v3.22.2.2
INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities, Available-for-sale Investments on our unaudited condensed consolidated balance sheet consisted of the following:
December 31, 2021
(in millions)Amortized CostUnrealized GainsUnrealized LossesFair Value
Debt securities:
Asset-backed securities$$— $— $
Commercial paper14 — — 14 
Corporate bonds— — 7
Government bonds— — 1
Total investments$27 $— $— $27 
September 30, 2022
(in millions)Amortized CostUnrealized GainsUnrealized LossesFair Value
Debt securities:
Asset-backed securities$$— $— $
Commercial paper16 — — 16 
Corporate bonds— — 
Government bonds— — 
Total investments$32 $— $— $32 
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis were presented on our unaudited condensed consolidated balance sheets as follows:
December 31, 2021
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$4,004 $— $— $4,004 
Investments:
Asset-backed securities— — 
Commercial paper— 14 — 14 
Corporate bonds— — 
Government bonds— 
User-held fractional shares1,834 — — 1,834 
Other current assets:
Equity securities - securities owned14 — — 14 
Total financial assets$5,853 $26 $— $5,879 
Liabilities
Fractional share repurchase obligations$1,834 $— $— $1,834 
Total financial liabilities$1,834 $— $— $1,834 
September 30, 2022
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$629 $— $— $629 
Investments:
Asset-backed securities— — 
Commercial paper— 16 — 16 
Corporate bonds— — 
Government bonds— — 
Asset related to user cryptocurrencies safeguarding obligation— 9,361 — 9,361 
User-held fractional shares1,029 — — 1,029 
Other current assets:
Equity securities - securities owned— — 
Total financial assets$1,671 $9,387 $— $11,058 
Liabilities
User cryptocurrencies safeguarding obligation$— $9,361 $— $9,361 
Fractional shares repurchase obligations
1,029 — — 1,029 
Total financial liabilities$1,029 $9,361 $— $10,390 
Schedule of Safeguarded Cryptocurrencies
Safeguarded user cryptocurrencies were as follows:
(in millions)September 30, 2022
Ethereum (ETH)$2,783 
Bitcoin (BTC)2,759 
Dogecoin (DOGE)2,603 
Other1,216 
Total user cryptocurrencies safeguarding obligation and corresponding asset$9,361 
Schedule of Changes in Estimated Fair Value of Convertible Notes and Warrant Liability
The following table sets forth a summary of the changes in the estimated fair value of our convertible notes and warrant liability:
(in millions)Convertible notesWarrant liability
Beginning of period, January 1, 2021$— $— 
Issued during the period3,299 253 
Change in fair value1,919 127 
Reclassifications to equity(5,218)(380)
End of period, September 30, 2021$— $—