Cash, Cash Equivalents, and Marketable Securities

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

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.