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BITCOIN | 9 Months Ended
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Sep. 30, 2025
Other Liabilities Disclosure [Abstract] |
BITCOIN | BITCOIN A) Company Owned Bitcoin The Company holds bitcoin for long-term investment purposes ("bitcoin investment") and also holds bitcoin for the facilitation of customer sales and purchases of bitcoin on Cash App ("bitcoin for operating purposes"). The Company accounts for its bitcoin as an indefinite-lived intangible asset in accordance with Accounting Standards Codification ("ASC") 350, Intangibles—Goodwill and Other and has ownership of and control over its bitcoin. The Company's bitcoin investment, which is included within “Other non-current assets” on the condensed consolidated balance sheets, is initially recorded at cost, inclusive of transaction costs, and remeasured at fair value at the end of each reporting period. Changes in fair value are recognized in net income through “Remeasurement loss (gain) on bitcoin investment” in the Company’s condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the Company held approximately 8,780 and 8,485 bitcoins for investment purposes with a cost basis of $282.2 million and $251.5 million, respectively. The following table summarizes the changes in the Company’s bitcoin investment in the period (in thousands, except amount of bitcoin):
| Amount of Bitcoin |  | Value
Balance at December 31, 2024 | 8,485 |  |  | $ | 792,282 |
Additions | 99 |  |  | 9,519 |
Remeasurement loss | — |  |  | (93,351) |
Balance at March 31, 2025 | 8,584 |  |  | $ | 708,450 |
Additions | 108 |  |  | 11,041 |
Remeasurement gain | — |  |  | 212,165 |
Balance at June 30, 2025 | 8,692 |  |  | $ | 931,656 |
Additions | 88 |  |  | 10,175 |
Remeasurement gain | — |  |  | 59,588 |
Balance at September 30, 2025 | 8,780 |  |  | $ | 1,001,419 |
| Amount of Bitcoin |  | Value
Balance at December 31, 2023 | 8,038 |  |  | $ | 339,898 |
Remeasurement gain | — |  |  | 233,404 |
Balance at March 31, 2024 | 8,038 |  |  | $ | 573,302 |
Additions | 173 |  |  | 11,398 |
Remeasurement loss | — |  |  | (70,116) |
Balance at June 30, 2024 | 8,211 |  |  | $ | 514,584 |
Additions | 152 |  |  | 9,709 |
Remeasurement gain | — |  |  | 5,288 |
Balance at September 30, 2024 | 8,363 |  |  | $ | 529,581 |
The Company’s bitcoin for operating purposes is initially recorded at cost, inclusive of transaction costs. Subsequent to purchase, any sales related to bitcoin occur at its current market price, plus a small margin. As such, any change in fair value of bitcoin purchased and sold for customer orders is captured within bitcoin revenue. Given the small amount of bitcoin for operating purposes held at any time, and that the bitcoin is held for a relatively short period of time, typically being purchased and sold within a day, the changes in fair value are not material to the Company. As of September 30, 2025 and December 31, 2024, the Company held approximately 144 and 158 bitcoins for operating purposes with a fair value of $16.5 million and $15.3 million, respectively, to facilitate the purchases and sales of bitcoin on behalf of Cash App customers. The bitcoin for operating purposes is reflected on the condensed consolidated balance sheets within “Other current assets.” B) Bitcoin Held for Other Parties The Company allows its Cash App customers to store their bitcoin in the Company’s digital wallets free of charge. The Company also holds an immaterial amount of bitcoin from select trading partners to facilitate bitcoin transactions for customers on Cash App. Other than bitcoin, the Company does not hold or store any other types of crypto-assets for customers or trading partners. The Company holds the cryptographic key information and maintains the internal recordkeeping of the bitcoin held for other parties. The Company's contractual arrangements state that its customers and trading partners retain legal ownership of the bitcoin; have the right to sell, pledge, or transfer the bitcoin; and also benefit from the rewards and bear the risks associated with the ownership, including as a result of any bitcoin price fluctuations. The customer also bears the risk of loss as a result of fraud or theft, unless the loss was caused by the Company’s gross negligence or the Company’s willful misconduct. The Company does not use any of the bitcoin custodied for customers or trading partners as collateral for any of the Company’s loans or other financing arrangements; nor does it lend or pledge bitcoin held for others to any third parties. The Company occasionally engages third-party custodians to store and safeguard bitcoin on the Company's behalf. The Company has concluded, under ASC 450-20, Loss Contingencies, that it does not have a probable loss that would require it to recognize a custodial obligation as of September 30, 2025.

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