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Cash, Cash Equivalents, and Marketable Securities | 9 Months Ended
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Sep. 30, 2025
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Marketable Securities | Cash, Cash Equivalents, and Marketable Securities The amortized cost, unrealized gains and losses and estimated fair value of the Company’s cash, cash equivalents, and marketable securities as of September 30, 2025 and December 31, 2024 consisted of the following:
As of September 30, 2025 | Amortized cost |  | Unrealized gains |  | Unrealized losses |  | Fair value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 230,397 |  |  | $ | — |  |  | $ | — |  |  | $ | 230,397 |
Money market funds | 6,337 |  |  | — |  |  | — |  |  | 6,337 |
Commercial paper | 100,991 |  |  | 1 |  |  | (7) |  |  | 100,985 |
Corporate bonds | 166 |  |  | — |  |  | — |  |  | 166 |
U.S. agency securities | — |  |  | — |  |  | — |  |  | — |
U.S. treasury securities | 2,600 |  |  | — |  |  | — |  |  | 2,600 |
Total cash and cash equivalents | 340,491 |  |  | 1 |  |  | (7) |  |  | 340,485 |
Debt securities: |  |  |  |  |  |  |
U.S. agency securities | 88,962 |  |  | 268 |  |  | (4) |  |  | 89,226 |
U.S. treasury securities | 503,693 |  |  | 1,748 |  |  | (40) |  |  | 505,401 |
Commercial paper | 146,921 |  |  | 38 |  |  | (8) |  |  | 146,951 |
Corporate bonds | 397,618 |  |  | 1,480 |  |  | (50) |  |  | 399,048 |
Total debt securities | 1,137,194 |  |  | 3,534 |  |  | (102) |  |  | 1,140,626 |
Total cash, cash equivalent, and debt securities | $ | 1,477,685 |  |  | $ | 3,535 |  |  | $ | (109) |  |  | $ | 1,481,111 |
Other: |  |  |  |  |  |  |
Bitcoin exchange traded fund(1) |  |  |  |  |  |  | 96,422 |
Total cash, cash equivalents, and marketable securities |  |  |  |  |  |  | $ | 1,577,533 |
__________________ (1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
As of December 31, 2024 | Amortized cost |  | Unrealized gains |  | Unrealized losses |  | Fair value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 398,910 |  |  | $ | — |  |  | $ | — |  |  | $ | 398,910 |
Money market funds | 1,865 |  |  | — |  |  | — |  |  | 1,865 |
Commercial paper | 86,184 |  |  | 2 |  |  | (7) |  |  | 86,179 |
Total cash and cash equivalents | 486,959 |  |  | 2 |  |  | (7) |  |  | 486,954 |
Debt securities: |  |  |  |  |  |  |
U.S. agency securities | 100,793 |  |  | 285 |  |  | (18) |  |  | 101,060 |
U.S. treasury securities | 371,209 |  |  | 915 |  |  | (200) |  |  | 371,924 |
Commercial paper | 190,072 |  |  | 93 |  |  | (10) |  |  | 190,155 |
Corporate bonds | 228,706 |  |  | 555 |  |  | (308) |  |  | 228,953 |
Total debt securities | 890,780 |  |  | 1,848 |  |  | (536) |  |  | 892,092 |
Total cash, cash equivalent, and debt securities | $ | 1,377,739 |  |  | $ | 1,850 |  |  | $ | (543) |  |  | $ | 1,379,046 |
Other: |  |  |  |  |  |  |
Bitcoin exchange traded fund(1) |  |  |  |  |  |  | 78,791 |
Total cash, cash equivalents, and marketable securities |  |  |  |  |  |  | $ | 1,457,837 |
__________________ (1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value. Debt securities were designated as available-for-sale and equity securities had readily determinable fair values as of September 30, 2025 and December 31, 2024. Debt securities The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
| As of September 30, 2025
Amortized Cost |  | Fair Value
Due in less than one year | $ | 651,115 |  |  | $ | 651,992 |
Due in more than one year | 589,836 |  |  | 592,385 |
Total | $ | 1,240,951 |  |  | $ | 1,244,377 |
| As of December 31, 2024
Amortized Cost |  | Fair Value
Due in less than one year | $ | 624,748 |  |  | $ | 625,326 |
Due in more than one year | 352,216 |  |  | 352,945 |
Total | $ | 976,964 |  |  | $ | 978,271 |
The Company had 74 and 117 marketable debt securities in unrealized loss positions as of September 30, 2025 and December 31, 2024, respectively. There were no material gains or losses that were reclassified out of accumulated other comprehensive income for any period presented. As of September 30, 2025 and December 31, 2024, the Company’s marketable debt securities portfolio consisted of four security types, all of which contained investments that were in an unrealized loss position. The following tables present the breakdown of the marketable debt securities, including debt securities classified as cash equivalents, that had been in a continuous unrealized loss position aggregated by investment category as of September 30, 2025 and December 31, 2024:
| As of September 30, 2025
Less than twelve months |  | More than twelve months |  | Total
Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
U.S. agency securities | $ | 16,728 |  |  | $ | (4) |  |  | $ | — |  |  | $ | — |  |  | $ | 16,728 |  |  | $ | (4) |
U.S. treasury securities | 30,598 |  |  | (28) |  |  | 15,214 |  |  | (11) |  |  | 45,812 |  |  | (39) |
Commercial paper | 126,511 |  |  | (16) |  |  | — |  |  | — |  |  | 126,511 |  |  | (16) |
Corporate bonds | 38,448 |  |  | (48) |  |  | 2,767 |  |  | (2) |  |  | 41,215 |  |  | (50) |
Total | $ | 212,285 |  |  | $ | (96) |  |  | $ | 17,981 |  |  | $ | (13) |  |  | $ | 230,266 |  |  | $ | (109) |
| As of December 31, 2024
Less than twelve months |  | More than twelve months |  | Total
Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
U.S. agency securities | $ | 11,892 |  |  | $ | (18) |  |  | $ | — |  |  | $ | — |  |  | $ | 11,892 |  |  | $ | (18) |
U.S. treasury securities | 68,843 |  |  | (195) |  |  | 7,527 |  |  | (5) |  |  | 76,370 |  |  | (200) |
Commercial paper | 131,268 |  |  | (17) |  |  | — |  |  | — |  |  | 131,268 |  |  | (17) |
Corporate bonds | 71,854 |  |  | (308) |  |  | — |  |  | — |  |  | 71,854 |  |  | (308) |
Total | $ | 283,857 |  |  | $ | (538) |  |  | $ | 7,527 |  |  | $ | (5) |  |  | $ | 291,384 |  |  | $ | (543) |
The Company periodically evaluates its debt securities for expected credit losses. The unrealized losses on the debt securities were largely due to changes in interest rates. The credit ratings associated with corporate notes and obligations are highly rated and in line with the Company’s investment policy and the issuers continue to make timely principal and interest payments. The Company expects to recover the full carrying value of the debt securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses, and expects any credit losses would be immaterial based on the high-grade credit rating for the investments. As a result, the Company does not consider any portion of the unrealized losses on debt securities as of September 30, 2025 and December 31, 2024 to be unrecoverable. Equity securities Any unrealized losses on the Company’s Bitcoin exchange traded fund, classified as an equity security, are attributable to decreases in the fair value of Bitcoin. The fair market value of this investment is directly driven by the price of Bitcoin and therefore is more volatile in nature, but is not driven by credit specific factors and thus no expected credit losses have been recorded on the investment in any period presented. Unrealized gains (losses) recognized on the Bitcoin exchange traded fund equity investment held were $5.6 million and $2.3 million for the three months ended September 30, 2025 and 2024, respectively, and $17.6 million and $(1.4) million for the nine months ended September 30, 2025 and 2024, respectively. Interest income from cash, cash equivalents, and marketable securities was $15.7 million and $15.3 million for the three months ended September 30, 2025 and 2024, respectively, and $47.0 million and $48.8 million for the nine months ended September 30, 2025 and 2024, respectively. Interest income is included in other income, net in the accompanying condensed consolidated statements of operations.

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- Definition The entire disclosure of cash, cash equivalent, and debt and equity securities, including realized and unrealized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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