Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 8,676,275,000 | 7,539,388,000 | 8,051,169,000 | 8,543,903,000 | 7,723,806,000 | 7,225,535,000 | 6,711,400,000 | 5,139,351,000 | 5,100,799,000 | 5,166,733,000 | 5,018,409,000 | 4,425,021,000 | 5,006,584,000 | 5,682,068,000 | 6,116,388,000 | 7,123,478,000 | 6,352,775,000 | 4,365,982,000 | 1,983,318,000 |
restricted cash and cash equivalents | 78,867,000 | 69,190,000 | 55,672,000 | 38,519,000 | 31,881,000 | 34,282,000 | |||||||||||||
usdc | 3,696,441,000 | 2,153,824,000 | 2,225,054,000 | 1,241,808,000 | 871,425,000 | 1,056,648,000 | 860,669,000 | 576,028,000 | 400,799,000 | 315,508,000 | 302,851,000 | 861,149,000 | 368,121,000 | 361,714,000 | 179,885,000 | 100,096,000 | 92,107,000 | 144,993,000 | 102,118,000 |
customer custodial funds | 5,672,037,000 | 5,121,640,000 | 5,369,865,000 | 6,158,949,000 | 4,035,045,000 | 4,197,837,000 | 5,201,906,000 | 4,570,845,000 | 3,474,489,000 | 3,848,078,000 | 5,370,658,000 | 5,041,119,000 | 10,023,385,000 | 10,526,233,000 | 8,956,966,000 | 8,961,812,000 | 6,291,776,000 | ||
crypto assets held for operations | 161,145,000 | 125,974,000 | 67,485,000 | 82,781,000 | |||||||||||||||
loan receivables | 859,056,000 | 803,366,000 | 454,473,000 | 475,370,000 | 398,239,000 | 440,351,000 | 529,143,000 | ||||||||||||
crypto assets held as collateral | 1,017,382,000 | 951,272,000 | 597,548,000 | 767,484,000 | 21,119,000 | 106,610,000 | |||||||||||||
crypto assets borrowed | 346,008,000 | 223,620,000 | 235,433,000 | 261,052,000 | 252,885,000 | 223,123,000 | 231,348,000 | ||||||||||||
accounts and loans receivable, net of allowance | 308,423,000 | 222,996,000 | 245,112,000 | 265,251,000 | 187,004,000 | 236,444,000 | 280,357,000 | 361,715,000 | 397,466,000 | 427,210,000 | 480,404,000 | 404,376,000 | 240,354,000 | 245,616,000 | 346,048,000 | 396,025,000 | 237,131,000 | 184,579,000 | 208,828,000 |
marketable investments | 1,093,395,000 | ||||||||||||||||||
other current assets | 184,160,000 | 279,230,000 | 151,977,000 | 277,536,000 | 255,975,000 | 253,226,000 | 379,537,000 | ||||||||||||
total current assets | 22,093,189,000 | 17,490,500,000 | 17,453,788,000 | 18,112,653,000 | 286,425,567,000 | 282,886,632,000 | 343,840,946,000 | 203,466,531,000 | 123,919,222,000 | 134,261,971,000 | 135,843,945,000 | 86,448,215,000 | 107,679,967,000 | 102,162,250,000 | 16,940,652,000 | 18,373,863,000 | 15,869,717,000 | 14,238,055,000 | 8,672,543,000 |
crypto assets held for investment | 2,597,277,000 | 1,838,887,000 | 1,268,001,000 | 1,552,995,000 | 1,260,718,000 | 1,234,158,000 | 1,522,328,000 | ||||||||||||
strategic investments | 401,728,000 | 1,933,843,000 | |||||||||||||||||
deferred tax assets | 324,096,000 | 541,354,000 | 995,529,000 | 941,298,000 | 1,032,959,000 | 1,010,154,000 | 879,671,000 | 1,272,233,000 | |||||||||||
goodwill | 4,004,112,000 | 1,153,621,000 | 1,153,621,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,139,670,000 | 1,073,906,000 | 1,073,906,000 | 1,073,906,000 | 1,080,176,000 | 625,758,000 | 567,420,000 | 501,259,000 | 481,379,000 |
intangible assets | 1,417,823,000 | 46,804,000 | 86,422,000 | 94,935,000 | 108,134,000 | 129,692,000 | 135,429,000 | 161,669,000 | 189,508,000 | 219,128,000 | 176,689,000 | 142,183,000 | 119,889,000 | 93,032,000 | |||||
other non-current assets | 513,142,000 | 517,833,000 | 860,067,000 | 548,451,000 | 699,694,000 | 688,559,000 | 653,862,000 | 362,885,000 | 1,478,096,000 | 1,451,197,000 | 1,462,343,000 | 1,401,720,000 | 1,382,361,000 | 1,274,715,000 | 1,164,613,000 | 952,307,000 | 879,973,000 | 187,688,000 | 141,680,000 |
total assets | 31,351,367,000 | 23,476,038,000 | 21,731,006,000 | 22,541,951,000 | 290,558,608,000 | 286,959,173,000 | 348,036,477,000 | 206,982,953,000 | 127,305,595,000 | 137,650,575,000 | 139,301,859,000 | 89,724,873,000 | 111,168,363,000 | 105,468,243,000 | 20,895,194,000 | 21,274,425,000 | 18,454,271,000 | 15,790,208,000 | 10,201,112,000 |
liabilities and stockholders’ equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
customer custodial fund liabilities | 5,672,037,000 | 5,121,640,000 | 5,369,865,000 | 6,158,949,000 | |||||||||||||||
current portion of long-term debt | 1,268,081,000 | 1,266,577,000 | |||||||||||||||||
crypto asset borrowings | 386,823,000 | 268,550,000 | 272,608,000 | 300,110,000 | 265,259,000 | 237,474,000 | 272,805,000 | 62,980,000 | 109,255,000 | 144,503,000 | 167,823,000 | 151,505,000 | 209,678,000 | 136,548,000 | 485,564,000 | 426,665,000 | 445,172,000 | 366,991,000 | 543,820,000 |
obligation to return collateral | 1,026,945,000 | 972,661,000 | 628,854,000 | 792,125,000 | 118,224,000 | 272,171,000 | 315,090,000 | ||||||||||||
accrued expenses and other current liabilities | 835,468,000 | 601,354,000 | 662,042,000 | 626,820,000 | 500,603,000 | 448,170,000 | 438,321,000 | 447,050,000 | 374,374,000 | 262,251,000 | 274,983,000 | 331,236,000 | 298,101,000 | 457,399,000 | 647,960,000 | 439,559,000 | |||
total current liabilities | 9,189,354,000 | 8,230,782,000 | 6,933,369,000 | 7,941,320,000 | 277,588,438,000 | 274,353,719,000 | 335,734,599,000 | 197,714,131,000 | 118,298,786,000 | 128,538,752,000 | 130,202,823,000 | 80,815,293,000 | 102,073,099,000 | 96,194,296,000 | 10,921,823,000 | 11,419,035,000 | 9,615,159,000 | 9,677,564,000 | 7,256,148,000 |
long-term debt | 5,933,447,000 | 2,973,545,000 | 4,237,090,000 | 4,234,081,000 | 4,231,047,000 | 4,228,019,000 | 4,225,014,000 | 2,979,957,000 | 3,076,599,000 | 3,334,257,000 | 3,395,613,000 | 3,393,448,000 | 3,391,237,000 | 3,389,033,000 | 3,386,865,000 | 3,384,795,000 | 3,382,185,000 | ||
other non-current liabilities | 205,342,000 | 176,822,000 | 92,307,000 | 89,708,000 | 11,001,000 | 6,666,000 | 5,870,000 | 3,395,000 | 3,395,000 | 14,252,000 | 17,188,000 | 19,531,000 | 27,545,000 | 12,208,000 | 23,988,000 | 14,828,000 | 14,828,000 | ||
total liabilities | 15,328,143,000 | 11,381,149,000 | 11,262,766,000 | 12,265,109,000 | 281,830,486,000 | 278,588,404,000 | 339,965,483,000 | 200,701,304,000 | 121,384,470,000 | 131,895,872,000 | 133,626,913,000 | 84,270,316,000 | 105,542,048,000 | 99,654,854,000 | 14,399,101,000 | 14,892,736,000 | 13,093,774,000 | 11,166,783,000 | 7,344,667,000 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||
preferred stock, 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of september 30, 2025 and december 31, 2024 | |||||||||||||||||||
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 september 30, 2025 and december 31, 2024; 268,736 (class a 227,157, class b 41,579) shares issued and outstanding at september 30, 2025 and 253,640 (class a 209,762, class b 43,878) shares issued and outstanding at december 31, 2024 | 3,000 | ||||||||||||||||||
additional paid-in capital | 9,131,722,000 | 5,639,538,000 | 5,483,821,000 | 5,365,990,000 | 5,087,238,000 | 4,816,808,000 | 4,550,408,000 | 4,491,571,000 | 4,418,327,000 | 4,239,319,000 | 4,056,774,000 | 3,767,686,000 | 3,380,330,000 | 3,004,459,000 | 2,579,216,000 | 2,034,658,000 | 1,850,711,000 | 1,516,533,000 | 804,523,000 |
accumulated other comprehensive income | 3,538,000 | -3,395,000 | -432,000 | 2,774,000 | 2,118,000 | ||||||||||||||
retained earnings | 6,887,961,000 | 6,455,409,000 | 5,026,509,000 | 4,960,901,000 | 3,669,725,000 | 3,594,230,000 | 3,558,080,000 | 1,820,346,000 | 1,546,909,000 | 1,549,174,000 | 1,646,579,000 | 1,725,475,000 | 2,282,476,000 | 2,827,111,000 | 3,920,765,000 | 4,350,424,000 | 3,510,216,000 | 3,104,116,000 | 1,497,767,000 |
total stockholders’ equity | 16,023,224,000 | 12,094,889,000 | 10,468,240,000 | 10,276,842,000 | 8,728,122,000 | 8,370,769,000 | 8,070,994,000 | 6,281,649,000 | 5,921,125,000 | 5,754,703,000 | 5,674,946,000 | 5,454,557,000 | 5,626,315,000 | 5,813,389,000 | 6,496,093,000 | 6,381,689,000 | 5,360,497,000 | 4,623,425,000 | 2,304,408,000 |
total liabilities and stockholders’ equity | 31,351,367,000 | 23,476,038,000 | 21,731,006,000 | 22,541,951,000 | 290,558,608,000 | 286,959,173,000 | 348,036,477,000 | 206,982,953,000 | 127,305,595,000 | 137,650,575,000 | 139,301,859,000 | ||||||||
preferred stock, 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of june 30, 2025 and december 31, 2024 | |||||||||||||||||||
class a common stock | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 1,000 | 1,000 | ||
class b common stock | 1,000 | 1,000 | |||||||||||||||||
accumulated other comprehensive loss | -60,000 | -42,092,000 | -50,051,000 | -28,843,000 | -40,271,000 | -37,496,000 | -30,270,000 | -44,113,000 | -33,792,000 | -28,409,000 | -38,606,000 | -36,493,000 | -18,183,000 | -3,890,000 | |||||
preferred stock, 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of march 31, 2025 and december 31, 2024 | |||||||||||||||||||
software and equipment | 200,080,000 | ||||||||||||||||||
accounts payable | 63,316,000 | 39,294,000 | 36,744,000 | 27,983,000 | 23,694,000 | 56,043,000 | 61,514,000 | 40,745,000 | 12,650,000 | 39,833,000 | |||||||||
preferred stock, 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of december 31, 2024 and december 31, 2023 | |||||||||||||||||||
safeguarding customer crypto assets | 272,669,307,000 | 269,198,067,000 | 329,506,477,000 | 192,583,060,000 | 114,291,909,000 | ||||||||||||||
customer custodial cash liabilities | 4,035,045,000 | 4,197,837,000 | 5,201,906,000 | 4,570,845,000 | 3,474,489,000 | 3,848,078,000 | 5,365,658,000 | 4,829,587,000 | 6,357,657,000 | 7,071,557,000 | |||||||||
safeguarding customer crypto liabilities | 272,669,307,000 | 269,198,067,000 | 329,506,477,000 | 192,583,060,000 | 114,291,909,000 | ||||||||||||||
preferred stock, 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of september 30, 2024 and december 31, 2023 | |||||||||||||||||||
preferred stock, 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of june 30, 2024 and december 31, 2023 | |||||||||||||||||||
restricted cash | 33,499,000 | 22,992,000 | 26,319,000 | 20,697,000 | 26,712,000 | 25,873,000 | 23,113,000 | 28,962,000 | 27,111,000 | 30,951,000 | 30,884,000 | 30,842,000 | 30,841,000 | ||||||
preferred stock, 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at each of march 31, 2024 and december 31, 2023 | |||||||||||||||||||
income tax receivable | 63,726,000 | 69,727,000 | 64,759,000 | 67,947,000 | 60,441,000 | 60,522,000 | 62,406,000 | 56,767,000 | 61,231,000 | 94,689,000 | 435,096,000 | ||||||||
prepaid expenses and other current assets | 148,814,000 | 157,714,000 | 175,399,000 | 219,075,000 | 217,048,000 | 277,044,000 | 146,463,000 | 191,068,000 | 135,849,000 | 105,165,000 | 114,751,000 | 55,662,000 | |||||||
crypto assets held | 449,925,000 | 455,986,000 | 485,347,000 | 514,502,000 | 424,393,000 | 623,073,000 | 539,683,000 | 1,333,333,000 | 988,193,000 | 833,763,000 | 585,846,000 | 651,356,000 | |||||||
lease right-of-use assets | 12,737,000 | 15,412,000 | 18,210,000 | 38,864,000 | 69,357,000 | 76,465,000 | 85,972,000 | 91,431,000 | 98,385,000 | 105,583,000 | 105,296,000 | 110,791,000 | |||||||
property and equipment | 192,550,000 | 202,274,000 | 186,046,000 | 172,843,000 | 171,853,000 | 170,922,000 | 142,209,000 | 65,861,000 | 59,230,000 | 55,632,000 | 52,175,000 | 50,331,000 | |||||||
lease liabilities, current | 10,902,000 | 12,015,000 | 12,350,000 | 12,776,000 | 33,734,000 | 33,025,000 | 34,174,000 | 32,688,000 | 32,366,000 | 31,854,000 | 30,933,000 | 29,695,000 | |||||||
lease liabilities, non-current | 3,821,000 | 5,690,000 | 8,611,000 | 11,289,000 | 42,044,000 | 50,167,000 | 59,317,000 | 66,425,000 | 74,078,000 | 81,602,000 | 82,292,000 | 88,519,000 | |||||||
preferred stock, 0.00001 par value; 500,000 shares authorized and zero shares issued and outstanding at december 31, 2023 and 2022, respectively | |||||||||||||||||||
customer crypto assets | 124,243,587,000 | 124,357,889,000 | 75,413,188,000 | 95,113,124,000 | 88,453,873,000 | ||||||||||||||
customer crypto liabilities | 124,243,587,000 | 124,357,889,000 | 75,413,188,000 | 95,113,124,000 | 88,453,873,000 | ||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | |||||||||||||||||||
total liabilities, convertible preferred stock, and stockholders’ equity | 89,724,873,000 | 21,274,425,000 | 18,454,271,000 | 15,790,208,000 | 10,201,112,000 | ||||||||||||||
customer custodial cash | 6,591,105,000 | 7,181,148,000 | |||||||||||||||||
non-current assets: | |||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 111,168,363,000 | 105,468,243,000 | 20,895,194,000 | ||||||||||||||||
custodial funds due to customers | 9,742,961,000 | 10,480,612,000 | 8,807,978,000 | 8,968,505,000 | 6,223,846,000 | ||||||||||||||
liabilities, convertible preferred stock, and stockholders’ equity | |||||||||||||||||||
convertible preferred stock, 0.00001 par value; 500,000 and 126,605 shares authorized at december 31, 2021 and december 31, 2020, respectively; zero and 112,878 shares issued and outstanding at december 31, 2021 and december 31, 2020, respectively; aggregate liquidation preference of 0 and 578,750 at december 31, 2021 and december 31, 2020, respectively | |||||||||||||||||||
accounts payable and accrued expenses | 290,471,000 | 266,655,000 | 373,955,000 | ||||||||||||||||
other current liabilities | 39,684,000 | 44,480,000 | 84,832,000 | ||||||||||||||||
convertible preferred stock, 0.00001 par value; 500,000 and 126,605 shares authorized at september 30, 2021 and december 31, 2020, respectively; zero and 112,878 shares issued and outstanding at september 30, 2021 and december 31, 2020, respectively; aggregate liquidation preference of 0 and 578,750 at september 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
convertible senior notes, net, non-current | 1,406,927,000 | ||||||||||||||||||
convertible preferred stock, 0.00001 par value; 500,000 and 126,605 shares authorized at june 30, 2021 and december 31, 2020, respectively; zero and 112,878 shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively; aggregate liquidation preference of 0 and 578,750 at june 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
convertible preferred stock, 0.00001 par value; 126,605 shares authorized; 112,407 and 112,878 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively; aggregate liquidation preference of 568,320 and 578,750 at march 31, 2021 and december 31, 2020, respectively | 552,037,000 | ||||||||||||||||||
stockholders’ equity |
The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.