v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of fair value of assets and liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Assets      
Cash equivalents $ 8,614,065 $ 11,285,452 $ 9,367,889
Crypto assets borrowed 229,076 318,849  
Crypto assets held for investment 1,468,395 1,998,871  
Liabilities      
Restricted cash 274,100 332,800  
Marketable investments not measured and recorded at fair value 0 44,400  
Deposits Held at Banks      
Assets      
Cash equivalents 5,500,000 5,200,000  
Customer custodial funds 2,400,000 1,900,000  
Level 1      
Assets      
Cash equivalents 3,095,370 6,088,290  
Restricted cash equivalents 1,705 1,472  
Customer custodial funds 1,864,696 3,438,375  
Crypto assets held for operations 86,469 120,831  
Crypto asset loan receivables 0 0  
Crypto assets held as collateral 1,645,051 822,827  
Crypto assets borrowed 229,076 318,849  
Short-term investments 157,543 253,468  
Crypto assets held for investment 1,468,395 1,998,871  
Derivative assets 0 0  
Total assets 8,548,305 13,042,983  
Liabilities      
Derivative liabilities $ 0 $ 0  
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Accounts receivable, net Accounts receivable, net  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities  
Level 2      
Assets      
Cash equivalents $ 0 $ 0  
Restricted cash equivalents 0 0  
Customer custodial funds 0 0  
Crypto assets held for operations 0 0  
Crypto asset loan receivables 35,455 14,479  
Crypto assets held as collateral 0 0  
Crypto assets borrowed 0 0  
Short-term investments 17,235 11,903  
Crypto assets held for investment 0 0  
Derivative assets 654,681 181,433  
Total assets 707,371 207,815  
Liabilities      
Derivative liabilities $ 47,444 $ 66,590