v3.25.2
Fair value measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jan. 01, 2024
Dec. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Available-for-sale debt securities, at fair value   $ 0   $ 152,183
Convertible debt, net of debt discount $ 206,100 40,700   58,500
Obligation to return digital asset collateral — embedded derivatives [1]   0 $ 1,392  
Fair Value, Inputs, Level 1 [Member]        
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Cash equivalents 53,958,277 37,841,697   22,237,963
Available-for-sale debt securities, at fair value   0   111,407
Digital assets 35,113 31,330 [2]   3,297 [2]
Digital financial assets 532 14,328   0
Investments - derivatives and embedded derivatives 0 0 [2],[3]   0 [2],[3]
Total assets 53,993,922 37,887,355   22,352,667
Convertible debt, net of debt discount 0 0   0
Obligation to return digital asset collateral — embedded derivatives [4],[5]   0   0
Warrant liability 0 0   0
Total liabilities 0 0   0
Fair Value, Inputs, Level 1 [Member] | Previously Reported [Member]        
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Total assets   37,877,355    
Fair Value, Inputs, Level 2 [Member]        
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Cash equivalents 0 0   0
Available-for-sale debt securities, at fair value   0   128,716
Digital assets 0 0 [2]   0 [2]
Digital financial assets 0 0   0
Investments - derivatives and embedded derivatives 3,723 9,332 [2],[3]   4,108 [2],[3]
Total assets 3,723 9,332   132,824
Convertible debt, net of debt discount 0 0   0
Obligation to return digital asset collateral — embedded derivatives [4],[5]   0   1,392
Warrant liability 0 0   0
Total liabilities 0 0   1,392
Fair Value, Inputs, Level 3 [Member]        
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Cash equivalents 0 0   0
Available-for-sale debt securities, at fair value   0   0
Digital assets 0 0 [2]   0 [2]
Digital financial assets 0 0   0
Investments - derivatives and embedded derivatives 0 0 [2],[3]   0 [2],[3]
Total assets 0 0   0
Convertible debt, net of debt discount 206,140 40,717   58,487
Obligation to return digital asset collateral — embedded derivatives [4],[5]   0   0
Warrant liability 0 1,591   1,642
Total liabilities $ 206,140 $ 42,308   $ 60,129
[1] Represents $1.4 million of embedded derivatives in fair value hedging relationships as of December 31, 2023. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
[2] Prior to January 1, 2024, only digital assets collateral designated as fair value hedged items are included under the fair value hierarchy. Subsequent to the adoption of ASU 2023-08 on January 1, 2024, digital assets are measured at fair value.
[3] Excluded the host contract balance of $0.8 million and $1.6 million as of December 31, 2024 and 2023, respectively.
[4] Excluded obligation to return digital asset collateral of $1.9 million, representing the debt host obligation which is not measured and recorded at fair value as of December 31, 2023.
[5] The fair value measurement is based on the quoted market price of the underlying digital asset.