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FAIR VALUE MEASUREMENTS
 9 Months Ended
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, 2025December 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$2,268,416 $— $— $857,196 $— $— 
U.S. government securities79,582 — — 26,951 — — 
Commercial paper— 1,564 — — 509 — 
Corporate bonds— 76 — — — — 
Restricted cash:
Money market funds96,641 — — 319,800 — — 
Customer funds:
Reverse repurchase agreement1,139,122 — — 982,974 — — 
Money market funds4,645 — — 4,645 — — 
Short-term debt securities:
U.S. government securities271,717 — — 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 securities118,679 — — 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 securities5,808 — — 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, 2025December 31, 2024
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$998,117 $985,251 $996,017 $960,589 
2030 Senior Notes1,184,858 1,201,256 — — 
2031 Senior Notes992,018 923,827 990,971 873,868 
2032 Senior Notes1,977,040 2,046,612 1,975,026 1,999,220 
2033 Senior Notes987,265 1,011,473 — — 
2025 Convertible Notes— — 999,497 991,941 
2026 Convertible Notes574,001 558,503 572,723 533,154 
2027 Convertible Notes572,201 521,847 571,202 497,517 
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, 2025December 31, 2024
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$778,039 $803,058 $1,111,107 $1,112,746 
Loans held for investment2,203,273 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.