The carrying value of our investments, which are included in other non-current assets within our consolidated balance sheets, consisted of the following (in millions):


	As of June 30, 2026		As of December 31, 2025
Equity securities:
Equity investments without readily determinable fair values	$	2,386	$	1,194
Equity method investments	499		414
Equity investment with a readily determinable fair value	62		—
Equity investments measured using NAV practical expedient	6		6
Total carrying value of our equity and equity method investments	$	2,953	$	1,614

We record any unrealized gains and losses from remeasurement, which we refer to as upward or downward adjustments, within other income, net, in our consolidated statements of income. During the six months ended June 30, 2026, we recorded $390 million of upward adjustments due to the identification of observable price changes, substantially all of which was recognized in the three months ended March 31, 2026. During the six and three months ended June 30, 2026, there were no downward adjustments, including impairments, identified.

For the investments we still held as of June 30, 2026, cumulative upward adjustments between January 1, 2018, the date we adopted the measurement alternative, and June 30, 2026 were $427 million and cumulative downward adjustments were $3 million.

On October 7, 2025, we entered into an agreement to purchase 9.6 million shares of Series D Preferred Stock of Blockratize, Inc., doing business as Polymarket, a prediction market and information platform tracking event probabilities across markets, politics, sport and culture, for $1.0 billion.

Each Series D Preferred share can be converted into common stock at our option or will be mandatorily converted upon a qualified initial public offering or direct listing. We are entitled to a 6% non-cumulative dividend payable only if declared. With respect to liquidation, dissolution and winding up of Polymarket, the Series D Preferred Stock ranks pari passu with certain of the other classes of preferred stock and is senior to the remaining shares of capital stock, including common stock. As the holder of Series D Preferred Stock, we have the right to cast the number of votes equal to the number of whole shares of common stock into which our preferred shares are convertible. Our ownership gives us the right to nominate and vote exclusively to elect one member of the board.

On March 26, 2026, we invested an additional $600 million in Polymarket pursuant to a Series E Preferred Stock Purchase Agreement, acquiring approximately 4.2 million shares of Series E Preferred Stock. The rights and preferences of the Series E Preferred Stock are substantially similar to those of our Series D Preferred Stock, including liquidation preference, dividend rights, anti-dilution protections, conversion rights, and voting rights.

The Series E transaction constitutes an observable price change in an orderly transaction for a similar investment of the same issuer under the measurement alternative guidance. Accordingly, we recorded a gain of $389 million during the three months ended March 31, 2026 related to measuring our Series D Preferred Stock based on the implied fair value indicated by the Series E transaction price.

As of June 30, 2026, the total carrying value of our Series D and E Preferred Stock investments was approximately $2.0 billion and represented approximately 22% and 14% ownership of the outstanding and fully diluted shares of Polymarket, respectively. The Series D and E Preferred Stock are not considered in-substance common stock and therefore do not qualify for equity method accounting under Accounting Standards Codification, or ASC, 323, Investments- Equity Method and Joint Ventures. Therefore, we account for these investments as equity securities without a readily determinable fair value using the measurement alternative guidance under ASC 321, Investments - Equity Securities.

On March 3, 2026, we entered into an agreement to purchase approximately 0.9 million shares of Series C Preferred Shares of OKC Holdings Corporation, the parent company of OKX, a blockchain technology and trading company, for $200 million. Our investment represents less than 1% ownership of OKX.

We recognized income of $43 million and $35 million as our share of estimated income/loss, net, from our equity method investments during the six months ended June 30, 2026 and 2025, respectively, and income of $17 million and $6 million as our share of estimated income/loss, net, from our equity method investments during the three months ended June 30, 2026 and 2025, respectively. Both periods include adjustments to reflect the difference between reported prior period actual results from our original estimates.

We own a 40% interest in the Options Clearing Corporation, or OCC, through a direct investment by the New York Stock Exchange, or NYSE. OCC is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. OCC serves as a clearing house for securities options, securities futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca Options and NYSE American Options, along with other non-affiliated exchanges.

In April 2026, we completed a tender offer to acquire approximately 0.4 million shares of common stock of Blockratize, Inc., doing business as Polymarket, for an aggregate purchase price of $40 million. Combined with our existing Series D and Series E preferred stock investments described above, we concluded that we have the ability to exercise significant influence over Polymarket's operating and financial policies. Accordingly, we account for the common stock investment under the equity method of accounting. As of June 30, 2026, our common stock investment represented less than 1% ownership of Polymarket shares on both an outstanding and fully diluted basis.

As of June 30, 2026 and December 31, 2025, we held an approximate 18% and 31% economic interest in Bakkt, respectively. The decrease in ownership during the six months ended June 30, 2026 primarily reflects the dilutive effect of Bakkt's issuances of Class A common stock and pre-funded warrants during the period.

Based on an assessment of all relevant factors and circumstances, including the reduction in our ownership and voting percentage, we determined that we no longer have the ability to exercise significant influence over Bakkt. Accordingly, we discontinued the equity method of accounting, prospectively, as of April 30, 2026. Following the transition, we account for our investment in Bakkt as an equity investment with a readily determinable fair value. We remeasure our investment at fair value at each reporting date, with unrealized gains and losses recognized within other income, net, in our consolidated statements of income.

As of June 30, 2026, the fair value of our investment was $62 million, which was based on the quoted market price of Bakkt Class A common stock as of June 30, 2026. During the six and three months ended June 30, 2026, the unrealized gain recorded was $62 million, which includes the dilution gain recorded upon the accounting transition.

We estimate the fair value of certain of our equity investments each reporting period using the net asset value per share, or NAV, practical expedient. During the six and three months ended June 30, 2026, we recorded an immaterial fair value adjustment estimated using the NAV of our ownership interests.