Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Revenue	$ 7,181,325	$ 6,564,028	$ 3,108,383
Operating expenses:
Transaction expense	1,020,230	897,707	420,705
Technology and development	1,670,605	1,468,252	1,324,541
Sales and marketing	1,058,577	654,444	332,312
General and administrative	1,619,642	1,300,257	1,074,308
Losses (gains) on crypto assets held for operations, net	20,704	(71,725)	0
Crypto asset impairment, net	0	0	(34,675)
Restructuring	0	0	142,594
Other operating expense, net	356,126	7,933	10,260
Total operating expenses	5,745,884	4,256,868	3,270,045
Operating income (loss)	1,435,441	2,307,160	(161,662)
Interest expense	85,413	80,645	82,766
Losses (gains) on crypto assets held for investment, net	528,857	(687,055)	0
Other income, net	(700,894)	(29,074)	(167,583)
Income (loss) before income taxes	1,522,065	2,942,644	(76,845)
Provision for (benefit from) income taxes	261,738	363,578	(171,716)
Net income	1,260,327	2,579,066	94,871
Net income attributable to common shareholders:
Basic	1,260,327	2,577,755	94,752
Diluted	$ 1,277,314	$ 2,591,248	$ 94,751
Net income per share:
Basic (in dollars per share)	$ 4.85	$ 10.42	$ 0.40
Diluted (in dollars per share)	$ 4.45	$ 9.48	$ 0.37
Weighted-average shares of common stock used to compute net income per share:
Basic (in shares)	260,088	247,374	235,796
Diluted (in shares)	287,209	273,377	254,391
Net revenue
Revenue:
Revenue	$ 6,883,438	$ 6,293,246	$ 2,926,540
Other revenue
Revenue:
Revenue	$ 297,887	$ 270,782	$ 181,843

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 1,260,327	$ 2,579,066	$ 94,871
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	188,428	127,518	139,642
Stock-based compensation expense	839,440	912,838	780,668
Deferred income taxes	238,308	151,315	(216,334)
Losses (gains) on crypto assets held for operations, net	20,704	(71,725)	0
Losses (gains) on crypto assets held for investment, net	528,857	(687,055)	0
(Gains) losses on investments, net	(680,520)	11,553	(24,368)
Gains on extinguishment of long-term debt, net	0	0	(117,383)
Gains on crypto assets held, net (pre ASU 2023-08)			(117,650)
Crypto asset impairment expense (pre ASU 2023-08)			96,783
Crypto assets received as revenue (pre ASU 2023-08)			(460,878)
Crypto asset payments for expenses (pre ASU 2023-08)			298,255
Other operating activities, net	62,246	11,336	151,118
Accounts receivable, net	(1,983)	(100,568)	84,021
Customer custodial funds in transit	57,152	46,829	(115,391)
Income taxes, net	(147,449)	77,099	8,547
Other current and non-current assets	(47,228)	48,564	28,033
Other current and non-current liabilities	108,101	(2,835)	43,442
Net cash provided by operating activities	2,426,383	3,103,935	673,376
Cash flows from investing activities
Loans originated	(12,453,223)	(7,364,193)	(923,336)
Proceeds from repayment of loans	11,664,530	7,189,488	647,448
Assets pledged as collateral	(16,009)	(100,929)	(159,835)
Return of assets pledged as collateral	16,188	147,096	196,028
Business combinations, net of cash and cash equivalents acquired	(742,038)	0	(30,730)
Purchases of crypto assets held for investment	(787,821)	(35,182)	(279,868)
Dispositions of crypto assets held for investment	266,546	91,925	466,299
Purchase of investments	(377,426)	(59,915)	(18,835)
Dispositions of investments	490,298	5,001	3,543
Other investing activities, net	(110,595)	(74,294)	(106,890)
Net cash used in investing activities	(2,049,550)	(201,003)	(206,176)
Cash flows from financing activities
Issuance of common stock upon exercise of stock options, net of repurchases	78,286	126,140	47,944
Issuances of convertible senior notes, net	2,957,135	1,246,025	0
Repurchase of common stock	(790,195)	0	0
Repayment of long-term debt	0	0	(303,533)
Purchases of capped calls	(224,250)	(104,110)	0
Customer custodial fund liabilities	(936,205)	1,638,087	(274,822)
Customer collateral received	871,389	567,806	321,398
Return of customer collateral	(891,967)	(544,228)	(347,209)
Taxes paid related to net share settlement of equity awards	(402,791)	(117,225)	(277,798)
Proceeds from short-term borrowings	626,428	122,566	31,640
Repayments of short-term borrowings	(580,664)	(48,407)	(52,122)
Other financing activities, net	33,116	16,424	16,297
Net cash provided by (used in) financing activities	740,282	2,903,078	(838,205)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	1,117,115	5,806,010	(371,005)
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	92,850	(48,367)	8,772
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period	15,683,455	9,925,812	10,288,045
Cash, cash equivalents, and restricted cash and cash equivalents, end of period	$ 16,893,420	$ 15,683,455	$ 9,925,812

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 11,285,452	$ 9,308,266
Restricted cash and cash equivalents	334,318	347,169
Customer custodial funds	5,347,428	6,158,949
Crypto assets held for operations	120,831	82,781
Loan receivables	1,354,692	644,165
Crypto assets held as collateral	822,827	767,484
Crypto assets borrowed	318,849	261,052
Accounts receivable, net	307,119	265,251
Marketable investments	309,765	0
Other current assets	187,164	277,536
Total current assets	20,388,445	18,112,653
Crypto assets held for investment	1,998,871	1,552,995
Strategic investments	622,985	374,161
Deferred tax assets	570,819	941,298
Software and equipment, net	264,573	200,080
Goodwill	4,168,967	1,139,670
Intangible assets, net	1,397,794	46,804
Other non-current assets	259,378	174,290
Total assets	29,671,832	22,541,951
Current liabilities:
Customer custodial fund liabilities	5,347,428	6,158,949
Accounts payable	117,605	63,316
Current portion of long-term debt	1,269,585	0
Short-term borrowings	452,105	374,268
Obligation to return collateral	826,883	792,125
Accrued expenses and other current liabilities	687,676	552,662
Total current liabilities	8,701,282	7,941,320
Long-term debt	5,937,034	4,234,081
Other non-current liabilities	240,458	89,708
Total liabilities	14,878,774	12,265,109
Commitments and contingencies (Note 21.)
Shareholders’ equity:
Preferred stock, $0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of December 31, 2025 and December 31, 2024	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 December 31, 2025 and December 31, 2024; 267,836 (Class A 226,797, Class B 41,039) shares issued and outstanding at December 31, 2025 and 253,640 (Class A 209,762, Class B 43,878) shares issued and outstanding at December 31, 2024	3	2
Additional paid-in capital	8,566,854	5,365,990
Accumulated other comprehensive income (loss)	4,973	(50,051)
Retained earnings	6,221,228	4,960,901
Total shareholders’ equity	14,793,058	10,276,842
Total liabilities and shareholders’ equity	$ 29,671,832	$ 22,541,951