v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 8,603,791 $ 11,285,452
Restricted cash and cash equivalents 89,158 334,318
Customer custodial funds 4,462,310 5,347,428
Crypto assets held for operations 53,059 120,831
Loan receivables 1,976,137 1,354,692
Crypto assets held as collateral 1,299,500 822,827
Crypto assets borrowed 389,657 318,849
Accounts receivable, net 270,175 307,119
Marketable investments 217,092 309,765
Other current assets 281,454 187,164
Total current assets 17,642,333 20,388,445
Crypto assets held for investment 2,224,811 1,998,871
Strategic investments 872,281 622,985
Deferred tax assets 584,202 570,819
Goodwill 4,130,149 4,168,967
Intangible assets, net 1,283,990 1,397,794
Other non-current assets 647,548 523,951
Total assets 27,385,314 29,671,832
Current liabilities:    
Customer custodial fund liabilities 4,462,310 5,347,428
Current portion of long-term debt 0 1,269,585
Short-term borrowings 748,778 452,105
Obligation to return collateral 1,311,240 826,883
Accrued expenses and other current liabilities 754,243 805,281
Total current liabilities 7,276,571 8,701,282
Long-term debt 5,947,844 5,937,034
Other non-current liabilities 220,718 240,458
Total liabilities 13,445,133 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 September 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 September 30, 2026 and December 31, 2025; 264,756 (Class A 223,722, Class B 41,034) shares issued and outstanding at September 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 7,867,670 8,566,854
Accumulated other comprehensive (loss) income (113,832) 4,973
Retained earnings 6,186,340 6,221,228
Total shareholders’ equity 13,940,181 14,793,058
Total liabilities and shareholders’ equity $ 27,385,314 $ 29,671,832