v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 8,614,065 $ 11,285,452
Restricted cash and cash equivalents 275,815 334,318
Customer custodial funds 4,299,190 5,347,428
Crypto assets held for operations 86,469 120,831
Loan receivables 1,572,354 1,354,692
Crypto assets held as collateral 1,645,051 822,827
Crypto assets borrowed 229,076 318,849
Accounts receivable, net 333,194 307,119
Marketable investments 174,778 309,765
Other current assets 259,315 187,164
Total current assets 17,489,307 20,388,445
Crypto assets held for investment 1,468,395 1,998,871
Strategic investments 840,287 622,985
Deferred tax assets 682,446 570,819
Goodwill 4,139,490 4,168,967
Intangible assets, net 1,318,869 1,397,794
Other non-current assets 521,492 523,951
Total assets 26,460,286 29,671,832
Current liabilities:    
Customer custodial fund liabilities 4,299,190 5,347,428
Current portion of long-term debt 0 1,269,585
Short-term borrowings 539,195 452,105
Obligation to return collateral 1,656,821 826,883
Accrued expenses and other current liabilities 723,708 805,281
Total current liabilities 7,218,914 8,701,282
Long-term debt 5,944,232 5,937,034
Other non-current liabilities 217,475 240,458
Total liabilities 13,380,621 14,878,774
Commitments and contingencies (Note 20.)
Shareholders’ equity:    
Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of June 30, 2026 and December 31, 2025 0 0
Class A and B common stock, $0.00001 par value; 10,500,000 (Class A 10,000,000, Class B 500,000) shares authorized at June 30, 2026 and December 31, 2025; 263,782 (Class A 222,748, Class B 41,034) shares issued and outstanding at June 30, 2026 and 267,836 (Class A 226,797, Class B 41,039) shares issued and outstanding at December 31, 2025 3 3
Additional paid-in capital 7,710,289 8,566,854
Accumulated other comprehensive (loss) income (98,270) 4,973
Retained earnings 5,467,643 6,221,228
Total shareholders’ equity 13,079,665 14,793,058
Total liabilities and shareholders’ equity $ 26,460,286 $ 29,671,832