v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,730,126 $ 1,526,046
Cash and cash equivalents segregated for corporate-held stablecoins 889,311 822,963
Cash and cash equivalents segregated for the benefit of stablecoin holders 73,161,172 75,067,932
Accounts receivable, net 105,431 62,866
Prepaid expenses and other current assets 283,578 321,660
Total current assets 76,169,618 77,801,467
Non-current assets:    
Restricted cash 12,806 2,792
Investments 103,757 84,265
Fixed assets, net 22,177 22,791
Digital assets 106,539 86,515
Goodwill 265,742 265,742
Intangible assets, net 446,577 411,146
Deferred tax assets, net 11,354 11,110
Other non-current assets 26,890 27,379
Total assets 77,165,460 78,713,207
Current liabilities:    
Deposits from stablecoin holders 72,927,544 74,912,567
Accounts payable and accrued expenses 418,588 360,609
Convertible debt, net of debt discount 0 36,821
Other current liabilities 256,021 18,398
Total current liabilities 73,602,153 75,328,395
Non-current liabilities:    
Deferred tax liabilities, net 28,495 28,702
Other non-current liabilities 24,837 25,337
Total liabilities 73,655,485 75,382,434
Commitments and contingencies (see Note 22)
Stockholders’ equity    
Treasury stock at cost (4.6 million and 4.7 million shares held as of June 30, 2026 and December 31, 2025, respectively) (2,645) (2,721)
Additional paid-in capital 4,693,986 4,610,216
Accumulated deficit (1,189,235) (1,292,709)
Accumulated other comprehensive income 6,449 14,515
Total stockholders' equity attributable to common stockholders 3,508,582 3,329,327
Noncontrolling interests 1,393 1,446
Total stockholders’ equity 3,509,975 3,330,773
Total liabilities and stockholders’ equity 77,165,460 78,713,207
Class A common stock    
Stockholders’ equity    
Common stock, value, issued $ 25 $ 24
Common stock, shares authorized (in shares) 2,500,000,000 2,500,000,000
Common stock, shares, outstanding (in shares) 233,500,000 223,600,000
Class B common stock    
Stockholders’ equity    
Common stock, value, issued $ 2 $ 2
Common stock, shares authorized (in shares) 500,000,000.0 500,000,000.0
Common stock, shares, outstanding (in shares) 18,700,000 18,700,000
Common Class C    
Stockholders’ equity    
Common stock, value, issued $ 0 $ 0
Common stock, shares authorized (in shares) 500,000,000.0 500,000,000.0
Common stock, shares, outstanding (in shares) 0 0