v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities          
Net income (loss) $ (417,309) $ 81,562 $ 155,667 $ 267,562 $ (768,847)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and amortization expense 28,089 24,225 50,854 34,887 13,277
Accretion of premium on available-for-sale debt securities   (1,887) (2,268) (7,738) (353,422)
Realized and unrealized losses (gains) on digital assets 7,189 (2,308) (12,878) (13,010) 269,277
Change in fair value of convertible debt, warrant liability, and embedded derivatives 170,106 (1,880) (10,024) (25,343) 486,938
Digital assets received for services (9,416)   (1,500) (4,476) (7,235)
Equity securities received for services (3,826)        
Deferred taxes (5,751) (2,235) (2,806) (32,893) (786)
Realized and unrealized losses (gains) on available-for-sale debt securities and strategic investments 1,416 (3,636) (434) 1,749 26,877
Gain on sale of long-lived assets     73 (21,521)  
Shares issued for merger termination         15,520
Stock-based compensation 447,682 26,229 50,134 107,999 69,266
Foreign currency remeasurement 8,763 45      
Provision for warrants in common stock 5,565        
Other non-cash items 2,306 1,323 322 4,811 5,547
Changes in operating assets and liabilities:          
Accounts receivable (8,635) 1,341 (4,569) 2,244 18,735
Prepaid expenses and other current assets (42,104) 7 (21,764) (51,161) (77,571)
Accounts payable and accrued expenses 123,981 4,502 132,878 (123,833) 227,300
Other current liabilities (4,340) (2,333) 10,891 291 2,431
Net cash provided by operating activities 303,716 124,955 344,576 139,568 (72,693)
Cash flows from investing activities          
Proceeds from sale of discontinued business         1,000
Purchase of available-for-sale debt securities   (99,313) (99,313) (311,639) (102,850,973)
Sale and maturities of available-for-sale securities   168,942 341,561 8,827,550 94,442,236
Business combinations, net of cash acquired (7,734)       (43,456)
Cash acquired from acquisition of equity method affiliate       1,629  
Sale and return of investments 194 447 739 1,107  
Purchase of investments (6,370) (1,063) (4,265) (2,661) (16,032)
Proceeds from sale of digital assets 79 4,465 4,805 27,301  
Capitalization of software development costs (24,858) (17,906) (39,098) (32,862) (18,315)
Purchase of long-lived assets (7,419) (3,351) (18,128) (654) (3,050)
Net cash (used in) provided by investing activities (46,108) 52,221 186,301 8,509,771 (8,488,590)
Cash flows from financing activities          
Net changes in deposits held for stablecoin holders 17,339,497 7,631,639 19,452,147 (20,322,155) 2,176,756
Purchase of treasury stock       (8,745)  
Proceeds from issuance of preferred stock         400,999
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 572,558        
Payment of withholding taxes on settlement of restricted stock units (121,794)        
Capitalized transaction costs   (268) (3,870)    
Proceeds from exercise of stock options 6,800 629 1,614 1,037 486
Net cash provided by financing activities 17,797,061 7,632,000 19,449,891 (20,329,863) 2,578,241
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 53,247 (2,234) (7,099) 1,097 3,620
Unrealized gains (losses) on available-for-sale debt securities classified as cash equivalents, net of tax   (1) (224) (254) 136
Net increase (decrease) in cash and cash equivalents, restricted and segregated cash 18,107,916 7,806,941 19,973,445 (11,679,681) (5,979,286)
Cash and cash equivalents, restricted and segregated cash at the beginning of the period 44,967,604 24,994,159 24,994,159 36,673,840 42,653,126
Cash and cash equivalents, restricted and segregated cash at the end of the period 63,075,520 32,801,100 44,967,604 24,994,159 36,673,840
Cash and cash equivalents, restricted and segregated cash consisted of the following:          
Cash and cash equivalents 1,118,119 457,457 750,981 368,623 664,650
Restricted Cash 3,210 3,596 3,558 3,575 15,914
Cash and cash equivalents segregated for corporate-held stablecoins 588,271 348,874 294,493 275,809 5,311
Cash and cash equivalents segregated for the benefit of stablecoin holders 61,365,920 31,991,173 43,918,572 24,346,152 35,987,965
Total cash and cash equivalents, restricted and segregated cash 63,075,520 32,801,100 44,967,604 24,994,159 36,673,840
Supplemental disclosure of cash flow information          
Obligations to return digital asset collateral   (1,905) (2,700) (7,053) (211,594)
Cash paid for income taxes 13,525 26,678 75,579 81,037 7,424
Cash paid for interest 180 271 258 253 350
Digital assets collateral received   1,905 1,905 7,053 (185,830)
Net changes in the purchase and redemption of digital financial assets (13,820) 15,567 14,328    
Proceeds from Sale of Intangible Assets       21,634  
Stablecoins repaid     16,513 16,459 (154,837)
Stablecoins receivable       (23,397) 138,821
Non-cash consideration for asset acquisition       (209,938)  
Non-cash purchase of investments and digital assets (379) (5,650) (6,570) (8,937) (20,497)
Capitalized stock-based compensation expense related to internally developed software 68,348 6,944 13,646 13,118 6,262
Purchases of property, plant and equipment included in accounts payable and accrued expenses (1,270)   2,874    
Unrealized gain (loss) on available-for-sale debt securities   (233) (224) (815) 1,039
Unrealized gain (loss) on convertible notes—credit risk, net of tax (71) 91 $ 840 $ 1,182 (3,155)
Non-cash consideration for business combinations 89,919       (141,618)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 1,140,502        
Deferred offering costs not yet paid 2,794        
Right-of-use assets recognized on adoption of ASU 2016-02         3,273
Repayment of loans payable         (25,000)
Non-cash interest payments         $ (6,061)
Receipt of stablecoins receivable $ 7,000 $ 6,513