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Digital Assets, Net | 12 Months Ended
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Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
Digital Assets, Net | Digital Assets, Net During the years ended December 31, 2024 and 2023, we purchased and/or received immaterial amounts of digital assets. During the years ended December 31, 2023 and 2022, we recorded an immaterial amount and $204 million of impairment losses on digital assets, respectively. The table below summarizes the amounts shown on our consolidated balance sheet as of December 31, 2024 (in millions except units of digital assets).
| December 31, 2024
| Units |  | Cost Basis |  | Fair Value
Digital assets held: |  |  |  |  |
Bitcoin | 11,509 |  | $ | 386 |  |  | $ | 1,074 |
Other |  |  | 1 |  |  | 2 |
Total |  |  | 387 |  |  | 1,076 |
The following table provides details of the activities related to our digital assets for the year ended December 31, 2024 (in millions):
Beginning balance at fair value | $ | 487 |
Unrealized gains, net | 589
Ending balance | $ | 1,076 |
The following tables present summarized unaudited quarterly financial statement data for those impacted line items based on the Company’s adoption of the new crypto assets standard as described in Note 2, Summary of Significant Accounting Policies (in millions, except per share data):
| As of:
Consolidated Balance Sheets (unaudited): | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  |
Digital assets, net |  |  |  |  |  |  |
Before adoption | $ | 184 |  |  | $ | 184 |  |  | $ | 184 |  |  |
Adjustments | 638 |  |  | 538 |  |  | 545 |  |  |
As adjusted | $ | 822 |  |  | $ | 722 |  |  | $ | 729 |  |  |
Deferred tax assets |  |  |  |  |  |  |
Before adoption | $ | 6,769 |  |  | $ | 6,692 |  |  | $ | 6,486 |  |  |
Adjustments | (141) |  |  | (119) |  |  | (120) |  |  |
As adjusted | $ | 6,628 |  |  | $ | 6,573 |  |  | $ | 6,366 |  |  |
| Three Months Ended
Condensed Consolidated Statements of Operations (unaudited): | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  |
Other income (expense), net |  |  |  |  |  |  |
Before adoption | $ | 108 |  |  | $ | 20 |  |  | $ | (270) |  |  |
Adjustments | 335 |  |  | (100) |  |  | 7 |  |  |
As adjusted | $ | 443 |  |  | $ | (80) |  |  | $ | (263) |  |  |
Provision for (benefit from) income taxes |  |  |  |  |  |  |
Before adoption | $ | 409 |  |  | $ | 393 |  |  | $ | 601 |  |  |
Adjustments | 74 |  |  | (22) |  |  | 1 |  |  |
As adjusted | $ | 483 |  |  | $ | 371 |  |  | $ | 602 |  |  |
Net income attributable to common stockholders |  |  |  |  |  |  |
Before adoption | $ | 1,129 |  |  | $ | 1,478 |  |  | $ | 2,167 |  |  |
Adjustments | 261 |  |  | (78) |  |  | 6 |  |  |
As adjusted | $ | 1,390 |  |  | $ | 1,400 |  |  | $ | 2,173 |  |  |
Net income per share of common stock attributable to common stockholders |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |
Before adoption | $ | 0.37 |  |  | $ | 0.46 |  |  | $ | 0.68 |  |  |
Adjustments | 0.08 |  |  | (0.02) |  |  | — |  |  |
As adjusted | $ | 0.45 |  |  | $ | 0.44 |  |  | $ | 0.68 |  |  |
Diluted |  |  |  |  |  |  |
Before adoption | $ | 0.34 |  |  | $ | 0.42 |  |  | $ | 0.62 |  |  |
Adjustments | 0.07 |  |  | (0.02) |  |  | — |  |  |
As adjusted | $ | 0.41 |  |  | $ | 0.40 |  |  | $ | 0.62 |  |  |
The unaudited impact of adoption for the three months ended December 31, 2024 was to increase Digital assets, net by $347 million, with a corresponding increase in Other income (expense), net and decrease our Deferred tax assets by $77 million with a corresponding increase in our Provision for (benefit from) income taxes, thus contributing $270 million to Net income attributable to common stockholders. These amounts contributed $0.08 to both basic and diluted net income attributable to common stockholders per share of common stock for the three months ended December 31, 2024. There were no impairment losses recorded for any period during the year ended December 31, 2024. As a result, the unaudited interim balances of Digital assets, net did not change throughout the year ended December 31, 2024 prior to the adoption of the new crypto assets standard, which was adopted as of January 1, 2024.

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