v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 7,539,388 $ 8,543,903
Restricted cash and cash equivalents 69,190 38,519
USDC 2,153,824 1,241,808
Customer custodial funds 5,121,640 6,158,949
Crypto assets held for operations 125,974 82,781
Loan receivables 803,366 475,370
Crypto assets held as collateral 951,272 767,484
Crypto assets borrowed 223,620 261,052
Accounts receivable, net 222,996 265,251
Other current assets 279,230 277,536
Total current assets 17,490,500 18,112,653
Crypto assets held for investment 1,838,887 1,552,995
Strategic investments 1,933,843 374,161
Deferred tax assets 541,354 941,298
Goodwill 1,153,621 1,139,670
Other non-current assets 517,833 421,174
Total assets 23,476,038 22,541,951
Current liabilities:    
Customer custodial fund liabilities 5,121,640 6,158,949
Current portion of long-term debt 1,266,577 0
Crypto asset borrowings 268,550 300,110
Obligation to return collateral 972,661 792,125
Accrued expenses and other current liabilities 601,354 690,136
Total current liabilities 8,230,782 7,941,320
Long-term debt 2,973,545 4,234,081
Other non-current liabilities 176,822 89,708
Total liabilities 11,381,149 12,265,109
Commitments and contingencies (Note 16.)
Stockholders’ equity:    
Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of June 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 5,639,538 5,365,990
Accumulated other comprehensive loss (60) (50,051)
Retained earnings 6,455,409 4,960,901
Total stockholders’ equity 12,094,889 10,276,842
Total liabilities and stockholders’ equity 23,476,038 22,541,951
Class A Common Stock    
Stockholders’ equity:    
Common stock 2 2
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 0 $ 0