated from assets held for investment.
The following table provides a reconciliation of Crypto assets held for investment (in thousands):
Year Ended December 31,
20252024
Beginning balance$1,552,995 $330,610 
Cumulative-effect adjustment upon adoption of ASU 2023-08— 717,373 
Additions(1)
1,195,708 107,580 
Dispositions(265,373)(243,595)
Lending activity:
Origination of loan receivables(2)
(160,095)(213,232)
Customer repayment of loan receivables(2)
204,493 167,204 
Gains(3)
168,641 799,804 
Losses(3)
(697,498)(112,749)
Ending balance$1,998,871 $1,552,995 
__________________
(1)Additions represent purchases of, and staking rewards earned on, Crypto assets held for investment.
(2)Represents loans originated from Crypto assets held for investment. See Note 5. Collateralized Arrangements and Financing for loans originated from borrowed assets.
(3)The Company measures gains and losses by each asset held. These amounts include cumulative realized gains of $75.2 million and $153.4 million, and unrealized losses of $604.0 million and gains of $533.7 million, during the years ended December 31, 2025 and 2024, respectively.
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):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat and payment stablecoins(1)
N/AN/A$4,056 N/AN/A$24,641 
Bitcoin8,579 $818,787 756,447 6,918 $414,745 647,568 
Ethereum22,327 69,736 66,380 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$888,523 822,827 $521,597 767,484 
Total recognized held as collateral
$826,883 $792,125 
__________________
nm - not meaningful
(1)Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the 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 collateral pledged by customers in financing arrangements with the Company, which the Company has not recognized as collateral nor as an obligation to return the collateral (in thousands):
December 31,
20252024
Fiat and payment stablecoins$303,983 $109,982 
Crypto assets1,559,458 178,619 
Total customer collateral not recognized as collateral
$1,863,441 $288,601 
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin1,920 $173,848 $167,989 1,923 $191,986 $179,480 
Ethereum43,536 149,374 129,162 17,413 65,213 57,989 
Other crypto assets(1)
nm27,145 21,698 nm18,701 23,583 
Total borrowed$350,367 $318,849 $275,900 $261,052 
__________________
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.
The following table summarizes the units, cost basis, and fair value of Short-term borrowings (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Payment stablecoinsN/AN/A$119,923 N/AN/A$74,158 
Bitcoin2,035 $183,882 178,022 2,178 $213,096 203,370 
Ethereum43,941 150,424 130,363 19,133 68,803 63,720 
Other crypto assets(1)
nm29,399 23,797 nm28,141 33,020 
Total crypto asset borrowings
$363,705 332,182 $310,040 300,110 
Total short-term borrowings
$452,105 $374,268 
__________________
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 asset borrowings.
The following table summarizes Crypto assets held for operations (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin487 $48,191 $43,282 57 $7,814 $5,473 
Ethereum10,499 27,341 31,174 8,142 21,843 27,122 
Solana52,933 7,698 6,624 69,280 14,526 13,245 
Other crypto assets(1)
nm55,068 39,751 nm51,871 36,941 
Total held for operations$138,298 $120,831 $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):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin15,389 $1,079,153 $1,346,452 6,885 $272,164 $642,738 
Ethereum151,175 348,975 448,484 115,700 260,674 385,314 
Other crypto assets(1)
nm323,226 203,935 nm347,827 524,943 
Total held for investment$1,751,354 $1,998,871 $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 Short-term borrowings are recorded in Restricted cash and cash equivalents and consisted of the following (in thousands):
December 31,
20252024
Payment stablecoins$236,308 $308,650 
v3.25.4
CRYPTO ASSETS HELD FOR OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of crypto asset holdings
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat and payment stablecoins(1)
N/AN/A$4,056 N/AN/A$24,641 
Bitcoin8,579 $818,787 756,447 6,918 $414,745 647,568 
Ethereum22,327 69,736 66,380 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$888,523 822,827 $521,597 767,484 
Total recognized held as collateral
$826,883 $792,125 
__________________
nm - not meaningful
(1)Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the 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 collateral pledged by customers in financing arrangements with the Company, which the Company has not recognized as collateral nor as an obligation to return the collateral (in thousands):
December 31,
20252024
Fiat and payment stablecoins$303,983 $109,982 
Crypto assets1,559,458 178,619 
Total customer collateral not recognized as collateral
$1,863,441 $288,601 
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin1,920 $173,848 $167,989 1,923 $191,986 $179,480 
Ethereum43,536 149,374 129,162 17,413 65,213 57,989 
Other crypto assets(1)
nm27,145 21,698 nm18,701 23,583 
Total borrowed$350,367 $318,849 $275,900 $261,052 
__________________
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.
The following table summarizes the units, cost basis, and fair value of Short-term borrowings (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Payment stablecoinsN/AN/A$119,923 N/AN/A$74,158 
Bitcoin2,035 $183,882 178,022 2,178 $213,096 203,370 
Ethereum43,941 150,424 130,363 19,133 68,803 63,720 
Other crypto assets(1)
nm29,399 23,797 nm28,141 33,020 
Total crypto asset borrowings
$363,705 332,182 $310,040 300,110 
Total short-term borrowings
$452,105 $374,268 
__________________
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 asset borrowings.
The following table summarizes Crypto assets held for operations (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin487 $48,191 $43,282 57 $7,814 $5,473 
Ethereum10,499 27,341 31,174 8,142 21,843 27,122 
Solana52,933 7,698 6,624 69,280 14,526 13,245 
Other crypto assets(1)
nm55,068 39,751 nm51,871 36,941 
Total held for operations$138,298 $120,831 $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):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin15,389 $1,079,153 $1,346,452 6,885 $272,164 $642,738 
Ethereum151,175 348,975 448,484 115,700 260,674 385,314 
Other crypto assets(1)
nm323,226 203,935 nm347,827 524,943 
Total held for investment$1,751,354 $1,998,871 $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.
v3.25.4
ACCOUNTS RECEIVABLE, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of accounts receivable, net
Accounts receivable, net consisted of the following (in thousands):
December 31,
20252024
Stablecoin revenue receivable$122,936 $85,983 
Customer accounts receivable54,143 40,776 
Other accounts receivable133,202 167,921 
Gross accounts receivable310,281 294,680 
Less: allowance for doubtful accounts(3,162)(29,429)
Total accounts receivable, net$307,119 $265,251 
v3.25.4
CRYPTO ASSETS HELD FOR INVESTMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of crypto asset holdings
The following table summarizes assets the Company holds and has recognized as collateral with a corresponding obligation to return the collateral to the borrower (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Fiat and payment stablecoins(1)
N/AN/A$4,056 N/AN/A$24,641 
Bitcoin8,579 $818,787 756,447 6,918 $414,745 647,568 
Ethereum22,327 69,736 66,380 33,130 98,787 111,445 
Other crypto assets(2)
—— — nm8,065 8,471 
Crypto assets held as collateral
$888,523 822,827 $521,597 767,484 
Total recognized held as collateral
$826,883 $792,125 
__________________
nm - not meaningful
(1)Fiat and payment stablecoin collateral held are recognized within Cash and cash equivalents in the 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 collateral pledged by customers in financing arrangements with the Company, which the Company has not recognized as collateral nor as an obligation to return the collateral (in thousands):
December 31,
20252024
Fiat and payment stablecoins$303,983 $109,982 
Crypto assets1,559,458 178,619 
Total customer collateral not recognized as collateral
$1,863,441 $288,601 
The following table summarizes the units, cost basis, and fair value of Crypto assets borrowed (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin1,920 $173,848 $167,989 1,923 $191,986 $179,480 
Ethereum43,536 149,374 129,162 17,413 65,213 57,989 
Other crypto assets(1)
nm27,145 21,698 nm18,701 23,583 
Total borrowed$350,367 $318,849 $275,900 $261,052 
__________________
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.
The following table summarizes the units, cost basis, and fair value of Short-term borrowings (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Payment stablecoinsN/AN/A$119,923 N/AN/A$74,158 
Bitcoin2,035 $183,882 178,022 2,178 $213,096 203,370 
Ethereum43,941 150,424 130,363 19,133 68,803 63,720 
Other crypto assets(1)
nm29,399 23,797 nm28,141 33,020 
Total crypto asset borrowings
$363,705 332,182 $310,040 300,110 
Total short-term borrowings
$452,105 $374,268 
__________________
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 asset borrowings.
The following table summarizes Crypto assets held for operations (in thousands, except units):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost BasisFair Value
Bitcoin487 $48,191 $43,282 57 $7,814 $5,473 
Ethereum10,499 27,341 31,174 8,142 21,843 27,122 
Solana52,933 7,698 6,624 69,280 14,526 13,245 
Other crypto assets(1)
nm55,068 39,751 nm51,871 36,941 
Total held for operations$138,298 $120,831 $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):
December 31, 2025December 31, 2024
UnitsCost BasisFair ValueUnitsCost Basis
Fair Value
Bitcoin15,389 $1,079,153 $1,346,452 6,885 $272,164 $642,738 
Ethereum151,175 348,975 448,484 115,700 260,674 385,314 
Other crypto assets(1)
nm323,226 203,935 nm347,827 524,943 
Total held for investment$1,751,354 $1,998,871 $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 crypto asset activity
The following table provides a reconciliation of Crypto assets held as collateral (in thousands):
Year Ended December 31,
20252024
Beginning balance$767,484 $354,008 
Collateral received3,117,616 3,030,311 
Collateral returned(2,755,431)(2,759,660)
Gains1,338 175,480 
Losses(308,180)(32,655)
Ending balance$822,827 $767,484 
The following table provides a reconciliation of Crypto assets borrowed (in thousands):
Year Ended December 31,
20252024
Beginning balance$261,052 $45,212 
Borrowing activity:
Borrowings4,293,287 844,717 
Repayment of borrowings(4,239,621)(579,210)
Lending activity:
Origination of loan receivables(1)
(2,205,275)(1,346,485)
Customer repayment of loan receivables(1)
2,226,076 1,322,636 
Gains15,996 4,023 
Losses(32,666)(29,841)
Ending balance$318,849 $261,052 
__________________
(1)Represents loans originated from borrowed assets. See Note 8. Crypto Assets Held for Investment for loans originated from assets held for investment.
The following table provides a reconciliation of Crypto assets held for investment (in thousands):
Year Ended December 31,
20252024
Beginning balance$1,552,995 $330,610 
Cumulative-effect adjustment upon adoption of ASU 2023-08— 717,373 
Additions(1)
1,195,708 107,580 
Dispositions(265,373)(243,595)
Lending activity:
Origination of loan receivables(2)
(160,095)(213,232)
Customer repayment of loan receivables(2)
204,493 167,204 
Gains(3)
168,641 799,804 
Losses(3)
(697,498)(112,749)
Ending balance$1,998,871 $1,552,995 
__________________
(1)Additions represent purchases of, and staking rewards earned on, Crypto assets held for investment.
(2)Represents loans originated from Crypto assets held for investment. See Note 5. Collateralized Arrangements and Financing for loans originated from borrowed assets.
(3)The Company measures gains and losses by each asset held. These amounts include cumulative realized gains of $75.2 million and $153.4 million, and unrealized losses of $604.0 million and gains of $533.7 million, during the years ended December 31, 2025 and 2024, respectively.
v3.25.4
SOFTWARE AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
Software and equipment, net consisted of the following (in thousands):
December 31,
20252024
Capitalized internally developed software
$454,324 $361,760 
Other(1)
81,758 22,938 
Total software and equipment, gross
536,082 384,698 
Accumulated depreciation and amortization(271,509)(184,618)
Total software and equipment, net
$264,573 $200,080 
_______________
(1)Includes leasehold improvements, construction in progress, furniture and fixtures, and computers and equipment.
v3.25.4
GOODWILL, INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill
The following table reflects the changes in the carrying amount of goodwill (in thousands):
Carrying Amount
Balance at January 1, 2025$1,139,670 
Additions due to acquisitions3,029,297 
Balance at December 31, 2025$4,168,967 
Schedule of finite-lived intangible assets
Intangible assets, net, as disclosed in this footnote, exclude internally developed software and crypto assets, which are presented within Software and equipment, net and the various crypto assets held line items in the Consolidated Balance Sheets, respectively. Intangible assets, net and their associated weighted average remaining useful lives in years (“Life”) consisted of the following (in thousands, except years):
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetLifeGross Carrying AmountAccumulated AmortizationIntangible Assets, NetLife
Amortizing assets
Customer relationships$1,072,800 $(35,935)$1,036,865 14.6$75,711 $(65,989)$9,722 0.4
Acquired developed technology335,411 (47,969)287,442 5.430,700 (21,962)8,738 1.6
Trade name and other48,000 (2,513)45,487 7.13,400 (3,306)94 0.1
Indefinite-lived assets
Licenses and other28,000 — 28,000 N/A28,250 — 28,250 N/A
Total$1,484,211 $(86,417)$1,397,794 $138,061 $(91,257)$46,804 
The effects of amortization of Intangible assets, net on the Consolidated Statements of Operations was as follows (in thousands):
Year Ended December 31,
202520242023
Technology and development$28,662 $10,414 $46,610 
Sales and marketing29,252 — — 
General and administrative9,212 16,628 23,018 
Total amortization expense$67,126 $27,042 $69,628 
Schedule of indefinite-lived intangible assets
Intangible assets, net, as disclosed in this footnote, exclude internally developed software and crypto assets, which are presented within Software and equipment, net and the various crypto assets held line items in the Consolidated Balance Sheets, respectively. Intangible assets, net and their associated weighted average remaining useful lives in years (“Life”) consisted of the following (in thousands, except years):
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationIntangible Assets, NetLifeGross Carrying AmountAccumulated AmortizationIntangible Assets, NetLife
Amortizing assets
Customer relationships$1,072,800 $(35,935)$1,036,865 14.6$75,711 $(65,989)$9,722 0.4
Acquired developed technology335,411 (47,969)287,442 5.430,700 (21,962)8,738 1.6
Trade name and other48,000 (2,513)45,487 7.13,400 (3,306)94 0.1
Indefinite-lived assets
Licenses and other28,000 — 28,000 N/A28,250 — 28,250 N/A
Total$1,484,211 $(86,417)$1,397,794 $138,061 $(91,257)$46,804 
Schedule of future amortization expense
The expected future amortization expense for amortizing intangible assets as of December 31, 2025, was as follows (in thousands):
2026$138,231 
2027130,341 
2028127,481 
2029124,043 
2030123,524 
Thereafter726,174 
Total expected future amortization expense$1,369,794 
v3.25.4
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 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)
December 31, 2025
0.50% 2026 Convertible Notes due June 1, 2026
0.98%$1,273,013 $(3,428)$1,269,585 $1,267,666 
3.38% 2028 Senior Notes due October 1, 2028
3.57%1,000,000 (4,845)995,155 953,750 
0.00% 2029 Convertible Notes due October 1, 2029
0.35%1,500,000 (19,380)1,480,620 1,392,600 
0.25% 2030 Convertible Notes due April 1, 2030
0.55%1,265,000 (15,684)1,249,316 1,294,222 
3.63% 2031 Senior Notes due October 1, 2031
3.77%737,457 (5,273)732,184 657,259 
0.00% 2032 Convertible Notes due October 1, 2032
0.20%1,500,000 (20,241)1,479,759 1,335,300 
Total$7,275,470 $(68,851)$7,206,619 $6,900,797 
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.
v3.25.4
DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the notional amount of derivative contracts outstanding
The following table summarizes information on derivative instruments by their location in the Consolidated Balance Sheets, with amounts representing the portions of the respective line items denominated in crypto assets, as measured in U.S. dollar equivalents (in thousands):
Embedded Derivative
HostGross Derivative AssetsGross Derivative LiabilitiesAggregate Carrying Value
December 31, 2025
Accounts receivable, net
$9,943 $22,025 $4,399 $27,569 
Short-term borrowings
363,705 32,446 923 332,182 
Obligation to return collateral
888,523 126,962 61,266 822,827 
Accrued expenses and other current liabilities
6,897 — 2 6,899 
Total fair value of derivatives$181,433 $66,590 
December 31, 2024
Accounts receivable, net
$16,264 $20,368 $1,811 $34,821 
Other current assets
99,265 61,304 — 160,569 
Short-term borrowings
310,040 18,030 8,100 300,110 
Obligation to return collateral
526,337 2,149 243,296 767,484 
Accrued expenses and other current liabilities
37,428 6,814 2,708 33,322 
Total fair value of derivatives$108,665 $255,915 
Schedule of gains (losses) recorded in income
The impacts of gains (losses) on derivative instruments recognized in the Consolidated Statements of Operations were as follows (in thousands):
Year Ended December 31,
20252024
Short-term borrowings(1)
$21,593 $28,304 
Obligation to return collateral(1)
306,843 (142,825)
Other(2)
(11,053)83,269 
Total$317,383 $(31,252)
__________________
(1)Changes in fair value are recognized in Transaction expense in the 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, net in the Consolidated Statements of Operations depending on the nature of the derivative.
v3.25.4
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of other assets current and non-current assets
The following table presents certain other details of the Consolidated Balance Sheets (in thousands):
December 31,
20252024
Other current assets
Prepaid expenses$94,886 $88,500 
Income taxes receivable63,726 5,530 
Other28,552 183,506 
Total other current assets$187,164 $277,536 
 
Other non-current assets
Lease right-of-use assets$141,631 $81,151 
Income taxes receivable62,233 60,004 
Other55,514 33,135 
Total other non-current assets$259,378 $174,290 
 
Accrued expenses and other current liabilities
Payroll and payroll related expenses$186,927 $186,151 
Other accrued expenses238,308 145,369 
Income taxes payable65,982 90,910 
Other payables196,459 130,232 
Total accrued expenses and other current liabilities$687,676 $552,662 
 
Other non-current liabilities
Lease liabilities$172,735 $85,789 
Other67,723 3,919 
Total other non-current liabilities$240,458 $89,708 
Schedule of accrued expenses and other current liabilities
The following table presents certain other details of the Consolidated Balance Sheets (in thousands):
December 31,
20252024
Other current assets
Prepaid expenses$94,886 $88,500 
Income taxes receivable63,726 5,530 
Other28,552 183,506 
Total other current assets$187,164 $277,536 
 
Other non-current assets
Lease right-of-use assets$141,631 $81,151 
Income taxes receivable62,233 60,004 
Other55,514 33,135 
Total other non-current assets$259,378 $174,290 
 
Accrued expenses and other current liabilities
Payroll and payroll related expenses$186,927 $186,151 
Other accrued expenses238,308 145,369 
Income taxes payable65,982 90,910 
Other payables196,459 130,232 
Total accrued expenses and other current liabilities$687,676 $552,662 
 
Other non-current liabilities
Lease liabilities$172,735 $85,789 
Other67,723 3,919 
Total other non-current liabilities$240,458 $89,708 
Maturities of lease liabilities
Future payments of lease liabilities as of December 31, 2025 were as follows (in thousands):
2026$29,536 
202722,315 
202821,920 
202920,726 
203024,586 
Thereafter170,628 
Total lease payments289,711 
Less: imputed interest
(90,446)
Total lease liabilities
$199,265 
Components of lease cost
Other information related to recorded leases is as follows:
December 31,
20252024
Weighted-average remaining lease term (in years)9.89.8
Weighted-average discount rate6.53%6.36%
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of fair value of assets and liabilities
The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
December 31, 2025December 31, 2024
Level 1Level 2Level 1Level 2
Assets
Cash equivalents(1)
$6,088,290 $— $6,607,023 $— 
Restricted cash equivalents(2)
1,472 — 1,415 — 
Customer custodial funds(3)
3,438,375 — 4,269,410 — 
Crypto assets held for operations120,831 — 82,781 — 
Crypto asset loan receivables— 14,479 — 92,619 
Crypto assets held as collateral822,827 — 767,484 — 
Crypto assets borrowed318,849 — 261,052 — 
Marketable investments(4)
253,468 11,903 — — 
Crypto assets held for investment1,998,871 — 1,552,995 — 
Derivative assets(5)
— 181,433 — 108,665 
Total assets$13,042,983 $207,815 $13,542,160 $201,284 
Liabilities
Derivative liabilities(5)
$— $66,590 $— $255,915 
__________________
(1)Represents money market funds. Excludes cash and cash equivalents of $5.2 billion and $2.7 billion as of December 31, 2025 and 2024, respectively.
(2)Represents money market funds. Excludes restricted cash and cash equivalents of $332.8 million and $345.8 million as of December 31, 2025 and 2024, respectively.
(3)Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds of $1.9 billion as of each December 31, 2025 and 2024.
(4)Primarily represents marketable equity securities. Excludes marketable investments not measured and recorded at fair value of $44.4 million as of December 31, 2025.
(5)See Note 12. Derivatives for additional details.
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of activity of options outstanding
Following is a summary of stock options activity, including performance-based options (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(3,185)24.61 
Forfeited and cancelled(44)99.16 
Balance at December 31, 202519,700 $25.58 4.3$3,950,983 
Exercisable at December 31, 202516,019 $26.06 4.3$3,205,042 
Vested and expected to vest at December 31, 202516,019 $26.07 4.3$3,205,042 
Schedule of valuation assumptions
The weighted-average assumptions inputs to the Black-Scholes-Merton Option-Pricing Model used to calculate the fair value of options granted during the year ended December 31, 2023, the most recent grants, were as follows (in percentages, except as noted):
Dividend yield0.0
Expected volatility90.5 
Expected term (in years)5.8
Risk-free interest rate3.9 
Schedule of activity of RSUs outstanding
Following is a summary of RSU activity (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Balance at January 1, 20252,350 $163.82 
Granted3,869 270.02 
Vested(3,526)220.18 
Forfeited and cancelled(548)225.22 
Balance at December 31, 20252,145 $247.04 
Schedule of activity of PRSUs outstanding
Following is a summary of PRSU activity (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Balance at January 1, 2025724 $55.42 
Vested(81)55.42 
Balance at December 31, 2025643 $55.42 
Schedule of stock based compensation
Following are the effects of stock-based compensation on the Consolidated Statements of Operations and Consolidated Balance Sheets (in thousands):
Year Ended December 31,
202520242023
Statements of Operations
Technology and development$498,235 $564,726 $476,478 
Sales and marketing57,692 69,460 59,000 
General and administrative283,513 278,652 245,190 
Restructuring— — 84,042 
Total stock-based compensation expense$839,440 $912,838 $864,710 
Balance Sheets
Software and equipment, net(1)
$50,380 $48,068 $53,617 
_______________
(1)Represents capitalized stock-based compensation that was recorded to Software and equipment, net during the years presented. See Note 9. Software and Equipment, Net for additional details.
v3.25.4
OTHER CONSOLIDATED STATEMENTS OF OPERATIONS DETAILS (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of disaggregation of income statement expense
Disaggregation of relevant expense captions, as defined in ASU 2024-03, consisted of the following (in thousands):
Year Ended December 31,
202520242023
Technology and development
Employee-related(1)
$1,052,597 $1,036,656 $936,881 
Website hosting and infrastructure322,125 228,392 192,009 
Amortization, depreciation, and impairment(2)
157,067 122,595 131,611 
Other(3)
138,816 80,609 64,040 
Total technology and development
$1,670,605 $1,468,252 $1,324,541 
Sales and marketing
USDC rewards$441,347 $224,255 $34,944 
Marketing programs
402,555 247,087 134,018 
Employee-related(1)
136,229 151,036 143,762 
Other(4)
78,446 32,066 19,588 
Total sales and marketing
$1,058,577 $654,444 $332,312 
General and administrative
Employee-related(1)
$664,761 $606,554 $571,083 
Professional services292,599 202,956 182,908 
Customer support(5)
224,193 124,940 48,804 
Other(6)
438,089 365,807 271,513 
Total general and administrative
$1,619,642 $1,300,257 $1,074,308 
_______________
(1)Represents employee compensation, including transactions entered into for the benefit of employees such as health and wellness benefits.
(2)Comprises amortization, depreciation, and intangible asset impairment expenses, none of which are individually material except for amortization of internal-use software and other intangible assets, as quantified in Notes 9. Software and Equipment, Net and 10. Goodwill and Intangible Assets, Net, respectively.
(3)     Comprises primarily costs of contract resources, consulting, and facilities.
(4)    Comprises primarily costs of contract resources, travel, and software, as well as amortization, depreciation, and intangible asset impairment expenses.
(5)     Excludes employee-related and professional services expenses.
(6)    Comprises largely costs of contract resources, public policy efforts, software, and legal settlements. Also includes amortization, depreciation, and intangible asset impairments, none of which are individually material.
Schedule of other expense (income), net
Other income, net consisted of the following (in thousands):
Year Ended December 31,
202520242023
(Gains) losses on investments, net(1)
$(680,520)$11,553 $(24,368)
Other
(20,374)(40,627)(143,215)
Total other income, net$(700,894)$(29,074)$(167,583)
_______________
(1)Comprises gains and losses on Marketable and Strategic investments, excluding Crypto assets held for investment. For the year ended December 31, 2025, the amount includes $251.7 million in unrealized net gains on equity securities still held at December 31, 2025 and $438.0 million in realized net gains. See Note 14. Fair Value Measurements for additional details.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of income before income tax, domestic and foreign
The components of income (loss) before income taxes were attributable to the following regions (in thousands):
Year Ended December 31,
202520242023
Domestic$1,618,923 $2,909,765 $(113,067)
Foreign(96,858)32,879 36,222 
Total income (loss) before income taxes$1,522,065 $2,942,644 $(76,845)
Schedule of components of income tax expense (benefit)
Provision for (benefit from) income taxes consisted of the following (in thousands):
Year Ended December 31,
202520242023
Current
Federal$(29,158)$120,412 $8,761 
State1,942 59,961 24,236 
Foreign50,646 31,890 11,621 
Total current23,430 212,263 44,618 
Deferred
Federal209,981 134,719 (218,165)
State40,185 22,376 416 
Foreign(11,858)(5,780)1,415 
Total deferred238,308 151,315 (216,334)
Total provision for (benefit from) income taxes$261,738 $363,578 $(171,716)
Schedule of effective income tax rate reconciliation
The effective income tax rate for the years ended December 31, 2025 and 2024 differs from the statutory federal income tax rate as follows (in thousands, except percentages):
Year Ended December 31,
20252024
$%$%
Provision for income taxes at U.S. federal statutory rate$319,634 21.00%$617,955 21.00%
State and local income taxes, net of federal benefit(1)
33,623 2.21 66,325 2.25 
Foreign tax effects59,128 3.88 18,705 0.64 
Effect of cross-border tax laws:
Foreign Derived Intangible Income (“FDII”)(653)(0.04)(11,592)(0.39)
Other(7,899)(0.53)(1,472)(0.05)
Tax credits:
Research and development (“R&D”) credits(19,068)(1.25)(69,603)(2.37)
Valuation allowance— — (7,493)(0.25)
Non-taxable or non-deductible items:
   Equity compensation(173,119)(11.37)(276,645)(9.40)
   Non-deductible compensation23,328 1.53 24,114 0.82 
Uncertain tax positions(3,555)(0.23)3,244 0.11 
Adjustment to prior period provision12,243 0.80 (1,110)(0.04)
Other adjustments18,076 1.20 1,150 0.04 
Total tax provision and effective tax rate$261,738 17.20%$363,578 12.36%
________________
(1)State and local taxes in California, Texas, and New York City made up the majority (greater than 50%) of the tax effect in this category.
As previously disclosed for the year ended December 31, 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
Year Ended December 31, 2023
%
U.S. statutory rate21.00 %
State income taxes, net of federal benefit6.08 %
Foreign rate differential(0.14)%
Non-deductible compensation(48.93)%
Equity compensation43.51 %
Adjustment to prior year provision24.85 %
R&D62.20 %
Change in valuation allowance195.59 %
Foreign tax credit6.31 %
FDII0.65 %
Global Intangible Low Taxed Income(18.55)%
Uncertain tax positions(56.06)%
Other(13.05)%
Effective income tax rate
223.46 %
Schedule of deferred tax assets and liabilities Significant components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):
December 31,
20252024
Deferred tax assets
Obligation to return crypto assets held as collateral$154,998 $163,452 
Accruals and reserves36,745 27,262 
Net operating loss carryforward68,444 53,107 
Lease liability46,217 22,645 
Tax credit carryforward150,837 240,977 
Stock-based compensation33,109 30,663 
Intangibles— 48,641 
Capitalized expenses653,138 951,665 
Gross deferred tax assets1,143,488 1,538,412 
Less: valuation allowance
(135,361)(124,202)
Total deferred tax assets1,008,127 1,414,210 
Deferred tax liabilities
Crypto assets held as collateral(154,998)(163,452)
State taxes(24,623)(40,141)
Depreciation and amortization(13,836)(33,370)
Intangibles(82,931)— 
Lease ROU assets
(39,800)(20,369)
Capital gains - unrealized
(108,769)(184,473)
Other(12,351)(31,107)
Total deferred tax liabilities(437,308)(472,912)
Total net deferred tax assets$570,819 $941,298 
Summary of valuation allowance
Activity related to the Company’s valuation allowance consisted of the following (in thousands):
Year Ended December 31,
202520242023
Balance, beginning of period$124,202 $102,250 $252,258 
Charged (credited) to expenses11,159 21,952 (150,008)
Balance, end of period$135,361 $124,202 $102,250 
Schedule of unrecognized tax benefits roll forward
Activity related to the Company’s unrecognized tax benefits consisted of the following (in thousands):
Year Ended December 31,
202520242023
Balance, beginning of period
$190,944 $171,693 $124,106 
Settlements(1,171)(67)— 
Increase related to tax positions taken during a prior year36,057 2,433 30,685 
Decrease related to tax positions taken during a prior year
(13,075)(18,378)— 
Increase related to tax positions taken during the current year
11,564 35,263 16,902 
Effect of foreign currency translation
161 — — 
Balance, end of period
$224,480 $190,944 $171,693 
v3.25.4
NET INCOME PER SHARE (Tables)
 12 Months Ended
Dec. 31, 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):
Year Ended December 31,
202520242023
Numerators
Net income$1,260,327 $2,579,066 $94,871 
Less: net income allocated to participating shares— (1,311)(119)
Net income attributable to common shareholders, basic$1,260,327 $2,577,755 $94,752 
Net income$1,260,327 $2,579,066 $94,871 
Add: interest on convertible notes, net of tax16,987 13,375 — 
Less: net income allocated to participating shares— (1,193)(120)
Net income attributable to common shareholders, diluted$1,277,314 $2,591,248 $94,751 
Denominators
WASO - basic260,088 247,374 235,796 
Weighted-average effect of potentially dilutive shares:
Stock options15,494 16,958 16,845 
Convertible notes10,049 6,462 — 
Restricted stock units962 1,933 1,447 
Performance restricted stock units497 369 158 
Restricted stock119 281 145 
WASO - diluted287,209 273,377 254,391 
Net income per share attributable to common shareholders:
Basic$4.85 $10.42 $0.40 
Diluted$4.45 $9.48 $0.37 
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):
Year Ended December 31,
202520242023
Equity awards(1)
4,276 6,582 9,175 
Convertible notes— — 3,437 
Total4,276 6,582 12,612 
__________________
(1)Includes shares under the ESPP.
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of purchase obligations
As of December 31, 2025, the Company had non-cancelable purchase obligations, primarily for technology services, as follows (in thousands):
2026$169,886 
2027157,009 
2028132,798 
2029210,729 
Total purchase obligations(1)
$670,422 
_______________
(1)    Committed spend for non-cancellable purchase obligations greater than $2.0 million per obligation.
v3.25.4
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental disclosures of cash flow information
The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents (in thousands):
December 31,
202520242023
Cash and cash equivalents$11,285,452 $9,308,266 $5,489,100 
Restricted cash and cash equivalents334,318 347,169 43,626 
Customer custodial cash and cash equivalents5,273,650 6,028,020 4,393,086 
Total cash, cash equivalents, and restricted cash and cash equivalents$16,893,420 $15,683,455 $9,925,812 
The following is a supplemental schedule of non-cash investing and financing activities (in thousands):
Year Ended December 31,
202520242023
Non-cash consideration paid for business combinations$3,677,634 $— $51,494 
Crypto assets borrowed4,293,287 844,717 450,663 
Crypto assets borrowed repaid4,239,621 579,210 559,191 
Customer crypto assets received as collateral3,117,616 3,030,311 886,403 
Customer crypto asset collateral returned2,755,431 2,759,660 630,682 
Crypto asset loan receivables originated2,365,370 1,559,716 396,981 
Crypto asset loan receivables repaid2,430,569 1,489,839 469,763 
Additions of crypto asset investments166,291 — — 
Cumulative-effect adjustment upon adoption of ASU 2023-08— 561,489 — 
The following is a supplemental schedule of cash paid for income taxes (in thousands):
Year Ended December 31,
202520242023
Cash paid during the period for income taxes, net of refunds:
U.S. Federal$60,662 $63,884 $— 
U.S. State and local52,29350,672— 
Foreign51,91325,785— 
Total cash paid during the period for income taxes, net of refunds
$164,868 $140,341 $— 
Cash paid during the period for income taxes (pre ASU 2023-09)
$— $— $39,122 
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Cash and cash equivalents $ 11,285,452 $ 9,308,266 $ 5,489,100
Cash Held at Venues      
Property, Plant and Equipment [Line Items]      
Cash and cash equivalents $ 110,800 $ 88,200  
Minimum | Other      
Property, Plant and Equipment [Line Items]      
Useful life (in years) 1 year    
Maximum | Capitalized internally developed software      
Property, Plant and Equipment [Line Items]      
Useful life (in years) 3 years    
Maximum | Other      
Property, Plant and Equipment [Line Items]      
Useful life (in years) 10 years    
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Change in Policy (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Cash and cash equivalents $ 11,285,452 $ 9,308,266 $ 5,489,100
Restricted cash and cash equivalents 334,318 347,169 43,626
Loan receivables 1,354,692 644,165  
Total current assets 20,388,445 18,112,653  
Gains on crypto assets held, net (pre ASU 2023-08)     (117,650)
Other operating activities, net 62,246 11,336 151,118
Loans originated (12,453,223) (7,364,193) (923,336)
Proceeds from repayment of loans 11,664,530 7,189,488 647,448
Assets pledged as collateral (16,009) (100,929) (159,835)
Return of assets pledged as collateral 16,188 147,096 196,028
Purchases of crypto assets held for investment (787,821) (35,182) (279,868)
Dispositions of crypto assets held for investment 266,546 91,925 466,299
Customer collateral received 871,389 567,806 321,398
Return of customer collateral (891,967) (544,228) (347,209)
Purchase of investments (377,426) (59,915) (18,835)
Dispositions of investments 490,298 5,001 3,543
Other investing activities, net (110,595) (74,294) (106,890)
Proceeds from short-term borrowings 626,428 122,566 31,640
Repayments of short-term borrowings $ (580,664) (48,407) (52,122)
USDC Reclassification      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Cash and cash equivalents   9,308,266  
Restricted cash and cash equivalents   347,169  
USDC   0  
Loan receivables   644,165  
Gains on crypto assets held, net (pre ASU 2023-08)     (117,650)
Changes in operating assets and liabilities   69,089 48,652
Loans originated   (7,364,193) (923,336)
Proceeds from repayment of loans   7,189,488 647,448
Assets pledged as collateral   (100,929) (159,835)
Return of assets pledged as collateral   147,096 196,028
Purchases of crypto assets held for investment   (35,182) (279,868)
Dispositions of crypto assets held for investment   91,925 466,299
Customer collateral received     321,398
Return of customer collateral     (347,209)
Purchase of investments   (59,915) (18,835)
Dispositions of investments   5,001 3,543
Proceeds from short-term borrowings   122,566  
Repayments of short-term borrowings   (48,407)  
Previously Reported | USDC Reclassification      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Cash and cash equivalents   8,543,903  
Restricted cash and cash equivalents   38,519  
USDC   1,241,808  
Loan receivables   475,370  
Gains on crypto assets held, net (pre ASU 2023-08)     (145,594)
Changes in operating assets and liabilities   (478,002) 326,206
Loans originated   (1,700,055) (586,691)
Proceeds from repayment of loans   1,488,500 513,698
Assets pledged as collateral   (2,895) (27,899)
Return of assets pledged as collateral   1,191 68,338
Purchases of crypto assets held for investment   (12,451) (277,367)
Dispositions of crypto assets held for investment   54,039 461,325
Customer collateral received     66,014
Return of customer collateral     (64,952)
Purchase of investments   (41,333) (11,822)
Dispositions of investments   4,914 3,430
Proceeds from short-term borrowings   0  
Repayments of short-term borrowings   0  
Adjustment | USDC Reclassification      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Cash and cash equivalents   764,363  
Restricted cash and cash equivalents   308,650  
USDC   (1,241,808)  
Loan receivables   168,795  
Total current assets   0  
Gains on crypto assets held, net (pre ASU 2023-08)     27,944
Changes in operating assets and liabilities   547,091 (277,554)
Loans originated   (5,664,138) (336,645)
Proceeds from repayment of loans   5,700,988 133,750
Assets pledged as collateral   (98,034) (131,936)
Return of assets pledged as collateral   145,905 127,690
Purchases of crypto assets held for investment   (22,731) (2,501)
Dispositions of crypto assets held for investment   37,886 4,974
Customer collateral received     255,384
Return of customer collateral     (282,257)
Purchase of investments   (18,582) (7,013)
Dispositions of investments   87 $ 113
Proceeds from short-term borrowings   122,566  
Repayments of short-term borrowings   $ (48,407)  
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock Based Compensation (Details)
 12 Months Ended
Dec. 31, 2025
Restricted stock units | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 1 year
Restricted stock units | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 4 years
Restricted stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expiration period 10 years
2021 Equity Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Term of annual increase in shares authorized 10 years
Annual increase in shares authorized 5.00%
2021 Equity Incentive Plan | ESPP  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Term of annual increase in shares authorized 10 years
Annual increase in shares authorized 1.00%
2021 Equity Incentive Plan | Stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Expiration period 3 months
Amended and Restated 2013 Stock Plan and the 2019 Equity Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expiration period 7 years
Amended and Restated 2013 Stock Plan and the 2019 Equity Incentive Plan | Stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 4 years
Vesting percentage 25.00%
v3.25.4
ACQUISITIONS (Details) - Sentillia B.V. (“Deribit”)
$ in Thousands
Aug. 14, 2025
USD ($)
Business Combination [Line Items]  
Cash $ 721,460
Class A common stock of the Company 3,573,092
Total purchase consideration $ 4,294,552
v3.25.4
ACQUISITIONS - Narrative (Details) - USD ($)
$ in Thousands
Oct. 08, 2025
Aug. 14, 2025
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]        
Goodwill     $ 4,168,967 $ 1,139,670
Sentillia B.V. (“Deribit”)        
Business Combination [Line Items]        
Purchase consideration   $ 4,294,552    
Cash   721,460    
Class A common stock of the Company   3,573,092    
Goodwill   2,818,754    
Sentillia B.V. (“Deribit”) | Indemnity Holdback        
Business Combination [Line Items]        
Contingent liability   $ 150,000    
Gm Echo Ltd        
Business Combination [Line Items]        
Purchase consideration $ 176,000      
Cash 68,000      
Class A common stock of the Company 108,000      
Net assets acquired 23,700      
Goodwill $ 152,300      
v3.25.4
ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Aug. 14, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Goodwill $ 4,168,967   $ 1,139,670
Sentillia B.V. (“Deribit”)      
Business Combination [Line Items]      
Goodwill   $ 2,818,754  
Intangible assets   1,390,000  
Crypto assets held for investment   164,263  
Deferred tax assets and liabilities, net   (132,527)  
Cash and cash equivalents and restricted cash   112,928  
Other assets and liabilities, net   (58,866)  
Net assets acquired   $ 4,294,552  
v3.25.4
ACQUISITIONS - Finite Lived Assets Acquired (Details) - Sentillia B.V. (“Deribit”) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 14, 2025
Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Fair Value $ 1,390,000  
Useful Life at Acquisition (in years)   13 years
Customer relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Fair Value 1,059,000  
Useful Life at Acquisition (in years)   15 years
Acquired developed technology    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Fair Value 288,000  
Useful Life at Acquisition (in years)   6 years
Trade name    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Fair Value $ 43,000  
Useful Life at Acquisition (in years)   8 years
v3.25.4
REVENUE - Schedule of revenue disaggregated by source (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Interest and finance fee income $ 247,047 $ 265,799 $ 186,685
Total revenue 7,181,325 6,564,028 3,108,383
Net revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 6,883,438 6,293,246 2,926,540
Bank Servicing [Member]      
Disaggregation of Revenue [Line Items]      
Revenue 4,055,390 3,986,113 1,519,654
Consumer, net      
Disaggregation of Revenue [Line Items]      
Revenue 3,322,835 3,430,322 1,334,018
Institutional, net      
Disaggregation of Revenue [Line Items]      
Revenue 479,667 345,598 90,164
Other transaction revenue      
Disaggregation of Revenue [Line Items]      
Revenue 252,888 210,193 95,472
Subscription and Circulation [Member]      
Disaggregation of Revenue [Line Items]      
Revenue 2,828,048 2,307,133 1,406,886
Stablecoin revenue      
Disaggregation of Revenue [Line Items]      
Revenue 1,348,821 910,464 694,247
Blockchain rewards      
Disaggregation of Revenue [Line Items]      
Revenue 677,405 705,757 330,885
Other subscription and services revenue      
Disaggregation of Revenue [Line Items]      
Revenue 554,775 425,113 195,069
Other revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 297,887 270,782 181,843
Corporate interest and other income      
Disaggregation of Revenue [Line Items]      
Interest and other income $ 297,887 $ 270,782 $ 181,843
v3.25.4
REVENUE - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
One Customer | Revenue | Customer Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage (more than) 19.00% 14.00% 22.00%
v3.25.4
REVENUE - Schedule of revenue disaggregated by geographic area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 7,181,325 $ 6,564,028 $ 3,108,383
U.S.      
Disaggregation of Revenue [Line Items]      
Total revenue 6,010,607 5,460,820 2,725,620
International      
Disaggregation of Revenue [Line Items]      
Total revenue $ 1,170,718 $ 1,103,208 $ 382,763
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING - Summary of Prime Financing Lending Arrangements (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss [Abstract]    
Fiat and payment stablecoin loan receivables $ 1,340,213 $ 551,546
Crypto asset loan receivables 14,479 92,619
Total loan receivables $ 1,354,692 $ 644,165
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING - Crypto Assets Held as Collateral and Obligation to Return (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Dec. 31, 2023
USD ($)
Crypto Asset, Holding [Line Items]      
Cost Basis $ 888,523 $ 521,597  
Crypto assets held as collateral 822,827 767,484 $ 354,008
Total recognized held as collateral 826,883 792,125  
Asset Pledged as Collateral without Right      
Crypto Asset, Holding [Line Items]      
Total customer collateral not recognized as collateral 1,863,441 288,601  
Fiat and Payment Stablecoins      
Crypto Asset, Holding [Line Items]      
Crypto assets held as collateral 4,056 24,641  
Fiat and Payment Stablecoins | Asset Pledged as Collateral without Right      
Crypto Asset, Holding [Line Items]      
Total customer collateral not recognized as collateral $ 303,983 $ 109,982  
Crypto Assets | Bitcoin      
Crypto Asset, Holding [Line Items]      
Units | unit 8,579 6,918  
Cost Basis $ 818,787 $ 414,745  
Crypto assets held as collateral $ 756,447 $ 647,568  
Crypto Assets | Ethereum      
Crypto Asset, Holding [Line Items]      
Units | unit 22,327 33,130  
Cost Basis $ 69,736 $ 98,787  
Crypto assets held as collateral $ 66,380 111,445  
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 | Asset Pledged as Collateral without Right      
Crypto Asset, Holding [Line Items]      
Total customer collateral not recognized as collateral $ 1,559,458 $ 178,619  
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING - Reconciliation of Crypto Assets Held as Collateral (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Crypto Asset [Roll Forward]    
Beginning balance $ 767,484 $ 354,008
Collateral received 3,117,616 3,030,311
Collateral returned (2,755,431) (2,759,660)
Gains 1,338 175,480
Losses (308,180) (32,655)
Ending balance $ 822,827 $ 767,484
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Crypto asset, fee percentage on borrowings 3.50% 2.70%
Four 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%
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%
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING - Units, cost basis and fair value of crypto asset borrowings and borrowed (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Dec. 31, 2023
USD ($)
Crypto Assets, Borrowed [Abstract]      
Cost Basis $ 350,367 $ 275,900  
Fair Value $ 318,849 $ 261,052 $ 45,212
Bitcoin      
Crypto Assets, Borrowed [Abstract]      
Units | unit 1,920 1,923  
Cost Basis $ 173,848 $ 191,986  
Fair Value $ 167,989 $ 179,480  
Ethereum      
Crypto Assets, Borrowed [Abstract]      
Units | unit 43,536 17,413  
Cost Basis $ 149,374 $ 65,213  
Fair Value 129,162 57,989  
Other crypto assets      
Crypto Assets, Borrowed [Abstract]      
Cost Basis 27,145 18,701  
Fair Value $ 21,698 $ 23,583  
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING - Reconciliation of crypto assets borrowed (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Crypto Asset [Roll Forward]    
Beginning balance $ 261,052 $ 45,212
Borrowings 4,293,287 844,717
Repayment of borrowings (4,239,621) (579,210)
Origination of loan receivables (2,205,275) (1,346,485)
Customer repayment of loan receivables 2,226,076 1,322,636
Gains 15,996 4,023
Losses (32,666) (29,841)
Ending balance 318,849 261,052
Borrowing activity:    
Borrowings 4,293,287 844,717
Repayment of borrowings (4,239,621) (579,210)
Lending activity:    
Origination of loan receivables (2,205,275) (1,346,485)
Customer repayment of loan receivables 2,226,076 1,322,636
Gains 15,996 4,023
Losses $ (32,666) $ (29,841)
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING - Crypto Borrowings (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Asset, Holding [Line Items]    
Total short-term borrowings $ 452,105 $ 374,268
Crypto Asset Holdings    
Crypto Asset, Holding [Line Items]    
Cost Basis 363,705 310,040
Fair Value 332,182 300,110
Total short-term borrowings 452,105 374,268
Payment stablecoins | Crypto Asset Holdings    
Crypto Asset, Holding [Line Items]    
Fair Value $ 119,923 $ 74,158
Bitcoin | Crypto Asset Holdings    
Crypto Asset, Holding [Line Items]    
Units | unit 2,035 2,178
Cost Basis $ 183,882 $ 213,096
Fair Value $ 178,022 $ 203,370
Ethereum | Crypto Asset Holdings    
Crypto Asset, Holding [Line Items]    
Units | unit 43,941 19,133
Cost Basis $ 150,424 $ 68,803
Fair Value 130,363 63,720
Other crypto assets | Crypto Asset Holdings    
Crypto Asset, Holding [Line Items]    
Cost Basis 29,399 28,141
Fair Value $ 23,797 $ 33,020
v3.25.4
COLLATERALIZED ARRANGEMENTS AND FINANCING - Assets pledged as collateral against crypto borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Crypto Asset, Holding [Line Items]    
Assets $ 29,671,832 $ 22,541,951
Payment stablecoins | Asset Pledged as Collateral without Right    
Crypto Asset, Holding [Line Items]    
Assets $ 236,308 $ 308,650
v3.25.4
CRYPTO ASSETS HELD FOR OPERATIONS - Summary of Units, Cost Basis and Fair Value (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Crypto Asset, Holding [Line Items]    
Cost Basis $ 138,298 $ 96,054
Crypto assets held for operations $ 120,831 $ 82,781
Ethereum    
Crypto Asset, Holding [Line Items]    
Units | unit 10,499 8,142
Cost Basis $ 27,341 $ 21,843
Crypto assets held for operations $ 31,174 $ 27,122
Solana    
Crypto Asset, Holding [Line Items]    
Units | unit 52,933 69,280
Cost Basis $ 7,698 $ 14,526
Crypto assets held for operations $ 6,624 $ 13,245
Bitcoin    
Crypto Asset, Holding [Line Items]    
Units | unit 487 57
Cost Basis $ 48,191 $ 7,814
Crypto assets held for operations 43,282 5,473
Other crypto assets    
Crypto Asset, Holding [Line Items]    
Cost Basis 55,068 51,871
Crypto assets held for operations $ 39,751 $ 36,941
v3.25.4
ACCOUNTS RECEIVABLE, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Stablecoin revenue receivable $ 122,936 $ 85,983
Customer accounts receivable 54,143 40,776
Other accounts receivable 133,202 167,921
Gross accounts receivable 310,281 294,680
Less: allowance for doubtful accounts (3,162) (29,429)
Total accounts receivable, net $ 307,119 $ 265,251
Two Customers | Accounts receivable, net | Customer Concentration Risk    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage (more than) 10.00%  
One Customer | Accounts receivable, net | Customer Concentration Risk    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage (more than)   10.00%
v3.25.4
CRYPTO ASSETS HELD FOR INVESTMENT - Summary of Units, Cost Basis and Fair Value (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
unit
Dec. 31, 2023
USD ($)
Crypto Asset, Holding [Line Items]      
Cost Basis $ 1,751,354 $ 880,665  
Fair Value $ 1,998,871 $ 1,552,995 $ 330,610
Bitcoin      
Crypto Asset, Holding [Line Items]      
Units | unit 15,389 6,885  
Cost Basis $ 1,079,153 $ 272,164  
Fair Value $ 1,346,452 $ 642,738  
Ethereum      
Crypto Asset, Holding [Line Items]      
Units | unit 151,175 115,700  
Cost Basis $ 348,975 $ 260,674  
Fair Value 448,484 385,314  
Other crypto assets      
Crypto Asset, Holding [Line Items]      
Cost Basis 323,226 347,827  
Fair Value $ 203,935 $ 524,943  
v3.25.4
CRYPTO ASSETS HELD FOR INVESTMENT - Reconciliation of Crypto Assets Held for Investment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Crypto Asset [Roll Forward]      
Beginning balance $ 1,552,995 $ 330,610  
Additions 1,195,708 107,580  
Dispositions (265,373) (243,595)  
Crypto Asset, Transfers [Abstract]      
Origination of loan receivables (160,095) (213,232)  
Customer repayment of loan receivables 204,493 167,204  
Gain 168,641 799,804  
Loss (697,498) (112,749)  
Ending balance 1,998,871 1,552,995  
Cumulative realized gain 75,200 153,400  
Cumulative unrealized loss $ 604,000    
Cumulative unrealized gain   $ 533,700  
Cumulative Adjustment      
Crypto Asset [Roll Forward]      
Cumulative-effect adjustment from adoption of ASU 2023-08     $ 717,373
v3.25.4
CRYPTO ASSETS HELD FOR INVESTMENT - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Crypto asset subject to selling restriction $ 68.3
v3.25.4
SOFTWARE AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 536,082 $ 384,698
Accumulated depreciation and amortization (271,509) (184,618)
Property and equipment, net 264,573 200,080
Capitalized internally developed software    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 454,324 361,760
Other    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 81,758 $ 22,938
v3.25.4
SOFTWARE AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Computer software additions $ 138.3 $ 110.5 $ 112.0
Depreciation and amortization $ 121.3 $ 100.5 $ 70.0
v3.25.4
GOODWILL, INTANGIBLE ASSETS, NET - Schedule of goodwill (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Balance, beginning of period $ 1,139,670
Additions due to business combinations 3,029,297
Balance, end of period $ 4,168,967
v3.25.4
GOODWILL, INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense of intangible assets $ 67,126 $ 27,042 $ 69,628
v3.25.4
GOODWILL, INTANGIBLE ASSETS, NET - Schedule of intangible assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization $ (86,417) $ (91,257)
Total 1,369,794  
Total intangible assets, gross carrying amount 1,484,211 138,061
Total accumulated amortization (86,417) (91,257)
Intangible Assets, Net 1,397,794 46,804
Licenses and other    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 28,000 28,250
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 1,072,800 75,711
Accumulated Amortization (35,935) (65,989)
Total $ 1,036,865 $ 9,722
Life 14 years 7 months 6 days 4 months 24 days
Total accumulated amortization $ (35,935) $ (65,989)
Acquired developed technology    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 335,411 30,700
Accumulated Amortization (47,969) (21,962)
Total $ 287,442 $ 8,738
Life 5 years 4 months 24 days 1 year 7 months 6 days
Total accumulated amortization $ (47,969) $ (21,962)
Trade name and other    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross carrying amount 48,000 3,400
Accumulated Amortization (2,513) (3,306)
Total $ 45,487 $ 94
Life 7 years 1 month 6 days 1 month 6 days
Total accumulated amortization $ (2,513) $ (3,306)
v3.25.4
GOODWILL, INTANGIBLE ASSETS, NET - Amortization of Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Amortization expense of intangible assets $ 67,126 $ 27,042 $ 69,628
Technology and development      
Finite-Lived Intangible Assets [Line Items]      
Amortization expense of intangible assets 28,662 10,414 46,610
Sales and marketing      
Finite-Lived Intangible Assets [Line Items]      
Amortization expense of intangible assets 29,252 0 0
General and administrative      
Finite-Lived Intangible Assets [Line Items]      
Amortization expense of intangible assets $ 9,212 $ 16,628 $ 23,018
v3.25.4
GOODWILL, INTANGIBLE ASSETS, NET - Future Amortization (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 138,231
2027 130,341
2028 127,481
2029 124,043
2030 123,524
Thereafter 726,174
Total $ 1,369,794
v3.25.4
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Aug. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Debt Instrument [Line Items]        
Principal Amount $ 7,275,470   $ 4,275,470  
Unamortized Debt Discount and Issuance Costs (68,851)   (41,389)  
Net Carrying Amount 7,206,619   4,234,081  
Fair Value $ 6,900,797   $ 4,210,351  
Convertible notes | 2026 Convertible Notes        
Debt Instrument [Line Items]        
Debt instrument, stated percentage 0.50%   0.50%  
Effective Interest Rate 0.98%   0.98%  
Principal Amount $ 1,273,013   $ 1,273,013  
Unamortized Debt Discount and Issuance Costs (3,428)   (9,395)  
Net Carrying Amount 1,269,585   1,263,618  
Fair Value $ 1,267,666   $ 1,331,062  
Convertible notes | 2029 Convertible Notes        
Debt Instrument [Line Items]        
Debt instrument, stated percentage 0.00% 0.00%    
Convertible notes | 2030 Convertible Notes        
Debt Instrument [Line Items]        
Debt instrument, stated percentage 0.25%   0.25% 0.25%
Effective Interest Rate 0.55%   0.55%  
Principal Amount $ 1,265,000   $ 1,265,000  
Unamortized Debt Discount and Issuance Costs (15,684)   (19,322)  
Net Carrying Amount 1,249,316   1,245,678  
Fair Value $ 1,294,222   $ 1,353,044  
Convertible notes | 2032 Convertible Notes        
Debt Instrument [Line Items]        
Debt instrument, stated percentage 0.00% 0.00%    
Senior Notes | 2028 Senior Notes        
Debt Instrument [Line Items]        
Debt instrument, stated percentage 3.375%   3.38%  
Effective Interest Rate 3.57%   3.57%  
Principal Amount $ 1,000,000   $ 1,000,000  
Unamortized Debt Discount and Issuance Costs (4,845)   (6,562)  
Net Carrying Amount 995,155   993,438  
Fair Value $ 953,750   $ 901,250  
Senior Notes | 2029 Convertible Notes        
Debt Instrument [Line Items]        
Effective Interest Rate 0.35%      
Principal Amount $ 1,500,000      
Unamortized Debt Discount and Issuance Costs (19,380)      
Net Carrying Amount 1,480,620      
Fair Value $ 1,392,600      
Senior Notes | 2031 Senior Notes        
Debt Instrument [Line Items]        
Debt instrument, stated percentage 3.625%   3.63%  
Effective Interest Rate 3.77%   3.77%  
Principal Amount $ 737,457   $ 737,457  
Unamortized Debt Discount and Issuance Costs (5,273)   (6,110)  
Net Carrying Amount 732,184   731,347  
Fair Value $ 657,259   $ 624,995  
Senior Notes | 2032 Convertible Notes        
Debt Instrument [Line Items]        
Effective Interest Rate 0.20%      
Principal Amount $ 1,500,000      
Unamortized Debt Discount and Issuance Costs (20,241)      
Net Carrying Amount 1,479,759      
Fair Value $ 1,335,300      
v3.25.4
LONG-TERM DEBT - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Aug. 06, 2025
USD ($)
Aug. 05, 2025
USD ($)
Mar. 13, 2024
USD ($)
$ / shares
May 31, 2021
USD ($)
$ / shares
May 18, 2021
USD ($)
$ / shares
Aug. 31, 2025
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Sep. 30, 2021
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2025
day
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]                          
Purchase of capped calls $ 138,100 $ 86,100 $ 104,100   $ 90,100                
Cap price per share (in dollars per share) | $ / shares     $ 503.46   $ 478.00 $ 595.98              
Issuances of convertible senior notes, net                     $ 2,957,135 $ 1,246,025 $ 0
Gain on extinguishment of debt                     $ 0 $ 0 117,383
Option strike price (in dollars per share) | $ / shares         $ 370.45                
2026 Convertible Notes | Convertible notes                          
Debt Instrument [Line Items]                          
Face amount       $ 1,400,000                  
Debt instrument, stated percentage                   0.50% 0.50% 0.50%  
Repayments of debt                         126,400
Repurchase principal amount                         164,500
Repurchase amount                         162,400
Conversion ratio                     0.0026994    
Conversion price (in dollars per share) | $ / shares       $ 370.45                  
Repurchase price, percentage       100.00%                  
Gain on extinguishment of debt                         $ 35,800
2029 Convertible Notes | Convertible notes                          
Debt Instrument [Line Items]                          
Face amount           $ 1,500,000              
Debt instrument, stated percentage           0.00%       0.00% 0.00%    
Additional principal available           $ 200,000              
Conversion ratio           0.0022005              
Conversion price (in dollars per share) | $ / shares           $ 454.44              
2030 Convertible Notes | Convertible notes                          
Debt Instrument [Line Items]                          
Face amount             $ 1,300,000            
Debt instrument, stated percentage             0.25%     0.25% 0.25% 0.25%  
Additional principal available             $ 165,000            
Conversion ratio                     0.0029981    
Conversion price (in dollars per share) | $ / shares             $ 333.54            
Repurchase price, percentage                   100.00%      
Issuances of convertible senior notes, net             $ 1,200,000            
Original issue discount percentage             1.50%            
Threshold percentage of stock price trigger                   130.00%      
Threshold trading days | day                   20      
Threshold consecutive trading days | day                   30      
2032 Convertible Notes | Convertible notes                          
Debt Instrument [Line Items]                          
Face amount           $ 1,500,000              
Debt instrument, stated percentage           0.00%       0.00% 0.00%    
Additional principal available           $ 200,000              
Conversion ratio           0.0025327              
Conversion price (in dollars per share) | $ / shares           $ 394.84              
Repurchase price, percentage           130.00%              
2028 Senior Notes | Senior Notes                          
Debt Instrument [Line Items]                          
Face amount               $ 1,000,000          
Debt instrument, stated percentage                   3.375% 3.375% 3.38%  
2031 Senior Notes | Senior Notes                          
Debt Instrument [Line Items]                          
Face amount               $ 1,000,000          
Debt instrument, stated percentage                   3.625% 3.625% 3.63%  
Repurchase principal amount                 $ 262,500        
Repurchase amount                 259,900        
Gain on extinguishment of debt                     $ 81,600    
Payment for debt extinguishment                 $ 177,200        
2028 and 2031 Senior Notes | Senior Notes                          
Debt Instrument [Line Items]                          
Covenant, change of control, redemption price, percentage               101.00%          
v3.25.4
DERIVATIVES - Schedule of derivative assets and liabilities (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gross Derivative Assets $ 181,433 $ 108,665
Gross Derivative Liabilities 66,590 255,915
Accounts receivable, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 9,943 16,264
Gross Derivative Assets 22,025 20,368
Gross Derivative Liabilities 4,399 1,811
Total 27,569 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
Short-term borrowings    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 363,705 310,040
Gross Derivative Assets 32,446 18,030
Gross Derivative Liabilities 923 8,100
Total 332,182 300,110
Accrued expenses and other current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 6,897 37,428
Gross Derivative Assets 0 6,814
Gross Derivative Liabilities 2 2,708
Total 6,899 33,322
Obligation to return collateral    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Host 888,523 526,337
Gross Derivative Assets 126,962 2,149
Gross Derivative Liabilities 61,266 243,296
Total $ 822,827 $ 767,484
v3.25.4
DERIVATIVES - Schedule of gains (losses) recorded in income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gain (loss) on derivatives $ 317,383 $ (31,252)
Crypto asset borrowings    
Derivative [Line Items]    
Gain (loss) on derivatives 21,593 28,304
Obligation to return collateral    
Derivative [Line Items]    
Gain (loss) on derivatives 306,843 (142,825)
Other    
Derivative [Line Items]    
Gain (loss) on derivatives $ (11,053) $ 83,269
v3.25.4
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Balance sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 94,886 $ 88,500
Income taxes receivable 63,726 5,530
Other 28,552 183,506
Total other current assets 187,164 277,536
Software and equipment, net 264,573 200,080
Lease right-of-use assets 141,631 81,151
Income taxes receivable 62,233 60,004
Other 55,514 33,135
Total other non-current assets 259,378 174,290
Payroll and payroll related expenses 186,927 186,151
Other accrued expenses 238,308 145,369
Accounts payable 117,605 63,316
Income taxes payable 65,982 90,910
Other payables 196,459 130,232
Total accrued expenses and other current liabilities 687,676 552,662
Lease liabilities 172,735 85,789
Other 67,723 3,919
Total other non-current liabilities $ 240,458 $ 89,708
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total other non-current assets Total other non-current assets
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total other non-current liabilities Total other non-current liabilities
v3.25.4
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Lease Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
2026 $ 29,536  
2027 22,315  
2028 21,920  
2029 20,726  
2030 24,586  
Thereafter 170,628  
Total lease payments 289,711  
Less: imputed interest (90,446)  
Total lease liabilities 199,265  
Leases not yet commenced $ 3,000 $ 125,100
Minimum    
Lessee, Lease, Description [Line Items]    
Remaining lease term 1 year  
Term of leases not yet commenced 5 years  
Maximum    
Lessee, Lease, Description [Line Items]    
Remaining lease term 12 years  
Term of leases not yet commenced 10 years  
v3.25.4
OTHER CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Other Information Related to Leases (Details)
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Weighted-average remaining lease term (in years) 9 years 9 months 18 days 9 years 9 months 18 days
Weighted-average discount rate 6.53% 6.36%
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of fair value of assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Cash equivalents $ 11,285,452 $ 9,308,266 $ 5,489,100
Crypto assets borrowed 318,849 261,052 45,212
Crypto assets held for investment 1,998,871 1,552,995 $ 330,610
Liabilities      
Restricted cash 332,800 345,800  
Marketable investments not measured and recorded at fair value 44,400    
Deposits Held at Banks      
Assets      
Cash equivalents 5,200,000 2,700,000  
Customer custodial funds 1,900,000 1,900,000  
Level 1      
Assets      
Cash equivalents 6,088,290 6,607,023  
Restricted cash equivalents 1,472 1,415  
Customer custodial funds 3,438,375 4,269,410  
Crypto assets held for operations 120,831 82,781  
Crypto asset loan receivables 0 0  
Crypto assets held as collateral 822,827 767,484  
Crypto assets borrowed 318,849 261,052  
Short-term investments 253,468 0  
Crypto assets held for investment 1,998,871 1,552,995  
Derivative assets 0 0  
Total assets 13,042,983 13,542,160  
Liabilities      
Derivative liabilities $ 0 $ 0  
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Accounts receivable, net Accounts receivable, net  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities  
Level 2      
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 14,479 92,619  
Crypto assets held as collateral 0 0  
Crypto assets borrowed 0 0  
Short-term investments 11,903 0  
Crypto assets held for investment 0 0  
Derivative assets 181,433 108,665  
Total assets 207,815 201,284  
Liabilities      
Derivative liabilities $ 66,590 $ 255,915  
v3.25.4
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Cumulative impairments and downward adjustments due to remeasurement of investments $ 127,700 $ 145,800
v3.25.4
CAPITAL STOCK (Details)
 12 Months Ended
Apr. 01, 2021
vote
Dec. 31, 2025
USD ($)
$ / shares
shares
Oct. 31, 2025
USD ($)
Dec. 31, 2024
shares
Oct. 30, 2024
USD ($)
Class of Stock [Line Items]          
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.00001      
Preferred stock, authorized (in shares)   500,000,000   500,000,000  
Common stock, authorized (in shares)   10,500,000,000   10,500,000,000  
Shares authorized for repurchase | $     $ 2,000,000,000.0   $ 1,000,000,000.0
Common stock repurchased | $   $ 790,200,000      
Common stock repurchased (in shares)   3,039,095      
Remaining shares authorized to be repurchased | $   $ 1,200,000,000      
Class A Common Stock          
Class of Stock [Line Items]          
Common stock, authorized (in shares)   10,000,000,000   10,000,000,000  
Common stock, voting rights per share | vote 1        
Class B Common Stock          
Class of Stock [Line Items]          
Common stock, authorized (in shares)   500,000,000   500,000,000  
Common stock, voting rights per share | vote 20        
Common stock, conversion ratio 1        
Undesignated common stock          
Class of Stock [Line Items]          
Common stock, authorized (in shares)   500,000,000      
v3.25.4
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended 36 Months Ended 65 Months Ended
Apr. 20, 2023
Aug. 11, 2020
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Intrinsic value     $ 895,600 $ 1,200,000 $ 226,500    
Options vested (in shares)     2,702,829 1,647,333 4,567,625    
Weighted average grant date fair value, vested (in dollars per share)     $ 9.38 $ 24.81 $ 15.93    
Stock based compensation expense     $ 839,440 $ 912,838 $ 864,710    
Stock based tax benefit     $ 386,300 $ 537,700 $ 205,600    
Chief Executive Officer              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Options vested (in shares)     2,453,592       5,613,522
Grants in period, grant date fair value   $ 56,700          
Class A Common Stock | Chief Executive Officer              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Grants in period (in shares)   9,293,911          
Grants in period (in dollars per share)   $ 23.46          
2021 Employee Stock Purchase Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Common stock reserved for future issuance (in shares)     67,626,288     67,626,288 67,626,288
Options, RSUs and PRSUs Under The Plans | Class A Common Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Common stock reserved for future issuance (in shares)     21,173,773     21,173,773 21,173,773
Options, RSUs and PRSUs Under The Plans | Class B Common Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Common stock reserved for future issuance (in shares)     1,313,602     1,313,602 1,313,602
Restricted stock units              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unrecognized compensation cost, weighted-average period of recognition     1 year 6 months        
Total unrecognized compensation cost     $ 417,400     $ 417,400 $ 417,400
Granted, Weighted-average grant date fair value per share (in dollars per share)     $ 270.02 $ 158.85 $ 108.07    
Other than options vested, fair value     $ 1,000,000 $ 1,400,000 $ 753,900    
Granted (in shares)     3,869,000        
Restricted stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unrecognized compensation cost, weighted-average period of recognition     3 years 4 months 24 days        
Total unrecognized compensation cost     $ 142,700     $ 142,700 $ 142,700
Vesting period     3 years        
ESPP              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Common stock reserved for future issuance (in shares)     13,255,824     13,255,824 13,255,824
Performance Shares | President              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Common stock reserved for future issuance (in shares) 803,966            
Vesting period           3 years  
Performance Shares | Tranche one | President              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Outstanding intrinsic value $ 19,500            
Vesting percentage 40.00%            
Performance Shares | Tranche Two | President              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Outstanding intrinsic value $ 25,100            
Vesting percentage 60.00%            
v3.25.4
STOCK-BASED COMPENSATION - Schedule of stock option activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Options Outstanding    
Beginning balance (in shares) 22,929  
Exercised (in shares) (3,185)  
Forfeited and cancelled (in shares) (44)  
Ending balance (in shares) 19,700 22,929
Weighted Average Exercise Price Per Share    
Options outstanding, Beginning balance (in dollars per share) $ 25.59  
Options exercised (in dollars per share) 24.61  
Options forfeited and cancelled (in dollars per share) 99.16  
Options outstanding, Ending balance (in dollars per share) $ 25.58 $ 25.59
Stock Option Activity, Additional Disclosures    
Options outstanding, Weighted average remaining contractual life 4 years 3 months 18 days 5 years 2 months 12 days
Options outstanding, Aggregate intrinsic value $ 3,950,983 $ 5,106,538
Options exercisable, Number of options (in shares) 16,019  
Options exercisable, Weighted average exercise price per share (in dollars per share) $ 26.06  
Options exercisable, Weighted average remaining contractual life 4 years 3 months 18 days  
Options exercisable, Aggregate intrinsic value $ 3,205,042  
Options vested and expected to vest, Number of options (in shares) 16,019  
Options vested and expected to vest, Weighted average exercise price per share (in dollars per share) $ 26.07  
Options vested and expected to vest, Weighted average remaining contractual life 4 years 3 months 18 days  
Options vested and expected to vest, Aggregate intrinsic value $ 3,205,042  
v3.25.4
STOCK-BASED COMPENSATION - Valuation Assumptions (Details) - Stock options
 12 Months Ended
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Dividend yield 0.00%
Expected volatility 90.50%
Expected term (in years) 5 years 9 months 18 days
Risk-free interest rate 3.90%
v3.25.4
STOCK-BASED COMPENSATION - Schedule of restricted stock unit and restricted stock activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted stock units      
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]      
Beginning balance (in shares) 2,350    
Granted (in shares) 3,869    
Vested (in shares) (3,526)    
Forfeited and cancelled (in shares) (548)    
Ending balance (in shares) 2,145 2,350  
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) $ 163.82    
Granted, Weighted-average grant date fair value per share (in dollars per share) 270.02 $ 158.85 $ 108.07
Vested, Weighted-average grant date fair value per share (in dollars per share) 220.18    
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) 225.22    
Ending balance, weighted-average grant date fair value per share (in dollars per share) $ 247.04 $ 163.82  
Performance restricted stock units      
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]      
Beginning balance (in shares) 724    
Vested (in shares) (81)    
Ending balance (in shares) 643 724  
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) $ 55.42    
Vested, Weighted-average grant date fair value per share (in dollars per share) 55.42    
Ending balance, weighted-average grant date fair value per share (in dollars per share) $ 55.42 $ 55.42  
v3.25.4
STOCK-BASED COMPENSATION - Schedule of stock based compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock based compensation expense $ 839,440 $ 912,838 $ 864,710
Share based payment arrangement, capitalized 50,380 48,068 53,617
Technology and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock based compensation expense 498,235 564,726 476,478
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock based compensation expense 57,692 69,460 59,000
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock based compensation expense 283,513 278,652 245,190
Restructuring      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock based compensation expense $ 0 $ 0 $ 84,042
v3.25.4
OTHER CONSOLIDATED STATEMENTS OF OPERATIONS DETAILS - Disaggregation of Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Income Statement Expense, Caption [Line Items]      
Amortization, depreciation, and impairment $ 188,428 $ 127,518 $ 139,642
Technology and development 1,670,605 1,468,252 1,324,541
Sales and marketing 1,058,577 654,444 332,312
General and administrative 1,619,642 1,300,257 1,074,308
Disaggregation of Income Statement Expense, Caption, Identifier [Axis]: us-gaap:GeneralAndAdministrativeExpense      
Disaggregation of Income Statement Expense, Caption [Line Items]      
Employee-related 664,761 606,554 571,083
Professional services 292,599 202,956 182,908
Customer support 224,193 124,940 48,804
Other 438,089 365,807 271,513
Disaggregation of Income Statement Expense, Caption, Identifier [Axis]: us-gaap:ResearchAndDevelopmentExpense      
Disaggregation of Income Statement Expense, Caption [Line Items]      
Employee-related 1,052,597 1,036,656 936,881
Website hosting and infrastructure 322,125 228,392 192,009
Amortization, depreciation, and impairment 157,067 122,595 131,611
Other 138,816 80,609 64,040
Disaggregation of Income Statement Expense, Caption, Identifier [Axis]: us-gaap:SellingAndMarketingExpense      
Disaggregation of Income Statement Expense, Caption [Line Items]      
Employee-related 136,229 151,036 143,762
USDC rewards 441,347 224,255 34,944
Marketing programs 402,555 247,087 134,018
Other $ 78,446 $ 32,066 $ 19,588
v3.25.4
OTHER CONSOLIDATED STATEMENTS OF OPERATIONS DETAILS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
(Gains) losses on investments, net $ (680,520) $ 11,553 $ (24,368)
Other (20,374) (40,627) (143,215)
Total other (income) expense, net (700,894) $ (29,074) $ (167,583)
Unrealized gains (losses) (251,700)    
Realized gains (losses) $ (438,000)    
v3.25.4
INCOME TAXES - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 1,618,923 $ 2,909,765 $ (113,067)
Foreign (96,858) 32,879 36,222
Income (loss) before income taxes $ 1,522,065 $ 2,942,644 $ (76,845)
v3.25.4
INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ (29,158) $ 120,412 $ 8,761
State 1,942 59,961 24,236
Foreign 50,646 31,890 11,621
Total current 23,430 212,263 44,618
Deferred      
Federal 209,981 134,719 (218,165)
State 40,185 22,376 416
Foreign (11,858) (5,780) 1,415
Total deferred 238,308 151,315 (216,334)
Benefit from income taxes $ 261,738 $ 363,578 $ (171,716)
v3.25.4
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
$      
Provision for income taxes at U.S. federal statutory rate $ 319,634 $ 617,955  
State and local income taxes, net of federal benefit(1) 33,623 66,325  
Foreign tax effects 59,128 18,705  
Foreign Derived Intangible Income (“FDII”) (653) (11,592)  
Other (7,899) (1,472)  
Research and development (“R&D”) credits (19,068) (69,603)  
Valuation allowance 0 (7,493)  
Equity compensation (173,119) (276,645)  
Non-deductible compensation 23,328 24,114  
Uncertain tax positions (3,555) 3,244  
Adjustment to prior period provision 12,243 (1,110)  
Other adjustments 18,076 1,150  
Benefit from income taxes $ 261,738 $ 363,578 $ (171,716)
%      
Provision for income taxes at U.S. federal statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit(1) 2.21% 2.25% 6.08%
Foreign tax effects 3.88% 0.64% (0.14%)
Foreign Derived Intangible Income (“FDII”) (0.04%) (0.39%) 0.65%
Other (0.53%) (0.05%)  
Research and development (“R&D”) credits (1.25%) (2.37%) 62.20%
Valuation allowance 0.00% (0.25%) 195.59%
Equity compensation (11.37%) (9.40%) 43.51%
Non-deductible compensation 1.53% 0.82% (48.93%)
Foreign tax credit     6.31%
Global Intangible Low Taxed Income (“GILTI”)     (18.55%)
Uncertain tax positions (0.23%) 0.11% (56.06%)
Adjustment to prior period provision 0.80% (0.04%) 24.85%
Other adjustments 1.20% 0.04% (13.05%)
Effective income tax rate 17.20% 12.36% 223.46%
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]        
Effective income tax rate 17.20% 12.36% 223.46%  
Deferred tax assets, net $ 570,819 $ 941,298    
Unrecognized tax benefits 224,480 190,944 $ 171,693 $ 124,106
Unrecognized tax benefits that would impact effective tax rate 175,200 136,800    
Interest on income taxes accrued 6,700 2,500    
Income tax penalties accrued 1,300 3,500    
U.S. Federal        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 38,100      
Operating loss carryforwards 48,800 $ 45,800    
U.S. State and local        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 112,400      
Operating loss carryforwards $ 401,600      
v3.25.4
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets        
Obligation to return crypto assets held as collateral $ 154,998 $ 163,452    
Accruals and reserves 36,745 27,262    
Net operating loss carryforward 68,444 53,107    
Lease liability 46,217 22,645    
Tax credit carryforward 150,837 240,977    
Stock-based compensation 33,109 30,663    
Intangibles 0 48,641    
Capitalized expenses 653,138 951,665    
Gross deferred tax assets 1,143,488 1,538,412    
Less: valuation allowance (135,361) (124,202) $ (102,250) $ (252,258)
Total deferred tax assets 1,008,127 1,414,210    
Deferred tax liabilities        
Crypto assets held as collateral (154,998) (163,452)    
State taxes (24,623) (40,141)    
Depreciation and amortization (13,836) (33,370)    
Intangibles (82,931) 0    
Lease ROU assets (39,800) (20,369)    
Capital gains - unrealized (108,769) (184,473)    
Other (12,351) (31,107)    
Total deferred tax liabilities (437,308) (472,912)    
Total net deferred tax assets $ 570,819 $ 941,298    
v3.25.4
INCOME TAXES - Summary of Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Roll Forward]      
Balance, beginning of period $ 124,202 $ 102,250 $ 252,258
Charged (credited) to expenses 11,159 21,952 (150,008)
Balance, end of period $ 135,361 $ 124,202 $ 102,250
v3.25.4
INCOME TAXES - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance, beginning of period $ 190,944 $ 171,693 $ 124,106
Settlements (1,171) (67) 0
Increase related to tax positions taken during a prior year 36,057 2,433 30,685
Decrease related to tax positions taken during a prior year (13,075) (18,378) 0
Increase related to tax positions taken during the current year 11,564 35,263 16,902
Effect of foreign currency translation 161 0 0
Balance, end of period $ 224,480 $ 190,944 $ 171,693
v3.25.4
NET INCOME PER SHARE - Schedule of net income per share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income attributable to common shareholders, basic      
Net income $ 1,260,327 $ 2,579,066 $ 94,871
Less: net income allocated to participating shares 0 (1,311) (119)
Net income attributable to common shareholders, basic 1,260,327 2,577,755 94,752
Net income attributable to common shareholders, diluted      
Net income 1,260,327 2,579,066 94,871
Add: interest on convertible notes, net of tax 16,987 13,375 0
Less: net income allocated to participating shares 0 (1,193) (120)
Net income attributable to common shareholders, diluted $ 1,277,314 $ 2,591,248 $ 94,751
Weighted-average shares of common stock used to compute net income per share:      
WASO - basic (in shares) 260,088 247,374 235,796
Weighted-average effect of potentially dilutive shares:      
Convertible Notes (in shares) 10,049 6,462 0
WASO - diluted (in shares) 287,209 273,377 254,391
Basic (in dollars per share) $ 4.85 $ 10.42 $ 0.40
Diluted (in dollars per share) $ 4.45 $ 9.48 $ 0.37
Stock options      
Weighted-average effect of potentially dilutive shares:      
Share-based payment arrangements (in shares) 15,494 16,958 16,845
Restricted stock units      
Weighted-average effect of potentially dilutive shares:      
Share-based payment arrangements (in shares) 962 1,933 1,447
Performance restricted stock units      
Weighted-average effect of potentially dilutive shares:      
Share-based payment arrangements (in shares) 497 369 158
Restricted stock      
Weighted-average effect of potentially dilutive shares:      
Share-based payment arrangements (in shares) 119 281 145
v3.25.4
NET INCOME PER SHARE - Schedule of potentially dilutive shares (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Number of shares excluded in the computation of diluted earnings per share 4,276 6,582 12,612
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 4,276 6,582 9,175
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 0 3,437
v3.25.4
RESTRUCTURING (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]        
Number of positions eliminated, period percent 21.00%      
Restructuring charges   $ 0 $ 0 $ 142,594
Stock-based compensation        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges       84,000
Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges       $ 56,700
v3.25.4
COMMITMENTS AND CONTINGENCIES - Purchase Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Recorded Unconditional Purchase Obligation [Line Items]  
2026 $ 169,886
2027 157,009
2028 132,798
2029 210,729
Total purchase obligations(1) 670,422
Minimum | Non-cancellable Purchase Obligations  
Recorded Unconditional Purchase Obligation [Line Items]  
Total purchase obligations(1) $ 2,000
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Commitments [Line Items]    
Off balance sheet safeguarding assets $ 376,100.0 $ 404,000.0
Off balance sheet safeguarding liabilities 376,100.0 $ 404,000.0
Definitive Agreements, Acquisition of Interest in Entities    
Other Commitments [Line Items]    
Other commitment $ 180.5  
v3.25.4
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Revenue $ 7,181,325 $ 6,564,028 $ 3,108,383
Customer custodial funds 5,347,428 6,158,949  
Customer custodial fund liabilities 5,347,428 6,158,949  
General and administrative 1,619,642 1,300,257 1,074,308
Related Party      
Related Party Transaction [Line Items]      
Revenue 9,600 22,700 17,900
Amounts receivable from customers, net of allowance 400 2,700  
Customer custodial funds 11,000 44,000  
Customer custodial fund liabilities 11,000 44,000  
General and administrative 100 1,400 2,500
Related Party | Strategic Investments in Equity Securities, FV-NI and without Readily Determinable Fair Value      
Related Party Transaction [Line Items]      
Related party transaction 14,200 12,100  
Related Party | Transaction Expenses      
Related Party Transaction [Line Items]      
Related party transaction $ 100 $ 100 $ 0
v3.25.4
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]        
Cash and cash equivalents $ 11,285,452 $ 9,308,266 $ 5,489,100  
Restricted cash and cash equivalents 334,318 347,169 43,626  
Customer custodial cash and cash equivalents 5,273,650 6,028,020 4,393,086  
Total cash, cash equivalents, and restricted cash and cash equivalents $ 16,893,420 $ 15,683,455 $ 9,925,812 $ 10,288,045
v3.25.4
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Non-cash Investing and Financing Activities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]      
Non-cash consideration paid for business combinations $ 3,677,634 $ 0 $ 51,494
Crypto assets borrowed 4,293,287 844,717 450,663
Crypto assets borrowed repaid 4,239,621 579,210 559,191
Customer crypto assets received as collateral 3,117,616 3,030,311 886,403
Customer crypto asset collateral returned 2,755,431 2,759,660 630,682
Crypto asset loan receivables originated 2,365,370 1,559,716 396,981
Crypto asset loan receivables repaid 2,430,569 1,489,839 469,763
Additions of crypto asset investments $ 166,291 0 $ 0
Cumulative-effect adjustment upon adoption of ASU 2023-08   $ 561,489  
v3.25.4
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Cash Paid For Interest and Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. Federal $ 60,662 $ 63,884 $ 0
U.S. State and local 52,293 50,672 0
Foreign 51,913 25,785 0
Total cash paid during the period for income taxes, net of refunds 164,868 $ 140,341 $ 39,122
Individual Jurisdictions Over 5%      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. Federal 60,700    
New York | Individual Jurisdictions Over 5%      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. State and local 13,200    
Netherlands | Individual Jurisdictions Over 5%      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 10,900    
Brazil | Individual Jurisdictions Over 5%      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 9,100    
v3.25.4
SUBSEQUENT EVENTS (Details) - USD ($)
 1 Months Ended 12 Months Ended
Feb. 12, 2026
Dec. 31, 2025
Jan. 31, 2026
Oct. 31, 2025
Oct. 30, 2024
Subsequent Event [Line Items]          
Shares authorized for repurchase       $ 2,000,000,000.0 $ 1,000,000,000.0
Common stock repurchased (in shares)   3,039,095      
Common stock repurchased   $ 790,200,000      
Remaining shares authorized to be repurchased   $ 1,200,000,000      
Subsequent Event          
Subsequent Event [Line Items]          
Shares authorized for repurchase     $ 4,000,000,000.0    
Common stock repurchased (in shares) 5,188,656        
Common stock repurchased $ 954,700,000        
Remaining shares authorized to be repurchased $ 2,300,000,000