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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
December 31, 2024December 31, 2023
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$857,196 $— $— $960,705 $— $— 
U.S. government securities26,951 — — 29,788 — — 
Commercial paper— 509 — — 4,993 — 
Corporate bonds— — — — 699 — 
Restricted Cash:
Money market funds319,800 — — 291,374 — — 
Customer funds:
Money market funds4,645 — — 4,042 — — 
Reverse repurchase agreement982,974 — — 1,028,754 — — 
Short-term debt securities:
U.S. government securities206,785 — — 539,998 — — 
Corporate bonds— 160,390 — — 215,227 — 
U.S. agency securities— 34,468 — — 67,515 — 
Commercial paper— 333 — — 15,159 — 
Municipal securities— 399 — — 9,165 — 
Certificates of deposit— 1,051 — — 3,856 — 
Foreign government securities— — — — 981 — 
Long-term debt securities:
U.S. government securities223,258 — — 153,387 — — 
Corporate bonds— 195,344 — — 95,328 — 
U.S. agency securities— 49,030 — — — — 
Municipal securities— 4,345 — — 2,412 — 
Other:
Bitcoin investment (i)
792,282 — — 339,898 — — 
Investment in marketable equity securities5,407 — — 8,267 — — 
Total assets (liabilities) measured at fair value    $3,419,298 $445,869 $— $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 1, Description of Business and Summary of Significant Accounting Policies and Note 13, Bitcoin for more details.
The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
December 31, 2024December 31, 2023
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$996,017 $960,589 $993,208 $938,105 
2031 Senior Notes990,971 873,868 989,567 879,913 
2032 Senior Notes1,975,026 1,999,220 — — 
2025 Convertible Notes999,497 991,941 996,437 979,776 
2026 Convertible Notes572,723 533,154 571,014 501,910 
2027 Convertible Notes571,202 497,517 569,865 468,475 
Total$6,105,436 $5,856,289 $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):
December 31, 2024December 31, 2023
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$1,111,107 $1,112,746 $775,424 $783,464 
Loans held for investment365,062 382,542 247,631 258,684 
Total$1,476,169 $1,495,288 $1,023,055 $1,042,148