v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income (loss) $ (34,888) $ 1,927,060
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 193,623 117,312
Stock-based compensation expense 719,441 608,958
Deferred income taxes (11,306) 486,498
Losses (gains) on crypto assets held for operations, net 40,764 (10,077)
Gains on crypto assets held for investment, net (23,167) (189,305)
Gains on investments, net (27,850) (1,075,198)
Other operating activities, net 94,908 6,830
Income taxes, net (65,954) (142,348)
Crypto assets held for operations 53,418 (75,057)
Other current and non-current assets (108,248) 10,099
Other current and non-current liabilities (45,226) 137,915
Net cash provided by operating activities 785,515 1,802,687
Cash flows from investing activities    
Loans originated (9,891,266) (8,917,869)
Proceeds from repayment of loans 9,272,941 8,602,605
Business combinations, net of cash and cash equivalents acquired (22,085) (665,769)
Purchases of crypto assets held for investment (217,892) (690,285)
Dispositions of crypto assets held for investment 43,114 263,685
Purchase of investments (301,638) (90,703)
Dispositions of investments 175,944 73,211
Other investing activities, net (85,047) (86,289)
Net cash used in investing activities (1,025,929) (1,511,414)
Cash flows from financing activities    
Issuance of common stock upon exercise of stock options, net of repurchases 17,042 76,558
Issuances of convertible senior notes, net 0 2,957,135
Repayment of long-term debt (1,273,013) 0
Repurchase of common stock (1,248,804) 0
Purchases of capped calls 0 (224,250)
Customer custodial fund liabilities (865,121) (600,398)
Customer collateral received 15,455 116,644
Return of customer collateral (7,784) (131,721)
Taxes paid related to net share settlement of equity awards (303,353) (308,803)
Proceeds from short-term borrowings 939,113 501,316
Repayments of short-term borrowings (717,512) (436,510)
Other financing activities, net 26,864 10,931
Net cash (used in) provided by financing activities (3,417,113) 1,960,902
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents (3,657,527) 2,252,175
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents (62,956) 89,868
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 16,893,420 15,683,456
Cash, cash equivalents, and restricted cash and cash equivalents, end of period 13,172,937 18,025,499
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents    
Cash and cash equivalents 8,603,791 11,990,355
Restricted cash and cash equivalents - current 89,158 485,031
Restricted cash and cash equivalents in other non-current assets 52,378  
Customer custodial cash and cash equivalents 4,427,610 5,550,113
Total cash, cash equivalents, and restricted cash and cash equivalents $ 13,172,937 $ 18,025,499