Coinbase Global (COIN) 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 03, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-04321
Entry Registrant Name	Coinbase Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4707224
Title of 12(b) Security	Class A common stock, $0.00001 par value per share
Trading Symbol	COIN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001679788
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		150,967,792
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		59,961,149

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 4,365,982	$ 1,061,850
Restricted cash	30,842	30,787
Customer custodial funds	8,961,812	3,763,392
USDC	144,993	48,938
Accounts and loans receivable, net of allowance	184,579	189,471
Income tax receivable	435,096	0
Prepaid expenses and other current assets	114,751	39,510
Total current assets	14,238,055	5,133,948
Crypto assets held	585,846	316,094
Lease right-of-use assets	105,296	100,845
Property and equipment, net	52,175	49,250
Goodwill	501,259	77,212
Intangible assets, net	119,889	60,825
Other non-current assets	187,688	117,240
Total assets	15,790,208	5,855,414
Current liabilities:
Custodial funds due to customers	8,968,505	3,849,468
Accounts payable and accrued expenses	266,655	85,111
Crypto asset borrowings	366,991	271,303
Lease liabilities, current	30,933	25,270
Other current liabilities	44,480	15,703
Total current liabilities	9,677,564	4,246,855
Lease liabilities, non-current	82,292	82,508
Convertible senior notes, net, non-current	1,406,927	0
Total liabilities	11,166,783	4,329,363
Commitments and contingencies (Note 17)
Convertible preferred stock, $0.00001 par value; 500,000 and 126,605 shares authorized at June 30, 2021 and December 31, 2020, respectively; zero and 112,878 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $0 and $578,750 at June 30, 2021 and December 31, 2020, respectively	0	562,467
Stockholders’ equity:
Additional paid-in capital	1,516,533	231,024
Accumulated other comprehensive income	2,774	6,256
Retained earnings	3,104,116	726,304
Total stockholders’ equity	4,623,425	963,584
Total liabilities, convertible preferred stock, and stockholders’ equity	15,790,208	5,855,414
Class A common stock
Stockholders’ equity:
Common stock	1	0
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Temporary equity, par value (in dollars per share)	$ 0.00001	$ 0.00001
Shares Authorized (in shares)	500,000,000	126,605,000
Shares issued (in shares)	0	112,878,000
Shares outstanding (in shares)	0	112,878,000
Liquidation Preference	$ 0	$ 578,750
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	10,000,000,000	267,640,000
Common stock, issued (in shares)	149,011,000	12,204,000
Common stock, outstanding (in shares)	149,011,000	12,204,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	500,000,000	208,414,000
Common stock, issued (in shares)	60,865,000	60,904,000
Common stock, outstanding (in shares)	60,865,000	60,904,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Revenue	$ 2,227,962	$ 186,382	$ 4,029,073	$ 377,012
Operating expenses:
Transaction expense	335,426	23,395	569,492	48,802
Technology and development	291,461	60,777	475,686	107,915
Sales and marketing	195,733	11,383	313,722	21,304
General and administrative	248,195	51,988	369,426	110,946
Other operating expense (income), net	282,422	(3,247)	438,309	7,184
Total operating expenses	1,353,237	144,296	2,166,635	296,151
Operating income	874,725	42,086	1,862,438	80,861
Other expense (income), net	5,844	3,280	(3,109)	7,146
Income before provision for income taxes	868,881	38,806	1,865,547	73,715
(Benefit from) provision for income taxes	(737,468)	6,546	(512,265)	9,482
Net income	1,606,349	32,260	2,377,812	64,233
Net income attributable to common stockholders:
Basic	1,589,713	0	1,677,909	10,814
Diluted	$ 1,593,150	$ 0	$ 1,804,860	$ 12,700
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 7.77	$ 0	$ 11.78	$ 0.16
Diluted (in dollars per share)	$ 6.42	$ 0	$ 9.60	$ 0.15
Weighted-average shares of common stock used to compute net income per share attributable to common stockholders:
Basic (in shares)	204,728	67,006	142,397	66,982
Diluted (in shares)	248,147	67,006	187,918	87,571
Transaction and Subscription and services revenue
Revenue:
Revenue	$ 2,033,011	$ 178,331	$ 3,629,991	$ 357,413
Other Crypto Sales
Revenue:
Revenue	$ 194,951	$ 8,051	$ 399,082	$ 19,599

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,606,349	$ 32,260	$ 2,377,812	$ 64,233
Other comprehensive income (loss):
Translation adjustment, net of tax	656	1,287	(3,482)	476
Comprehensive income	$ 1,607,005	$ 33,547	$ 2,374,330	$ 64,709

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2019		114,959,000
Beginning balance at Dec. 31, 2019		$ 564,697
Ending balance (in shares) at Jun. 30, 2020		114,959,000
Ending balance at Jun. 30, 2020		$ 564,697
Beginning balance (in shares) at Dec. 31, 2019			66,994,000
Beginning balance at Dec. 31, 2019	$ 497,086			$ 93,820	$ (721)	$ 403,987
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)			108,000
Issuance of common stock upon exercise of stock options, net of repurchases	(1,065)			(1,065)
Stock-based compensation expense	22,386			22,386
Comprehensive income (loss)	476				476
Net income	64,233					64,233
Ending balance (in shares) at Jun. 30, 2020			67,102,000
Ending balance at Jun. 30, 2020	583,116			115,141	(245)	468,220
Beginning balance (in shares) at Mar. 31, 2020		114,959,000
Beginning balance at Mar. 31, 2020		$ 564,697
Ending balance (in shares) at Jun. 30, 2020		114,959,000
Ending balance at Jun. 30, 2020		$ 564,697
Beginning balance (in shares) at Mar. 31, 2020			67,052,000
Beginning balance at Mar. 31, 2020	537,913			103,485	(1,532)	435,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)			50,000
Issuance of common stock upon exercise of stock options, net of repurchases	(1,549)			(1,549)
Stock-based compensation expense	13,205			13,205
Comprehensive income (loss)	1,287				1,287
Net income	32,260					32,260
Ending balance (in shares) at Jun. 30, 2020			67,102,000
Ending balance at Jun. 30, 2020	$ 583,116			115,141	(245)	468,220
Beginning balance (in shares) at Dec. 31, 2020	112,878,000	112,878,000
Beginning balance at Dec. 31, 2020	$ 562,467	$ 562,467
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of preferred stock (in shares)		(112,878,000)	112,878,000
Conversion of preferred stock	$ 562,467	$ (562,467)	$ 2	562,465
Ending balance (in shares) at Jun. 30, 2021	0	0
Ending balance at Jun. 30, 2021	$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2020			73,108,000
Beginning balance at Dec. 31, 2020	$ 963,584		$ 0	231,024	6,256	726,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)	19,293,000		19,293,000
Issuance of common stock upon exercise of stock options, net of repurchases	$ 137,804			137,804
Stock-based compensation expense	294,711			294,711
Issuance of equity instruments as consideration in business combination (in shares)			3,680,000
Issuance of equity instruments as consideration for business combinations	431,897			431,897
Conversion of preferred stock (in shares)		(112,878,000)	112,878,000
Conversion of preferred stock	562,467	$ (562,467)	$ 2	562,465
Issuance of shares from exercise of warrants (in shares)			412,000
Issuance of shares from exercise of warrants	433			433
Issuance of common stock upon settlement of restricted stock units (RSUs) (in shares)			505,000
Issuance of common stock upon settlement of RSUs, net of shares withheld	(51,670)			(51,670)
Purchase of capped calls	90,131			90,131
Comprehensive income (loss)	(3,482)				(3,482)
Net income	2,377,812					2,377,812
Ending balance (in shares) at Jun. 30, 2021			209,876,000
Ending balance at Jun. 30, 2021	4,623,425		$ 2	1,516,533	2,774	3,104,116
Beginning balance (in shares) at Mar. 31, 2021		112,407,000
Beginning balance at Mar. 31, 2021		$ 552,037
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of preferred stock (in shares)		(112,407,000)	112,407,000
Conversion of preferred stock	$ 552,037	$ (552,037)	$ 2	552,035
Ending balance (in shares) at Jun. 30, 2021	0	0
Ending balance at Jun. 30, 2021	$ 0	$ 0
Beginning balance (in shares) at Mar. 31, 2021			85,666,000
Beginning balance at Mar. 31, 2021	2,304,408		$ 0	804,523	2,118	1,497,767
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)			11,383,000
Issuance of common stock upon exercise of stock options, net of repurchases	98,223			98,223
Stock-based compensation expense	189,335			189,335
Issuance of equity instruments as consideration in business combination (in shares)			96,000
Issuance of equity instruments as consideration for business combinations	14,218			14,218
Conversion of preferred stock (in shares)		(112,407,000)	112,407,000
Conversion of preferred stock	552,037	$ (552,037)	$ 2	552,035
Issuance of common stock upon settlement of restricted stock units (RSUs) (in shares)			324,000
Issuance of common stock upon settlement of RSUs, net of shares withheld	(51,670)			(51,670)
Purchase of capped calls	(90,131)			(90,131)
Comprehensive income (loss)	656				656
Net income	1,606,349					1,606,349
Ending balance (in shares) at Jun. 30, 2021			209,876,000
Ending balance at Jun. 30, 2021	$ 4,623,425		$ 2	$ 1,516,533	$ 2,774	$ 3,104,116

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 2,377,812	$ 64,233
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	23,534	14,378
Impairment expense	175,636	268
Stock-based compensation expense	293,963	21,419
Provision for transaction losses and doubtful accounts	9,797	(3,124)
Loss on disposal of property and equipment	11	0
Deferred income taxes	(93,328)	13,488
Unrealized loss on foreign exchange	2,392	6,669
Non-cash lease expense	19,338	12,086
(Gain) loss on investments	(10,271)	397
Change in fair value of contingent consideration	0	2,694
Realized gain on crypto assets	(95,454)	(10,642)
Crypto assets received as revenue	(418,871)	(10,779)
Crypto asset payments for expenses	364,772	7,424
Fair value gain on derivatives	(25,215)	0
Amortization of debt discount and issuance costs	748	0
Changes in operating assets and liabilities:
USDC	(118,156)	48,724
Accounts and loans receivable	83,754	(17,947)
Income taxes, net	(437,287)	(5,621)
Other assets	(126,772)	4,056
Custodial funds due to customers	5,101,293	513,298
Accounts payable and accrued expenses	184,488	7
Lease liabilities	(18,350)	(11,940)
Other liabilities	100,830	(11,450)
Net cash provided by operating activities	7,394,664	637,638
Cash flows from investing activities
Purchase of property and equipment	(235)	(3,230)
Proceeds from sale of property and equipment	31	0
Capitalized internal-use software development costs	(9,787)	(3,605)
Business combination, net of cash acquired	(32,992)	0
Purchase of investments	(38,631)	(3,249)
Purchase of intangible assets	(24,000)	0
Proceeds from settlement of investments	0	203
Purchase of crypto assets held	(1,100,865)	(131,858)
Disposal of crypto assets held	937,472	142,293
Loans originated	(107,596)	0
Proceeds from repayment of retail loans	38,855	0
Net cash (used in) provided by investing activities	(337,748)	554
Cash flows from financing activities
Issuance of common stock upon exercise of stock options, net of repurchases	149,865	695
Taxes paid related to net share settlement of equity awards	(51,670)	0
Cash paid to repurchase equity awards	0	(1,930)
Issuance of shares from exercise of warrants	433	0
Issuance of convertible senior notes, net	1,406,179	0
Purchase of capped calls	(90,131)	0
Proceeds from short-term borrowing	20,000	0
Net cash provided by (used in) financing activities	1,434,676	(1,235)
Net increase in cash, cash equivalents, and restricted cash	8,491,592	636,957
Effect of exchange rates on cash	11,015	(3,933)
Cash, cash equivalents, and restricted cash, beginning of period	4,856,029	1,784,417
Cash, cash equivalents, and restricted cash, end of period	13,358,636	2,417,441
Cash, cash equivalents, and restricted cash consisted of the following:
Cash and cash equivalents	4,365,982	687,410
Restricted cash	30,842	40,336
Customer custodial funds	8,961,812	1,689,695
Total cash, cash equivalents, and restricted cash	13,358,636	2,417,441
Supplemental disclosure of cash flow information
Cash paid during the period for income taxes	51,504	2,065
Operating cash outflows for amounts included in the measurement of operating lease liabilities	13,413	14,753
Supplemental schedule of non-cash investing and financing activities
Unsettled purchases of property and equipment	533	7,809
Right-of-use assets obtained in exchange for operating lease obligations	18,460	2,146
Non-cash consideration paid for business combinations	442,760	0
Purchase of crypto assets and investments with non-cash consideration	2,090	1,247
Crypto assets borrowed	290,449	0
Crypto assets borrowed repaid with crypto assets	$ 59,348	$ 0

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Coinbase, Inc. was founded in 2012. In April 2014, in connection with a corporate reorganization, Coinbase, Inc. became a wholly-owned subsidiary of Coinbase Global, Inc. (together with its consolidated subsidiaries, the “Company”). The Company operates globally and is a leading provider of end-to-end financial infrastructure and technology for the cryptoeconomy. The Company offers retail users the primary financial account for the cryptoeconomy, institutions a state of the art marketplace with a deep pool of liquidity for transacting in crypto assets, and ecosystem partners technology and services that enable them to build crypto-based applications and securely accept crypto assets as payment. In May 2020, the Company became a remote-first company. Accordingly, the Company does not maintain a headquarters.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying interim condensed consolidated financial statements of the Company are unaudited. These unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), on the same basis as the audited consolidated financial statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair statement of the Company’s condensed consolidated balance sheet as of June 30, 2021, condensed consolidated results of operations for the three and six months ended June 30, 2021 and June 30, 2020, and condensed consolidated statements of cash flows for the six months ended June 30, 2021 and June 30, 2020. The unaudited condensed consolidated results of operations for the three and six months ended June 30, 2021 and June 30, 2020 are not necessarily indicative of the results to be expected for the full year or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on April 14, 2021 (the “Prospectus”). These accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The Company’s subsidiaries are entities in which the Company holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. Certain subsidiaries of the Company have a basis of presentation different from GAAP. For the purposes of these unaudited condensed consolidated financial statements, the basis of presentation of such subsidiaries is converted to GAAP. All intercompany accounts and transactions have been eliminated in consolidation. There were no changes to the significant accounting policies or recent accounting pronouncements that were disclosed in Note 2. Summary of Significant Accounting Policies to the audited consolidated financial statements included in the Prospectus, other than as discussed below. Reclassifications Certain prior period amounts have been reclassified in order to conform with the current period presentation. These reclassifications have no impact on the Company’s previously reported consolidated net income. Use of estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions in the Company’s condensed consolidated financial statements and notes thereto. Significant estimates and assumptions include the determination of the recognition, measurement, and valuation of current and deferred income taxes; the fair value of stock-based awards issued; the useful lives of intangible assets; the useful lives of property and equipment; the impairment of long-lived assets; the Company’s incremental borrowing rate; the fair value of assets acquired and liabilities assumed in business combinations; the fair value of derivatives and related hedges; the fair value of convertible debt; and loss provisions. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the Company’s condensed consolidated financial statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities. Business combinations The results of businesses acquired in a business combination are included in the Company’s condensed consolidated financial statements from the date of the acquisition. Purchase accounting results in assets and liabilities of an acquired business being recorded at their estimated fair values on the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. Acquisition-related costs incurred by the Company are recognized as an expense in general and administrative expenses within the condensed consolidated statements of operations. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, and to the extent that the value was not previously finalized, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information about facts and circumstance that existed at the date of acquisition and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill, provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s condensed consolidated statements of operations. Accounts and loans receivable and allowance for doubtful accounts Accounts and loans receivables are contractual rights to receive cash either on demand or on fixed or determinable dates, and are recognized as an asset on the Company’s balance sheet. Accounts and loans receivable consists of in-transit customer receivables, post-trade credit receivables, custodial fee revenue receivable, loans receivable, interest receivable, and other receivables. In-transit customer receivables represent settlements from third-party payment processors and banks for customer transactions. In-transit receivables are typically received within one or two business days of the transaction date. The Company establishes withdrawal-based limits in order to mitigate potential losses by preventing customers from withdrawing the crypto asset to an external blockchain address until the payment settles. In certain jurisdictions, in-transit customer receivables qualify as eligible liquid assets to meet regulatory requirements to fulfill the Company’s direct obligations under custodial funds due to customers. Post-trade credit receivables represent funds due for crypto assets delivered to credit eligible customers and are typically received within three business days from the transaction date. Post-trade credit receivables enable customers to instantly invest in crypto assets without pre-funding their trade. Custodial fee revenue receivable represents the fee earned and receivable by the Company for providing a dedicated secure cold storage solution to customers. The fee is based on a contractual percentage of the daily value of assets under custody and is collected on a monthly basis. Such custodial fee revenue income is included in the net revenue in the condensed consolidated statements of operations. Loans receivable represent loans made to retail users and institutions. These loans are collateralized with crypto assets held by those users in their crypto asset wallet on the Company’s platform. Loans receivable are subsequently measured at amortized cost. The Company recognizes an allowance for doubtful accounts for receivables based on expected credit losses. In determining expected credit losses, the Company considers historical loss experience, the aging of its receivable balance, and the fair value of any collateral held. For loans receivable, the Company applies the collateral maintenance provision practical expedient. The Company would recognize credit losses on these loans if there is a collateral shortfall and it is not reasonably expected that the borrower will replenish such a shortfall. Concentration of credit risk The Company’s cash, cash equivalents, restricted cash, customer custodial funds, and accounts and loans receivable are potentially subject to concentration of credit risk. Cash, cash equivalents, restricted cash, and customer custodial funds are placed with financial institutions which are of high credit quality. The Company invests cash, cash equivalents, and customer accounts primarily in highly liquid, highly rated instruments which are uninsured. The Company may also have deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation insurance limit of $250,000. The Company also holds cash at crypto trading venues and performs a regular assessment of these crypto trading venues as part of its risk management process. The Company held $145.0 million and $48.9 million of USDC as of June 30, 2021 and December 31, 2020, respectively. The underlying U.S. dollar denominated assets are held by the issuer in U.S-regulated financial institutions on behalf of USDC holders. As of June 30, 2021, one customer accounted for more than 10% of the Company’s accounts and loans receivable. As of December 31, 2020, two customers accounted for more than 10% of the Company’s accounts and loans receivable. One customer had fiat of $45.0 million transferred to their platform account prior to December 31, 2020, but the Company had not yet settled the transaction by collecting payment. The Company had extended $20.5 million of post trade credit to the second customer as of December 31, 2020. As these customers had transferred or were in the process of transferring funds to their portfolio equal to or in excess of the crypto assets purchased, the Company did not record an allowance for doubtful accounts. As of June 30, 2021, the Company had two payment processors and one bank partner account representing 7%, 8%, and 4% of accounts and loans receivable, respectively. As of December 31, 2020, the Company had one payment processor and two bank partner accounts representing 7%, 8%, and 7% of accounts and loans receivable, respectively. During the three and six months ended June 30, 2021 and June 30, 2020, no customer accounted for more than 10% of total revenue. Recent accounting pronouncements Recently adopted accounting pronouncements On August 5, 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity, by removing certain separation models that require the separation of a convertible debt instrument into a debt component and an equity or derivative component. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. After adoption of ASU 2020-06 entities will not separately present in equity an embedded conversion feature in such debt. Instead entities will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible instrument was issued at a substantial premium. ASU 2020-06 also expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share calculations that are impacted by the amendments. Under ASU 2020-06, entities must apply the more dilutive of the if-converted method and the two-class method to all convertible instruments; the treasury stock method is no longer available. ASU 2020-06 eliminates an entity’s ability to overcome the presumption of share settlement, and as a result, the issuers of convertible debt that may be settled in any combination of cash or stock at the issuer’s option, must use the more dilutive among the if-converted method and the two-class method in computing diluted net income per share, which is typically more dilutive than the net share settlement under the treasury stock method. ASU 2020-06 is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted. The Company early adopted ASU 2020-06 on January 1, 2021. The adoption of this new guidance did not have an impact on the Company’s consolidated financial statements since the Company had no existing convertible notes prior to issuance of the 2026 Notes, described below, in the second quarter of 2021. Further, the Company’s outstanding convertible preferred stock, which were converted into common stock in conjunction with the Company’s direct listing of its Class A common stock on the Nasdaq Global Select Market (the “Direct Listing”), did not contain any beneficial conversion feature. The Convertible Senior Notes issued in May 2021 are accounted for in accordance with this new guidance. See Note 9. Convertible Senior Notes for additional information. On December 18, 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes , as part of its overall simplification initiative to reduce the costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Among other things, the new guidance simplifies intraperiod tax allocation and reduces the complexity in accounting for income taxes with year-to-date losses in interim periods. The Company adopted the standard on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. On August 29, 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software under ASC 350-40, in order to determine which costs to capitalize and recognize as an asset and which costs to expense. The Company adopted the standard on January 1, 2021 using the prospective transition approach. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. On June 16, 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The Company adopted the standard on January 1, 2021 using the modified retrospective approach. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements, as the Company’s receivables are either fully collateralized or are short term in nature and therefore less susceptible to risks and uncertainty of credit losses over extended periods of time.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS2021 Acquisitions Bison Trails On February 8, 2021, the Company completed the acquisition of Bison Trails Co. (“Bison Trails”) by acquiring all issued and outstanding common stock and stock options of Bison Trails. Bison Trails is a platform-as-a-service company that provides a suite of easy-to-use blockchain infrastructure products and services on multiple networks to custodians, exchanges and funds. Prior to the acquisition, the Company held a minority ownership stake in Bison Trails, which was accounted for as a cost method investment. In accordance with Accounting Standards Codification 805, Business Combinations, the acquisition was accounted for as a business combination achieved in stages under the acquisition method. Accordingly, the cost method investment was remeasured to fair value as of the acquisition date. The Company considered multiple factors in determining the fair value of the previously held cost method investment, including the price negotiated with the selling shareholders and current trading multiples for comparable companies. Based on this analysis, the Company recognized an $8.8 million gain on remeasurement, which was recorded in other expense (income), net in the condensed consolidated statement of operations on the acquisition date. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date with the excess recorded as goodwill, none of which is expected to be deductible for tax purposes. The final allocation of purchase consideration to assets and liabilities remains in process as the Company continues to evaluate certain balances, estimates, and assumptions during the measurement period (up to one year from the acquisition date). Any changes in the fair value of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill. The total preliminary consideration transferred in the acquisition was $457.3 million, consisting of the following (in thousands): Common stock of the Company $ 389,314 Previously held interest on acquisition date 10,863 Cash 28,726 Replacement of Bison Trails options 28,365 Total purchase consideration $ 457,268 Included in the purchase consideration are 496,434 shares of the Company’s Class A common stock that are subject to an indemnity holdback. These shares will be released 18 months after the closing date of the transaction. The results of operations and the provisional fair values of the assets acquired and liabilities assumed have been included in the condensed consolidated financial statements as of the date of acquisition. The following table summarizes the estimated fair values of assets acquired and liabilities assumed using a cost based approach (in thousands): Cash and cash equivalents $ 12,201 Crypto assets held 5,177 Accounts and loans receivable, net of allowance 2,323 Prepaid expenses and other current assets 122 Intangible assets 39,100 Goodwill 404,167 Other non-current assets 1,221 Lease right-of-use assets 808 Total assets 465,119 Accounts payable and accrued expenses 2,446 Lease liabilities 808 Other liabilities 4,597 Total liabilities 7,851 Net assets acquired $ 457,268 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data): Fair Value Useful Life at Acquisition (in years) Developed technology $ 36,000 3 In process research and development ("IPR&D") 1,200 N/A User base 1,900 3 The intangible assets will be amortized on a straight-line basis over their respective useful lives to technology and development for developed technology and general and administrative for user base. Amortization of the IPR&D will be recognized in technology and development once the research and development is placed into service as internally developed software. Management applied significant judgement in determining the fair value of intangible assets, which involved the use of estimates and assumptions with respect to development costs and profit, costs to recreate customer relationships, market participation profit, and opportunity cost. Total acquisition costs of $3.7 million were incurred related to the acquisition, which were recognized as an expense and included in general and administrative expenses in the condensed consolidated statements of operations. Other Acquisition During the three months ended June 30, 2021, the Company completed an acquisition for $35.2 million, which was paid in cash and the Company’s common stock. This entity has been included in the Company’s condensed consolidated results of operations since its acquisition date. The impact of this acquisition was not material to the Company’s condensed consolidated financial statements. Tagomi On July 31, 2020, the Company completed the acquisition of Tagomi Holdings, Inc. (“Tagomi”), by acquiring all issued and outstanding shares of common stock and stock options of Tagomi. Tagomi is an institutional brokerage for crypto assets and offers an end-to-end brokerage solution that caters to sophisticated traders and institutions. Tagomi operates an advanced trading platform which pools liquidity from multiple venues to offer efficient pricing, algorithmic trading, a suite of prime services (including delayed settlement and borrowing and lending of fiat currency and crypto assets), and a flexible account hierarchy and operational processes that meet the needs of institutional clients. The total preliminary consideration transferred in the acquisition was $41.8 million, consisting of the following (in thousands): Common stock of the Company $ 30,589 Replacement of Tagomi options and warrants 760 Cash 1,906 Settlement of pre-existing receivable 8,537 Total purchase consideration $ 41,792 The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Cash and cash equivalents $ 13,777 Customer custodial funds 19,837 Crypto assets held 5,687 Accounts and loans receivable, net of allowance 5,795 Prepaid expenses and other current assets 633 Intangible assets 7,350 Goodwill 22,516 Other non-current assets 1,611 Total assets 77,206 Custodial funds due to customers 20,787 Accounts payable and accrued expenses 5,953 Crypto borrowings 8,674 Total liabilities 35,414 Net assets acquired $ 41,792 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill of $22.5 million, which is not deductible for tax purposes. The goodwill balance is primarily attributed to the market presence, synergies, and the use of purchased technology to develop future products and technologies. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data): Fair Value Useful Life at Acquisition (in years) Developed technology $ 6,600 3 Customer relationships 400 5 Licenses 350 Indefinite The developed technology, customer relationships, and licenses represent the estimated fair value of Tagomi’s trading platform, existing relationships with customers, and money transmitter licenses held, respectively. Total acquisition costs of $1.1 million were incurred related to the acquisition, which were recognized as an expense and included in general and administrative expenses in the condensed consolidated statements of operations. A related party of the Company was a prior equity holder of Tagomi, and as a result of the acquisition, was entitled to receive up to 264,527 shares of the Company’s Class A common stock. The impact of this acquisition was considered immaterial to both the current and prior periods of the Company’s condensed consolidated financial statements and pro forma financial information has not been provided.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue recognition The Company determines revenue recognition from contracts with customers through the following steps: • identification of the contract, or contracts, with the customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of the revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company primarily generates revenue through transaction fees charged on the platform. The following table presents revenue of the Company disaggregated by revenue source (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net revenue Transaction revenue Retail, net $ 1,827,951 $ 163,825 $ 3,283,121 $ 325,827 Institutional 102,431 8,039 187,840 18,028 Total transaction revenue 1,930,382 171,864 3,470,961 343,855 Subscription and services revenue Custodial fee revenue 31,698 3,079 55,148 5,791 Blockchain rewards 39,022 2,713 49,566 4,162 Earn campaign revenue 16,947 109 28,058 109 Interest income 6,481 190 9,801 2,749 Other subscription and services revenue 8,481 376 16,457 747 Total subscription and services revenue 102,629 6,467 159,030 13,558 Total net revenue 2,033,011 178,331 3,629,991 357,413 Other revenue Crypto asset sales revenue 194,524 7,698 398,323 17,558 Corporate interest income 427 353 759 2,041 Total other revenue 194,951 8,051 399,082 19,599 Total revenue $ 2,227,962 $ 186,382 $ 4,029,073 $ 377,012 Transaction revenue Retail transaction revenue represents transaction fees earned from customers that are primarily individuals, while institutional transaction revenue represents transaction fees earned from institutional customers, such as hedge funds, family offices, principal trading firms, and financial institutions on the institutional platform. The Company’s service is comprised of a single performance obligation to provide a crypto asset matching service when customers buy, sell, or convert crypto assets on the platform. That is, the Company is an agent in transactions between customers and presents revenue for the fees earned on a net basis. Judgment is required in determining whether the Company is the principal or the agent in transactions between customers. The Company evaluates the presentation of revenue on a gross or net basis based on whether it controls the crypto asset provided before it is transferred to the customer (gross) or whether it acts as an agent by arranging for other customers on the platform to provide the crypto asset to the customer (net). The Company does not control the crypto asset being provided before it is transferred to the buyer, does not have inventory risk related to the crypto asset, and is not responsible for the fulfillment of the crypto asset. The Company also does not set the price for the crypto asset as the price is a market rate established by the platform. As a result, the Company acts as an agent in facilitating the ability for a customer to purchase crypto assets from another customer. The Company considers its performance obligation satisfied, and recognizes revenue, at the point in time the transaction is processed. Contracts with customers are usually open-ended and can be terminated by either party without a termination penalty. Therefore, contracts are defined at the transaction level and do not extend beyond the service already provided. The Company charges a fee at the transaction level. The transaction price, represented by the trading fee, is calculated based on volume and may vary depending on payment type and the value of the transaction. Crypto asset purchase or sale transactions executed by a customer on the Company’s platform include tiered pricing, based primarily on transaction volume. The fee rate charged per transaction is adjusted up or down if the volume processed for a specific historical period meets established thresholds. The Company has concluded that this volume-based pricing approach does not constitute a future material right since the discount is within a range typically offered to a class of customers with similar volume. The transaction fee is collected from the customer at the time the transaction is executed. In certain instances, the transaction fee can be collected in crypto assets, with revenue measured based on the amount of crypto assets received and the fair value of the crypto assets at the time of the transaction. The transaction price includes estimates for reductions in revenue from transaction fee reversals that may not be recovered from customers. Such reversals occur when the customer disputes a transaction processed on their credit card or their bank account for a variety of reasons and seeks to have the charge reversed after the Company has processed the transaction. These amounts are estimated based upon the most likely amount of consideration to which the Company will be entitled. All estimates are based on historical experience and the Company’s best judgment at the time to the extent it is probable that a significant reversal of revenue recognized will not occur. All estimates of variable consideration are reassessed periodically. The total transaction price is allocated to the single performance obligation. While the Company recognizes transaction fee reversals as a reduction of net revenue, crypto asset losses related to those same transaction reversals are included in transaction expense. Custodial fee revenue The Company provides a dedicated secure cold storage solution to customers and earns a fee, which is based on a contractual percentage of the daily value of assets under custody. The fee is collected on a monthly basis. These contracts typically have one performance obligation which is provided and satisfied over the term of the contracts as customers simultaneously receive and consume the benefits of the services. The contract may be terminated by a customer at any time, without incurring a penalty. Customers are billed on the last day of the month during which services were provided, with the amounts being due within thirty days of receipt of the invoice. Amounts receivable from customers for custodial fee revenue, net of allowance, were $17.3 million and $4.4 million as of June 30, 2021 and December 31, 2020, respectively. The allowance recognized against these fees was not material for any of the periods presented. Blockchain rewards The Company generates revenues in crypto assets through various blockchain protocols. These blockchain protocols, or the participants that form the protocol networks, reward users for performing various activities on the blockchain, such as participating in proof-of-stake networks and other consensus algorithms. The Company considers itself the principal in the transactions with the blockchain networks, and therefore presents such blockchain rewards earned on a gross basis. Blockchain rewards are primarily comprised of staking revenue in which the Company participates in networks with proof-of-stake consensus algorithms, through creating or validating blocks on the network. In exchange for participating in the consensus mechanism of these networks, the Company earns rewards in the form of the native token of the network. Each block creation or validation is a performance obligation. Revenue is recognized at the point when the block creation or validation is complete and the rewards are available for transfer. Revenue is measured based on the number of tokens received and the fair value of the token at the date of recognition. Earn campaign revenue The Company provides a platform for crypto asset issuers, the customer, to engage with the Company’s retail users and teach them about new crypto assets through the use of educational tools, videos, and tutorials. In exchange for completing a task, such as watching the video or downloading an application, retail users may be eligible to receive crypto assets from the crypto asset issuer. The Company is the agent with respect to the delivery of the crypto assets. The Company earns a commission from the crypto asset issuer based on the amount of crypto assets that are distributed to users. Interest income and corporate interest income The Company holds customer custodial funds and cash and cash equivalents at certain third-party banks which earn interest. The Company also earns interest income under a revenue sharing arrangement and on loans granted to retail and institutional users. Interest income is calculated using the interest method and is not within the scope of Topic 606 – Revenue from Contracts with Customers. Interest earned on customer custodial funds, revenue sharing, and loans is included in interest income within subscription and services revenue. Interest earned on cash and cash equivalents is included in corporate interest income, within other revenue. Other subscription and services revenue Other subscription and services revenue primarily includes revenue from early stage services being offered by the Company, such as subscription license revenue. Generally, contracts with customers of early-stage products contain one performance obligation, do not have variable consideration, and are satisfied at a point in time or over the period that services are provided. Other revenue Other revenue includes the sale of crypto assets and corporate interest income. Periodically, as an accommodation to customers, the Company may fulfill customer transactions using the Company’s own crypto assets. The Company has custody and control of the crypto assets prior to the sale to the customer and records revenue at the point in time when the sale to the customer is processed. Accordingly, the Company records the total value of the sale in other revenue and the cost of the crypto assets in other operating expense within the condensed consolidated statements of operations. The cost of crypto assets used in fulfilling customer transactions was $178.8 million and $7.9 million for the three months ended June 30, 2021 and June 30, 2020, respectively, and $365.2 million and $18.1 million for the six months ended June 30, 2021 and June 30, 2020, respectively. Related party transactions Certain of the Company’s directors, executive officers, and principal owners, including immediate family members, are users of the Company’s platform. Fees charged to these users are on terms no more favorable than terms generally available to an unaffiliated third party under the same or similar circumstances. The Company recognized revenue with related parties of $8.0 million and $0.5 million for the three months ended June 30, 2021 and June 30, 2020, respectively and $13.3 million and $1.0 million for the six months ended June 30, 2021 and June 30, 2020. As of June 30, 2021 and December 31, 2020, amounts receivable from related parties was $2.7 million and $0.6 million, respectively. Revenue by geographic location In the table below are the revenues disaggregated by geography, based on domicile of the client or booking location, as applicable (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 1,870,465 $ 138,181 $ 3,335,900 $ 280,368 Rest of the World (1) 357,497 48,201 693,173 96,644 Total revenue $ 2,227,962 $ 186,382 $ 4,029,073 $ 377,012 __________________ (1) No other individual country accounted for more than 10% of total revenue

ACCOUNTS AND LOANS RECEIVABLE

ACCOUNTS AND LOANS RECEIVABLE	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
ACCOUNTS AND LOANS RECEIVABLE	ACCOUNTS AND LOANS RECEIVABLE Accounts and loans receivable, net of allowance consisted of the following (in thousands): June 30, December 31, 2021 2020 In-transit customer receivables $ 46,410 $ 90,571 Post-trade credit receivables 1,340 66,326 Custodial fee revenue receivable 18,076 4,636 Loans receivable (1) 95,538 6,790 Interest and other receivables 35,173 23,309 Allowance for doubtful accounts (2) (11,958) (2,161) Total accounts and loans receivable, net of allowance $ 184,579 $ 189,471 __________________ (1) The fair value of collateral held as security exceeded the outstanding loans receivable as of June 30, 2021 and December 31, 2020, so no allowance was recorded. (2) Includes provision for transaction losses of $9.0 million and $1.3 million as of June 30, 2021 and December 31, 2020, respectively. Loans receivable The Company grants loans to retail users and institutions. As of June 30, 2021 and December 31, 2020, the Company had granted loans with an outstanding balance of $95.5 million and $6.8 million, respectively. The related interest receivable on the loans as of June 30, 2021 and December 31, 2020, was $0.54 million and $0.04 million, respectively. The amounts loaned are collateralized with the crypto assets held by the borrower in their crypto asset wallet on the Company’s platform. The Company does not have the right to use such collateral unless the borrower defaults on the loans. The Company’s credit exposure is significantly limited and no allowance was recorded against these loans receivable. Loans receivable are measured at amortized cost. The carrying value of the loans approximates their fair value. As of June 30, 2021 and December 31, 2020, there were no loans receivable past due.
ACCOUNTS AND LOANS RECEIVABLE	ACCOUNTS AND LOANS RECEIVABLE Accounts and loans receivable, net of allowance consisted of the following (in thousands): June 30, December 31, 2021 2020 In-transit customer receivables $ 46,410 $ 90,571 Post-trade credit receivables 1,340 66,326 Custodial fee revenue receivable 18,076 4,636 Loans receivable (1) 95,538 6,790 Interest and other receivables 35,173 23,309 Allowance for doubtful accounts (2) (11,958) (2,161) Total accounts and loans receivable, net of allowance $ 184,579 $ 189,471 __________________ (1) The fair value of collateral held as security exceeded the outstanding loans receivable as of June 30, 2021 and December 31, 2020, so no allowance was recorded. (2) Includes provision for transaction losses of $9.0 million and $1.3 million as of June 30, 2021 and December 31, 2020, respectively. Loans receivable The Company grants loans to retail users and institutions. As of June 30, 2021 and December 31, 2020, the Company had granted loans with an outstanding balance of $95.5 million and $6.8 million, respectively. The related interest receivable on the loans as of June 30, 2021 and December 31, 2020, was $0.54 million and $0.04 million, respectively. The amounts loaned are collateralized with the crypto assets held by the borrower in their crypto asset wallet on the Company’s platform. The Company does not have the right to use such collateral unless the borrower defaults on the loans. The Company’s credit exposure is significantly limited and no allowance was recorded against these loans receivable. Loans receivable are measured at amortized cost. The carrying value of the loans approximates their fair value. As of June 30, 2021 and December 31, 2020, there were no loans receivable past due.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill The following table reflects the changes in the carrying amount of goodwill (in thousands): Six Months Ended June 30, 2021 Year Ended December 31, 2020 Balance, beginning of period $ 77,212 $ 54,696 Additions due to business combinations 424,047 22,516 Balance, end of period $ 501,259 $ 77,212 There was no impairment recognized against goodwill at the beginning or end of the periods. Intangible assets Intangible assets consisted of the following (in thousands, except years data): As of June 30, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in years) Amortizing intangible assets Acquired developed technology $ 65,208 $ (20,158) $ 45,050 2.19 User base 2,997 (450) 2,547 2.25 Customer relationships 66,591 (21,349) 45,242 4.08 Non-compete agreement 2,402 (922) 1,480 3.09 Assembled workforce 24,000 (230) 23,770 1.98 In-process research and development (1) 1,200 — 1,200 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 350 — 350 N/A Crypto assets held (2) 585,846 — 585,846 N/A Total $ 748,844 $ (43,109) $ 705,735 (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of 3 years. (2) Crypto assets held as of June 30, 2021 includes $23.2 million of crypto assets loaned to customers under the post-trade credit settlement arrangements as these did not meet the criteria for derecognition. As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in years) Amortizing intangible assets Acquired developed technology $ 20,708 $ (13,024) $ 7,684 2.09 Customer relationships 66,591 (15,771) 50,820 4.58 Trade name 30 (30) — 0 Non-compete agreement 2,402 (681) 1,721 3.58 Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 350 — 350 N/A Crypto assets held 316,094 — 316,094 N/A Total $ 406,425 $ (29,506) $ 376,919 Amortization expense of intangible assets was $8.3 million and $15.2 million for the three and six months ended June 30, 2021, respectively. Amortization expense of intangible assets was $3.9 million and $7.9 million for the three and six months ended June 30, 2020, respectively. The Company estimates that there is no significant residual value related to its amortizing intangible assets. Crypto assets held are accounted for as an indefinite-lived intangible asset, and thus, are recognized at cost and subject to impairment losses if the fair value of crypto assets decreases below the carrying value at any time during the period. Impairment losses cannot be recovered for any subsequent increase in fair value until the sale or disposal of the asset. The Company recorded gross impairment charges of $174.8 million and $175.6 million during the three and six months ended June 30, 2021 due to the observed market price of crypto assets decreasing below the carrying value at some point during the period. The Company partially recovered impairments recorded during the period through both subsequent crypto asset sales and disposals. Impairment charges of $58.2 million and $0.3 million relate to the crypto assets still held as of June 30, 2021 and June 30, 2020, respectively. Impairment expense is included in other operating expense (income), net in the condensed consolidated statements of operations. Crypto assets held consisted of the following (in thousands): June 30, December 31, 2021 2020 Crypto assets held as investments $ 58,328 $ 24,438 Crypto assets held for operating purposes 164,410 37,830 Crypto assets borrowed 363,108 253,826 Total crypto assets held $ 585,846 $ 316,094 See Note 11. Fair Value Measurements , for additional details regarding the carrying value of the Company’s crypto assets held. The expected future amortization expense for intangible assets other than IPR&D as of June 30, 2021 is as follows (in thousands): 2021 (for the remainder of) $ 23,010 2022 45,009 2023 32,270 2024 11,346 2025 6,454 Thereafter — Total expected future amortization expense $ 118,089

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other current assets and other non-current assets consisted of the following (in thousands): June 30, December 31, 2021 2020 Prepaid expenses and other current assets Prepaid expenses $ 89,328 $ 36,218 Warrant to purchase crypto assets — 2,575 Deposits 20,214 — Other 5,209 717 Total prepaid expenses and other current assets $ 114,751 $ 39,510 Other non-current assets Equity method investments $ 1,056 $ 2,000 Strategic investments 66,546 26,146 Deferred tax assets 109,540 20,807 Deposits 10,546 68,287 Total other non-current assets $ 187,688 $ 117,240 Equity method investments The Company acquired a 50% interest in Centre Consortium, LLC in August 2019. The Company has significant influence over the entity, but does not have power or control. The Company’s share of earnings and losses are included in other expense (income), net in the condensed consolidated statements of operations. Strategic investments The Company invests in various companies and technologies through Coinbase Ventures, the Company’s venture capital arm. The components of other investments accounted for under the measurement alternative included in the table above are presented below (in thousands): June 30, December 31, 2021 2020 Carrying amount, beginning of period $ 26,146 $ 15,599 Net additions 40,071 9,687 Upward adjustments 2,379 1,307 Previously held interest in Bison Trails (see Note 3) (2,000) — Impairments and downward adjustments (50) (447) Carrying amount, end of period $ 66,546 $ 26,146 Upward adjustments, impairments, and downward adjustments from remeasurement of investments are included in other expense (income), net in the condensed consolidated statements of operations. As of June 30, 2021, cumulative upward adjustments were $3.7 million and cumulative impairments and downward adjustments were $2.6 million.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following (in thousands): June 30, December 31, 2021 2020 Accounts payable $ 35,982 $ 12,031 Accrued expenses 90,990 33,987 Accrued payroll and payroll related 94,541 23,403 Income taxes payable 3,613 5,805 Other payables 41,529 9,885 Total accounts payable and accrued expenses $ 266,655 $ 85,111

CONVERTIBLE SENIOR NOTES

CONVERTIBLE SENIOR NOTES	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
CONVERTIBLE SENIOR NOTES	CONVERTIBLE SENIOR NOTES In May 2021, the Company issued an aggregate of $1.44 billion of convertible senior notes due in 2026 (the “2026 Notes”) pursuant to an indenture, dated May 18, 2021 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. The 2026 Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2026 Notes are senior unsecured obligations of the Company and bear interest at a rate of 0.5% per year payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2021. The 2026 Notes mature on June 1, 2026, unless earlier converted, redeemed or repurchased. The proceeds received of $1.42 billion were net of a 1% original issue discount. The initial conversion rate for the 2026 Notes is 2.6994 shares of the Company's Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $370.45 per share of the Class A common stock. The conversion rate and conversion price are subject to customary adjustments under certain circumstances in accordance with the terms of the Indenture. The 2026 Notes will be convertible at the option of the holders before December 1, 2025 only upon the occurrence of certain events, and from and after December 1, 2025, at any time at their election until the close of business on the second scheduled trading day immediately preceding June 1, 2026, only under certain circumstances. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of the Company’s Class A common stock or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election, based on the applicable conversion rate. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Additionally in the event of a corporate event constituting a fundamental change (as defined in the Indenture), holders of the 2026 Notes may require the Company to repurchase all or a portion of their 2026 Notes at a repurchase price equal to 100% of the principal amount of the 2026 Notes being repurchased, plus accrued and unpaid special interest or additional interest, if any, to, but excluding, the date of the fundamental change repurchase. The Company accounted for the 2026 Notes wholly as debt because (1) the conversion features do not require bifurcation as a derivative under ASC 815 and (2) the 2026 Notes were not issued at a substantial premium. Discounts on the 2026 Notes reflect a 1% original issue discount of $14.4 million and debt issuance costs related to the 2026 Notes of $16.9 million, which include commissions payable to the underwriters and third-party offering costs. Discounts are amortized to interest expense using the effective interest method over the contractual term of the 2026 Notes. For the three months ended and six months ended June 30, 2021, total interest expense on the 2026 Notes was $1.5 million with coupon interest expense of $0.8 million and the amortization of debt discounts and debt issuance costs of $0.7 million. The effective interest rate on the 2026 Notes is 0.9%. As of June 30, 2021, the outstanding aggregate principal balance of the 2026 Notes and the related unamortized discounts were $1.44 billion and $30.6 million, respectively. Capped Calls On May 18, 2021, in connection with the pricing of the 2026 Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institutions (the "option counterparties") at a cost of $90.1 million. The Capped Calls cover, subject to customary adjustments, the number of shares of Class A common stock initially underlying the 2026 Notes. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2026 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2026 Notes its common stock price exceeds the conversion price of the 2026 Notes. The Capped Calls have an initial strike price of approximately $370.45 per share of Class A common stock and an initial cap price of approximately $478 per share of Class A common stock. The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in capital within stockholders’ equity.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES Notional amount of derivative contracts The following table summarizes the notional amount of derivative contracts outstanding, in native units. June 30, December 31, 2021 2020 Crypto asset borrowings with embedded derivatives: BTC 8,305 9,305 ETH 15,000 3,000 ICP 750,000 — XRP — 1,500,000 Warrant to purchase crypto assets: UNI — 800,000 The following tables summarize information on derivative assets and liabilities that are reflected in the Company’s condensed consolidated balance sheets, by accounting designation (in thousands): Gross derivative assets Gross derivative liabilities June 30, 2021 Not designated as hedges Designated as hedges Total derivative assets Net derivative assets Not designated as hedges Designated as hedges Total derivative liabilities Net derivative liabilities Crypto borrowings with embedded derivatives $ — $ 223,284 $ 223,284 $ 223,284 $ — $ 168,818 $ 168,818 $ 168,818 Total fair value of derivative assets and liabilities $ — $ 223,284 $ 223,284 $ 223,284 $ — $ 168,818 $ 168,818 $ 168,818 Gross derivative assets Gross derivative liabilities December 31, 2020 Not designated as hedges Designated as hedges Total derivative assets Net derivative assets Not designated as hedges Designated as hedges Total derivative liabilities Net derivative liabilities Crypto borrowings with embedded derivatives $ — $ — $ — $ — $ 12,696 $ 114,395 $ 127,091 $ 127,091 Warrant to purchase crypto assets 2,575 — 2,575 2,575 — — — — Total fair value of derivative assets and liabilities $ 2,575 $ — $ 2,575 $ 2,575 $ 12,696 $ 114,395 $ 127,091 $ 127,091 Fair value hedge gains and losses The Company includes gains (losses) on the hedging derivative and the hedged item in other operating expenses (income), net within the condensed consolidated statements of operations. The following tables present derivative instruments used in fair value hedge accounting relationships, as well as pre-tax gains (losses) recorded on such derivatives and the related hedged items (in thousands): Gains (losses) recorded in income Three months ended June 30, 2021 Three months ended June 30, 2020 Derivatives Hedged items Income statement impact Derivatives Hedged items Income statement impact Crypto borrowings with embedded derivatives $ 448,957 $ (427,240) $ 21,717 $ — $ — $ — Gains (losses) recorded in income Six months ended June 30, 2021 Six months ended June 30, 2020 Derivatives Hedged items Income statement impact Derivatives Hedged items Income statement impact Crypto borrowings with embedded derivatives $ 181,557 $ (169,116) $ 12,441 $ — $ — $ — The following amounts were recorded in the condensed consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the condensed consolidated statements of operations in future periods as an adjustment to other operating expense (income), net (in thousands): Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items June 30, 2021 Carrying amount of the hedged items Active hedging relationships Discontinued hedging relationships Total Assets $ 363,108 $ (56,623) $ — $ (56,623) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items December 31, 2020 Carrying amount of the hedged items Active hedging relationships Discontinued hedging relationships Total Assets $ 247,735 $ 113,102 $ — $ 113,102 Crypto asset borrowings The carrying value of the outstanding host contract as of June 30, 2021 and December 31, 2020 was $421.5 million and $144.2 million, respectively. The fair value of the embedded derivative assets and liabilities as of June 30, 2021 was $223.3 million and $168.8 million, respectively. The fair value of the embedded derivative assets and liabilities as of December 31, 2020 was $0 and $127.1 million, respectively. The fee on these borrowings ranged from 0.0% to 3.5%. During the six months ended June 30, 2021 and June 30, 2020, the Company paid $7.2 million and zero of borrowing fees in crypto assets, respectively. This borrowing fee is included in other operating expense (income), net in the condensed consolidated statements of operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS 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): June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents (1) $ 3,234,215 $ — $ — $ 3,234,215 $ 212,818 $ — $ — $ 212,818 Customer custodial funds (2) 3,614,705 — — 3,614,705 1,171,274 — — 1,171,274 Crypto assets held (3) — 363,108 — 363,108 — 247,735 — 247,735 Derivative assets (4)(5) — 223,284 — 223,284 — — 2,575 2,575 Total assets $ 6,848,920 $ 586,392 $ — $ 7,435,312 $ 1,384,092 $ 247,735 $ 2,575 $ 1,634,402 Liabilities Derivative liabilities (5) $ — $ 168,818 $ — $ 168,818 $ — $ 127,091 $ — $ 127,091 Total liabilities $ — $ 168,818 $ — $ 168,818 $ — $ 127,091 $ — $ 127,091 __________________ (1) Excludes corporate cash of $1.1 billion and $849.0 million held in deposit at financial institutions and crypto asset trading venues and not measured and recorded at fair value as of June 30, 2021 and December 31, 2020, respectively. (2) Excludes customer custodial funds of $5.3 billion and $2.6 billion held in deposit at financial institutions and not measured and recorded at fair value as of June 30, 2021 and December 31, 2020, respectively. (3) Includes crypto assets held that have been designated as hedged items in fair value hedges and excludes crypto assets of $222.7 million and $68.4 million held at cost as of June 30, 2021 and December 31, 2020, respectively. (4) Level 3 derivative assets represent warrants to purchase crypto assets, which are included in prepaid expenses and other current assets in the condensed consolidated balance sheets. (5) Excludes crypto asset borrowings of $421.5 million and $144.2 million, representing the host contract which is not measured and recorded at fair value as of June 30, 2021 and December 31, 2020, respectively. The Company did not make any transfers between the levels of the fair value hierarchy during the six months ended June 30, 2021 and the year ended December 31, 2020. Level 3 derivative assets The following table presents a reconciliation of the derivative assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands): Balance as of January 1, 2021 $ 2,575 Fair value adjustment 14,757 Exercise of warrants (17,332) Balance as of June 30, 2021 $ — The derivative assets balance were included in prepaid expenses and other current assets in the condensed consolidated balance sheets. The derivative assets were solely represented by warrant agreements to purchase crypto assets from asset issuers. Upon exercise of the warrants, the underlying crypto assets were subject to transfer and sale restrictions, and vested over periods of between one Three Months Ended June 30, 2021 Six Month Ended June 30, 2021 Discount rate 0.01% - 0.15% 0.01% - 0.15% Historical volatility of comparable crypto assets 105% - 175% 105% - 175% Assets and liabilities measured and recorded at fair value on a non-recurring basis The Company’s non-financial assets, such as goodwill, intangible assets, property and equipment, and crypto assets held but not designated in hedging relationships are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominately on Level 3 inputs. Fair value of crypto assets held are predominantly based on Level 2 inputs. Financial assets and liabilities not measured and recorded at fair value The Company’s financial instruments, including cash, restricted cash, certain customer custodial funds, USDC, and custodial funds due to customers are classified as Level 1 and carried at amortized cost, which approximates their fair value. The loans receivable are classified as Level 3 and are carried at amortized cost, which approximates their fair value. The Company estimates the fair value of the 2026 Notes based on market observable inputs (Level 2). As of June 30, 2021, the estimated fair value and carrying value of the 2026 Notes was $1.45 billion and $1.41 billion, respectively.

CONVERTIBLE PREFERRED STOCK

CONVERTIBLE PREFERRED STOCK	6 Months Ended
	Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
CONVERTIBLE PREFERRED STOCK	CONVERTIBLE PREFERRED STOCK On April 1, 2021, in anticipation of the Direct Listing and following a vote by the requisite holders of the convertible preferred stock, all outstanding shares of the Company’s convertible preferred stock were converted into 8,556,952 shares of the Company’s Class A common stock and 103,850,006 shares of the Company’s Class B common stock. Effective immediately following the conversion, the Company amended and restated its certificate of incorporation (the “Restated Certificate of Incorporation”) to authorize 500,000,000 shares of undesignated preferred stock. See Note 13. Common Stock for additional details. The Company’s board of directors (the “Board”) has the authority to determine the price, rights, preferences, privileges and restrictions, including voting rights, of those shares without any further vote or action by the stockholders. A summary of the Company’s authorized, issued, and outstanding shares of convertible preferred stock was as follows (in thousands, except per share data): As of June 30, 2021, there was no convertible preferred stock issued and outstanding. As of December 31, 2020 Shares Authorized Shares Issued and Outstanding Original Issue Price per Share Liquidation Preference Carrying Value FF Preferred 5,739 5,739 $ — $ — $ 11 Series A 30,929 27,349 0.19721 5,394 4,946 Series B 25,416 21,831 1.00676 21,978 19,228 Series C 32,542 31,656 2.76488 87,525 83,146 Series D 17,471 17,471 8.25390 144,205 135,738 Series E 14,508 8,832 36.19220 319,648 319,398 126,605 112,878 $ 578,750 $ 562,467 The change in the number of outstanding shares of convertible preferred stock per class was as follows (in thousands): Series FF Series A Series B Series C Series D Series E Balance at January 1, 2021 5,739 27,349 21,831 31,656 17,471 8,832 Conversion to Class A common stock — (117) — (36) (43) (8,832) Conversion to Class B common stock (5,739) (27,232) (21,831) (31,620) (17,428) — Balance at June 30, 2021 — — — — — — During the six months ended June 30, 2021 and year ended December 31, 2020, there were sales of convertible preferred stock between stockholders. Pursuant to the terms of sale of the convertible preferred stock, those preferred shares converted to Class A common stock. The Company did not sell any shares or receive any proceeds from the transactions.

COMMON STOCK

COMMON STOCK	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
COMMON STOCK	COMMON STOCK On April 1, 2021, in anticipation of the Direct Listing and upon a vote by the requisite holders of the Company’s convertible preferred stock, all outstanding shares of convertible preferred stock were converted into 8,556,952 shares of Class A common stock and 103,850,006 shares of Class B common stock. Effective April 1, 2021, in connection with the Direct Listing, the Company amended and restated its certificate of incorporation to authorize 10,000,000,000 shares of Class A common stock, 500,000,000 shares of Class B common stock, 500,000,000 shares of undesignated common stock, and 500,000,000 shares of undesignated preferred stock. Shares of Class A common stock and Class B common stock will be treated equally, identically and ratably, on a per share basis, with respect to dividends that may be declared by the Board. Holders of Class A common stock are entitled to one vote per share, and holders of Class B common stock are entitled to 20 votes per share. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters (including the election of directors) submitted to a vote of the stockholders of the Company. Upon a liquidation, dissolution or winding-up of the Company, the assets legally available for distribution to stockholders would be distributed ratably among the holders of Class A common stock and Class B common stock and any participating preferred stock or new series of common stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock or new series of common stock. Shares of Class B common stock are convertible at any time at the option of the holder into shares of Class A common stock on a one-to-one basis. In addition, each share of Class B common stock will automatically convert into a share of Class A common stock upon a sale or transfer (other than with respect to certain estate planning and other transfers). Further, upon certain events specified in the restated certificate of incorporation, all outstanding shares of Class B common stock will convert automatically into shares of Class A common stock. The Company has reserved shares of Class A common stock and Class B common stock for issuance for the following purposes (in thousands): June 30, December 31, 2021 2020 Class A common stock Conversion of Series E convertible preferred stock — 8,832 Options issued and outstanding under 2013 Plan 1,915 3,550 Options issued and outstanding under 2019 Plan 32,091 37,232 RSUs issued and outstanding under 2019 Plan 6,885 3,766 Shares available for future issuance under the 2019 Plan — 2,193 RSUs issued and outstanding under 2021 Plan 532 — Shares available for future issuance under the 2021 Plan 36,163 — Shares available for future issuance under the 2021 Employee Stock Purchase Plan 5,175 — Replacement options issued and outstanding from Tagomi acquisition 5 32 Replacement options issued and outstanding from Bison Trails acquisition 278 — Exercise and conversion of outstanding warrant — 4 Shares available for future issuance of warrants 2,296 2,296 Total Class A common stock shares reserved 85,340 57,905 Class B common stock Conversion of FF Preferred and Series A, B, C, and D convertible preferred stock — 104,046 Options issued and outstanding under 2013 Plan 9,070 22,442 Exercise and conversion of outstanding warrant — 408 Total Class B common stock shares reserved 9,070 126,896

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock plans The Company maintains four equity incentive plans: the 2013 Stock Plan (the “2013 Plan”), the 2019 Equity Incentive Plan (the “2019 Plan”), the 2021 Equity Incentive Plan (the “2021 Plan”), and the 2021 Employee Stock Purchase Plan (the “ESPP” and collectively, the “Plans”). Following the Direct Listing, the Company has only issued awards under the 2021 Plan and the ESPP, and no additional awards will be granted under the 2013 Plan and 2019 Plan. In April 2021, the Company adopted the 2021 Plan. The 2021 Plan serves as the successor to the 2019 Plan. Outstanding awards under the 2019 Plan continue to be subject to the terms and conditions of the 2019 Plan. The 2021 Plan provides for the granting of incentive stock options, restricted stock units (“RSUs”), restricted stock, stock appreciation rights and performance and stock bonus awards to assist in attracting, retaining and motivating employees. As of June 30, 2021, the Company has reserved 36,695,036 shares of Class A common stock for issuance under the 2021 Plan. The number of shares available for grant and issuance under the 2021 Plan will be automatically increased on January 1st of each of the first ten fiscal years during the term of the 2021 Plan by the lesser of (a) five percent of the number of shares of all classes of the Company’s common stock issued and outstanding on an as converted to common stock basis on each December 31st immediately prior to the date of increase or (b) such number of Shares determined by the Board. As of June 30, 2021, only stock options and RSUs were issued and outstanding under the Plans. Stock options Activity of options outstanding are as follows (in thousands, except per share and years data): Options Outstanding Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance at January 1, 2021 63,256 $ 14.84 8.17 $ 2,527,396 Assumed options from acquisition 470 3.45 Exercised (19,293) 7.78 Forfeited and cancelled (1,074) 19.63 Balance at June 30, 2021 43,359 17.75 8.21 10,213,272 Vested and exercisable at June 30, 2021 12,744 9.59 6.79 3,105,922 Vested and expected to vest at June 30, 2021 37,225 16.81 8.06 8,803,438 As of June 30, 2021, there was total unrecognized compensation cost of $251.5 million related to unvested stock options. These costs are expected to be recognized over a weighted-average period of approximately 3.89 years. As of June 30, 2021, there were 858,181 shares subject to repurchase related to stock options early exercised and not yet vested, but that are expected to vest. As of June 30, 2021, the Company recorded a liability related to these shares subject to repurchase in the amount of $16.6 million, which is included within other current liabilities in the accompanying condensed consolidated balance sheets. Chief Executive Officer performance award During April 2021, as a result of the Company’s registration statement being declared effective by the Securities and Exchange Commission under the Securities Act, the performance condition of the option award granted to the Chief Executive Officer was met. During the three and six months ended June 30, 2021, compensation expense of $6.4 million was recognized related to this award. On July 8, 2021, the first price target of the award was met, resulting in the vesting of 3,159,930 shares subject to the option award. Restricted stock units The Company’s RSUs vest upon the satisfaction of a service-based condition. In general, the RSUs vest over a service period ranging from two Activity of RSUs outstanding under the Plan are as follows (in thousands, except per share data): Number of shares Weighted- Balance at January 1, 2021 3,766 $ 54.80 Granted 4,512 225.40 Vested (734) 133.25 Forfeited and cancelled (127) 137.42 Balance at June 30, 2021 7,417 141.25 For RSUs granted prior to the Direct Listing, the fair value of the Class A common stock was determined using linear interpolation between the dates at which the Company obtained third-party valuations, for financial reporting purposes. This method was determined to be reasonable, as no single event was identified that caused the increase in the fair value of the common stock. For RSUs granted after the Direct Listing of the Company’s Class A common stock, the closing stock price on the grant date of the Company’s Class A common stock was used as the fair value. As of June 30, 2021, there was total unrecognized compensation cost of $976.0 million related to unvested RSUs. These costs are expected to be recognized over a weighted-average period of approximately 2.87 years. Restricted common stock As part of the Company’s acquisitions, the Company issued restricted Class A common stock. Vesting of this restricted Class A common stock is dependent on a service-based vesting condition that is satisfied over three years. The Company has the right to repurchase shares at par value for which the vesting condition is not satisfied. Activity of restricted Class A common stock are as follows (in thousands, except per share data): Number of shares Weighted- Balance at January 1, 2021 824 $ 23.46 Granted 1,351 173.12 Vested — — Forfeited and cancelled — — Balance at June 30, 2021 2,175 116.44 As of June 30, 2021, there was total unrecognized compensation cost of $217.3 million related to unvested restricted Class A common stock. These costs are expected to be recognized over a weighted-average period of approximately 2.58 years. Employee Stock Purchase Plan In February 2021, the Board approved and adopted the ESPP. The ESPP allows eligible employees the option to purchase shares of the Company's Class A common stock at a 15% discount, over a series of offering periods through accumulated payroll deductions over the period. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is lower than the stock price on the offering date. The Company recognizes stock-based compensation expenses related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is 24. The fair value of employee stock purchase plan rights are estimated on the date of grant using the Black-Scholes-Merton option valuation model. The ESPP went effective on the day the Company’s registration statement went effective, April 1, 2021. The grant date of the initial offering period was May 3, 2021, and that offering period shall end on April 30, 2023. For the three and six months ended June 30, 2021, total compensation cost of $2.1 million was recognized related to the ESPP. As of June 30, 2021, the Company recorded a liability of $5.0 million related to the accumulated payroll deductions, which are refundable to employees who withdraw from the plan. This amount is included within accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Stock-based compensation expense Stock based compensation is included in the following components of expenses on the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Technology and development $ 130,988 $ 7,710 $ 204,245 $ 12,592 Sales and marketing 6,674 305 10,204 480 General and administrative 51,673 7,869 79,514 11,991 Total $ 189,335 $ 15,884 $ 293,963 $ 25,063

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate (“ETR”) for the three months ended June 30, 2021 and June 30, 2020 was (84.9)% and 16.8%, respectively. The ETR of (84.9)% for the three months ended June 30, 2021 was lower than the U.S. statutory rate of 21.0% due to (i) the tax effect of compensation expense on deductible stock option exercises at a fair market value, (ii) U.S. federal and California state research and development credits, and (iii) U.S. federal benefits from foreign derived intangible income, offset by (i) the tax effect of non-deductible officer compensation, (ii) accrual for U.S. state taxes, (iii) the tax effect of non-deductible stock-based compensation, and (iv) non-deductible costs related to the Direct Listing capitalized for tax. The ETR for the six months ended June 30, 2021 and June 30, 2020 was (27.5)% and 12.9%, respectively. The ETR of (27.5)% for the six months ended June 30, 2021 was lower than the U.S. statutory rate of 21.0% due to (i) the tax effect of compensation expense on deductible stock option exercises at a fair market value, (ii) U.S. federal and California state research and development credits, and (iii) U.S. federal benefits from foreign derived intangible income, offset by (i) the tax effect of non-deductible officer compensation, (ii) accrual for U.S. state taxes, (iii) the tax effect of non-deductible stock-based compensation, and (iv) non-deductible costs related to the Direct Listing capitalized for tax.

NET INCOME PER SHARE

NET INCOME PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE The computation of net income per share is as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic net income per share: Numerator Net income $ 1,606,349 $ 32,260 $ 2,377,812 $ 64,233 Less: Income allocated to participating securities (16,636) (32,260) (699,903) (53,419) Net income attributable to common stockholders, basic $ 1,589,713 $ — $ 1,677,909 $ 10,814 Denominator Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, basic 204,728 67,006 142,397 66,982 Net income per share attributable to common stockholders, basic $ 7.77 $ — $ 11.78 $ 0.16 Diluted net income per share: Numerator Net income $ 1,606,349 $ 32,260 $ 2,377,812 $ 64,233 Less: Income allocated to participating securities (13,750) (32,260) (573,503) (51,533) Add: Interest on convertible notes 551 — 551 — Net income attributable to common stockholders - diluted $ 1,593,150 $ — $ 1,804,860 $ 12,700 Denominator Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, basic 204,728 67,006 142,397 66,982 Weighted-average effect of potentially dilutive securities: Stock options 37,644 — 41,068 20,202 RSUs 4,047 — 3,444 — RSAs 3 — 1 — Warrants — — 145 387 Convertible notes 1,725 — 863 — Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, diluted 248,147 67,006 187,918 87,571 Net income per share attributable to common stockholders, diluted $ 6.42 $ — $ 9.60 $ 0.15 The Company’s restricted Class A common stock granted as consideration in the acquisitions of Tagomi and Bison Trails are participating securities. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting income (loss) per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis. The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Employee stock options 6,134 45,474 6,134 14,872 RSUs 1,807 — 1,807 — Warrants — 408 — — Contingent consideration recognized in asset acquisition — 691 — 691 Employee stock purchase program 263 — 263 — Total 8,204 46,573 8,204 15,563

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Crypto asset wallets The Company has committed to securely store all crypto assets it holds on behalf of users. As such, the Company may be liable to its users for losses arising from theft or loss of user private keys. The Company has no reason to believe it will incur any expense associated with such potential liability because (i) it has no known or historical experience of claims to use as a basis of measurement, (ii) it accounts for and continually verifies the amount of crypto assets within its control, and (iii) it has established security around custodial private keys to minimize the risk of theft or loss. Since the risk of loss is remote, the Company had not recorded a liability at June 30, 2021 or December 31, 2020. Indemnifications In the event any registrable securities are included in a registration statement, the Company’s Amended and Restated Investors’ Rights Agreement (the “IRA”) entered into with certain of the Company’s holders of convertible preferred stock provides indemnity to each stockholder, their partners, members, officers, directors, and stockholders, legal counsel, and accountants; each underwriter, if any; and each person who controls each stockholder or underwriter, against any damages incurred in connection with investigating or defending any claim or proceeding arising as a result of such registration from which damages may result. The Company will reimburse each such party for any legal and any other expenses reasonably incurred, provided that the Company will not be liable in any such case to the extent the damages arise out of or are based upon any actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such stockholder or underwriter and stated to be specifically for use therein. The Company also has indemnity agreements with certain officers and directors of the Company pursuant to which the Company must indemnify the officer or director against all expenses, judgments, fines, and amounts paid in settlement reasonably incurred in connection with a third party proceeding, if the indemnitee acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company, and in the case of a criminal proceeding, had no reasonable cause to believe the indemnitee’s conduct was unlawful. It is not possible to determine the maximum potential exposure under these indemnification agreements: (i) because the Company has had no prior indemnification claims; (ii) due to the unique facts and circumstances involved in each particular agreement; and (iii) due to the requirement for a registration of the Company’s securities before any of the indemnification obligations contemplated in the IRA become effective. The Company has also provided indemnities or similar commitments on standard commercial terms in the ordinary course of business. Legal proceedings The Company is subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business. The Company is also subject to regulatory oversight by numerous regulatory and other governmental agencies. The Company reviews its lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with the loss contingencies accounting guidance. In accordance with such guidance, the Company establishes accruals for such matters when potential losses become probable and can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the condensed consolidated financial statements. In July 2017, the Enforcement Division of the Commodity Futures Trading Commission (“CFTC”) commenced an investigation that has covered topics including an 2017 Ethereum market event, trades made in 2017 by one of the Company’s then-current employees, the listing of Bitcoin Cash on the Company’s platform, and the design and operation of certain algorithmic functions related to liquidity management on the Company’s platform. In the first quarter of 2021, the parties negotiated a full and final settlement agreement, which did not have a material impact on the condensed consolidated financial statements. On July 22, 2021, a purported securities class action captioned Ramsey v. Coinbase Global, Inc., et al. , Case No. 3:21-cv-05634, was filed in the U.S. District Court for the Northern District of California against the Company, its directors, certain of its officers and employees, and certain venture capital and investment firms. The Complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, as amended, in connection with the Registration Statement and Prospectus filed in connection with the Direct Listing. We dispute the claims and intend to vigorously defend against them. Based on the preliminary nature of the proceedings in this case, the outcome of this matter remains uncertain. The Company believes the ultimate resolution of existing legal and regulatory investigation matters will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially. Tax regulation Current promulgated tax rules related to crypto assets are unclear and require significant judgments to be made in interpretation of the law, including but not limited to the areas of income tax, information reporting and the withholding of tax at source. Additional legislation or guidance may be issued by U.S. and non-U.S. governing bodies that may differ significantly from the Company's practices or interpretation of the law, which could have unforeseen effects on our financial condition and results of operations, and accordingly, the related impact on our financial condition and results of operations is not estimable.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The accompanying interim condensed consolidated financial statements of the Company are unaudited. These unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), on the same basis as the audited consolidated financial statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair statement of the Company’s condensed consolidated balance sheet as of June 30, 2021, condensed consolidated results of operations for the three and six months ended June 30, 2021 and June 30, 2020, and condensed consolidated statements of cash flows for the six months ended June 30, 2021 and June 30, 2020. The unaudited condensed consolidated results of operations for the three and six months ended June 30, 2021 and June 30, 2020 are not necessarily indicative of the results to be expected for the full year or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on April 14, 2021 (the “Prospectus”). These accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The Company’s subsidiaries are entities in which the Company holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. Certain subsidiaries of the Company have a basis of presentation different from GAAP. For the purposes of these unaudited condensed consolidated financial statements, the basis of presentation of such subsidiaries is converted to GAAP. All intercompany accounts and transactions have been eliminated in consolidation. There were no changes to the significant accounting policies or recent accounting pronouncements that were disclosed in Note 2. Summary of Significant Accounting Policies
Reclassifications	Reclassifications Certain prior period amounts have been reclassified in order to conform with the current period presentation. These reclassifications have no impact on the Company’s previously reported consolidated net income.
Use of estimates	Use of estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions in the Company’s condensed consolidated financial statements and notes thereto. Significant estimates and assumptions include the determination of the recognition, measurement, and valuation of current and deferred income taxes; the fair value of stock-based awards issued; the useful lives of intangible assets; the useful lives of property and equipment; the impairment of long-lived assets; the Company’s incremental borrowing rate; the fair value of assets acquired and liabilities assumed in business combinations; the fair value of derivatives and related hedges; the fair value of convertible debt; and loss provisions. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the Company’s condensed consolidated financial statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities.
Business combinations	Business combinations The results of businesses acquired in a business combination are included in the Company’s condensed consolidated financial statements from the date of the acquisition. Purchase accounting results in assets and liabilities of an acquired business being recorded at their estimated fair values on the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. Acquisition-related costs incurred by the Company are recognized as an expense in general and administrative expenses within the condensed consolidated statements of operations. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, and to the extent that the value was not previously finalized, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information about facts and circumstance that existed at the date of acquisition and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill, provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s condensed consolidated statements of operations.
Accounts and loans receivable and allowance for doubtful accounts	Accounts and loans receivable and allowance for doubtful accounts Accounts and loans receivables are contractual rights to receive cash either on demand or on fixed or determinable dates, and are recognized as an asset on the Company’s balance sheet. Accounts and loans receivable consists of in-transit customer receivables, post-trade credit receivables, custodial fee revenue receivable, loans receivable, interest receivable, and other receivables. In-transit customer receivables represent settlements from third-party payment processors and banks for customer transactions. In-transit receivables are typically received within one or two business days of the transaction date. The Company establishes withdrawal-based limits in order to mitigate potential losses by preventing customers from withdrawing the crypto asset to an external blockchain address until the payment settles. In certain jurisdictions, in-transit customer receivables qualify as eligible liquid assets to meet regulatory requirements to fulfill the Company’s direct obligations under custodial funds due to customers. Post-trade credit receivables represent funds due for crypto assets delivered to credit eligible customers and are typically received within three business days from the transaction date. Post-trade credit receivables enable customers to instantly invest in crypto assets without pre-funding their trade. Custodial fee revenue receivable represents the fee earned and receivable by the Company for providing a dedicated secure cold storage solution to customers. The fee is based on a contractual percentage of the daily value of assets under custody and is collected on a monthly basis. Such custodial fee revenue income is included in the net revenue in the condensed consolidated statements of operations. Loans receivable represent loans made to retail users and institutions. These loans are collateralized with crypto assets held by those users in their crypto asset wallet on the Company’s platform. Loans receivable are subsequently measured at amortized cost. The Company recognizes an allowance for doubtful accounts for receivables based on expected credit losses. In determining expected credit losses, the Company considers historical loss experience, the aging of its receivable balance, and the fair value of any collateral held. For loans receivable, the Company applies the collateral maintenance provision practical expedient. The Company would recognize credit losses on these loans if there is a collateral shortfall and it is not reasonably expected that the borrower will replenish such a shortfall.
Concentration of credit risk	Concentration of credit risk The Company’s cash, cash equivalents, restricted cash, customer custodial funds, and accounts and loans receivable are potentially subject to concentration of credit risk. Cash, cash equivalents, restricted cash, and customer custodial funds are placed with financial institutions which are of high credit quality. The Company invests cash, cash equivalents, and customer accounts primarily in highly liquid, highly rated instruments which are uninsured. The Company may also have deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation insurance limit of $250,000. The Company also holds cash at crypto trading venues and performs a regular assessment of these crypto trading venues as part of its risk management process. The Company held $145.0 million and $48.9 million of USDC as of June 30, 2021 and December 31, 2020, respectively. The underlying U.S. dollar denominated assets are held by the issuer in U.S-regulated financial institutions on behalf of USDC holders.
Recent accounting pronouncements	Recent accounting pronouncements Recently adopted accounting pronouncements On August 5, 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity, by removing certain separation models that require the separation of a convertible debt instrument into a debt component and an equity or derivative component. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. After adoption of ASU 2020-06 entities will not separately present in equity an embedded conversion feature in such debt. Instead entities will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible instrument was issued at a substantial premium. ASU 2020-06 also expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share calculations that are impacted by the amendments. Under ASU 2020-06, entities must apply the more dilutive of the if-converted method and the two-class method to all convertible instruments; the treasury stock method is no longer available. ASU 2020-06 eliminates an entity’s ability to overcome the presumption of share settlement, and as a result, the issuers of convertible debt that may be settled in any combination of cash or stock at the issuer’s option, must use the more dilutive among the if-converted method and the two-class method in computing diluted net income per share, which is typically more dilutive than the net share settlement under the treasury stock method. ASU 2020-06 is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted. The Company early adopted ASU 2020-06 on January 1, 2021. The adoption of this new guidance did not have an impact on the Company’s consolidated financial statements since the Company had no existing convertible notes prior to issuance of the 2026 Notes, described below, in the second quarter of 2021. Further, the Company’s outstanding convertible preferred stock, which were converted into common stock in conjunction with the Company’s direct listing of its Class A common stock on the Nasdaq Global Select Market (the “Direct Listing”), did not contain any beneficial conversion feature. The Convertible Senior Notes issued in May 2021 are accounted for in accordance with this new guidance. See Note 9. Convertible Senior Notes for additional information. On December 18, 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes , as part of its overall simplification initiative to reduce the costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Among other things, the new guidance simplifies intraperiod tax allocation and reduces the complexity in accounting for income taxes with year-to-date losses in interim periods. The Company adopted the standard on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. On August 29, 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software under ASC 350-40, in order to determine which costs to capitalize and recognize as an asset and which costs to expense. The Company adopted the standard on January 1, 2021 using the prospective transition approach. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. On June 16, 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The Company adopted the standard on January 1, 2021 using the modified retrospective approach. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements, as the Company’s receivables are either fully collateralized or are short term in nature and therefore less susceptible to risks and uncertainty of credit losses over extended periods of time.
Revenue recognition	Revenue recognition The Company determines revenue recognition from contracts with customers through the following steps: • identification of the contract, or contracts, with the customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of the revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company primarily generates revenue through transaction fees charged on the platform. Transaction revenue Retail transaction revenue represents transaction fees earned from customers that are primarily individuals, while institutional transaction revenue represents transaction fees earned from institutional customers, such as hedge funds, family offices, principal trading firms, and financial institutions on the institutional platform. The Company’s service is comprised of a single performance obligation to provide a crypto asset matching service when customers buy, sell, or convert crypto assets on the platform. That is, the Company is an agent in transactions between customers and presents revenue for the fees earned on a net basis. Judgment is required in determining whether the Company is the principal or the agent in transactions between customers. The Company evaluates the presentation of revenue on a gross or net basis based on whether it controls the crypto asset provided before it is transferred to the customer (gross) or whether it acts as an agent by arranging for other customers on the platform to provide the crypto asset to the customer (net). The Company does not control the crypto asset being provided before it is transferred to the buyer, does not have inventory risk related to the crypto asset, and is not responsible for the fulfillment of the crypto asset. The Company also does not set the price for the crypto asset as the price is a market rate established by the platform. As a result, the Company acts as an agent in facilitating the ability for a customer to purchase crypto assets from another customer. The Company considers its performance obligation satisfied, and recognizes revenue, at the point in time the transaction is processed. Contracts with customers are usually open-ended and can be terminated by either party without a termination penalty. Therefore, contracts are defined at the transaction level and do not extend beyond the service already provided. The Company charges a fee at the transaction level. The transaction price, represented by the trading fee, is calculated based on volume and may vary depending on payment type and the value of the transaction. Crypto asset purchase or sale transactions executed by a customer on the Company’s platform include tiered pricing, based primarily on transaction volume. The fee rate charged per transaction is adjusted up or down if the volume processed for a specific historical period meets established thresholds. The Company has concluded that this volume-based pricing approach does not constitute a future material right since the discount is within a range typically offered to a class of customers with similar volume. The transaction fee is collected from the customer at the time the transaction is executed. In certain instances, the transaction fee can be collected in crypto assets, with revenue measured based on the amount of crypto assets received and the fair value of the crypto assets at the time of the transaction. The transaction price includes estimates for reductions in revenue from transaction fee reversals that may not be recovered from customers. Such reversals occur when the customer disputes a transaction processed on their credit card or their bank account for a variety of reasons and seeks to have the charge reversed after the Company has processed the transaction. These amounts are estimated based upon the most likely amount of consideration to which the Company will be entitled. All estimates are based on historical experience and the Company’s best judgment at the time to the extent it is probable that a significant reversal of revenue recognized will not occur. All estimates of variable consideration are reassessed periodically. The total transaction price is allocated to the single performance obligation. While the Company recognizes transaction fee reversals as a reduction of net revenue, crypto asset losses related to those same transaction reversals are included in transaction expense. Blockchain rewards The Company generates revenues in crypto assets through various blockchain protocols. These blockchain protocols, or the participants that form the protocol networks, reward users for performing various activities on the blockchain, such as participating in proof-of-stake networks and other consensus algorithms. The Company considers itself the principal in the transactions with the blockchain networks, and therefore presents such blockchain rewards earned on a gross basis. Blockchain rewards are primarily comprised of staking revenue in which the Company participates in networks with proof-of-stake consensus algorithms, through creating or validating blocks on the network. In exchange for participating in the consensus mechanism of these networks, the Company earns rewards in the form of the native token of the network. Each block creation or validation is a performance obligation. Revenue is recognized at the point when the block creation or validation is complete and the rewards are available for transfer. Revenue is measured based on the number of tokens received and the fair value of the token at the date of recognition. Earn campaign revenue The Company provides a platform for crypto asset issuers, the customer, to engage with the Company’s retail users and teach them about new crypto assets through the use of educational tools, videos, and tutorials. In exchange for completing a task, such as watching the video or downloading an application, retail users may be eligible to receive crypto assets from the crypto asset issuer. The Company is the agent with respect to the delivery of the crypto assets. The Company earns a commission from the crypto asset issuer based on the amount of crypto assets that are distributed to users. Interest income and corporate interest income The Company holds customer custodial funds and cash and cash equivalents at certain third-party banks which earn interest. The Company also earns interest income under a revenue sharing arrangement and on loans granted to retail and institutional users. Interest income is calculated using the interest method and is not within the scope of Topic 606 – Revenue from Contracts with Customers. Interest earned on customer custodial funds, revenue sharing, and loans is included in interest income within subscription and services revenue. Interest earned on cash and cash equivalents is included in corporate interest income, within other revenue. Other subscription and services revenue Other subscription and services revenue primarily includes revenue from early stage services being offered by the Company, such as subscription license revenue. Generally, contracts with customers of early-stage products contain one performance obligation, do not have variable consideration, and are satisfied at a point in time or over the period that services are provided.
Loans receivable	Loans receivableThe Company’s credit exposure is significantly limited and no allowance was recorded against these loans receivable. Loans receivable are measured at amortized cost.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Schedule of business acquisitions by acquisition	The total preliminary consideration transferred in the acquisition was $457.3 million, consisting of the following (in thousands): Common stock of the Company $ 389,314 Previously held interest on acquisition date 10,863 Cash 28,726 Replacement of Bison Trails options 28,365 Total purchase consideration $ 457,268 The total preliminary consideration transferred in the acquisition was $41.8 million, consisting of the following (in thousands): Common stock of the Company $ 30,589 Replacement of Tagomi options and warrants 760 Cash 1,906 Settlement of pre-existing receivable 8,537 Total purchase consideration $ 41,792
Schedule of recognized identified assets acquired and liabilities assumed	The following table summarizes the estimated fair values of assets acquired and liabilities assumed using a cost based approach (in thousands): Cash and cash equivalents $ 12,201 Crypto assets held 5,177 Accounts and loans receivable, net of allowance 2,323 Prepaid expenses and other current assets 122 Intangible assets 39,100 Goodwill 404,167 Other non-current assets 1,221 Lease right-of-use assets 808 Total assets 465,119 Accounts payable and accrued expenses 2,446 Lease liabilities 808 Other liabilities 4,597 Total liabilities 7,851 Net assets acquired $ 457,268 The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Cash and cash equivalents $ 13,777 Customer custodial funds 19,837 Crypto assets held 5,687 Accounts and loans receivable, net of allowance 5,795 Prepaid expenses and other current assets 633 Intangible assets 7,350 Goodwill 22,516 Other non-current assets 1,611 Total assets 77,206 Custodial funds due to customers 20,787 Accounts payable and accrued expenses 5,953 Crypto borrowings 8,674 Total liabilities 35,414 Net assets acquired $ 41,792
Schedule of components of finite lived and indefinite lived identifiable intangible assets acquired	The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data): Fair Value Useful Life at Acquisition (in years) Developed technology $ 36,000 3 In process research and development ("IPR&D") 1,200 N/A User base 1,900 3 The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data): Fair Value Useful Life at Acquisition (in years) Developed technology $ 6,600 3 Customer relationships 400 5 Licenses 350 Indefinite

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregated revenue by source	The following table presents revenue of the Company disaggregated by revenue source (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net revenue Transaction revenue Retail, net $ 1,827,951 $ 163,825 $ 3,283,121 $ 325,827 Institutional 102,431 8,039 187,840 18,028 Total transaction revenue 1,930,382 171,864 3,470,961 343,855 Subscription and services revenue Custodial fee revenue 31,698 3,079 55,148 5,791 Blockchain rewards 39,022 2,713 49,566 4,162 Earn campaign revenue 16,947 109 28,058 109 Interest income 6,481 190 9,801 2,749 Other subscription and services revenue 8,481 376 16,457 747 Total subscription and services revenue 102,629 6,467 159,030 13,558 Total net revenue 2,033,011 178,331 3,629,991 357,413 Other revenue Crypto asset sales revenue 194,524 7,698 398,323 17,558 Corporate interest income 427 353 759 2,041 Total other revenue 194,951 8,051 399,082 19,599 Total revenue $ 2,227,962 $ 186,382 $ 4,029,073 $ 377,012
Schedule of revenues disaggregated by geography	In the table below are the revenues disaggregated by geography, based on domicile of the client or booking location, as applicable (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 1,870,465 $ 138,181 $ 3,335,900 $ 280,368 Rest of the World (1) 357,497 48,201 693,173 96,644 Total revenue $ 2,227,962 $ 186,382 $ 4,029,073 $ 377,012 __________________ (1) No other individual country accounted for more than 10% of total revenue

ACCOUNTS AND LOANS RECEIVABLE (

ACCOUNTS AND LOANS RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of accounts receivable, net of allowance	Accounts and loans receivable, net of allowance consisted of the following (in thousands): June 30, December 31, 2021 2020 In-transit customer receivables $ 46,410 $ 90,571 Post-trade credit receivables 1,340 66,326 Custodial fee revenue receivable 18,076 4,636 Loans receivable (1) 95,538 6,790 Interest and other receivables 35,173 23,309 Allowance for doubtful accounts (2) (11,958) (2,161) Total accounts and loans receivable, net of allowance $ 184,579 $ 189,471 __________________ (1) The fair value of collateral held as security exceeded the outstanding loans receivable as of June 30, 2021 and December 31, 2020, so no allowance was recorded. (2) Includes provision for transaction losses of $9.0 million and $1.3 million as of June 30, 2021 and December 31, 2020, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following table reflects the changes in the carrying amount of goodwill (in thousands): Six Months Ended June 30, 2021 Year Ended December 31, 2020 Balance, beginning of period $ 77,212 $ 54,696 Additions due to business combinations 424,047 22,516 Balance, end of period $ 501,259 $ 77,212
Schedule of indefinite-lived intangible assets	Intangible assets consisted of the following (in thousands, except years data): As of June 30, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in years) Amortizing intangible assets Acquired developed technology $ 65,208 $ (20,158) $ 45,050 2.19 User base 2,997 (450) 2,547 2.25 Customer relationships 66,591 (21,349) 45,242 4.08 Non-compete agreement 2,402 (922) 1,480 3.09 Assembled workforce 24,000 (230) 23,770 1.98 In-process research and development (1) 1,200 — 1,200 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 350 — 350 N/A Crypto assets held (2) 585,846 — 585,846 N/A Total $ 748,844 $ (43,109) $ 705,735 (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of 3 years. (2) Crypto assets held as of June 30, 2021 includes $23.2 million of crypto assets loaned to customers under the post-trade credit settlement arrangements as these did not meet the criteria for derecognition. As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in years) Amortizing intangible assets Acquired developed technology $ 20,708 $ (13,024) $ 7,684 2.09 Customer relationships 66,591 (15,771) 50,820 4.58 Trade name 30 (30) — 0 Non-compete agreement 2,402 (681) 1,721 3.58 Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 350 — 350 N/A Crypto assets held 316,094 — 316,094 N/A Total $ 406,425 $ (29,506) $ 376,919 Crypto assets held consisted of the following (in thousands): June 30, December 31, 2021 2020 Crypto assets held as investments $ 58,328 $ 24,438 Crypto assets held for operating purposes 164,410 37,830 Crypto assets borrowed 363,108 253,826 Total crypto assets held $ 585,846 $ 316,094
Schedule of finite-lived intangible assets	Intangible assets consisted of the following (in thousands, except years data): As of June 30, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in years) Amortizing intangible assets Acquired developed technology $ 65,208 $ (20,158) $ 45,050 2.19 User base 2,997 (450) 2,547 2.25 Customer relationships 66,591 (21,349) 45,242 4.08 Non-compete agreement 2,402 (922) 1,480 3.09 Assembled workforce 24,000 (230) 23,770 1.98 In-process research and development (1) 1,200 — 1,200 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 350 — 350 N/A Crypto assets held (2) 585,846 — 585,846 N/A Total $ 748,844 $ (43,109) $ 705,735 (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of 3 years. (2) Crypto assets held as of June 30, 2021 includes $23.2 million of crypto assets loaned to customers under the post-trade credit settlement arrangements as these did not meet the criteria for derecognition. As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in years) Amortizing intangible assets Acquired developed technology $ 20,708 $ (13,024) $ 7,684 2.09 Customer relationships 66,591 (15,771) 50,820 4.58 Trade name 30 (30) — 0 Non-compete agreement 2,402 (681) 1,721 3.58 Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 350 — 350 N/A Crypto assets held 316,094 — 316,094 N/A Total $ 406,425 $ (29,506) $ 376,919
Schedule of finite-lived intangible assets, future amortization expense	The expected future amortization expense for intangible assets other than IPR&D as of June 30, 2021 is as follows (in thousands): 2021 (for the remainder of) $ 23,010 2022 45,009 2023 32,270 2024 11,346 2025 6,454 Thereafter — Total expected future amortization expense $ 118,089

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of prepaid expenses and other current and non-current assets	Prepaid expenses and other current assets and other non-current assets consisted of the following (in thousands): June 30, December 31, 2021 2020 Prepaid expenses and other current assets Prepaid expenses $ 89,328 $ 36,218 Warrant to purchase crypto assets — 2,575 Deposits 20,214 — Other 5,209 717 Total prepaid expenses and other current assets $ 114,751 $ 39,510 Other non-current assets Equity method investments $ 1,056 $ 2,000 Strategic investments 66,546 26,146 Deferred tax assets 109,540 20,807 Deposits 10,546 68,287 Total other non-current assets $ 187,688 $ 117,240
Schedule of other investments accounted for under the measurement alternative	The components of other investments accounted for under the measurement alternative included in the table above are presented below (in thousands): June 30, December 31, 2021 2020 Carrying amount, beginning of period $ 26,146 $ 15,599 Net additions 40,071 9,687 Upward adjustments 2,379 1,307 Previously held interest in Bison Trails (see Note 3) (2,000) — Impairments and downward adjustments (50) (447) Carrying amount, end of period $ 66,546 $ 26,146

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consisted of the following (in thousands): June 30, December 31, 2021 2020 Accounts payable $ 35,982 $ 12,031 Accrued expenses 90,990 33,987 Accrued payroll and payroll related 94,541 23,403 Income taxes payable 3,613 5,805 Other payables 41,529 9,885 Total accounts payable and accrued expenses $ 266,655 $ 85,111

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the notional amount of derivative contracts outstanding	The following table summarizes the notional amount of derivative contracts outstanding, in native units. June 30, December 31, 2021 2020 Crypto asset borrowings with embedded derivatives: BTC 8,305 9,305 ETH 15,000 3,000 ICP 750,000 — XRP — 1,500,000 Warrant to purchase crypto assets: UNI — 800,000 The following tables summarize information on derivative assets and liabilities that are reflected in the Company’s condensed consolidated balance sheets, by accounting designation (in thousands): Gross derivative assets Gross derivative liabilities June 30, 2021 Not designated as hedges Designated as hedges Total derivative assets Net derivative assets Not designated as hedges Designated as hedges Total derivative liabilities Net derivative liabilities Crypto borrowings with embedded derivatives $ — $ 223,284 $ 223,284 $ 223,284 $ — $ 168,818 $ 168,818 $ 168,818 Total fair value of derivative assets and liabilities $ — $ 223,284 $ 223,284 $ 223,284 $ — $ 168,818 $ 168,818 $ 168,818 Gross derivative assets Gross derivative liabilities December 31, 2020 Not designated as hedges Designated as hedges Total derivative assets Net derivative assets Not designated as hedges Designated as hedges Total derivative liabilities Net derivative liabilities Crypto borrowings with embedded derivatives $ — $ — $ — $ — $ 12,696 $ 114,395 $ 127,091 $ 127,091 Warrant to purchase crypto assets 2,575 — 2,575 2,575 — — — — Total fair value of derivative assets and liabilities $ 2,575 $ — $ 2,575 $ 2,575 $ 12,696 $ 114,395 $ 127,091 $ 127,091 The following amounts were recorded in the condensed consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the condensed consolidated statements of operations in future periods as an adjustment to other operating expense (income), net (in thousands): Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items June 30, 2021 Carrying amount of the hedged items Active hedging relationships Discontinued hedging relationships Total Assets $ 363,108 $ (56,623) $ — $ (56,623) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items December 31, 2020 Carrying amount of the hedged items Active hedging relationships Discontinued hedging relationships Total Assets $ 247,735 $ 113,102 $ — $ 113,102
Schedule of gains (losses) recorded in income	The following tables present derivative instruments used in fair value hedge accounting relationships, as well as pre-tax gains (losses) recorded on such derivatives and the related hedged items (in thousands): Gains (losses) recorded in income Three months ended June 30, 2021 Three months ended June 30, 2020 Derivatives Hedged items Income statement impact Derivatives Hedged items Income statement impact Crypto borrowings with embedded derivatives $ 448,957 $ (427,240) $ 21,717 $ — $ — $ — Gains (losses) recorded in income Six months ended June 30, 2021 Six months ended June 30, 2020 Derivatives Hedged items Income statement impact Derivatives Hedged items Income statement impact Crypto borrowings with embedded derivatives $ 181,557 $ (169,116) $ 12,441 $ — $ — $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities	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): June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents (1) $ 3,234,215 $ — $ — $ 3,234,215 $ 212,818 $ — $ — $ 212,818 Customer custodial funds (2) 3,614,705 — — 3,614,705 1,171,274 — — 1,171,274 Crypto assets held (3) — 363,108 — 363,108 — 247,735 — 247,735 Derivative assets (4)(5) — 223,284 — 223,284 — — 2,575 2,575 Total assets $ 6,848,920 $ 586,392 $ — $ 7,435,312 $ 1,384,092 $ 247,735 $ 2,575 $ 1,634,402 Liabilities Derivative liabilities (5) $ — $ 168,818 $ — $ 168,818 $ — $ 127,091 $ — $ 127,091 Total liabilities $ — $ 168,818 $ — $ 168,818 $ — $ 127,091 $ — $ 127,091 __________________ (1) Excludes corporate cash of $1.1 billion and $849.0 million held in deposit at financial institutions and crypto asset trading venues and not measured and recorded at fair value as of June 30, 2021 and December 31, 2020, respectively. (2) Excludes customer custodial funds of $5.3 billion and $2.6 billion held in deposit at financial institutions and not measured and recorded at fair value as of June 30, 2021 and December 31, 2020, respectively. (3) Includes crypto assets held that have been designated as hedged items in fair value hedges and excludes crypto assets of $222.7 million and $68.4 million held at cost as of June 30, 2021 and December 31, 2020, respectively. (4) Level 3 derivative assets represent warrants to purchase crypto assets, which are included in prepaid expenses and other current assets in the condensed consolidated balance sheets. (5) Excludes crypto asset borrowings of $421.5 million and $144.2 million, representing the host contract which is not measured and recorded at fair value as of June 30, 2021 and December 31, 2020, respectively.
Schedule of assets measured at fair value on a recurring basis	The following table presents a reconciliation of the derivative assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands): Balance as of January 1, 2021 $ 2,575 Fair value adjustment 14,757 Exercise of warrants (17,332) Balance as of June 30, 2021 $ —
Schedule of significant unobservable inputs	The following significant unobservable inputs were used: Three Months Ended June 30, 2021 Six Month Ended June 30, 2021 Discount rate 0.01% - 0.15% 0.01% - 0.15% Historical volatility of comparable crypto assets 105% - 175% 105% - 175%

CONVERTIBLE PREFERRED STOCK (Ta

CONVERTIBLE PREFERRED STOCK (Tables)	6 Months Ended
	Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
Schedule of convertible preferred stock	A summary of the Company’s authorized, issued, and outstanding shares of convertible preferred stock was as follows (in thousands, except per share data): As of June 30, 2021, there was no convertible preferred stock issued and outstanding. As of December 31, 2020 Shares Authorized Shares Issued and Outstanding Original Issue Price per Share Liquidation Preference Carrying Value FF Preferred 5,739 5,739 $ — $ — $ 11 Series A 30,929 27,349 0.19721 5,394 4,946 Series B 25,416 21,831 1.00676 21,978 19,228 Series C 32,542 31,656 2.76488 87,525 83,146 Series D 17,471 17,471 8.25390 144,205 135,738 Series E 14,508 8,832 36.19220 319,648 319,398 126,605 112,878 $ 578,750 $ 562,467
Schedule of change in convertible preferred stock per class outstanding	The change in the number of outstanding shares of convertible preferred stock per class was as follows (in thousands): Series FF Series A Series B Series C Series D Series E Balance at January 1, 2021 5,739 27,349 21,831 31,656 17,471 8,832 Conversion to Class A common stock — (117) — (36) (43) (8,832) Conversion to Class B common stock (5,739) (27,232) (21,831) (31,620) (17,428) — Balance at June 30, 2021 — — — — — —

COMMON STOCK (Tables)

COMMON STOCK (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of common stock reserved for issuance	The Company has reserved shares of Class A common stock and Class B common stock for issuance for the following purposes (in thousands): June 30, December 31, 2021 2020 Class A common stock Conversion of Series E convertible preferred stock — 8,832 Options issued and outstanding under 2013 Plan 1,915 3,550 Options issued and outstanding under 2019 Plan 32,091 37,232 RSUs issued and outstanding under 2019 Plan 6,885 3,766 Shares available for future issuance under the 2019 Plan — 2,193 RSUs issued and outstanding under 2021 Plan 532 — Shares available for future issuance under the 2021 Plan 36,163 — Shares available for future issuance under the 2021 Employee Stock Purchase Plan 5,175 — Replacement options issued and outstanding from Tagomi acquisition 5 32 Replacement options issued and outstanding from Bison Trails acquisition 278 — Exercise and conversion of outstanding warrant — 4 Shares available for future issuance of warrants 2,296 2,296 Total Class A common stock shares reserved 85,340 57,905 Class B common stock Conversion of FF Preferred and Series A, B, C, and D convertible preferred stock — 104,046 Options issued and outstanding under 2013 Plan 9,070 22,442 Exercise and conversion of outstanding warrant — 408 Total Class B common stock shares reserved 9,070 126,896

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of activity of options outstanding	Activity of options outstanding are as follows (in thousands, except per share and years data): Options Outstanding Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance at January 1, 2021 63,256 $ 14.84 8.17 $ 2,527,396 Assumed options from acquisition 470 3.45 Exercised (19,293) 7.78 Forfeited and cancelled (1,074) 19.63 Balance at June 30, 2021 43,359 17.75 8.21 10,213,272 Vested and exercisable at June 30, 2021 12,744 9.59 6.79 3,105,922 Vested and expected to vest at June 30, 2021 37,225 16.81 8.06 8,803,438
Schedule of activity of RSUs outstanding	Activity of RSUs outstanding under the Plan are as follows (in thousands, except per share data): Number of shares Weighted- Balance at January 1, 2021 3,766 $ 54.80 Granted 4,512 225.40 Vested (734) 133.25 Forfeited and cancelled (127) 137.42 Balance at June 30, 2021 7,417 141.25
Schedule of activity of restricted Class A common stock	Activity of restricted Class A common stock are as follows (in thousands, except per share data): Number of shares Weighted- Balance at January 1, 2021 824 $ 23.46 Granted 1,351 173.12 Vested — — Forfeited and cancelled — — Balance at June 30, 2021 2,175 116.44
Schedule of stock based compensation	Stock based compensation is included in the following components of expenses on the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Technology and development $ 130,988 $ 7,710 $ 204,245 $ 12,592 Sales and marketing 6,674 305 10,204 480 General and administrative 51,673 7,869 79,514 11,991 Total $ 189,335 $ 15,884 $ 293,963 $ 25,063

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of computation of net income per share	The computation of net income per share is as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic net income per share: Numerator Net income $ 1,606,349 $ 32,260 $ 2,377,812 $ 64,233 Less: Income allocated to participating securities (16,636) (32,260) (699,903) (53,419) Net income attributable to common stockholders, basic $ 1,589,713 $ — $ 1,677,909 $ 10,814 Denominator Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, basic 204,728 67,006 142,397 66,982 Net income per share attributable to common stockholders, basic $ 7.77 $ — $ 11.78 $ 0.16 Diluted net income per share: Numerator Net income $ 1,606,349 $ 32,260 $ 2,377,812 $ 64,233 Less: Income allocated to participating securities (13,750) (32,260) (573,503) (51,533) Add: Interest on convertible notes 551 — 551 — Net income attributable to common stockholders - diluted $ 1,593,150 $ — $ 1,804,860 $ 12,700 Denominator Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, basic 204,728 67,006 142,397 66,982 Weighted-average effect of potentially dilutive securities: Stock options 37,644 — 41,068 20,202 RSUs 4,047 — 3,444 — RSAs 3 — 1 — Warrants — — 145 387 Convertible notes 1,725 — 863 — Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, diluted 248,147 67,006 187,918 87,571 Net income per share attributable to common stockholders, diluted $ 6.42 $ — $ 9.60 $ 0.15
Schedule of potentially dilutive shares	The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Employee stock options 6,134 45,474 6,134 14,872 RSUs 1,807 — 1,807 — Warrants — 408 — — Contingent consideration recognized in asset acquisition — 691 — 691 Employee stock purchase program 263 — 263 — Total 8,204 46,573 8,204 15,563

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
USDC held	$ 144,993	$ 48,938
Accounts, Loans, and Financing Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Accounts receivable		45,000
Accounts Receivable, Post Trade Credit | Customer Concentration Risk
Concentration Risk [Line Items]
Accounts receivable		$ 20,500
Trade Accounts, Loans, and Financing Receivable | Third-Party Vendor Concentration Risk | Payment Processor One
Concentration Risk [Line Items]
Concentration risk, percentage	7.00%	7.00%
Trade Accounts, Loans, and Financing Receivable | Third-Party Vendor Concentration Risk | Payment Processor Two
Concentration Risk [Line Items]
Concentration risk, percentage	8.00%
Trade Accounts, Loans, and Financing Receivable | Third-Party Vendor Concentration Risk | Bank Partner Account One
Concentration Risk [Line Items]
Concentration risk, percentage	4.00%	8.00%
Trade Accounts, Loans, and Financing Receivable | Third-Party Vendor Concentration Risk | Bank Partner Account Two
Concentration Risk [Line Items]
Concentration risk, percentage		7.00%

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	Feb. 08, 2021	Jul. 31, 2020	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 501,259	$ 77,212	$ 54,696
Bison Trails Co.
Business Acquisition [Line Items]
Gain on remeasurement	$ 8,800
Total purchase consideration	$ 457,268
Holdback release term	18 months
Total acquisition costs	$ 3,700
Goodwill	$ 404,167
Bison Trails Co. | Class A common stock
Business Acquisition [Line Items]
Number of shares included in purchase consideration	496,434
Other Acquisition
Business Acquisition [Line Items]
Total purchase consideration			$ 35,200
Tagomi Holdings, Inc.
Business Acquisition [Line Items]
Total purchase consideration		$ 41,792
Total acquisition costs		1,100
Goodwill		$ 22,516
Number of shares issued to related party		264,527

ACQUISITIONS - Schedule of purc

ACQUISITIONS - Schedule of purchase consideration (Details) - Bison Trails Co. $ in Thousands	Feb. 08, 2021USD ($)
Business Acquisition [Line Items]
Common stock of the Company	$ 389,314
Previously held interest on acquisition date	10,863
Cash	28,726
Replacement of Bison Trails options	28,365
Total purchase consideration	$ 457,268

ACQUISITIONS - Schedule of net

ACQUISITIONS - Schedule of net assets acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Feb. 08, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 501,259		$ 77,212	$ 54,696
Bison Trails Co.
Business Acquisition [Line Items]
Cash and cash equivalents		$ 12,201
Crypto assets held		5,177
Accounts and loans receivable, net of allowance		2,323
Prepaid expenses and other current assets		122
Intangible assets		39,100
Goodwill		404,167
Other non-current assets		1,221
Lease right-of-use assets		808
Total assets		465,119
Accounts payable and accrued expenses		2,446
Lease liabilities		808
Other liabilities		4,597
Total liabilities		7,851
Net assets acquired		$ 457,268

ACQUISITIONS - Schedule of fini

ACQUISITIONS - Schedule of finite-lived intangible assets acquired (Details) - USD ($) $ in Thousands	Feb. 08, 2021	Jul. 31, 2020
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life at Acquisition (in years)	3 years	3 years
User base
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life at Acquisition (in years)	3 years
Bison Trails Co.
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 39,100
Bison Trails Co. | Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	36,000
Bison Trails Co. | In process research and development ("IPR&D")
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	1,200
Bison Trails Co. | User base
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,900

ACQUISITIONS - 2020 Schedule of

ACQUISITIONS - 2020 Schedule of purchase consideration (Details) - Tagomi Holdings, Inc. $ in Thousands	Jul. 31, 2020USD ($)
Business Acquisition [Line Items]
Common stock of the Company	$ 30,589
Replacement of Tagomi options and warrants	760
Cash	1,906
Settlement of pre-existing receivable	8,537
Total purchase consideration	$ 41,792

ACQUISITIONS - 2020 Schedule _2

ACQUISITIONS - 2020 Schedule of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jul. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 501,259	$ 77,212		$ 54,696
Tagomi Holdings, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 13,777
Customer custodial funds			19,837
Crypto assets held			5,687
Accounts and loans receivable, net of allowance			5,795
Prepaid expenses and other current assets			633
Intangible assets			7,350
Goodwill			22,516
Other non-current assets			1,611
Total assets			77,206
Custodial funds due to customers			20,787
Accounts payable and accrued expenses			5,953
Crypto borrowings			8,674
Total liabilities			35,414
Net assets acquired			$ 41,792

ACQUISITIONS - 2020 Schedule _3

ACQUISITIONS - 2020 Schedule of finite lived and indefinite lived intangible assets (Details) - USD ($) $ in Thousands	Feb. 08, 2021	Jul. 31, 2020
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life at Acquisition (in years)	3 years	3 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life at Acquisition (in years)		5 years
Tagomi Holdings, Inc.
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 7,350
Tagomi Holdings, Inc. | Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		6,600
Tagomi Holdings, Inc. | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		400
Tagomi Holdings, Inc. | Licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets		$ 350

REVENUE - Schedule of revenue d

REVENUE - Schedule of revenue disaggregated by source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Interest income	$ 6,481	$ 190	$ 9,801	$ 2,749
Total revenue	2,227,962	186,382	4,029,073	377,012
Transaction and Subscription and services revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,033,011	178,331	3,629,991	357,413
Transaction revenue
Disaggregation of Revenue [Line Items]
Revenue	1,930,382	171,864	3,470,961	343,855
Retail, net
Disaggregation of Revenue [Line Items]
Revenue	1,827,951	163,825	3,283,121	325,827
Institutional
Disaggregation of Revenue [Line Items]
Revenue	102,431	8,039	187,840	18,028
Subscription and services revenue
Disaggregation of Revenue [Line Items]
Revenue	102,629	6,467	159,030	13,558
Custodial fee revenue
Disaggregation of Revenue [Line Items]
Revenue	31,698	3,079	55,148	5,791
Blockchain rewards
Disaggregation of Revenue [Line Items]
Revenue	39,022	2,713	49,566	4,162
Earn campaign revenue
Disaggregation of Revenue [Line Items]
Revenue	16,947	109	28,058	109
Other subscription and services revenue
Disaggregation of Revenue [Line Items]
Revenue	8,481	376	16,457	747
Other Crypto Sales
Disaggregation of Revenue [Line Items]
Total revenue	194,951	8,051	399,082	19,599
Crypto asset sales revenue
Disaggregation of Revenue [Line Items]
Revenue	194,524	7,698	398,323	17,558
Corporate interest income
Disaggregation of Revenue [Line Items]
Interest income	$ 427	$ 353	$ 759	$ 2,041

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Recognized revenue with related parties	$ 8	$ 0.5	$ 13.3	$ 1
Amounts receivable from related parties	2.7		2.7		$ 0.6
Custodial fee revenue
Disaggregation of Revenue [Line Items]
Amounts receivable from customers, net of allowance	17.3		17.3		$ 4.4
Crypto asset sales revenue
Disaggregation of Revenue [Line Items]
Cost of crypto assets used in fulfilling customer transactions	$ 178.8	$ 7.9	$ 365.2	$ 18.1

REVENUE - Schedule of revenue_2

REVENUE - Schedule of revenue disaggregated by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,227,962	$ 186,382	$ 4,029,073	$ 377,012
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,870,465	138,181	3,335,900	280,368
Rest of the World
Disaggregation of Revenue [Line Items]
Total revenue	$ 357,497	$ 48,201	$ 693,173	$ 96,644

ACCOUNTS AND LOANS RECEIVABLE -

ACCOUNTS AND LOANS RECEIVABLE - Schedule of accounts and loans receivable (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
In-transit customer receivables	$ 46,410,000	$ 90,571,000
Post-trade credit receivables	1,340,000	66,326,000
Custodial fee revenue receivable	18,076,000	4,636,000
Loans receivable	95,538,000	6,790,000
Interest and other receivables	35,173,000	23,309,000
Allowance for doubtful accounts	11,958,000	2,161,000
Accounts and loans receivable, net of allowance	184,579,000	189,471,000
Loans receivable, allowance for credit loss	0	0
Unlikely to be Collected Financing Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ 9,000,000	$ 1,300,000

ACCOUNTS AND LOANS RECEIVABLE_2

ACCOUNTS AND LOANS RECEIVABLE - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable past due	$ 95,538,000	$ 6,790,000
Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable past due	0	0
Cash and USDC Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	95,500,000	6,800,000
Interest receivable	540,000	$ 40,000
Allowance recorded against loans receivable	$ 0

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Balance, beginning of period	$ 77,212	$ 54,696
Additions due to business combinations	424,047	22,516
Balance, end of period	$ 501,259	$ 77,212

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated impairment	$ 0		$ 0		$ 0	$ 0
Amortization expense of intangible assets	8,300,000	$ 3,900,000	15,200,000	$ 7,900,000
Impairment expense	$ 174,800,000		175,600,000
Crypto asset impairment expense			$ 58,200,000	$ 300,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (43,109)	$ (29,506)
Total expected future amortization expense	118,089
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangible assets, gross carrying amount	748,844	406,425
Total accumulated amortization	(43,109)	(29,506)
Intangible assets, net	705,735	376,919
Crypto Assets, Post Trade Credit
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	23,200
Domain name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	250	250
Licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	350	350
Crypto assets held
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	585,846	316,094
Acquired developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	65,208	20,708
Accumulated Amortization	(20,158)	(13,024)
Total expected future amortization expense	$ 45,050	$ 7,684
Weighted Average Remaining Useful Life (in years)	2 years 2 months 8 days	2 years 1 month 2 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (20,158)	$ (13,024)
User base
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	2,997
Accumulated Amortization	(450)
Total expected future amortization expense	$ 2,547
Weighted Average Remaining Useful Life (in years)	2 years 3 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (450)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	66,591	66,591
Accumulated Amortization	(21,349)	(15,771)
Total expected future amortization expense	$ 45,242	$ 50,820
Weighted Average Remaining Useful Life (in years)	4 years 29 days	4 years 6 months 29 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (21,349)	$ (15,771)
Trade name
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount		30
Accumulated Amortization		(30)
Total expected future amortization expense		$ 0
Weighted Average Remaining Useful Life (in years)		0 years
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization		$ (30)
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	2,402	2,402
Accumulated Amortization	(922)	(681)
Total expected future amortization expense	$ 1,480	$ 1,721
Weighted Average Remaining Useful Life (in years)	3 years 1 month 2 days	3 years 6 months 29 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (922)	$ (681)
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	24,000
Accumulated Amortization	(230)
Total expected future amortization expense	$ 23,770
Weighted Average Remaining Useful Life (in years)	1 year 11 months 23 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (230)
In process research and development
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	1,200
Total expected future amortization expense	$ 1,200
In process research and development | Pro Forma
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset useful life	3 years

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Crypto assets held (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Crypto assets held
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 585,846	$ 316,094
Crypto assets held as investments
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	58,328	24,438
Crypto assets held for operating purposes
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	164,410	37,830
Crypto assets borrowed
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 363,108	$ 253,826

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS - Schedule of future amortization expense (Details) $ in Thousands	Jun. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (for the remainder of)	$ 23,010
2022	45,009
2023	32,270
2024	11,346
2025	6,454
Thereafter	0
Total expected future amortization expense	$ 118,089

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS - Schedule of prepaid expenses and other current and non-current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Prepaid expenses and other current assets
Prepaid expenses	$ 89,328	$ 36,218
Warrant to purchase crypto assets	0	2,575
Deposits	20,214	0
Other	5,209	717
Total prepaid expenses and other current assets	114,751	39,510
Other non-current assets
Equity method investments	1,056	2,000
Strategic investments	66,546	26,146	$ 15,599
Deferred tax assets	109,540	20,807
Deposits	10,546	68,287
Total other non-current assets	$ 187,688	$ 117,240

PREPAID EXPENSES AND OTHER AS_4

PREPAID EXPENSES AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Aug. 31, 2019
Schedule of Equity Method Investments [Line Items]
Upward adjustments due to remeasurement of investments	$ 3.7
Impairments and downward adjustments due to remeasurement of investments	$ 2.6
Centre Consortium LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%

PREPAID EXPENSES AND OTHER AS_5

PREPAID EXPENSES AND OTHER ASSETS - Schedule of other investments accounted for under the measurement alternative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Equity Securities without Readily Determinable Fair Value [Roll Forward]
Carrying amount, beginning of period	$ 26,146	$ 15,599
Net additions	40,071	9,687
Upward adjustments	2,379	1,307
Previously held interest in Bison Trails (see Note 3)	(2,000)	0
Impairments and downward adjustments	(50)	(447)
Carrying amount, end of period	$ 66,546	$ 26,146

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts payable	$ 35,982	$ 12,031
Accrued expenses	90,990	33,987
Accrued payroll and payroll related	94,541	23,403
Income taxes payable	3,613	5,805
Other payables	41,529	9,885
Accounts payable and accrued expenses	$ 266,655	$ 85,111

CONVERTIBLE SENIOR NOTES (Detai

CONVERTIBLE SENIOR NOTES (Details)	May 31, 2021USD ($)$ / shares	May 18, 2021USD ($)$ / shares	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Proceeds from the issuance of convertible senior notes, net of issuance cost				$ 1,406,179,000	$ 0
Conversion price (in dollars per share) | $ / shares	$ 370.45
Amortization of debt discount and issuance costs				748,000	0
Purchase of capped calls		$ 90,100,000		90,131,000	$ 0
Initial strike price (in dollars per share) | $ / shares		$ 370.45
Cap price of the Capped Calls (in dollars per share) | $ / shares		$ 478
Convertible Senior Notes due 2026 | Convertible Debt
Debt Instrument [Line Items]
Face amount of convertible senior notes	$ 1,440,000,000
Stated interest rate	0.50%
Proceeds from the issuance of convertible senior notes, net of issuance cost	$ 1,420,000,000
Original issue discount, percentage	1.00%
Conversion ratio	0.0026994
Repurchase price, precentage	100.00%
Original issue discount	$ 14,400,000		$ 30,600,000	30,600,000
Debt issuance costs	$ 16,900,000
Total interest expense			1,500,000	1,500,000
Coupon interest expense			800,000	800,000
Amortization of debt discount and issuance costs			$ 700,000	$ 700,000
Effective interest rate			0.90%	0.90%
Outstanding aggregate principal balance			$ 1,440,000,000	$ 1,440,000,000

DERIVATIVES - Schedule of notio

DERIVATIVES - Schedule of notional amount of derivative contracts outstanding (Details) - Not designated as hedges internetComputer in Thousands, ethereum in Thousands, xRP in Millions, uniswapToken in Millions	Jun. 30, 2021bitcoin	Jun. 30, 2021ethereum	Jun. 30, 2021internetComputer	Jun. 30, 2021xRP	Jun. 30, 2021uniswapToken	Dec. 31, 2020bitcoin	Dec. 31, 2020ethereum	Dec. 31, 2020internetComputer	Dec. 31, 2020xRP	Dec. 31, 2020uniswapToken
Crypto asset borrowings with embedded derivatives:
Derivative [Line Items]
Notional amount of derivative contracts outstanding in native units	8,305	15	750	0		9,305	3	0	1.5
Warrant to purchase crypto assets:
Derivative [Line Items]
Notional amount of derivative contracts outstanding in native units					0					0.8

DERIVATIVES - Schedule of deriv

DERIVATIVES - Schedule of derivative assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets	$ 223,284	$ 2,575
Net derivative assets	223,284	2,575
Gross derivative liabilities	168,818	127,091
Net derivative liabilities	168,818	127,091
Crypto borrowings with embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets	223,284	0
Net derivative assets	223,284	0
Gross derivative liabilities	168,818	127,091
Net derivative liabilities	168,818	127,091
Warrant to purchase crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets		2,575
Net derivative assets		2,575
Gross derivative liabilities		0
Net derivative liabilities		0
Not designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets	0	2,575
Gross derivative liabilities	0	12,696
Not designated as hedges | Crypto borrowings with embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets	0	0
Gross derivative liabilities	0	12,696
Not designated as hedges | Warrant to purchase crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets		2,575
Gross derivative liabilities		0
Designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets	223,284	0
Gross derivative liabilities	168,818	114,395
Designated as hedges | Crypto borrowings with embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets	223,284	0
Gross derivative liabilities	$ 168,818	114,395
Designated as hedges | Warrant to purchase crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross derivative assets		0
Gross derivative liabilities		$ 0

DERIVATIVES - Schedule of gains

DERIVATIVES - Schedule of gains (losses) recorded in income (Details) - Crypto asset borrowings with embedded derivatives: - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Derivatives	$ 448,957	$ 0	$ 181,557	$ 0
Hedged items	(427,240)	0	(169,116)	0
Income statement impact	$ 21,717	$ 0	$ 12,441	$ 0

DERIVATIVES - Schedule of cumul

DERIVATIVES - Schedule of cumulative fair value hedge basis adjustments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount of the hedged items, assets	$ 363,108	$ 247,735
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items, active hedging relationships, assets	(56,623)	113,102
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items, discontinued hedging relationships, assets	0	0
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items, total, assets	$ (56,623)	$ 113,102

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Carrying value of the outstanding host contract	$ 421,500,000		$ 144,200,000
Fair value of the embedded derivative assets	223,300,000		0
Fair value of the embedded derivative liabilities	168,800,000		$ 127,100,000
Borrowing fees paid in crypto assets	$ 7,200,000	$ 0
Minimum
Derivative [Line Items]
Borrowing rate on derivatives	0.00%
Maximum
Derivative [Line Items]
Borrowing rate on derivatives	3.50%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 4,365,982	$ 1,061,850	$ 687,410
Derivative assets	223,284	2,575
Derivative liabilities	168,818	127,091
Customer custodial funds excluded from fair value assets	5,300,000	2,600,000
Crypto assets held at cost excluded from fair value assets	222,700	68,400
Carrying value of the outstanding host contract	421,500	144,200
Held in Deposit at Financial Institutions and Crypto Asset Trading Venues
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,100,000	849,000
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,234,215	212,818
Customer custodial funds	3,614,705	1,171,274
Crypto assets held	363,108	247,735
Derivative assets	223,284	2,575
Total assets	7,435,312	1,634,402
Derivative liabilities	168,818	127,091
Total liabilities	168,818	127,091
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,234,215	212,818
Customer custodial funds	3,614,705	1,171,274
Crypto assets held	0	0
Derivative assets	0	0
Total assets	6,848,920	1,384,092
Derivative liabilities	0	0
Total liabilities	0	0
Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Customer custodial funds	0	0
Crypto assets held	363,108	247,735
Derivative assets	223,284	0
Total assets	586,392	247,735
Derivative liabilities	168,818	127,091
Total liabilities	168,818	127,091
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Customer custodial funds	0	0
Crypto assets held	0	0
Derivative assets	0	2,575
Total assets	0	2,575
Derivative liabilities	0	0
Total liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of assets measured at fair value on a recurring basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of January 1, 2021	$ 2,575
Fair value adjustment	14,757
Exercise of warrants	(17,332)
Balance as of June 30, 2021	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes, net, non-current	$ 1,406,927	$ 0
Convertible Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes, net, non-current	1,410,000
Convertible Debt | Level 2 | Convertible Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	$ 1,450,000
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vesting period of warrants	1 year
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vesting period of warrants	4 years

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of significant unobservable inputs (Details) - Warrant to purchase crypto assets: - Level 3	Jun. 30, 2021
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0001
Minimum | Historical volatility of comparable crypto assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1.05
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0015
Maximum | Historical volatility of comparable crypto assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1.75

CONVERTIBLE PREFERRED STOCK - N

CONVERTIBLE PREFERRED STOCK - Narrative (Details) - shares	Apr. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares authorized (in shares)		500,000,000	126,605,000
Shares issued (in shares)		0	112,878,000
Shares outstanding (in shares)		0	112,878,000
Class A common stock
Class of Stock [Line Items]
Conversion of preferred stock (in shares)	8,556,952
Class B common stock
Class of Stock [Line Items]
Conversion of preferred stock (in shares)	103,850,006
Undesignated preferred stock
Class of Stock [Line Items]
Shares authorized (in shares)	500,000,000

CONVERTIBLE PREFERRED STOCK (De

CONVERTIBLE PREFERRED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Shares Authorized (in shares)	500,000,000	126,605,000
Shares issued (in shares)	0	112,878,000
Shares outstanding (in shares)	0	112,878,000
Liquidation Preference	$ 0	$ 578,750
Carrying Value	$ 0	$ 562,467
Series FF
Temporary Equity [Line Items]
Shares Authorized (in shares)		5,739,000
Shares issued (in shares)		5,739,000
Shares outstanding (in shares)	0	5,739,000
Original Issue Price per Share (in dollars per share)		$ 0
Liquidation Preference		$ 0
Carrying Value		$ 11
Series A
Temporary Equity [Line Items]
Shares Authorized (in shares)		30,929,000
Shares issued (in shares)		27,349,000
Shares outstanding (in shares)	0	27,349,000
Original Issue Price per Share (in dollars per share)		$ 0.19721
Liquidation Preference		$ 5,394
Carrying Value		$ 4,946
Series B
Temporary Equity [Line Items]
Shares Authorized (in shares)		25,416,000
Shares issued (in shares)		21,831,000
Shares outstanding (in shares)	0	21,831,000
Original Issue Price per Share (in dollars per share)		$ 1.00676
Liquidation Preference		$ 21,978
Carrying Value		$ 19,228
Series C
Temporary Equity [Line Items]
Shares Authorized (in shares)		32,542,000
Shares issued (in shares)		31,656,000
Shares outstanding (in shares)	0	31,656,000
Original Issue Price per Share (in dollars per share)		$ 2.76488
Liquidation Preference		$ 87,525
Carrying Value		$ 83,146
Series D
Temporary Equity [Line Items]
Shares Authorized (in shares)		17,471,000
Shares issued (in shares)		17,471,000
Shares outstanding (in shares)	0	17,471,000
Original Issue Price per Share (in dollars per share)		$ 8.25390
Liquidation Preference		$ 144,205
Carrying Value		$ 135,738
Series E
Temporary Equity [Line Items]
Shares Authorized (in shares)		14,508,000
Shares issued (in shares)		8,832,000
Shares outstanding (in shares)	0	8,832,000
Original Issue Price per Share (in dollars per share)		$ 36.19220
Liquidation Preference		$ 319,648
Carrying Value		$ 319,398

CONVERTIBLE PREFERRED STOCK - S

CONVERTIBLE PREFERRED STOCK - Schedule of change in convertible preferred stock per class (Details)	6 Months Ended
	Jun. 30, 2021shares
Temporary Equity [Roll Forward]
Beginning balance (in shares)	112,878,000
Ending balance (in shares)	0
Series FF
Temporary Equity [Roll Forward]
Beginning balance (in shares)	5,739,000
Ending balance (in shares)	0
Series FF | Class A common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	0
Series FF | Class B common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(5,739,000)
Series A
Temporary Equity [Roll Forward]
Beginning balance (in shares)	27,349,000
Ending balance (in shares)	0
Series A | Class A common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(117,000)
Series A | Class B common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(27,232,000)
Series B
Temporary Equity [Roll Forward]
Beginning balance (in shares)	21,831,000
Ending balance (in shares)	0
Series B | Class A common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	0
Series B | Class B common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(21,831,000)
Series C
Temporary Equity [Roll Forward]
Beginning balance (in shares)	31,656,000
Ending balance (in shares)	0
Series C | Class A common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(36,000)
Series C | Class B common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(31,620,000)
Series D
Temporary Equity [Roll Forward]
Beginning balance (in shares)	17,471,000
Ending balance (in shares)	0
Series D | Class A common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(43,000)
Series D | Class B common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(17,428,000)
Series E
Temporary Equity [Roll Forward]
Beginning balance (in shares)	8,832,000
Ending balance (in shares)	0
Series E | Class A common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	(8,832,000)
Series E | Class B common stock
Temporary Equity [Roll Forward]
Conversion to Class A common stock (in shares)	0

COMMON STOCK - Narrative (Detai

COMMON STOCK - Narrative (Details)	Apr. 01, 2021voteshares	Jun. 30, 2021shares	Dec. 31, 2020shares
Class of Stock [Line Items]
Shares authorized (in shares)		500,000,000	126,605,000
Class A common stock
Class of Stock [Line Items]
Conversion of preferred stock (in shares)	8,556,952
Common stock, authorized (in shares)	10,000,000,000	10,000,000,000	267,640,000
Common stock, voting rights per share | vote	1
Class B common stock
Class of Stock [Line Items]
Conversion of preferred stock (in shares)	103,850,006
Common stock, authorized (in shares)	500,000,000	500,000,000	208,414,000
Common stock, voting rights per share | vote	20
Common stock, conversion ratio	1
Undesignated common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	500,000,000
Undesignated preferred stock
Class of Stock [Line Items]
Shares authorized (in shares)	500,000,000

COMMON STOCK - Schedule of shar

COMMON STOCK - Schedule of shares reserved for future issuance (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Class A common stock
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	85,340,000	57,905,000
Conversion of Series E convertible preferred stock
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	0	8,832,000
Options issued and outstanding under 2013 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,915,000	3,550,000
Options issued and outstanding under 2019 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	32,091,000	37,232,000
RSUs issued and outstanding under 2019 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	6,885,000	3,766,000
Shares available for future issuance under the 2019 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	0	2,193,000
RSUs issued and outstanding under 2021 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	532,000	0
Shares available for future issuance under the 2021 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	36,163,000	0
Shares available for future issuance under the 2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	5,175,000	0
Replacement options issued and outstanding from Tagomi acquisition
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	5,000	32,000
Replacement options issued and outstanding from Bison Trails acquisition
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	278,000	0
Exercise and conversion of outstanding warrant
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	0	4,000
Shares available for future issuance of warrants
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	2,296,000	2,296,000
Class B common stock
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	9,070,000	126,896,000
Conversion of FF Preferred and Series A, B, C, and D convertible preferred stock
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	0	104,046,000
Options issued and outstanding under 2013 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	9,070,000	22,442,000
Exercise and conversion of outstanding warrant
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	0	408,000

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Thousands	Jul. 08, 2021shares	Feb. 28, 2021	Jun. 30, 2021USD ($)equity_planshares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)equity_planshares	Jun. 30, 2020USD ($)	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | equity_plan			4		4
Total unrecognized compensation cost related to unvested stock options			$ 251,500		$ 251,500
Stock based compensation expense			$ 189,335	$ 15,884	$ 293,963	$ 25,063
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) | shares			36,695,036		36,695,036
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) | shares			85,340,000		85,340,000		57,905,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, weighted-average period of recognition					3 years 10 months 20 days
Number of shares subject to repurchase | shares			858,181		858,181
Value of shares related to repurchase			$ 16,600		$ 16,600
Share-based Payment Arrangement | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense			6,400		$ 6,400
Share-based Payment Arrangement | Subsequent Event | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options vested (in shares) | shares	3,159,930
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, weighted-average period of recognition					2 years 10 months 13 days
Total unrecognized compensation cost			976,000		$ 976,000
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation vesting period					2 years
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation vesting period					4 years
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, weighted-average period of recognition					2 years 6 months 29 days
Stock based compensation vesting period					3 years
Total unrecognized compensation cost			217,300		$ 217,300
Employee stock purchase program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense			2,100		2,100
Stock plan offering period		24 months
Accumulated payroll deductions			$ 5,000		$ 5,000
Employee stock purchase program | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount on purchase price of common stock		15.00%

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of stock option activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Options Outstanding
Beginning balance (in shares) | shares	63,256
Assumed options from acquisition (in shares) | shares	470
Exercised (in shares) | shares	(19,293)
Forfeited and cancelled (in shares) | shares	(1,074)
Ending balance (in shares) | shares	43,359	63,256
Weighted Average Exercise Price per Share
Options outstanding, weighted average exercise price per share - Beginning balance (in dollars per share) | $ / shares	$ 14.84
Options assumed from acquisition, weighted average exercise price per share (in dollars per share) | $ / shares	3.45
Options exercised, weighted average exercise price per share (in dollars per share) | $ / shares	7.78
Options forfeited and cancelled, weighted average exercise price per share (in dollars per share) | $ / shares	19.63
Options outstanding, weighted average exercise price per share - Ending balance (in dollars per share) | $ / shares	$ 17.75	$ 14.84
Stock Option Activity, Additional Disclosures
Options outstanding, Weighted average remaining contractual term	8 years 2 months 15 days	8 years 2 months 1 day
Options outstanding, Aggregate intrinsic value | $	$ 10,213,272	$ 2,527,396
Options vested and exercisable, Number of options (in shares) | shares	12,744
Options vested and exercisable , Weighted average exercise price per share (in dollars per share) | $ / shares	$ 9.59
Options vested and exercisable, Weighted average remaining contractual term	6 years 9 months 14 days
Options vested and exercisable, Aggregate intrinsic value | $	$ 3,105,922
Options vested and expected to vest, Number of options (in shares) | shares	37,225
Options vested and expected to vest, Weighted average exercise price per share (in dollars per share) | $ / shares	$ 16.81
Options vested and expected to vest, Weighted average remaining contractual term	8 years 21 days
Options vested and expected to vest, Aggregate intrinsic value | $	$ 8,803,438

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of restricted stock unit and restricted stock activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
RSUs
Number of shares
Beginning balance (in shares) | shares	3,766
Granted (in shares) | shares	4,512
Vested (in shares) | shares	(734)
Forfeited and cancelled (in shares) | shares	(127)
Ending balance (in shares) | shares	7,417
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in dollars per share) | $ / shares	$ 54.80
Granted, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	225.40
Vested, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	133.25
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	137.42
Weighted-average grant date fair value per share, ending balance (in dollars per share) | $ / shares	$ 141.25
RSAs
Number of shares
Beginning balance (in shares) | shares	824
Granted (in shares) | shares	1,351
Vested (in shares) | shares	0
Forfeited and cancelled (in shares) | shares	0
Ending balance (in shares) | shares	2,175
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in dollars per share) | $ / shares	$ 23.46
Granted, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	173.12
Vested, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	0
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	0
Weighted-average grant date fair value per share, ending balance (in dollars per share) | $ / shares	$ 116.44

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of stock based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 189,335	$ 15,884	$ 293,963	$ 25,063
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	130,988	7,710	204,245	12,592
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	6,674	305	10,204	480
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 51,673	$ 7,869	$ 79,514	$ 11,991

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	(84.90%)	16.80%	(27.50%)	12.90%

NET INCOME PER SHARE - Schedule

NET INCOME PER SHARE - Schedule of net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income	$ 1,606,349	$ 32,260	$ 2,377,812	$ 64,233
Less: Income allocated to participating securities	(16,636)	(32,260)	(699,903)	(53,419)
Net income attributable to common stockholders, basic	$ 1,589,713	$ 0	$ 1,677,909	$ 10,814
Denominator
Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, basic	204,728	67,006	142,397	66,982
Net income per share attributable to common stockholders, basic (in dollars per share)	$ 7.77	$ 0	$ 11.78	$ 0.16
Numerator
Net income	$ 1,606,349	$ 32,260	$ 2,377,812	$ 64,233
Less: Income allocated to participating securities	(13,750)	(32,260)	(573,503)	(51,533)
Add: Interest on convertible notes	551	0	551	0
Net income attributable to common stockholders - diluted	$ 1,593,150	$ 0	$ 1,804,860	$ 12,700
Denominator
Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, basic	204,728	67,006	142,397	66,982
Weighted-average effect of potentially dilutive securities:
Warrants	0	0	145	387
Convertible notes	1,725	0	863	0
Weighted-average shares of common stock used to compute net income per share attributable to common stockholders, diluted	248,147	67,006	187,918	87,571
Net income per share attributable to common stockholders, diluted (in dollars per share)	$ 6.42	$ 0	$ 9.60	$ 0.15
Stock options
Weighted-average effect of potentially dilutive securities:
Share-based compensation plan	37,644	0	41,068	20,202
RSUs
Weighted-average effect of potentially dilutive securities:
Share-based compensation plan	4,047	0	3,444	0
RSAs
Weighted-average effect of potentially dilutive securities:
Share-based compensation plan	3	0	1	0

NET INCOME PER SHARE - Schedu_2

NET INCOME PER SHARE - Schedule of potentially dilutive shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	8,204	46,573	8,204	15,563
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	6,134	45,474	6,134	14,872
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	1,807	0	1,807	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	0	408	0	0
Contingent consideration recognized in asset acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	0	691	0	691
Employee stock purchase program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	263	0	263	0