v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Current assets:      
Cash and cash equivalents $ 1,118,119 $ 750,981 $ 368,623
Cash and cash equivalents segregated for corporate-held stablecoins 588,271 294,493 275,809
Cash and cash equivalents segregated for the benefit of stablecoin holders 61,365,920 43,918,572 24,346,152
Available-for-sale debt securities, at fair value   0 152,183
Accounts receivable, net 13,215 6,418 1,940
Stablecoins receivable, net 0 6,957 22,559
Prepaid expenses and other current assets 216,604 187,528 146,645
Total current assets 63,302,129 45,164,949 25,313,911
Non-current assets:      
Restricted cash 3,210 3,558 3,575
Available-for-sale debt securities, at fair value   0 87,940
Investments 83,794 84,114 75,874
Fixed assets, net 23,804 18,682 2,619
Digital assets 35,113 31,330 11,339
Goodwill 266,384 169,544 169,544
Intangible assets, net 396,969 331,394 327,381
Deferred tax assets, net 17,472 10,223 0
Other non-current assets 24,633 20,615 4,400
Total assets 64,153,508 45,834,409 25,996,583
Current liabilities:      
Accounts payable and accrued expenses 411,560 287,007 152,586
Obligations to return digital asset collateral   570 4,662
Deposits from stablecoin holders 61,101,523 43,727,363 24,276,065
Convertible debt, net of debt discount 206,140 0  
Other current liabilities 11,211 16,597 4,225
Total current liabilities 61,730,434 44,030,967 24,437,538
Non-current liabilities:      
Convertible debt, net of debt discount 0 40,717 58,487
Deferred tax liabilities, net 31,812 29,559 19,616
Warrant Liability 0 1,591 1,642
Other non-current liabilities 20,431 21,281 8,569
Total non-current liabilities 52,243 93,148 88,314
Total liabilities 61,782,677 44,124,115 24,525,852
Commitments and contingencies
Redeemable convertible preferred stock      
Redeemable convertible preferred stock 0 1,139,765  
Stockholders' equity      
Treasury stock at cost (2,877) (2,877) (2,877)
Additional paid-in capital 3,998,827 1,792,969 1,723,020
Accumulated deficit (1,640,510) (1,223,213) (1,385,607)
Accumulated other comprehensive income 15,366 3,644 4,929
Total stockholders' equity 2,370,831 570,529 339,471
Total liabilities, redeemable convertible preferred stock and stockholders' equity 64,153,508 45,834,409 25,996,583
Previously Reported [Member]      
Current liabilities:      
Other current liabilities   16,027  
Common Class A [Member]      
Stockholders' equity      
Common Stock 23 6 6
Common Class B [Member]      
Stockholders' equity      
Common Stock 2 0  
Common Class C [Member]      
Stockholders' equity      
Common Stock $ 0 0  
Series A Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   9,000 9,000
Series B Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   17,000 17,000
Series C Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   40,050 40,050
Series D Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   64,152 64,152
Series E Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   608,564 600,059
Series F Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   $ 400,999 $ 400,999