Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Revenue	$ 1,220,068	$ 1,497,208	$ 2,633,050	$ 3,531,503
Operating expenses:
Transaction expense	189,790	245,261	385,649	548,287
Technology and development	472,848	387,322	998,496	742,690
Sales and marketing	239,843	236,245	506,569	483,528
General and administrative	356,924	353,707	733,018	748,053
Losses on crypto assets held for operations, net	31,719	(8,702)	66,870	25,663
Restructuring	52,408	0	52,408	0
Other operating (income) expense, net	(9,976)	308,025	24,949	302,126
Total operating expenses	1,333,556	1,521,858	2,767,959	2,850,347
Operating (loss) income	(113,488)	(24,650)	(134,909)	681,156
Interest expense	22,516	20,535	45,085	41,046
Losses on crypto assets held for investment, net	209,499	(362,053)	691,855	234,598
Other expense (income), net	49,908	(1,506,905)	(11,733)	(1,500,717)
(Loss) income before income taxes	(395,411)	1,823,773	(860,116)	1,906,229
(Benefit from) provision for income taxes	(35,943)	394,873	(106,531)	411,721
Net (loss) income	(359,468)	1,428,900	(753,585)	1,494,508
Net (loss) income attributable to common shareholders:
Basic	(359,468)	1,428,900	(753,585)	1,494,508
Diluted	$ (359,468)	$ 1,432,511	$ (753,585)	$ 1,501,717
Net (loss) income per share:
Basic (in dollars per share)	$ (1.36)	$ 5.60	$ (2.85)	$ 5.87
Diluted (in dollars per share)	$ (1.36)	$ 5.14	$ (2.85)	$ 5.39
Weighted-average shares of common stock used to compute net (loss) income per share:
Basic (in shares)	263,412	255,188	264,128	254,537
Diluted (in shares)	263,412	278,913	264,128	278,700
Net revenue
Revenue:
Revenue	$ 1,154,301	$ 1,396,513	$ 2,493,649	$ 3,333,334
Other revenue
Revenue:
Revenue	$ 65,767	$ 100,695	$ 139,401	$ 198,169

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net (loss) income	$ (753,585)	$ 1,494,508
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	132,409	67,234
Stock-based compensation expense	486,396	386,889
Deferred income taxes	(109,875)	399,971
Losses on crypto assets held for operations, net	66,870	25,663
Losses on crypto assets held for investment, net	691,855	234,598
Losses (gains) on investments, net	11,381	(1,475,448)
Other operating activities, net	55,689	48,582
Income taxes, net	(41,799)	(125,633)
Crypto assets held for operations	(24,055)	(84,762)
Other current and non-current assets	(59,171)	45,910
Other current and non-current liabilities	(76,061)	75,260
Net cash provided by operating activities	380,054	1,092,772
Cash flows from investing activities
Loans originated	(5,862,479)	(4,596,581)
Proceeds from repayment of loans	5,665,796	4,322,454
Purchases of crypto assets held for investment	(166,597)	(464,082)
Dispositions of crypto assets held for investment	33,865	80,781
Purchase of investments	(251,562)	(91,349)
Dispositions of investments	153,555	5,735
Other investing activities, net	(73,132)	(69,787)
Net cash used in investing activities	(500,554)	(812,829)
Cash flows from financing activities
Repayment of long-term debt	(1,273,013)	0
Repurchase of common stock	(1,243,488)	0
Customer custodial fund liabilities	(1,026,160)	(1,140,867)
Customer collateral received	11,371	109,399
Return of customer collateral	(3,729)	(112,650)
Taxes paid related to net share settlement of equity awards	(224,319)	(201,381)
Proceeds from short-term borrowings	500,918	278,162
Repayments of short-term borrowings	(345,927)	(305,084)
Other financing activities, net	31,120	60,560
Net cash used in financing activities	(3,573,227)	(1,311,861)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents	(3,693,727)	(1,031,918)
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	(47,265)	79,845
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	13,152,428	14,731,383
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents
Cash and cash equivalents	8,614,065	9,367,889
Restricted cash and cash equivalents	275,815	337,786
Customer custodial cash and cash equivalents	4,262,548	5,025,708
Total cash, cash equivalents, and restricted cash and cash equivalents	13,152,428	14,731,383
Supplemental cash flow disclosure
Crypto assets borrowed	1,893,298	588,999
Crypto assets borrowed repaid	1,912,389	638,262
Customer crypto assets received as collateral	2,653,573	1,507,022
Customer crypto asset collateral returned	1,394,501	1,354,794
Crypto asset loan receivables originated	2,241,287	1,110,482
Crypto asset loan receivables repaid	2,218,832	1,145,392
Additions of crypto asset investments	$ 0	$ 166,291

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 8,614,065	$ 11,285,452
Restricted cash and cash equivalents	275,815	334,318
Customer custodial funds	4,299,190	5,347,428
Crypto assets held for operations	86,469	120,831
Loan receivables	1,572,354	1,354,692
Crypto assets held as collateral	1,645,051	822,827
Crypto assets borrowed	229,076	318,849
Accounts receivable, net	333,194	307,119
Marketable investments	174,778	309,765
Other current assets	259,315	187,164
Total current assets	17,489,307	20,388,445
Crypto assets held for investment	1,468,395	1,998,871
Strategic investments	840,287	622,985
Deferred tax assets	682,446	570,819
Goodwill	4,139,490	4,168,967
Intangible assets, net	1,318,869	1,397,794
Other non-current assets	521,492	523,951
Total assets	26,460,286	29,671,832
Current liabilities:
Customer custodial fund liabilities	4,299,190	5,347,428
Current portion of long-term debt	0	1,269,585
Short-term borrowings	539,195	452,105
Obligation to return collateral	1,656,821	826,883
Accrued expenses and other current liabilities	723,708	805,281
Total current liabilities	7,218,914	8,701,282
Long-term debt	5,944,232	5,937,034
Other non-current liabilities	217,475	240,458
Total liabilities	13,380,621	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 June 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 June 30, 2026 and December 31, 2025; 263,782 (Class A 222,748, Class B 41,034) shares issued and outstanding at June 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	7,710,289	8,566,854
Accumulated other comprehensive (loss) income	(98,270)	4,973
Retained earnings	5,467,643	6,221,228
Total shareholders’ equity	13,079,665	14,793,058
Total liabilities and shareholders’ equity	$ 26,460,286	$ 29,671,832