v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net (loss) income $ (753,585) $ 1,494,508
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 132,409 67,234
Stock-based compensation expense 486,396 386,889
Deferred income taxes (109,875) 399,971
Losses on crypto assets held for operations, net 66,870 25,663
Losses on crypto assets held for investment, net 691,855 234,598
Losses (gains) on investments, net 11,381 (1,475,448)
Other operating activities, net 55,689 48,582
Income taxes, net (41,799) (125,633)
Crypto assets held for operations (24,055) (84,762)
Other current and non-current assets (59,171) 45,910
Other current and non-current liabilities (76,061) 75,260
Net cash provided by operating activities 380,054 1,092,772
Cash flows from investing activities    
Loans originated (5,862,479) (4,596,581)
Proceeds from repayment of loans 5,665,796 4,322,454
Purchases of crypto assets held for investment (166,597) (464,082)
Dispositions of crypto assets held for investment 33,865 80,781
Purchase of investments (251,562) (91,349)
Dispositions of investments 153,555 5,735
Other investing activities, net (73,132) (69,787)
Net cash used in investing activities (500,554) (812,829)
Cash flows from financing activities    
Repayment of long-term debt (1,273,013) 0
Repurchase of common stock (1,243,488) 0
Customer custodial fund liabilities (1,026,160) (1,140,867)
Customer collateral received 11,371 109,399
Return of customer collateral (3,729) (112,650)
Taxes paid related to net share settlement of equity awards (224,319) (201,381)
Proceeds from short-term borrowings 500,918 278,162
Repayments of short-term borrowings (345,927) (305,084)
Other financing activities, net 31,120 60,560
Net cash used in financing activities (3,573,227) (1,311,861)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents (3,693,727) (1,031,918)
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents (47,265) 79,845
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 16,893,420 15,683,456
Cash, cash equivalents, and restricted cash and cash equivalents, end of period 13,152,428 14,731,383
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents    
Cash and cash equivalents 8,614,065 9,367,889
Restricted cash and cash equivalents 275,815 337,786
Customer custodial cash and cash equivalents 4,262,548 5,025,708
Total cash, cash equivalents, and restricted cash and cash equivalents 13,152,428 14,731,383
Supplemental cash flow disclosure    
Crypto assets borrowed 1,893,298 588,999
Crypto assets borrowed repaid 1,912,389 638,262
Customer crypto assets received as collateral 2,653,573 1,507,022
Customer crypto asset collateral returned 1,394,501 1,354,794
Crypto asset loan receivables originated 2,241,287 1,110,482
Crypto asset loan receivables repaid 2,218,832 1,145,392
Additions of crypto asset investments $ 0 $ 166,291