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FAIR VALUE MEASUREMENTS | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
| March 31, 2024 |  | December 31, 2023
| Level 1 |  | Level 2 |  |  |  | Level 1 |  | Level 2 |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(1) | $ | 3,037,792 |  |  | $ | — |  |  |  |  | $ | 3,682,917 |  |  | $ | — |  |  |
Customer custodial funds(2) | 4,894,429 |  |  | — |  |  |  |  | 3,301,029 |  |  | — |  |  |
Crypto asset loan receivables | — |  |  | 196,141 |  |  |  |  | — |  |  | 22,229 |  |  |
Crypto assets borrowed(3) | 231,348 |  |  | — |  |  |  |  | 45,212 |  |  | — |  |  |
Safeguarding customer crypto assets | — |  |  | 329,506,477 |  |  |  |  | — |  |  | 192,583,060 |  |  |
Derivative assets(4) | — |  |  | 44,214 |  |  |  |  | — |  |  | 30,577 |  |  |
Crypto assets held for operations | 150,630 |  |  | — |  |  |  |  | 74,103 |  |  | — |  |  |
Crypto assets held as collateral | 106,610 |  |  | — |  |  |  |  | — |  |  | — |  |  |
Crypto assets held for investment | 1,522,328 |  |  | — |  |  |  |  | 330,610 |  |  | — |  |  |
Total assets | $ | 9,943,137 |  |  | $ | 329,746,832 |  |  |  |  | $ | 7,433,871 |  |  | $ | 192,635,866 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Safeguarding customer crypto liabilities | $ | — |  |  | $ | 329,506,477 |  |  |  |  | $ | — |  |  | $ | 192,583,060 |  |  |
Derivative liabilities(4) | — |  |  | 150,104 |  |  |  |  | — |  |  | 21,913 |  |  |
Obligation to return collateral | 106,610 |  |  | — |  |  |  |  | — |  |  | — |  |  |
Total liabilities | $ | 106,610 |  |  | $ | 329,656,581 |  |  |  |  | $ | — |  |  | $ | 192,604,973 |  |  |
__________________ (1)Represents money market funds. Excludes $3.5 billion of corporate cash held in deposit at banks and $124.8 million held at venues, which were not measured and recorded at fair value as of March 31, 2024. Excludes $1.4 billion of corporate cash held in deposit at banks and $88.8 million held at venues, which were not measured and recorded at fair value as of December 31, 2023. (2)Represents money market funds. Excludes customer custodial funds of $307.5 million and $1.3 billion held in deposit at financial institutions and not measured and recorded at fair value as of March 31, 2024 and December 31, 2023, respectively. (3)Includes crypto assets held that were designated as hedged items in fair value hedges as of December 31, 2023 and excludes crypto assets of $404.7 million held at cost as of December 31, 2023. (4)See Note 13. Derivatives for additional details. Safeguarding customer crypto assets and liabilities represent the Company’s obligation to safeguard customer crypto assets and are based on Level 2 inputs. The Company has valued the assets and liabilities using quoted market prices for the underlying crypto assets. Assets and liabilities measured and recorded at fair value on a non-recurring basis The Company’s non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. The Company’s crypto assets held, prior to the adoption of ASU 2023-08, and the Company’s strategic investments, are measured at fair value on a non-recurring basis. Fair value of crypto assets held are based predominantly on Level 1 inputs and fair value measurements for strategic investments are based predominantly on Level 3 inputs. The carrying value of the Company’s strategic investments is adjusted based on an Option-Pricing Model that uses publicly available market data of comparable companies and other unobservable inputs including expected volatility, expected time to liquidity, adjustments for other company-specific developments, and the rights and obligations of the securities the Company holds. Assets and liabilities not measured and recorded at fair value The Company’s financial instruments, including certain cash and cash equivalents, restricted cash, certain customer custodial funds, USDC, accounts receivable, fiat loan receivables, fiat collateral, and customer custodial cash liabilities are not measured at fair value. The carrying values of these instruments approximate their fair values due to their liquid or short-term nature. If these financial instruments were recorded at fair value, they would be based on Level 1 inputs. As of March 31, 2024, the estimated fair value of the 2026 Convertible Notes, 2030 Convertible Notes, and the 2028 and 2031 Senior Notes were $1.4 billion, $1.3 billion, and $1.5 billion, respectively. These are based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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