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FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures its cash equivalents, customer funds, short-term and long-term marketable debt securities, marketable equity investments, and bitcoin investment at fair value. The Company classifies these investments within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company measures its safeguarding obligation liability related to bitcoin held for other parties at the fair value of the bitcoin that the Company holds for other parties and classifies the liability within Level 2 because the Company uses observable market prices of the underlying bitcoin as an input for the valuation. The Company also classifies its safeguarding asset related to bitcoin held for other parties within Level 2, unless the asset's carrying amount is adjusted to reflect any actual or potential safeguarding loss events, in which case it would be classified within Level 3. The Company was not aware of any actual or possible safeguarding loss events as of September 30, 2024 or December 31, 2023.
The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
September 30, 2024December 31, 2023
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$1,204,695 $— $— $960,705 $— $— 
U.S. government securities148,331 — — 29,788 — — 
Commercial paper— 496 — — 4,993 — 
Corporate bonds— — — — 699 — 
Restricted cash:
Money market funds197,075 — — 291,374 — — 
Customer funds:
Money market funds4,645 — — 4,042 — — 
Reverse repurchase agreement900,646 — — 1,028,754 — — 
Short-term debt securities:
U.S. government securities332,322 — — 539,998 — — 
Corporate bonds— 137,464 — — 215,227 — 
U.S. agency securities— 33,772 — — 67,515 — 
Certificates of deposit— 738 — — 3,856 — 
Commercial paper— 598 — — 15,159 — 
Municipal securities— 92 — — 9,165 — 
Foreign government securities— — — — 981 — 
Long-term debt securities:
U.S. government securities202,443 — — 153,387 — — 
Corporate bonds— 186,785 — — 95,328 — 
U.S. agency securities— 39,034 — — — — 
Certificates of deposit— 515 — — — — 
Municipal securities— 3,399 — — 2,412 — 
Other:
Investment in marketable equity securities1,527 — — 8,267 — — 
Bitcoin investment (i)
529,581 — — 339,898 — — 
Safeguarding asset related to bitcoin held for other parties— 1,412,948 — — 1,038,585 — 
Safeguarding obligation liability related to bitcoin held for other parties— (1,412,948)— — (1,038,585)— 
Total assets (liabilities) measured at fair value
$3,521,265 $402,893 $— $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 carrying amounts of certain financial instruments, including settlements receivable, consumer receivables, accounts payable, customers payable, accrued expenses, and settlements payable, approximate their fair values due to their short-term nature. The carrying amounts of the Company's warehouse funding facilities approximate their fair values.
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):
September 30, 2024December 31, 2023
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$995,309 $965,320 $993,208 $938,105 
2031 Senior Notes990,617 904,869 989,567 879,913 
2032 Senior Notes1,974,377 2,058,228 — — 
2025 Convertible Notes998,727 977,824 996,437 979,776 
2026 Convertible Notes572,293 528,988 571,014 501,910 
2027 Convertible Notes570,866 493,086 569,865 468,475 
Total$6,102,189 $5,928,315 $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):
September 30, 2024December 31, 2023
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$1,008,312 $1,012,996 $775,424 $783,464 
Loans held for investment260,718 272,530 247,631 258,684 
Total$1,269,030 $1,285,526 $1,023,055 $1,042,148 

If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs. During the three and nine months ended September 30, 2024 and September 30, 2023, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.