v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,517,264 $ 1,526,046
Cash and cash equivalents segregated for corporate-held stablecoins 792,662 822,963
Cash and cash equivalents segregated for the benefit of stablecoin holders 76,893,681 75,067,932
Accounts receivable, net 72,168 62,866
Prepaid expenses and other current assets 326,800 321,660
Total current assets 79,602,575 77,801,467
Non-current assets:    
Restricted cash 2,800 2,792
Investments 100,073 84,265
Fixed assets, net 22,520 22,791
Digital assets 84,217 86,515
Goodwill 265,742 265,742
Intangible assets, net 421,017 411,146
Deferred tax assets, net 11,285 11,110
Other non-current assets 26,549 27,379
Total assets 80,536,778 78,713,207
Current liabilities:    
Deposits from stablecoin holders 76,778,530 74,912,567
Accounts payable and accrued expenses 262,215 360,609
Convertible debt, net of debt discount 0 36,821
Other current liabilities 14,637 18,398
Total current liabilities 77,055,382 75,328,395
Non-current liabilities:    
Deferred tax liabilities, net 28,071 28,702
Other non-current liabilities 24,694 25,337
Total non-current liabilities 52,765 54,039
Total liabilities 77,108,147 75,382,434
Commitments and contingencies (see Note 22)
Stockholders’ equity    
Treasury stock at cost (4.6 million and 4.7 million shares held as of March 31, 2026 and December 31, 2025, respectively) (2,683) (2,721)
Additional paid-in capital 4,658,949 4,610,216
Accumulated deficit (1,237,456) (1,292,709)
Accumulated other comprehensive income 8,367 14,515
Total stockholders' equity attributable to common stockholders 3,427,204 3,329,327
Noncontrolling interests 1,427 1,446
Total stockholders’ equity 3,428,631 3,330,773
Total liabilities and stockholders’ equity 80,536,778 78,713,207
Class A common stock    
Stockholders’ equity    
Common stock, value, issued 25 24
Class B common stock    
Stockholders’ equity    
Common stock, value, issued 2 2
Common Class C    
Stockholders’ equity    
Common stock, value, issued $ 0 $ 0