The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):


	December 31, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	960,705	$	—	$	—	$	1,230,924	$	—	$	—
U.S. agency securities	—		—		—		—		7,923		—
U.S. government securities	29,788		—		—		—		—		—
Commercial paper	—		4,993		—		—		25,080		—
Corporate bonds	—		699		—		—		—		—
Restricted Cash:
Money market funds	291,374		—		—		—		—		—



Customer funds:
Money market funds	4,042		—		—		851,296		—		—
Reverse repurchase agreement	1,028,754		—		—		580,045		—		—


Short-term debt securities:
U.S. agency securities	—		67,515		—		—		94,441		—
Corporate bonds	—		215,227		—		—		360,637		—
Commercial paper	—		15,159		—		—		31,503		—
Municipal securities	—		9,165		—		—		9,693		—
Certificates of deposit	—		3,856		—		—		6,400		—
U.S. government securities	539,998		—		—		571,637				—
Foreign government securities	—		981		—		—		7,540		—
Long-term debt securities:
U.S. agency securities	—		—		—		—		70,315		—
Corporate bonds	—		95,328		—		—		236,726		—
Municipal securities	—		2,412		—		—		9,754		—
U.S. government securities	153,387		—		—		255,692		—		—
Foreign government securities	—		—		—		—		942		—
Other:
Investment in marketable equity security	8,267		—		—		11,092		—		—
Bitcoin investment (i)	339,898		—		—		102,303		—		—
Safeguarding asset related to bitcoin held for other parties	—		1,038,585		—		—		428,243		—
Safeguarding obligation liability related to bitcoin held for other parties	—		(1,038,585)		—		—		(428,243)		—
Total assets (liabilities) measured at fair value	$	3,356,213	$	415,335	$	—	$	3,602,989	$	860,954	$	—

(i) The Company holds an immaterial amount of bitcoin 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 1, Description of Business and Summary of Significant Accounting Policies and Note 14, Bitcoin for more details.


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)
2031 Senior Notes	$	989,567	$	879,913	$	988,171	$	782,857
2026 Senior Notes	993,208		938,105		990,414		885,876
2027 Convertible Notes	569,865		468,475		568,535		433,082
2026 Convertible Notes	571,014		501,910		569,315		464,066
2025 Convertible Notes	996,437		979,776		993,394		943,188
2023 Convertible Notes	—		—		460,356		480,925
Total	$	4,120,091	$	3,768,179	$	4,570,185	$	3,989,994