The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):


	June 30, 2025				December 31, 2024
	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents(1)	$	5,980,319	$	—		$	6,607,023	$	—
Restricted cash equivalents(2)	2,519		—			1,415		—
Customer custodial funds(3)	3,139,226		—			4,269,410		—
Crypto assets held for operations	125,974		—			82,781		—
Crypto asset loan receivables	—		53,129			—		92,619
Crypto assets held as collateral	951,272		—			767,484		—
Crypto assets borrowed	223,620		—			261,052		—
Other current assets(4)	105,711		—			—		—
Crypto assets held for investment	1,838,887		—			1,552,995		—
Strategic investments(5)	1,543,261		10,340			—		—
Derivative assets(6)	—		60,194			—		108,665
Total assets	$	13,910,789	$	123,663		$	13,542,160	$	201,284

Liabilities
Derivative liabilities(6)	$	—	$	317,837		$	—	$	255,915

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(1)Represents cash equivalents, which comprise money market funds. Excludes cash of $1.6 billion and $1.9 billion as of June 30, 2025 and December 31, 2024, respectively.

(2)Represents restricted cash equivalents, which comprise money market funds. Excludes restricted cash of $66.7 million and $37.1 million as of June 30, 2025 and December 31, 2024, respectively.

(3)Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds of $2.0 billion and $1.9 billion as of June 30, 2025 and December 31, 2024, respectively.

(4)Represents short-term investments. Excludes Other current assets that are not measured and recorded at fair value of $173.5 million and $277.5 million as of June 30, 2025 and December 31, 2024, respectively.

(5)Represents marketable equity securities. Excludes strategic investments that are not measured and recorded at fair value on a recurring basis of $380.2 million and $374.2 million as of June 30, 2025 and December 31, 2024, respectively.