The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):


	September 30, 2026				December 31, 2025
	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents(1)	$	3,654,256	$	—		$	6,088,290	$	—
Restricted cash equivalents(2)	1,469		—			1,472		—
Customer custodial funds(3)	1,947,370		—			3,438,375		—
Crypto assets held for operations	53,059		—			120,831		—
Crypto asset loan receivables	—		17,598			—		14,479
Crypto assets held as collateral	1,299,500		—			822,827		—
Crypto assets borrowed	389,657		—			318,849		—
Marketable investments(4)	198,878		18,214			253,468		11,903
Crypto assets held for investment	2,224,811		—			1,998,871		—
Derivative assets(5)	—		136,753			—		181,433
Total assets	$	9,769,000	$	172,565		$	13,042,983	$	207,815

Liabilities
Derivative liabilities(5)	$	—	$	247,071		$	—	$	66,590

(1)Represents money market funds and other short-duration U.S. Treasury holdings. Excludes cash and cash equivalents not measured and recorded at fair value of $4.9 billion and $5.2 billion as of September 30, 2026 and December 31, 2025, respectively.

(2)Represents money market funds. Excludes restricted cash and cash equivalents not measured and recorded at fair value of $87.7 million and $332.8 million as of September 30, 2026 and December 31, 2025, respectively.

(3)Represents customer custodial cash equivalents, which comprise money market funds. Excludes customer custodial funds not measured and recorded at fair value of $2.5 billion and $1.9 billion as of September 30, 2026 and December 31, 2025, respectively.

(4)Primarily represents marketable equity securities. Excludes marketable investments not measured and recorded at fair value, with none as of September 30, 2026 and $44.4 million as of December 31, 2025.