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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of September 30, 2025 and December 31, 2024:
As of September 30, 2025Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$6,337 $— $— $6,337 
Commercial paper— 100,985 — 100,985 
Corporate bonds— 166 — 166 
U.S. agency securities— — — — 
U.S. treasury securities— 2,600 — 2,600 
Total cash equivalents$6,337 $103,751 $— $110,088 
Marketable securities:
U.S. agency securities$— $89,226 $— $89,226 
U.S. treasury securities— 505,401 — 505,401 
Commercial paper— 146,951 — 146,951 
Corporate bonds— 399,048 — 399,048 
Bitcoin exchange traded fund96,422 — — 96,422 
Total marketable securities$96,422 $1,140,626 $— $1,237,048 
Digital assets$30,320 $— $— $30,320 
As of December 31, 2024Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,865 $— $— $1,865 
Commercial paper— 86,179 — 86,179 
Total cash equivalents$1,865 $86,179 $— $88,044 
Marketable securities:
U.S. agency securities$— $101,060 $— $101,060 
U.S. treasury securities— 371,924 — 371,924 
Commercial paper— 190,155 — 190,155 
Corporate bonds— 228,953 — 228,953 
Bitcoin exchange traded fund78,791 — — 78,791 
Total marketable securities$78,791 $892,092 $— $970,883 
The Company had no transfers between levels of the fair value hierarchy during any period presented.
The Company classifies its highly liquid money market funds, Bitcoin exchange traded fund and digital assets within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its U.S. agency securities, U.S. treasury securities, commercial paper and corporate bonds within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The carrying amounts of the Company’s cash, restricted cash, accounts receivable, and accounts payable, approximate their fair values due to their short-term nature and are excluded from the fair value table above.