The amortized cost, unrealized gains and losses, and estimated fair value of the Company’s cash, cash equivalents, and marketable securities as of March 31, 2026 and December 31, 2025 consisted of the following:


As of March 31, 2026	Amortized cost		Unrealized gains		Unrealized losses		Fair value
Cash and cash equivalents:
Cash	$	307,010	$	—	$	—	$	307,010
Money market funds	9,156		—		—		9,156
Commercial paper	89,160		—		(24)		89,136
Corporate bonds	352		—		—		352
Total cash and cash equivalents	405,678		—		(24)		405,654
Debt securities:
U.S. agency securities	108,104		93		(149)		108,048
U.S. treasury securities	510,068		651		(678)		510,041
Commercial paper	88,351		9		(18)		88,342
Corporate bonds	469,436		588		(664)		469,360
Total debt securities	1,175,959		1,341		(1,509)		1,175,791
Total cash, cash equivalent, and debt securities	$	1,581,637	$	1,341	$	(1,533)	$	1,581,445
Other:
Bitcoin exchange traded fund(1)							57,019
Total cash, cash equivalents, and marketable securities							$	1,638,464


As of December 31, 2025	Amortized cost		Unrealized gains		Unrealized losses		Fair value
Cash and cash equivalents:
Cash	$	318,304	$	—	$	—	$	318,304
Money market funds	9,543		—		—		9,543
Commercial paper	69,846		2		(4)		69,844
Corporate bonds	5,778		—		—		5,778
Total cash and cash equivalents	403,471		2		(4)		403,469
Debt securities:
U.S. agency securities	93,467		288		(1)		93,754
U.S. treasury securities	513,335		2,025		(1)		515,359
Commercial paper	123,465		60		(8)		123,517
Corporate bonds	444,515		1,654		(14)		446,155
Total debt securities	1,174,782		4,027		(24)		1,178,785
Total cash, cash equivalent, and debt securities	$	1,578,253	$	4,029	$	(28)	$	1,582,254
Other:
Bitcoin exchange traded fund(1)							73,689
Total cash, cash equivalents, and marketable securities							$	1,655,943

Debt securities were designated as available-for-sale and the Company’s Bitcoin exchange traded fund had a readily determinable fair value as of March 31, 2026 and December 31, 2025.

The Company had 271 and 33 marketable debt securities in unrealized loss positions as of March 31, 2026 and December 31, 2025, respectively. There were no material gains or losses that were reclassified out of accumulated other comprehensive income for any period presented.

As of March 31, 2026 and December 31, 2025, the Company’s marketable debt securities portfolio consisted of four security types, all of which contained investments that were in an unrealized loss position. The following tables present the breakdown of the marketable debt securities, including debt securities classified as cash equivalents, that had been in a continuous unrealized loss position aggregated by investment category as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
	Less than twelve months				More than twelve months				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. agency securities	$	60,588	$	(149)	$	—	$	—	$	60,588	$	(149)
U.S. treasury securities	205,301		(678)		—		—		205,301		(678)
Commercial paper	154,253		(43)		—		—		154,253		(43)
Corporate bonds	233,939		(663)		—		—		233,939		(663)
Total	$	654,081	$	(1,533)	$	—	$	—	$	654,081	$	(1,533)


	As of December 31, 2025
	Less than twelve months				More than twelve months				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. agency securities	$	3,267	$	(1)	$	—	$	—	$	3,267	$	(1)
U.S. treasury securities	959		—		—		—		959		—
Commercial paper	58,091		(12)		—		—		58,091		(12)
Corporate bonds	27,027		(15)		—		—		27,027		(15)
Total	$	89,344	$	(28)	$	—	$	—	$	89,344	$	(28)

The Company periodically evaluates its debt securities for expected credit losses. The unrealized losses on the debt securities were largely due to changes in interest rates. The credit ratings associated with the Company’s debt securities are highly rated and in line with the Company’s investment policy and the issuers continue to make timely principal and interest payments. The Company expects to recover the full carrying value of the debt securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses, and expects any credit losses would be immaterial based on the high-grade credit rating for the investments. As a result, the Company does not consider any portion of the unrealized losses on debt securities as of March 31, 2026 and December 31, 2025 to be unrecoverable.

Interest income from cash, cash equivalents, and marketable securities was $15.1 million and $15.5 million for the three months ended March 31, 2026 and 2025, respectively. Interest income is included in other income (expense), net in the accompanying condensed consolidated statements of operations.

Any unrealized losses on the Company’s Bitcoin exchange traded fund, classified as an equity security, are attributable to decreases in the fair value of Bitcoin. The fair market value of this investment is directly driven by the price of Bitcoin and therefore is volatile in nature, but is not driven by credit specific factors and thus no expected credit losses have been recorded on the investment in any period presented.

Unrealized losses recognized on the Bitcoin exchange traded fund equity investment held were $16.7 million and $9.3 million for the three months ended March 31, 2026 and 2025, respectively.