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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of 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, 2025December 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$441,799 $— $— $857,196 $— $— 
U.S. government securities29,898 — — 26,951 — — 
Commercial paper— — — — 509 — 
Restricted cash:
Money market funds94,764 — — 319,800 — — 
Customer funds:
Reverse repurchase agreement1,236,941 — — 982,974 — — 
Money market funds4,645 — — 4,645 — — 
Short-term debt securities:
U.S. government securities223,912 — — 206,785 — — 
Corporate bonds— 75,072 — — 160,390 — 
U.S. agency securities— 12,518 — — 34,468 — 
Certificates of deposit— 1,246 — — 1,051 — 
Commercial paper— 533 — — 333 — 
Municipal securities— 130 — — 399 — 
Long-term debt securities:
U.S. government securities117,871 — — 223,258 — — 
Corporate bonds— 26,075 — — 195,344 — 
U.S. agency securities— 47,045 — — 49,030 — 
Municipal securities— 5,581 — — 4,345 — 
Other:
Bitcoin investment (i)
931,656 — — 792,282 — — 
Investment in marketable equity securities6,413 — — 5,407 — — 
Total
$3,087,899 $168,200 $— $3,419,298 $445,869 $— 
(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, 2025December 31, 2024
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$997,409 $977,022 $996,017 $960,589 
2031 Senior Notes991,665 910,408 990,971 873,868 
2032 Senior Notes1,976,357 2,040,846 1,975,026 1,999,220 
2025 Convertible Notes— — 999,497 991,941 
2026 Convertible Notes573,570 549,623 572,723 533,154 
2027 Convertible Notes571,865 511,875 571,202 497,517 
Total$5,110,866 $4,989,774 $6,105,436 $5,856,289 

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
June 30, 2025December 31, 2024
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$1,411,653 $1,438,134 $1,111,107 $1,112,746 
Loans held for investment1,039,544 1,055,171 365,062 382,542 
Total$2,451,197 $2,493,305 $1,476,169 $1,495,288