The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of March 31, 2026 and December 31, 2025:


As of March 31, 2026	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	9,156	$	—	$	—	$	9,156
Commercial paper	—		89,136		—		89,136
Corporate bonds	—		352		—		352
Total cash equivalents	$	9,156	$	89,488	$	—	$	98,644
Marketable securities:
U.S. agency securities	$	—	$	108,048	$	—	$	108,048
U.S. treasury securities	—		510,041		—		510,041
Commercial paper	—		88,342		—		88,342
Corporate bonds	—		469,360		—		469,360
Bitcoin exchange traded fund	57,019		—		—		57,019
Total marketable securities	$	57,019	$	1,175,791	$	—	$	1,232,810
Digital assets, current
USDC	$	15,696	$	—	$	—	$	15,696
Digital assets, non-current
Bitcoin	$	11,787	$	—	$	—	$	11,787


As of December 31, 2025	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	9,543	$	—	$	—	$	9,543
Commercial paper	—		69,844		—		69,844
Corporate bonds	—		5,778		—		5,778
Total cash equivalents	$	9,543	$	75,622	$	—	$	85,165
Marketable securities:
U.S. agency securities	$	—	$	93,754	$	—	$	93,754
U.S. treasury securities	—		515,359		—		515,359
Commercial paper	—		123,517		—		123,517
Corporate bonds	—		446,155		—		446,155
Bitcoin exchange traded fund	73,689		—		—		73,689
Total marketable securities	$	73,689	$	1,178,785	$	—	$	1,252,474
Digital assets, current
USDC	$	15,575	$	—	$	—	$	15,575
Digital assets, non-current
Bitcoin	$	15,116	$	—	$	—	$	15,116