PREPAID EXPENSES AND OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expenses and other current and non-current assets

Prepaid expenses and other current assets, and other non-current assets consisted of the following (in thousands):


	September 30,		December 31,
	2023		2022
Prepaid expenses and other current assets
Prepaid expenses	$	88,101	$	98,204
Assets pledged as collateral(1)	50,081		100,007
Other	19,532		18,837
Total prepaid expenses and other current assets	$	157,714	$	217,048

Other non-current assets
Strategic investments	$	357,075	$	326,683
Deferred tax assets	1,105,992		1,046,791
Deposits	12,238		10,989
Other	2,791		17,257
Total other non-current assets	$	1,478,096	$	1,401,720

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(1) Includes $46.1 million and $58.4 million as of September 30, 2023 and December 31, 2022, respectively, of the right to receive a fixed amount of USDC pledged as collateral. See Note 11. Collateral for additional details on assets pledged as collateral.

Schedule of other investments accounted for under the measurement alternative

The changes in the carrying value of strategic investments accounted for under the measurement alternative are presented below (in thousands):


	Nine Months Ended September 30,
	2023		2022
Carrying amount, beginning of period	$	315,285	$	352,431
Net additions(1)	54,271		57,058
Upward adjustments	62		879
Previously held interest in ORDAM (see Note 4)	(20,000)		—
Impairments and downward adjustments	(5,774)		(70,631)

Carrying amount, end of period(2)	$	343,844	$	339,737

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(1)Net additions include additions from purchases and reductions due to exits of securities and reclassifications due to changes to capital structure.

(2)Excludes $13.2 million and $17.3 million as of September 30, 2023 and 2022, respectively, of strategic investments that are not accounted for under the measurement alternative.