v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,699,951 $ 1,526,046
Cash and cash equivalents segregated for corporate-held stablecoins 1,016,461 822,963
Cash and cash equivalents segregated for the benefit of stablecoin holders 73,574,857 75,067,932
Accounts receivable, net 67,972 62,866
Stablecoins receivable, net 5,540 0
Prepaid expenses and other current assets 334,448 321,660
Total current assets 76,699,229 77,801,467
Non-current assets:    
Restricted cash 2,814 2,792
Investments 124,356 84,265
Fixed assets, net 21,150 22,791
Digital assets 130,014 86,515
Goodwill 265,742 265,742
Intangible assets, net 446,352 411,146
Deferred tax assets, net 9,079 11,110
Other non-current assets 27,203 27,379
Total assets 77,725,939 78,713,207
Current liabilities:    
Deposits from stablecoin holders 73,451,092 74,912,567
Accounts payable and accrued expenses 290,764 360,609
Convertible debt, net of debt discount 0 36,821
Other current liabilities 73,479 18,398
Total current liabilities 73,815,335 75,328,395
Non-current liabilities:    
Deferred tax liabilities, net 27,228 28,702
Other non-current liabilities 19,488 25,337
Total liabilities 73,862,051 75,382,434
Commitments and contingencies (see Note 22)
Stockholders’ equity    
Treasury stock at cost (4.5 million and 4.7 million shares held as of September 30, 2026 and December 31, 2025, respectively) (2,607) (2,721)
Additional paid-in capital 4,823,113 4,610,216
Accumulated deficit (963,211) (1,292,709)
Accumulated other comprehensive income 5,138 14,515
Total stockholders' equity attributable to common stockholders 3,862,460 3,329,327
Noncontrolling interests 1,428 1,446
Total stockholders’ equity 3,863,888 3,330,773
Total liabilities and stockholders’ equity 77,725,939 78,713,207
Class A common stock    
Stockholders’ equity    
Common stock, value, issued 25 24
Class B common stock    
Stockholders’ equity    
Common stock, value, issued 2 2
Class C common stock    
Stockholders’ equity    
Common stock, value, issued $ 0 $ 0