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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2025
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’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
| September 30, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 2,268,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 857,196 |  |  | $ | — |  |  | $ | — |
U.S. government securities | 79,582 |  |  | — |  |  | — |  |  | 26,951 |  |  | — |  |  | — |
Commercial paper | — |  |  | 1,564 |  |  | — |  |  | — |  |  | 509 |  |  | — |
Corporate bonds | — |  |  | 76 |  |  | — |  |  | — |  |  | — |  |  | — |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |
Money market funds | 96,641 |  |  | — |  |  | — |  |  | 319,800 |  |  | — |  |  | — |
Customer funds: |  |  |  |  |  |  |  |  |  |  |
Reverse repurchase agreement | 1,139,122 |  |  | — |  |  | — |  |  | 982,974 |  |  | — |  |  | — |
Money market funds | 4,645 |  |  | — |  |  | — |  |  | 4,645 |  |  | — |  |  | — |
Short-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 271,717 |  |  | — |  |  | — |  |  | 206,785 |  |  | — |  |  | — |
Corporate bonds | — |  |  | 65,231 |  |  | — |  |  | — |  |  | 160,390 |  |  | — |
U.S. agency securities | — |  |  | 24,029 |  |  | — |  |  | — |  |  | 34,468 |  |  | — |
Certificates of deposit | — |  |  | 1,246 |  |  | — |  |  | — |  |  | 1,051 |  |  | — |
Commercial paper | — |  |  | 8,418 |  |  | — |  |  | — |  |  | 333 |  |  | — |
Municipal securities | — |  |  | 131 |  |  | — |  |  | — |  |  | 399 |  |  | — |
Long-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | 118,679 |  |  | — |  |  | — |  |  | 223,258 |  |  | — |  |  | — |
Corporate bonds | — |  |  | 47,557 |  |  | — |  |  | — |  |  | 195,344 |  |  | — |
U.S. agency securities | — |  |  | 5,005 |  |  | — |  |  | — |  |  | 49,030 |  |  | — |
Municipal securities | — |  |  | 5,543 |  |  | — |  |  | — |  |  | 4,345 |  |  | — |
Other: |  |  |  |  |  |  |  |  |  |  |
Bitcoin investment (i) | 1,001,419 |  |  | — |  |  | — |  |  | 792,282 |  |  | — |  |  | — |
Investment in marketable equity securities | 5,808 |  |  | — |  |  | — |  |  | 5,407 |  |  | — |  |  | — |
Total | $ | 4,986,029 |  |  | $ | 158,800 |  |  | $ | — |  |  | $ | 3,419,298 |  |  | $ | 445,869 |  |  | $ | — |
(i) In addition to the Company's bitcoin investment, an immaterial amount of bitcoin is held 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, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value (Level 2) |  | Carrying Value |  | Fair Value (Level 2)
2026 Senior Notes | $ | 998,117 |  |  | $ | 985,251 |  |  | $ | 996,017 |  |  | $ | 960,589 |
2030 Senior Notes | 1,184,858 |  |  | 1,201,256 |  |  | — |  |  | — |
2031 Senior Notes | 992,018 |  |  | 923,827 |  |  | 990,971 |  |  | 873,868 |
2032 Senior Notes | 1,977,040 |  |  | 2,046,612 |  |  | 1,975,026 |  |  | 1,999,220 |
2033 Senior Notes | 987,265 |  |  | 1,011,473 |  |  | — |  |  | — |
2025 Convertible Notes | — |  |  | — |  |  | 999,497 |  |  | 991,941 |
2026 Convertible Notes | 574,001 |  |  | 558,503 |  |  | 572,723 |  |  | 533,154 |
2027 Convertible Notes | 572,201 |  |  | 521,847 |  |  | 571,202 |  |  | 497,517 |
Total | $ | 7,285,500 |  |  | $ | 7,248,769 |  |  | $ | 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):
| September 30, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value (Level 3) |  | Carrying Value |  | Fair Value (Level 3)
Loans held for sale | $ | 778,039 |  |  | $ | 803,058 |  |  | $ | 1,111,107 |  |  | $ | 1,112,746 |
Loans held for investment | 2,203,273 |  |  | 2,258,882 |  |  | 365,062 |  |  | 382,542 |
Total | $ | 2,981,312 |  |  | $ | 3,061,940 |  |  | $ | 1,476,169 |  |  | $ | 1,495,288 |
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, 2025 and September 30, 2024, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.

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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 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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