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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
June 30, 2024December 31, 2023
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$1,389,565 $— $— $960,705 $— $— 
U.S. government securities183,120 — — 29,788 — — 
Commercial paper— 5,506 — — 4,993 — 
Corporate bonds— 875 — — 699 — 
Restricted cash:
Money market funds149,221 — — 291,374 — — 
Customer funds:
Money market funds4,645 — — 4,042 — — 
Reverse repurchase agreement1,509,674 — — 1,028,754 — — 
Short-term debt securities:
U.S. government securities488,215 — — 539,998 — — 
Corporate bonds— 119,125 — — 215,227 — 
U.S. agency securities— 38,720 — — 67,515 — 
Certificates of deposit— 1,238 — — 3,856 — 
Commercial paper— 1,255 — — 15,159 — 
Municipal securities— 9,448 — — 9,165 — 
Foreign government securities— — — — 981 — 
Long-term debt securities:
U.S. government securities216,399 — — 153,387 — — 
Corporate bonds— 142,018 — — 95,328 — 
U.S. agency securities— 17 — — — — 
Municipal securities— 3,323 — — 2,412 — 
Other:
Investment in marketable equity securities1,628 — — 8,267 — — 
Bitcoin investment (i)
514,584 — — 339,898 — — 
Safeguarding asset related to bitcoin held for other parties— 1,440,307 — — 1,038,585 — 
Safeguarding obligation liability related to bitcoin held for other parties— (1,440,307)— — (1,038,585)— 
Total assets (liabilities) measured at fair value
$4,457,051 $321,525 $— $3,356,213 $415,335 $— 
(i) The Company holds an immaterial amount of bitcoin for operating purposes and, given the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the fair value approximates carrying value. Refer to Note 11, Bitcoin for more details.
The Company estimates the fair value of its convertible and senior notes based on their last actively traded prices (Level 1) or market observable inputs (Level 2). The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
June 30, 2024December 31, 2023
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$994,604 $940,866 $993,208 $938,105 
2031 Senior Notes990,265 852,757 989,567 879,913 
2032 Senior Notes1,973,761 1,998,291 — — 
2025 Convertible Notes997,958 961,712 996,437 979,776 
2026 Convertible Notes571,863 512,561 571,014 501,910 
2027 Convertible Notes570,530 473,665 569,865 468,475 
Total$6,098,981 $5,739,852 $4,120,091 $3,768,179 

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
June 30, 2024December 31, 2023
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$961,581 $968,428 $775,424 $783,464 
Loans held for investment236,413 247,080 247,631 258,684 
Total$1,197,994 $1,215,508 $1,023,055 $1,042,148