v3.26.1
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Assets      
Digital assets $ 84,217 $ 86,515  
Liabilities      
Cash and cash equivalents 1,517,264 1,526,046 $ 848,606
US Treasury Securities      
Liabilities      
Cash and cash equivalents 10,100 0  
Investments | Host Contract      
Liabilities      
Hybrid Instruments at fair value 1,414 1,153  
Accounts receivable, net - embedded derivatives | Host Contract      
Liabilities      
Hybrid Instruments at fair value 4,000 4,000  
Level 1      
Assets      
Cash equivalents 67,596,121 67,483,506  
Digital assets 84,217 86,515  
Digital financial assets 1,248 542  
Total assets 67,681,586 67,570,563  
Liabilities      
Total liabilities 0 0  
Level 2      
Assets      
Total assets 19,796 21,314  
Liabilities      
Total liabilities 0 0  
Level 2 | Investments      
Assets      
Investments - derivatives and embedded derivatives 622 1,372  
Level 2 | Accounts receivable, net - embedded derivatives      
Assets      
Investments - derivatives and embedded derivatives 19,174 19,942  
Level 3      
Assets      
Total assets 0    
Liabilities      
Convertible debt, net of debt discount 0 36,821  
Total liabilities 0 36,821  
Fair Value Measured at Net Asset Value Per Share      
Liabilities      
Cash and cash equivalents segregated for the benefit of stablecoin holders $ 66,500,000 $ 66,300,000