The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):


	March 31, 2024				December 31, 2023
	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents(1)	$	3,037,792	$	—		$	3,682,917	$	—
Customer custodial funds(2)	4,894,429		—			3,301,029		—
Crypto asset loan receivables	—		196,141			—		22,229
Crypto assets borrowed(3)	231,348		—			45,212		—
Safeguarding customer crypto assets	—		329,506,477			—		192,583,060
Derivative assets(4)	—		44,214			—		30,577
Crypto assets held for operations	150,630		—			74,103		—
Crypto assets held as collateral	106,610		—			—		—
Crypto assets held for investment	1,522,328		—			330,610		—
Total assets	$	9,943,137	$	329,746,832		$	7,433,871	$	192,635,866

Liabilities

Safeguarding customer crypto liabilities	$	—	$	329,506,477		$	—	$	192,583,060
Derivative liabilities(4)	—		150,104			—		21,913
Obligation to return collateral	106,610		—			—		—

Total liabilities	$	106,610	$	329,656,581		$	—	$	192,604,973

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(1)Represents money market funds. Excludes $3.5 billion of corporate cash held in deposit at banks and $124.8 million held at venues, which were not measured and recorded at fair value as of March 31, 2024. Excludes $1.4 billion of corporate cash held in deposit at banks and $88.8 million held at venues, which were not measured and recorded at fair value as of December 31, 2023.

(2)Represents money market funds. Excludes customer custodial funds of $307.5 million and $1.3 billion held in deposit at financial institutions and not measured and recorded at fair value as of March 31, 2024 and December 31, 2023, respectively.

(3)Includes crypto assets held that were designated as hedged items in fair value hedges as of December 31, 2023 and excludes crypto assets of $404.7 million held at cost as of December 31, 2023.