v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 1,494,508 $ 1,212,395
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 67,234 63,828
Stock-based compensation expense 386,889 442,438
Deferred income taxes 399,971 83,961
Losses (gains) on crypto assets held for operations, net 25,663 (55,342)
Losses (gains) on crypto assets held for investment, net 234,598 (331,409)
(Gains) losses on strategic investments, net (1,475,448) 14,663
Other operating activities, net 48,582 32,782
Net changes in operating assets and liabilities (1,036,250) (567,634)
Net cash provided by operating activities 145,747 895,682
Cash flows from investing activities    
Fiat loans originated (955,488) (808,334)
Proceeds from repayment of fiat loans 588,004 646,700
Purchases of crypto assets held for investment (458,728) 0
Dispositions of crypto assets held for investment 62,443 52,425
Other investing activities, net (153,040) (35,083)
Net cash used in investing activities (916,809) (144,292)
Cash flows from financing activities    
Customer custodial fund liabilities (1,140,867) (357,657)
Fiat received as collateral 370,553 493,499
Fiat received as collateral returned (373,804) (243,510)
Taxes paid related to net share settlement of equity awards (201,381) (117,225)
Issuance of convertible senior notes, net 0 1,246,025
Purchases of capped calls 0 (104,110)
Other financing activities, net 60,560 76,966
Net cash (used in) provided by financing activities (1,284,939) 993,988
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents (2,056,001) 1,745,378
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents 79,845 (25,923)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 14,610,442 9,555,429
Cash, cash equivalents, and restricted cash and cash equivalents, end of period $ 12,634,286 $ 11,274,884