Coinbase Global (COIN) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 27, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		178,849,467
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		48,116,152

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 5,006,584	$ 7,123,478
Restricted cash		23,113	30,951
Customer custodial cash		6,591,105	10,526,233
Customer crypto assets	[1]	95,113,124	0
USDC		368,121	100,096
Accounts and loans receivable, net of allowance		240,354	396,025
Income tax receivable		60,522	61,231
Prepaid expenses and other current assets		277,044	135,849
Total current assets		107,679,967	18,373,863
Crypto assets held		623,073	988,193
Lease right-of-use assets		76,465	98,385
Property and equipment, net		170,922	59,230
Goodwill		1,073,906	625,758
Intangible assets, net		161,669	176,689
Other non-current assets		1,382,361	952,307
Total assets		111,168,363	21,274,425
Current liabilities:
Customer custodial cash liabilities		6,357,657	10,480,612
Customer crypto liabilities	[2]	95,113,124	0
Accounts payable		61,514	39,833
Accrued expenses and other current liabilities		298,101	439,559
Crypto asset borrowings		209,678	426,665
Lease liabilities, current		33,025	32,366
Total current liabilities		102,073,099	11,419,035
Lease liabilities, non-current		50,167	74,078
Long-term debt		3,391,237	3,384,795
Other non-current liabilities		27,545	14,828
Total liabilities		105,542,048	14,892,736
Commitments and contingencies (Note 18)
Stockholders’ equity:
Additional paid-in capital		3,380,330	2,034,658
Accumulated other comprehensive loss		(36,493)	(3,395)
Retained earnings		2,282,476	4,350,424
Total stockholders’ equity		5,626,315	6,381,689
Total liabilities, convertible preferred stock and stockholders’ equity		111,168,363	21,274,425
Class A common stock
Stockholders’ equity:
Common stock		2	2
Class B common stock
Stockholders’ equity:
Common stock		$ 0	$ 0
[1]Safeguarding assets[2]Safeguarding liabilities

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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	10,000,000,000
Common stock, issued (in shares)	178,489,000	168,807,000
Common stock, outstanding (in shares)	178,489,000	168,807,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	48,116,000	48,310,000
Common stock, outstanding (in shares)	48,116,000	48,310,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Revenue	$ 590,339	$ 1,311,908	$ 2,565,100	$ 5,340,981
Operating expenses:
Transaction expense	101,876	197,251	546,889	766,743
Technology and development	556,338	356,264	1,736,251	831,950
Sales and marketing	75,888	105,395	416,986	419,117
General and administrative	339,157	242,642	1,222,904	612,068
Restructuring	(1,232)	0	41,221	0
Other operating expense, net	74,796	118,548	756,185	556,857
Total operating expenses	1,146,823	1,020,100	4,720,436	3,186,735
Operating (loss) income	(556,484)	291,808	(2,155,336)	2,154,246
Interest expense	21,507	6,972	67,301	7,720
Other expense, net	65,699	13,976	271,067	10,119
(Loss) income before income taxes	(643,690)	270,860	(2,493,704)	2,136,407
Benefit from income taxes	(99,055)	(135,240)	(425,756)	(647,505)
Net (loss) income	(544,635)	406,100	(2,067,948)	2,783,912
Net (loss) income attributable to common stockholders:
Basic	(544,635)	402,343	(2,067,948)	2,241,790
Diluted	$ (544,635)	$ 405,340	$ (2,073,343)	$ 2,338,407
Net (loss) income per share attributable to common stockholders:
Basic (in dollars per share)	$ (2.43)	$ 1.92	$ (9.37)	$ 13.58
Diluted (in dollars per share)	$ (2.43)	$ 1.62	$ (9.39)	$ 11.19
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders:
Basic (in shares)	223,916	209,604	220,816	165,045
Diluted (in shares)	223,916	250,536	220,856	209,052
Net revenue
Revenue:
Revenue	$ 576,375	$ 1,234,736	$ 2,543,869	$ 4,864,727
Other revenue
Revenue:
Revenue	$ 13,964	$ 77,172	$ 21,231	$ 476,254

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (544,635)	$ 406,100	$ (2,067,948)	$ 2,783,912
Other comprehensive loss:
Translation adjustment, net of tax	(18,310)	(3,206)	(33,098)	(6,688)
Comprehensive (loss) income	$ (562,945)	$ 402,894	$ (2,101,046)	$ 2,777,224

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		112,878
Beginning balance at Dec. 31, 2020		$ 562,467
Ending balance (in shares) at Sep. 30, 2021		0
Ending balance at Sep. 30, 2021		$ 0
Beginning balance (in shares) at Dec. 31, 2020			73,108
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)			22,257
Issuance of common stock upon exercise of stock options, net of repurchases	181,025			181,025
Stock-based compensation expense	559,652			559,652
Issuance of equity instruments as consideration for business combination (in shares)			3,891
Issuance of equity instruments as consideration for business combinations	509,379			509,379
Conversion of preferred stock (in shares)		(112,878)	(112,878)
Conversion of preferred stock	562,467	$ (562,467)	$ 2	562,465
Issuance of common stock from exercise of warrants (in shares)			412
Issuance of shares from exercise of warrants	433			433
Issuance of common stock upon settlement of RSUs and restricted common stock, net of shares withheld (in shares)			1,116
Issuance of common stock upon settlement of RSUs and restricted common stock, net of shares withheld	(103,136)			(103,136)
Purchase of capped calls	(90,131)			(90,131)
Comprehensive loss	(6,688)				(6,688)
Net (loss) income	2,783,912					2,783,912
Ending balance (in shares) at Sep. 30, 2021			213,662
Ending balance at Sep. 30, 2021	5,360,497		$ 2	1,850,711	(432)	3,510,216
Beginning balance (in shares) at Jun. 30, 2021		0
Beginning balance at Jun. 30, 2021		$ 0
Ending balance (in shares) at Sep. 30, 2021		0
Ending balance at Sep. 30, 2021		$ 0
Beginning balance (in shares) at Jun. 30, 2021			209,876
Beginning balance at Jun. 30, 2021	4,623,425		$ 2	1,516,533	2,774	3,104,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)			2,964
Issuance of common stock upon exercise of stock options, net of repurchases	43,221			43,221
Stock-based compensation expense	264,941			264,941
Issuance of equity instruments as consideration for business combination (in shares)			211
Issuance of equity instruments as consideration for business combinations	77,482			77,482
Issuance of common stock upon settlement of RSUs and restricted common stock, net of shares withheld (in shares)			611
Issuance of common stock upon settlement of RSUs and restricted common stock, net of shares withheld	(51,466)			(51,466)
Comprehensive loss	(3,206)				(3,206)
Net (loss) income	406,100					406,100
Ending balance (in shares) at Sep. 30, 2021			213,662
Ending balance at Sep. 30, 2021	5,360,497		$ 2	1,850,711	(432)	3,510,216
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021		$ 0
Ending balance (in shares) at Sep. 30, 2022		0
Ending balance at Sep. 30, 2022		$ 0
Beginning balance (in shares) at Dec. 31, 2021			217,117
Beginning balance at Dec. 31, 2021	$ 6,381,689		$ 2	2,034,658	(3,395)	4,350,424
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)	3,012		3,052
Issuance of common stock upon exercise of stock options, net of repurchases	$ 45,260			45,260
Stock-based compensation expense	1,232,815			1,232,815
Issuance of equity instruments as consideration for business combination (in shares)			1,663
Issuance of equity instruments as consideration for business combinations	314,356			314,356
Issuance of common stock upon settlement of RSUs and restricted common stock, net of shares withheld (in shares)			4,618
Issuance of common stock upon settlement of RSUs and restricted common stock, net of shares withheld	(268,746)			(268,746)
Issuance of common stock under the Employee Stock Purchase Plan (shares)			155
Issuance of common stock under the Employee Stock Purchase Plan	14,863			14,863
Other	7,124			7,124
Comprehensive loss	(33,098)				(33,098)
Net (loss) income	(2,067,948)					(2,067,948)
Ending balance (in shares) at Sep. 30, 2022			226,605
Ending balance at Sep. 30, 2022	5,626,315		$ 2	3,380,330	(36,493)	2,282,476
Beginning balance (in shares) at Jun. 30, 2022		0
Beginning balance at Jun. 30, 2022		$ 0
Ending balance (in shares) at Sep. 30, 2022		0
Ending balance at Sep. 30, 2022		$ 0
Beginning balance (in shares) at Jun. 30, 2022			224,398
Beginning balance at Jun. 30, 2022	5,813,389		$ 2	3,004,459	(18,183)	2,827,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)			812
Issuance of common stock upon exercise of stock options, net of repurchases	10,318			10,318
Stock-based compensation expense	417,721			417,721
Issuance of common stock upon settlement of RSUs and restricted common stock, net of shares withheld (in shares)			1,395
Issuance of common stock upon settlement of RSUs and restricted common stock, net of shares withheld	(55,613)			(55,613)
Other	3,445			3,445
Comprehensive loss	(18,310)				(18,310)
Net (loss) income	(544,635)					(544,635)
Ending balance (in shares) at Sep. 30, 2022			226,605
Ending balance at Sep. 30, 2022	$ 5,626,315		$ 2	$ 3,380,330	$ (36,493)	$ 2,282,476

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net (loss) income	$ (2,067,948)	$ 2,783,912
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	113,721	40,633
Crypto asset impairment expense	689,077	234,023
Investment impairment expense	70,866	0
Other impairment expense	9,071	0
Stock-based compensation expense	1,135,078	558,157
Provision for transaction losses and doubtful accounts	(7,599)	14,816
Loss on disposal of property and equipment	0	361
Deferred income taxes	(444,225)	(572,044)
Unrealized loss on foreign exchange	192,253	16,084
Fair value gain on foreign exchange derivatives	(22,935)	0
Non-cash lease expense	23,374	27,151
Change in fair value of contingent consideration	(7,175)	(924)
Realized gain on crypto assets	(34,274)	(125,822)
Crypto assets received as revenue	(376,990)	(661,254)
Crypto asset payments for expenses	332,897	465,157
Fair value loss (gain) on derivatives	3,351	(23,823)
Amortization of debt discount and issuance costs	7,042	2,420
Loss (gain) on investments	1,118	(14,209)
Changes in operating assets and liabilities:
USDC	(298,236)	(56,710)
Accounts and loans receivable	32,211	37,244
Income taxes, net	4,785	(95,756)
Other current and non-current assets	(104,801)	(26,331)
Customer custodial cash liabilities	(3,977,293)	4,938,326
Accounts payable	24,667	17,393
Lease liabilities	(7,758)	(18,899)
Other current and non-current liabilities	(107,553)	196,806
Net cash (used in) provided by operating activities	(4,817,276)	7,736,711
Cash flows from investing activities
Purchase of property and equipment	(3,747)	(1,628)
Proceeds from sale of property and equipment	0	31
Capitalized internal-use software development costs	(47,831)	(15,507)
Business combinations, net of cash acquired	(186,150)	(39,405)
Purchase of investments	(57,716)	(251,118)
Purchase of assembled workforce	0	(24,000)
Proceeds from settlement of investments	1,497	0
Purchase of crypto assets held	(1,339,689)	(1,479,091)
Disposal of crypto assets held	894,147	1,268,801
Loans originated	(189,137)	(169,325)
Proceeds from repayment of loans	290,928	66,827
Net cash used in investing activities	(637,698)	(644,415)
Cash flows from financing activities
Issuance of common stock upon exercise of stock options, net of repurchases	40,978	174,949
Taxes paid related to net share settlement of equity awards	(268,746)	(103,136)
Proceeds received under the ESPP	16,064	11,532
Other financing activities	3,679	0
Issuance of shares from exercise of warrants	0	433
Issuance of convertible senior notes, net	0	1,403,753
Issuance of senior notes, net	0	1,976,011
Purchase of capped calls	0	(90,131)
Proceeds from short-term borrowings	149,400	20,000
Repayment of short-term borrowings	(170,000)	0
Net cash (used in) provided by financing activities	(228,625)	3,393,411
Net (decrease) increase in cash, cash equivalents, and restricted cash	(5,683,599)	10,485,707
Effect of exchange rates on cash, cash equivalents, and restricted cash	(376,261)	(1,111)
Cash, cash equivalents, and restricted cash, beginning of period	17,680,662	4,856,029
Cash, cash equivalents, and restricted cash, end of period	11,620,802	15,340,625
Cash, cash equivalents, and restricted cash consisted of the following:
Cash and cash equivalents	5,006,584	6,352,775
Restricted cash	23,113	30,884
Customer custodial cash	6,591,105	8,956,966
Total cash, cash equivalents, and restricted cash	11,620,802	15,340,625
Supplemental disclosure of cash flow information
Cash paid during the period for interest	43,630	0
Cash paid during the period for income taxes	17,762	53,426
Operating cash outflows for amounts included in the measurement of operating lease liabilities	10,845	16,781
Supplemental schedule of non-cash investing and financing activities
Unsettled purchases of property and equipment	177	974
Right-of-use assets obtained in exchange for operating lease obligations	3,059	26,672
Non-cash consideration paid for business combinations	324,925	535,989
Purchase of crypto assets and investments with non-cash consideration	17,898	4,940
Redemption of investments with non-cash consideration	5,000	0
Crypto assets borrowed	728,490	292,635
Crypto assets borrowed repaid with crypto assets	$ 1,182,479	$ 59,348

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2022
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. The Company is a remote-first company. Accordingly, the Company does not maintain a headquarters. On April 14, 2021, the Company completed the direct listing of its Class A common stock on the Nasdaq Global Select Market (the “Direct Listing”).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying 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 financial statements for the periods presented. The unaudited condensed consolidated results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other period. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2022 (the “Annual Report”). These 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 Annual Report, 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 th e 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 long-lived assets; the impairment of long-lived assets; the valuation of privately-held strategic investments, including impairments; the Company’s incremental borrowing rate; the fair value of customer crypto assets and liabilities; the fair value of assets acquired and liabilities assumed in business combinations, including contingent consideration arrangements; the fair value of derivatives and related hedges; the fair value of long-term debt; assessing the likelihood of adverse outcomes from claims and disputes; 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 Comp any’s condensed c onsolidated 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. Customer custodial cash and customer custodial cash liabilities Customer custodial cash represents restricted cash and cash equivalents maintained in segregated Company bank accounts that are held for the exclusive benefit of customers. Customer custodial cash liabilities represent cash deposits held by customers in their fiat wallets and unsettled deposits and withdrawals. The Company restricts the use of the assets underlying the customer custodial cash to meet regulatory requirements and classifies the assets as current based on their purpose and availability to fulfill the Company’s direct obligation under customer custodial cash liabilities. Certain jurisdictions where the Company operates require the Company to hold eligible liquid assets, as defined by applicable regulatory requirements and commercial law in these jurisdictions, equal to at least 100% of the aggregate amount of all customer custodial cash liabilities. Depending on the jurisdiction, eligible liquid assets can include cash and cash equivalents, customer custodial cash, and in-transit customer receivables. As of September 30, 2022 and December 31, 2021, the Company’s eligible liquid assets were greater than the aggregate amount of customer custodial cash liabilities. Concentration of credit risk The Company’s cash and cash equivalents, restricted cash, customer custodial cash, and accounts and loans receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, restricted cash, and customer custodial cash are placed with financial institutions which are of high credit quality. The Company invests cash and cash equivalents, and customer custodial 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 $368.1 million and $100.1 million of USD Coin (“USDC”) as of September 30, 2022 and December 31, 2021, respectively. The issuer of USDC reported that, as of September 30, 2022, underlying reserves were held in cash and short-duration U.S. Treasuries within segregated accounts for the benefit of USDC holders. As of September 30, 2022 and December 31, 2021, the Company had one customer and no customers, respectively, who accounted for more than 10% of the Company’s accounts and loans receivable, net. As of September 30, 2022 and December 31, 2021, the Company had no payment processors or bank partners representing more than 10% of accounts and loans receivable, net. During the three and nine months ended September 30, 2022 and September 30, 2021, no customer accounted for more than 10% of total revenue. Derivative contracts Derivative contracts derive their value from underlying asset prices, other inputs or a combination of these factors. Derivative contracts are recognized as either assets or liabilities in the condensed consolidated balance sheets at fair value, with changes in fair value recognized in other operating expense, net. The Company enters into arrangements that result in obtaining the right to receive or obligation to deliver a fixed amount of crypto assets in the future. These are hybrid instruments, consisting of a debt host contract that is initially measured at the fair value of the underlying crypto assets and is subsequently carried at amortized cost, and an embedded forward feature based on the changes in the fair value of the underlying crypto asset. The embedded forward is bifurcated from the host contract, and is subsequently measured at fair value. The Company also enters into foreign exchange forward contracts that act as economic hedges against the impact of changes in Euro on the Company’s intercompany transactions. The Company records changes in fair value of the forward contracts as part of other expense, net in the consolidated statements of operations. Derivatives designated as hedges The Company applies hedge accounting to certain derivatives executed for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. The Company uses fair value hedges primarily to hedge the fair value exposure of crypto asset prices. For qualifying fair value hedges, the changes in the fair value of the derivative and the fair value of the hedged item are recognized in current-period earnings in other operating expense, net in the condensed consolidated statements of operations. Derivative amounts affecting earnings are recognized in the same line item as the earnings effect of the hedged item. Customer crypto assets and liabilities Customer crypto assets and liabilities represent the Company’s obligation to safeguard customers’ crypto assets in digital wallets on the Company’s platform. The Company safeguards these assets for customers and is obligated to safeguard them from loss, theft, or other misuse. The Company recognizes customer crypto liabilities and corresponding customer crypto assets, on initial recognition and at each reporting date, at fair value of the crypto assets. Any loss, theft, or other misuse would impact the measurement of customer crypto assets. Recent accounting pronouncements Recently adopted accounting pronouncements On October 28, 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). ASU 2021-08 amends Accounting Standards Codification 805 (“ASC 805”) to require acquiring entities to apply Topic 606 - Revenue from Contracts with Customer s to recognize and measure contract assets and contract liabilities in a business combination. The Company early adopted the standard on January 1, 2022. The adoption of the standard did not have a material impact on the Company’s condensed consolidated financial statements. On March 31, 2022, the SEC issued Staff Accounting Bulletin No. 121 (“SAB 121”). SAB 121 sets out interpretive guidance from the staff of the SEC regarding the accounting for obligations to safeguard crypto assets that an entity holds for its customers. Safeguarding is defined as taking actions to secure customer crypto assets and the associated cryptographic key information and protecting them from loss, theft, or other misuse. The guidance requires an entity to recognize a liability for the obligation to safeguard the users’ assets, and recognize an associated asset for the crypto assets safeguarded. Both the liability and asset should be measured initially and subsequently at the fair value of the crypto assets being safeguarded. The guidance also requires additional disclosures related to the nature and amount of crypto assets that the entity is responsible for holding for its customers, with separate disclosure for each significant crypto asset, and the vulnerabilities the entity has due to any concentration in such activities. The Company has adopted this guidance as of June 30, 2022 with retrospective application as of January 1, 2022. The balances as of January 1, 2022 for the customer crypto assets and customer crypto liabilities were both $267.6 billion. Accounting pronouncements pending adoption On June 30, 2022, FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security's unit of account. The standard requires specific disclosures related to equity securities that are subject to contractual sale restrictions, including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. The new standard is effective for the Company for its fiscal year beginning January 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard on the Company’s consolidated financial statements.

RESTRUCTURING

RESTRUCTURING	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING In June 2022, the Company announced and completed a restructuring impacting approximately 18% of the Company’s headcount. This strategic reduction of the existing global workforce was intended to manage the Company’s operating expenses in response to market conditions and ongoing business prioritization efforts. As a result, approximately 1,100 employees in various departments and locations were terminated. As part of their termination, they were given separation pay and other personnel benefits. The following expenses were recognized within restructuring expenses in the condensed consolidated statements of operations during the three and nine months ended September 30, 2022 (in thousands). The Company does not expect to incur any additional charges in connection with this restructuring. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Cumulative Costs Incurred to Date Separation pay $ — $ 39,259 $ 39,259 Other personnel costs (1) (1,232) 1,962 1,962 Total $ (1,232) $ 41,221 $ 41,221 __________________ (1) The negative adjustment of $1.2 million during the three months ended September 30, 2022 is due to the release of accruals for certain other personnel costs recorded as of June 30, 2022 which were not utilized. The following table summarizes the balance of the restructuring reserve and the changes in the reserve as of and for the nine months ended September 30, 2022 (in thousands): Expenses Incurred Payments Adjustment to Other Personnel Costs Accrued Balance as of September 30, 2022 Separation pay $ 39,259 $ (37,940) $ — $ 1,319 Other personnel costs 3,194 (1,480) (1,232) 482 Total $ 42,453 $ (39,420) $ (1,232) $ 1,801

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS2022 Acquisitions Unbound Security, Inc. On January 4, 2022, the Company completed the acquisition of Unbound Security, Inc. (“Unbound”) by acquiring all issued and outstanding shares of capital stock and stock options of Unbound. Unbound is a pioneer in a number of cryptographic security technologies, which the Company believes will play a key role in the Company’s product and security roadmap. In accordance with ASC 805, Business Combinations , the acquisition was accounted for as a business combination under the acquisition method. 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 goodwill balance is primarily attributed to the assembled workforce, synergies, and the use of purchased technology to develop future products and technologies. 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. During the nine months ended September 30, 2022, a measurement period adjustment associated with deferred tax assets was recorded, resulting in an increase in other non-current assets of $4.1 million and a corresponding reduction in goodwill. The total consideration transferred in the acquisition was $258.0 million, consisting of the following (in thousands): Cash $ 151,424 Cash payable 126 Class A common stock of the Company 103,977 RSUs for shares of the Company’s Class A common stock 2,457 Total purchase consideration $ 257,984 Included in the purchase consideration are $21.7 million in cash and 85,324 shares of the Company’s Class A common stock that are subject to an indemnity holdback. The cash and shares subject to the indemnity holdback will be released 18 months after the closing date of the transaction. The results of operations and the fair values of the assets acquired and liabilities assumed have been included in the condensed consolidated financial statements from the date of acquisition. 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 $ 10,560 Restricted cash 573 Accounts and loans receivable, net of allowance 4,981 Prepaid expenses and other current assets 4,182 Lease right-of-use assets 1,059 Property and equipment, net 1,248 Goodwill 222,732 Intangible assets, net 28,500 Other non-current assets 3,476 Total assets 277,311 Accounts payable 719 Accrued expenses and other current liabilities 11,325 Lease liabilities 1,059 Other non-current liabilities 6,224 Total liabilities 19,327 Net assets acquired $ 257,984 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 $ 15,700 1 - 5 In-process research and development ("IPR&D") 2,500 N/A Customer relationships 10,300 2 The intangible assets will be amortized on a straight-line basis over their respective useful lives to technology and development expenses for developed technology and general and administrative expenses for customer relationships. Amortization of the IPR&D will be recognized in technology and development expenses once the research and development is placed into service as internally developed software. Management applied significant judgment 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 $3.0 million were incurred in relation to the acquisition, which were recognized as an expense and included in general and administrative expenses in the condensed consolidated statements of operations. The impact of this acquisition was not considered significant to the Company’s condensed consolidated financial statements for the current period presented and pro forma financial information has not been provided. FairXchange, Inc. On February 1, 2022, the Company completed the acquisition of FairXchange, Inc. (“FairX”) by acquiring all issued and outstanding shares of capital stock, stock options and warrants of FairX. FairX is a derivatives exchange which is registered with the U.S. Commodity Futures Trading Commission as a designated contract market (“DCM”) and the Company believes it has been a key stepping stone on the Company’s path to offer crypto derivatives to retail and institutional customers in the United States. In accordance with ASC 805, Business Combinations , the acquisition was accounted for as a business combination under the acquisition method. 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 goodwill balance is primarily attributed to the assembled workforce, market presence, synergies, and the use of purchased technology to develop future products and technologies. 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. During the nine months ended September 30, 2022, a measurement period adjustment associated with deferred tax assets was recorded, resulting in an increase in other non-current assets of $0.3 million and a corresponding reduction in goodwill. The total consideration transferred in the acquisition was $275.1 million, consisting of the following (in thousands): Cash $ 56,726 Cash payable 10,442 Class A common stock of the Company - issued 174,229 Class A common stock of the Company - to be issued 33,693 Total purchase consideration $ 275,090 The aggregate purchase consideration includes 170,397 shares of the Company’s Class A common stock to be issued after the acquisition date. The fair value of these shares on the acquisition date is included in additional paid-in capital. Additionally, included in the purchase consideration are $4.7 million in cash and 83,035 shares of the Company’s Class A common stock that are subject to an indemnity holdback. The cash and shares subject to the indemnity holdback will be released 15 months after the closing date of the transaction. The results of operations and the fair values of the assets acquired and liabilities assumed have been included in the condensed consolidated financial statements from the date of acquisition. 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 $ 10,867 Accounts and loans receivable, net of allowance 411 Prepaid expenses and other current assets 20 Intangible assets, net 41,000 Goodwill 231,685 Other non-current assets 8,295 Total assets 292,278 Accounts payable 472 Accrued expenses and other current liabilities 5,796 Other non-current liabilities 10,920 Total liabilities 17,188 Net assets acquired $ 275,090 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) DCM License $ 26,900 Indefinite Developed technology 10,700 5 Trading relationships 3,400 3 The developed technology and trading relationships will be amortized on a straight-line basis over their respective useful lives to technology and development expenses for developed technology and general and administrative for trading relationships. The DCM license has an indefinite useful life and will not be amortized. Management applied significant judgment in determining the fair value of intangible assets, which involved the use of estimates and assumptions with respect to forecasted revenues and expenses, development costs and profit, costs to recreate trading relationships, market participation profit, and opportunity cost. 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. The impact of this acquisition was not considered significant to the Company’s condensed consolidated financial statements for the current period presented and pro forma financial information has not been provided. 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 ASC 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, net in th e condensed co nsolidated 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 goodwill balance is primarily attributed to the assembled workforce, market presence, synergies, and the use of purchased technology to develop future products and technologies. The total consideration transferred in the acquisition was $457.3 million, consisting of the following (in thousands): Class A 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. The shares subject to the indemnity holdback will be released 18 months after the closing date of the transaction. The results of operations and the fair values of the assets acquired and liabilities assumed have been included in t he condensed co nsolidated financial statements from 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, net 39,100 Goodwill 404,167 Other non-current assets 1,221 Lease right-of-use assets 808 Total assets 465,119 Accounts payable 526 Accrued expenses and other current liabilities 1,920 Lease liabilities 808 Other non-current 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 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 expenses for developed technology and general and administrative expenses for user base. Amortization of the IPR&D will be recognized in technology and development expenses 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. The impact of this acquisition was not considered significant to the Company’s condensed consolidated financial statements and pro forma financial information has not been provided. Other Acquisitions During the nine months ended September 30, 2021, the Company also completed three other acquisitions that were not material individually, but were material when aggregated. In each of these acquisitions the Company acquired all issued and outstanding common stock and stock options of the acquiree. The total purchase consideration in each acquisition was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition dates, with the excess recorded as goodwill. During the nine months ended September 30, 2022, measurement period adjustments associated with deferred tax assets were recorded, resulting in an increase in other non-current assets of $1.9 million and a corresponding reduction in goodwill. The aggregate total preliminary consideration transferred in these acquisitions was $135.7 million, consisting of the following (in thousands): Class A common stock of the Company - issued $ 51,760 Class A common stock of the Company - to be issued 39,940 Cash 27,795 Cash payable 412 Contingent consideration arrangement 15,752 Aggregate total purchase consideration $ 135,659 The aggregate purchase consideration included 160,840 shares of the Company’s Class A common stock which was issued six months after the respective acquisition dates. The fair value of these shares on the respective acquisition dates was included in additional paid-in capital. Additionally, 39,663 shares of the Company’s Class A common stock included in the aggregate purchase consideration that are to be issued, are subject to an indemnity holdback. The shares subject to the indemnity holdback will be released between 15 and 18 months after the closing date of each transaction. Also included in the aggregate purchase consideration was the original estimated fair value of the contingent consideration arrangement agreed to in one of the acquisitions. The contingent consideration consists of two separate tranches. The first tranche will be settled one year after the closing date of the transaction and may result in delivery of up to 75,534 shares of the Company’s Class A common stock if specified revenue targets are met during the first year after the closing date. The second tranche will be settled two years after the closing date of the transaction and may result in delivery of up to another 75,534 shares of the Company’s Class A common stock, if specified revenue targets are met during the second year after the closing date. For each tranche, the revenue targets are adjusted for changes in the combined Bitcoin and Ethereum market capitalization since the closing date. The total number of the Company’s Class A common stock issued to settle the contingent consideration arrangement will be adjusted downward in proportion to recognized revenues that do not meet the specified revenue targets. In September 2022, upon resolution of the contingency and determination of the number of shares of the Company’s Class A common stock to be issued under the first tranche of the contingent consideration arrangement, the Company reclassified the value of the first tranche from other non-current liabilities into additional paid-in capital in the condensed consolidated balance sheets. The second tranche of the contingent consideration arrangement is included in other non-current liabilities and is subject to subsequent measurement at fair value with changes in fair value recognized through other expense, net. The results of operations and the fair values of the assets acquired and liabilities assumed have been included in the condensed consolidated financial statements from the respective dates of acquisition. The following table summarizes the aggregate estimated fair values of assets acquired and liabilities assumed using a cost-based approach (in thousands): Cash and cash equivalents $ 4,915 Accounts and loans receivable, net of allowance 57 Prepaid expenses and other current assets 209 Intangible assets, net 46,100 Goodwill 86,041 Total assets 137,322 Accounts payable 65 Accrued expenses and other current liabilities 649 Other non-current liabilities 949 Total liabilities 1,663 Net assets acquired $ 135,659 The excess of aggregate purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill of $86.0 million, of which $77.1 million is expected to be deductible for U.S. tax purposes. The goodwill balance is primarily attributed to the assembled workforce, 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 dates of acquisition (in thousands, except for years data): Fair Value Useful Life at Acquisition (in Years) Developed technology $ 33,700 2.7 User base 1,000 2.5 In process research and development 1,600 N/A Customer relationships 9,800 5 The intangible assets will be amortized on a straight-line basis over their respective useful lives to technology and development expenses for developed technology and general and administrative expenses for customer relationships and user base. Amortization of the IPR&D will be recognized in technology and development expenses 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. These valuations incorporate significant unobservable inputs classified as Level 3. Total acquisition costs of $3.5 million were incurred related to these other acquisitions, which were recognized as expenses and included in general and administrative expenses in the condensed consolidated statements of operations. The Company also entered into employment agreements with key employees of the acquirees, which included stock-based compensation arrangements. In conjunction with these agreements, the Company recognized $3.2 million of compensation expenses on the acquisition dates included in technology and development expenses. Stock-based compensation arrangements offered to these key employees with vesting conditions will be recognized as compensation expense in future periods. See Note 15. Stock-Based Compensation , for additional details regarding stock-based compensation issued to employees. The impact of these acquisitions were not considered significant to the Company’s condensed consolidated financial statements and pro forma financial information has not been provided.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net revenue Transaction revenue Retail, net $ 346,091 $ 1,021,967 $ 1,928,145 $ 4,305,088 Institutional, net 19,777 67,689 105,973 255,529 Total transaction revenue 365,868 1,089,656 2,034,118 4,560,617 Subscription and services revenue Blockchain rewards 62,759 77,039 213,064 120,712 Custodial fee revenue 14,532 31,468 68,404 86,616 Interest income 101,778 8,389 144,746 18,190 Other subscription and services revenue (1) 31,438 28,184 83,537 78,592 Total subscription and services revenue 210,507 145,080 509,751 304,110 Total net revenue 576,375 1,234,736 2,543,869 4,864,727 Other revenue Crypto asset sales revenue 8 76,742 625 475,065 Corporate interest and other income 13,956 430 20,606 1,189 Total other revenue 13,964 77,172 21,231 476,254 Total revenue $ 590,339 $ 1,311,908 $ 2,565,100 $ 5,340,981 __________________ (1) During the third quarter of 2022, the Company rebranded the “Earn” campaign to the “Learning Rewards” campaign. $7.4 million and $15.8 million of Learning Rewards revenue is included within other subscription and services revenue for the three and nine months ended September 30, 2022, respectively. $15.2 million and $43.2 million of Learning Rewards revenue has been reclassified from its own line item into other subscription and services revenue for the three and nine months ended September 30, 2021, respectively, to conform to the current period presentation. 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. Institutional clients can trade via the Company’s trading platform or utilize Coinbase Prime services depending on their needs. High-frequency trading firms, such as market makers and principal traders, benefit from lower latency by connecting through the trading platform, while corporations and family offices can access an integrated suite of investment services through Coinbase Prime. 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 users of 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 varies 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 is based on tiered pricing that is driven primarily by transaction volume processed for a specific historical period. 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 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 using the staking validators that it controls. 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 transferred into a digital wallet that the Company controls. Revenue is measured based on the number of tokens received and the fair value of the token at contract inception. Blockchain services offered as part of Coinbase Cloud’s blockchain infrastructure solutions are included in other subscription and services revenue. 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. Accounts receivable from customers for custodial fee revenue, net of allowance, were $9.0 million and $22.4 million as of September 30, 2022 and December 31, 2021, respectively. The allowance recognized against these fees was not material for any of the periods presented. Interest income and corporate interest and other income The Company holds customer custodial cash and cash and cash equivalents at certain third-party banks which earn interest. The Company also earns interest income under a revenue sharing arrangement with the issuer of USDC and on loans issued 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 cash, 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 and other income, within other revenue. Other subscription and services revenue Other subscription and services revenue primarily includes revenue from Coinbase Cloud, which includes staking application, delegation, and infrastructure services, Coinbase One, Learning Rewards, and other subscription licenses. Generally, revenue from other subscription and services contains one performance obligation, may have variable and non-cash consideration, and is recognized 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 and other income. Periodically, as an accommodation to customers, the Company may fulfill customer transactions using the Company’s own crypto assets held for operating purposes. 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, net within the condensed consolidated statements of operations. The cost of crypto assets used in fulfilling customer transactions was $0.2 million and $68.6 million for the three months ended September 30, 2022 and September 30, 2021, respectively, and $0.5 million and $433.8 million for the nine months ended September 30, 2022 and September 30, 2021, 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. The Company recognized revenue from related party customers of $1.9 million and $7.7 million for the three months ended September 30, 2022 and September 30, 2021, respectively, and $9.5 million and $21.0 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. As of September 30, 2022 and December 31, 2021, amounts receivable from related party customers were $3.0 million and $4.5 million, respectively. As of September 30, 2022, customer custodial cash liabilities due to related party customers were $34.6 million. As of December 31, 2021, customer custodial cash liabilities due to related party customers were immaterial. Revenue by geographic location In the table below are the revenues disaggregated by geography, based on domicile of the customers or booking location, as applicable (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States $ 501,963 $ 1,003,999 $ 2,125,010 $ 4,339,899 Rest of the world (1) 88,376 307,909 440,090 1,001,082 Total revenue $ 590,339 $ 1,311,908 $ 2,565,100 $ 5,340,981 __________________ (1) No other individual country accounted for more than 10% of total revenue.

ACCOUNTS AND LOANS RECEIVABLE,

ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE	ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE Accounts and loans receivable, net of allowance consisted of the following (in thousands): September 30, December 31, 2022 2021 In-transit customer receivables $ 42,552 $ 102,720 Trade finance receivables 7,512 1,865 Custodial fee revenue receivable 11,477 23,727 Loans receivable (1) 116,601 218,461 Interest and other receivables (2) 79,164 73,803 Allowance for doubtful accounts (3) (16,952) (24,551) Total accounts and loans receivable, net of allowance $ 240,354 $ 396,025 __________________ (1) The fair value of collateral held as security exceeded the outstanding loans receivable as of September 30, 2022 and December 31, 2021, so no allowance was recorded. (2) Includes accounts receivables denominated in crypto assets of $11.0 million and $26.4 million as of September 30, 2022 and December 31, 2021, respectively. See Note 12. Derivatives for additional details. (3) Includes provision for transaction losses of $4.2 million and $16.8 million as of September 30, 2022 and December 31, 2021, respectively. Loans receivable The Company issues loans to retail users and institutions. As of September 30, 2022 and December 31, 2021, the Company had issued loans with an outstanding balance of $116.6 million and $218.5 million, respectively. The related interest receivable on the loans as of September 30, 2022 and December 31, 2021, was $0.8 million and $1.3 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 September 30, 2022 and December 31, 2021, there were no loans receivable past due.
ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE	ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE Accounts and loans receivable, net of allowance consisted of the following (in thousands): September 30, December 31, 2022 2021 In-transit customer receivables $ 42,552 $ 102,720 Trade finance receivables 7,512 1,865 Custodial fee revenue receivable 11,477 23,727 Loans receivable (1) 116,601 218,461 Interest and other receivables (2) 79,164 73,803 Allowance for doubtful accounts (3) (16,952) (24,551) Total accounts and loans receivable, net of allowance $ 240,354 $ 396,025 __________________ (1) The fair value of collateral held as security exceeded the outstanding loans receivable as of September 30, 2022 and December 31, 2021, so no allowance was recorded. (2) Includes accounts receivables denominated in crypto assets of $11.0 million and $26.4 million as of September 30, 2022 and December 31, 2021, respectively. See Note 12. Derivatives for additional details. (3) Includes provision for transaction losses of $4.2 million and $16.8 million as of September 30, 2022 and December 31, 2021, respectively. Loans receivable The Company issues loans to retail users and institutions. As of September 30, 2022 and December 31, 2021, the Company had issued loans with an outstanding balance of $116.6 million and $218.5 million, respectively. The related interest receivable on the loans as of September 30, 2022 and December 31, 2021, was $0.8 million and $1.3 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 September 30, 2022 and December 31, 2021, there were no loans receivable past due.

GOODWILL, INTANGIBLE ASSETS, NE

GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD	GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD Goodwill The following table reflects the changes in the carrying amount of goodwill (in thousands): Nine Months Ended September 30, 2022 Year Ended December 31, 2021 Balance, beginning of period $ 625,758 $ 77,212 Additions due to business combinations 454,417 548,546 Measurement period adjustments (1) (6,269) — Balance, end of period $ 1,073,906 $ 625,758 __________________ (1) The measurement period adjustments consisted of $4.1 million, $0.3 million and $1.9 million related to the Unbound acquisition, FairX acquisition and certain other acquisitions that were material when aggregated, respectively, and which were associated with the changes in deferred tax assets as a result of changes in estimates. There was no impairment recognized against goodwill at the beginning or end of the periods presented. Intangible assets, net Intangible assets, net consisted of the following (in thousands, except years data): As of September 30, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in Years) Amortizing intangible assets Acquired developed technology $ 128,292 $ (71,147) $ 57,145 2.36 User base 2,997 (1,870) 1,127 1.00 Customer relationships 86,691 (41,170) 45,521 2.80 Non-compete agreement 2,402 (1,521) 881 1.84 Assembled workforce 60,800 (35,699) 25,101 0.69 Trade Relationships 3,400 (756) 2,644 2.34 In-process research and development (1) 2,100 — 2,100 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 26,900 — 26,900 N/A Total $ 313,832 $ (152,163) $ 161,669 __________________ (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service. As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in Years) Amortizing intangible assets Acquired developed technology $ 100,908 $ (34,865) $ 66,043 1.97 User base 2,997 (1,020) 1,977 1.75 Customer relationships 79,491 (27,789) 51,702 3.68 Non-compete agreement 2,402 (1,161) 1,241 2.58 Assembled workforce 60,800 (8,324) 52,476 1.43 In-process research and development (1) 3,000 — 3,000 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Total $ 249,848 $ (73,159) $ 176,689 __________________ (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service. Amortization expense of intangible assets was $27.7 million and $80.0 million for the three and nine months ended September 30, 2022, respectively. Amortization expense of intangible assets was $12.3 million and $27.5 million for the three and nine months ended September 30, 2021, respectively. The Company estimates that there is no significant residual value related to its amortizing intangible assets. During the three and nine months ended September 30, 2022, the Company recorded impairment charges of $0.1 million and $4.5 million, respectively, related to its intangible assets, excluding crypto assets held. The Company did not have any impairment charges in the three and nine months ended September 30, 2021. Impairment expense is included in other operating expense, net in the condensed consolidated statements of operations. The expected future amortization expense for intangible assets other than IPR&D as of September 30, 2022 is as follows (in thousands): 2022 (for the remainder of) $ 25,352 2023 67,591 2024 21,360 2025 13,119 2026 4,818 Thereafter 179 Total expected future amortization expense $ 132,419 Crypto assets held Crypto assets held consisted of the following (in thousands): September 30, December 31, 2022 2021 Recorded at impaired cost Crypto assets held as investments $ 289,587 $ 209,415 Crypto assets held for operating purposes (1) 123,514 357,093 Total crypto assets held recorded at impaired cost 413,101 566,508 Recorded at fair value (2) Crypto assets held as investments 2,392 — Crypto assets borrowed 207,580 421,685 Total crypto assets held recorded at fair value 209,972 421,685 Total crypto assets held $ 623,073 $ 988,193 __________________ (1) Crypto assets held as of September 30, 2022 and December 31, 2021 includes $3.3 million and $38.1 million, respectively, of crypto assets loaned to customers as these did not meet the criteria for derecognition. (2) Recorded at fair value as these crypto assets are held as the hedged item in qualifying fair value hedges. The Company recorded gross impairment charges of $25.9 million and $689.1 million during the three and nine months ended September 30, 2022, respectively, and $58.4 million and $234.0 million during the three and nine months ended September 30, 2021, respectively, due to the observed market price of crypto assets decreasing below the carrying value during the respective periods. The Company partially recovered impairments recorded during the respective periods through subsequent crypto asset sales and disposals. Impairment expense is included in other operating expense, net in the condensed consolidated statements of operations. See Note 12. Derivatives , for additional details regarding crypto assets held designated as hedged items in fair value hedges. See Note 13. Fair Value Measurements , for additional details regarding the carrying value of the Company’s crypto assets held.

CUSTOMER ASSETS AND LIABILITIES

CUSTOMER ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
CUSTOMER ASSETS AND LIABILITIES	CUSTOMER ASSETS AND LIABILITIES The Company includes customer custodial funds in the condensed consolidated balance sheets as customer custodial cash and includes customer safeguarding assets in the condensed consolidated balance sheets as customer crypto assets, with a corresponding offset in customer crypto liabilities. Custodial funds due to customers are included in the condensed consolidated balance sheets as customer custodial cash liabilities. The following table presents customers’ cash and crypto positions (in thousands): September 30, December 31, 2022 2021 Customer custodial cash $ 6,591,105 $ 10,526,233 Customer crypto assets 95,113,124 — Total customer assets $ 101,704,229 $ 10,526,233 Customer custodial cash liabilities $ 6,357,657 $ 10,480,612 Customer crypto liabilities 95,113,124 — Total customer liabilities $ 101,470,781 $ 10,480,612 The Company safeguards crypto assets for customers in digital wallets and portions of cryptographic keys necessary to access crypto assets on the Company’s platform. The Company safeguards these assets and/or keys and is obligated to safeguard them from loss, theft, or other misuse. The Company records customer crypto assets as well as corresponding customer crypto liabilities, in accordance with recently adopted guidance, SAB 121. The Company maintains a record of all assets in digital wallets held on the Company’s platform as well as the full or a portion of private keys including backup keys, which are maintained on behalf of customers. For crypto assets that are not maintained on the Company’s platform and for which the Company does not maintain a private key or the ability to recover a customer’s private key, these balances are not recorded, as there is no related safeguarding obligation in accordance with SAB 121. The Company records the assets and liabilities, on the initial recognition and at each reporting date, at the fair value of the crypto assets which it safeguards for its customers. The Company has committed to securely store all crypto assets and cryptographic keys (or portions thereof) it holds on behalf of customers, and the value of these assets have been recorded as customer crypto liabilities and corresponding customer crypto assets. As such, the Company may be liable to its customers for losses arising from theft or loss of 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 on its platform, and (iii) it has established security around private key management to minimize the risk of theft or loss. The Company has adopted a number of measures to safeguard crypto assets it secures including, but not limited to, holding customer crypto assets on a 1:1 basis at all times and strategically storing custodied assets offline using Coinbase’s cold storage process. The Company also does not reuse or rehypothecate customer crypto assets nor grant security interests in customer crypto assets, in each case unless required by law or expressly agreed to by the customer. Any loss or theft would impact the measurement of the customer crypto assets. During the nine months ended September 30, 2022, no losses have been incurred in connection with customer crypto assets. The following table sets forth the fair value of customer crypto assets, as shown in the condensed consolidated balance sheets, as customer crypto assets and customer crypto liabilities, as of September 30, 2022 (in billions): Fair Value Percentage of Total (1) Bitcoin $ 39.9 42.0 % Ethereum 24.1 25.3 % Other crypto assets 31.1 32.7 % Total customer crypto assets $ 95.1 100.0 % __________________ (1) As of September 30, 2022, no assets other than Bitcoin and Ethereum individually represented more than 5% of total customer crypto assets. See Note 13. Fair Value Measurements , for additional details regarding the customer crypto assets and customer crypto liabilities.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	9 Months Ended
	Sep. 30, 2022
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): September 30, December 31, 2022 2021 Prepaid expenses and other current assets Prepaid expenses $ 91,366 $ 123,246 Deposits 2,524 9,658 Fair value adjustments related to foreign currency forward contracts (1) 22,935 — Cash collateral posted against foreign currency forward contracts (1) 145,000 — Other 15,219 2,945 Total prepaid expenses and other current assets $ 277,044 $ 135,849 Other non-current assets Strategic investments $ 357,042 $ 363,950 Deferred tax assets 1,014,736 573,547 Deposits 10,542 13,347 Other 41 1,463 Total other non-current assets $ 1,382,361 $ 952,307 __________________ (1) See Note 12. Derivatives for additional details. Strategic investments The Company makes strategic investments in various companies and technologies through Coinbase Ventures. Strategic investments primarily include equity investments in privately held companies without readily determinable fair values where the Company (1) holds less than 20% ownership in the entity, and (2) does not exercise significant influence, and accordingly, these investments are recorded at cost and adjusted for observable transactions for same or similar investments of the same issuer (referred to as the measurement alternative) and impairment. The changes in the carry value of strategic investments accounted for under the measurement alternative are presented below (in thousands): Nine Months Ended September 30, 2022 2021 Carrying amount, beginning of period $ 352,431 $ 26,146 Net additions (1) 57,058 242,196 Upward adjustments 879 3,084 Previously held interest in Bison Trails (see Note 4) — (2,000) Impairments and downward adjustments (70,631) (50) Carrying amount, end of period (2) $ 339,737 $ 269,376 __________________ (1) Net additions include additions from purchases and reductions due to exits of securities and reclassifications due to changes to capital structure. (2) Excludes $17.3 million and $10.5 million as of September 30, 2022 and September 30, 2021, respectively, of strategic investments that are not accounted for under the measurement alternative. Upward adjustments, impairments and downward adjustments from remeasurement of investments are included in other expense, net in the condensed consolidated statements of operations. As of September 30, 2022, cumulative upward adjustments were $4.8 million and cumulative impairments and downward adjustments were $71.5 million. As of December 31, 2021, cumulative upward adjustments and cumulative impairments and downward adjustments were $4.6 million and $0.5 million, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2022 2021 Accrued expenses $ 120,769 $ 195,810 Accrued payroll and payroll related 104,543 146,313 Income taxes payable 8,495 4,553 Short-term borrowings 512 20,060 Other payables (1) 63,782 72,823 Total accrued expenses and other current liabilities $ 298,101 $ 439,559 __________________ (1) Includes other payables denominated in crypto assets of $13.1 million as of September 30, 2022 and an immaterial amount as of December 31, 2021. See Note 12. Derivatives for additional details.

INDEBTEDNESS

INDEBTEDNESS	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
INDEBTEDNESS	INDEBTEDNESS The components of indebtedness were as follows as of September 30, 2022 (in thousands, except percentages): Indebtedness Effective Interest Rate Principal Amount Unamortized Debt Discount and Issuance Costs Net Carrying Amount 0.50% 2026 Convertible Notes due on June 1, 2026 0.98 % $ 1,437,500 $ (24,903) $ 1,412,597 3.38% 2028 Senior Notes due on October 1, 2028 3.57 % 1,000,000 (10,413) 989,587 3.63% 2031 Senior Notes due on October 1, 2031 3.77 % 1,000,000 (10,947) 989,053 Total $ 3,437,500 $ (46,263) $ 3,391,237 The components of indebtedness were as follows as of December 31, 2021 (in thousands, except percentages): Indebtedness Effective Interest Rate Principal Amount Unamortized Debt Discount and Issuance Costs Net Carrying Amount 0.50% 2026 Convertible Notes due on June 1, 2026 0.98 % $ 1,437,500 $ (29,436) $ 1,408,064 3.38% 2028 Senior Notes due on October 1, 2028 3.57 % 1,000,000 (11,565) 988,435 3.63% 2031 Senior Notes due on October 1, 2031 3.77 % 1,000,000 (11,704) 988,296 Total $ 3,437,500 $ (52,705) $ 3,384,795 Convertible Senior Notes In May 2021, the Company issued an aggregate principal amount of $1.44 billion of convertible senior notes due in 2026 (the “2026 Convertible Notes”) pursuant to an indenture, dated May 18, 2021 (the “Convertible Notes Indenture”), between the Company and U.S. Bank National Association, as trustee. The 2026 Convertible 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 “Securities Act”). Senior Notes In September 2021, the Company completed the issuance of an aggregate principal amount of $1.0 billion of senior notes due on October 1, 2028 (the “2028 Senior Notes”) and an aggregate principal amount of $1.0 billion of senior notes due on October 1, 2031 (the “2031 Senior Notes” and together with the 2028 Senior Notes, the “Senior Notes”). The Senior Notes were issued within the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The indenture governing the Senior Notes contains customary covenants that restrict the ability of the Company and certain of its subsidiaries to incur debt and liens. The Company is not aware of any instances of non-compliance with the covenants as of September 30, 2022. Interest The following table summarizes the interest expense for the 2026 Convertible Notes, the 2028 Senior Notes and the 2031 Senior Notes (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Coupon interest $ 19,296 $ 5,300 $ 57,937 $ 5,300 Amortization of debt discount and issuance costs 2,204 1,672 6,442 2,420 Total $ 21,500 $ 6,972 $ 64,379 $ 7,720 Debt discounts and debt issuance costs are amortized to interest expense using the effective interest method over the contractual term of the respective note.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The following outlines the Company’s derivatives and the related hedge accounting designation, as applicable. Type of Derivative Description of Derivative Location of Host Contract and Derivative on Balance Sheets Crypto asset borrowings (1) The Company borrowed crypto assets that resulted in the obligation to deliver a fixed amount of crypto assets in the future. Crypto asset borrowings Accounts receivable denominated in crypto assets The Company provided services for which, under the contract, the customer pays in crypto assets. The amount of crypto assets are fixed at the time of invoicing. The right to receive fixed amounts of crypto assets consists of a receivable host contract and an embedded forward contract to purchase crypto assets. Accounts and loans receivable, net of allowance Other payables denominated in crypto assets The Company entered into arrangements that result in the obligation to deliver a fixed amount of crypto assets in the future. Accrued expenses and other current liabilities Crypto asset futures (1) The Company entered into short positions on futures contracts to minimize the exposure on the change in the fair value price of crypto assets held. Accounts and loans receivable, net of allowance Foreign currency forward contracts The Company entered into foreign currency forward contracts, with maturities of 12 months or less, to offset the foreign currency exchange risk of its assets and liabilities denominated in foreign currencies. These contracts are not designated as hedging instruments and reduce, but do not entirely eliminate, the impact of foreign currency exchange rate movements on the Company’s assets and liabilities. Prepaid expenses and other current assets/ Accrued expenses and other current liabilities __________________ (1) For risk management purposes, the Company applies hedge accounting using these derivative instruments in qualifying fair value hedges to primarily hedge the fair value exposure of crypto asset prices. Impact of derivatives on the condensed consolidated balance sheets The following table summarizes the notional amounts of derivative instruments outstanding, measured in U.S. dollar equivalents (in thousands): September 30, December 31, 2022 2021 Designated as hedging instrument Crypto asset borrowings with embedded derivatives $ 210,075 $ 669,445 Crypto asset futures (1) 771 — Not designated as hedging instrument Accounts receivable denominated in crypto assets 16,748 17,415 Other payables denominated in crypto assets 13,627 — Crypto asset futures (1) 994 — Foreign currency forward contracts (1) 1,100,000 — __________________ (1) Derivative transactions are measured in terms of the notional amount; however, this amount is not recorded on the condensed consolidated balance sheets and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged, but is used only as the underlying basis on which the value of exchange payments or settlement under these contracts are determined. The following tables summarize information on derivative assets and liabilities that are reflected in the Compan y’s condensed consolidated balance sheets, by accounting designation (in thousands): Gross Derivative Assets Gross Derivative Liabilities September 30, 2022 Not Designated as Hedges Designated as Hedges Total Derivative Assets Not Designated as Hedges Designated as Hedges Total Derivative Liabilities Crypto asset borrowings with embedded derivatives (1) $ — $ 3,580 $ 3,580 $ — $ 3,183 $ 3,183 Accounts receivable denominated in crypto assets — — — 5,791 — 5,791 Other payables denominated in crypto assets 4,261 — 4,261 3,705 — 3,705 Foreign currency forward contracts 22,935 — 22,935 — — — Total fair value of derivative assets and liabilities $ 27,196 $ 3,580 $ 30,776 $ 9,496 $ 3,183 $ 12,679 __________________ (1) During the nine months ended September 30, 2022, the fee on these borrowings ranged from 0.0% to 7.5%. During the nine months ended September 30, 2021, the fee on these borrowings ranged from 0.0% to 3.0%. During the three and nine months ended September 30, 2022, the Company incurred $0.9 million and $3.9 million, respectively, of borrowing fees in crypto assets. During the three and nine months ended September 30, 2021, the Company incurred $2.3 million and $9.5 million, respectively, of borrowing fees in crypto assets. Borrowing fees are included in other operating expense, net in the condensed consolidated statements of operations. Gross Derivative Assets Gross Derivative Liabilities December 31, 2021 Not Designated as Hedges Designated as Hedges Total Derivative Assets Not Designated as Hedges Designated as Hedges Total Derivative Liabilities Crypto asset borrowings with embedded derivatives $ — $ 336,396 $ 336,396 $ — $ 93,616 $ 93,616 Accounts receivable denominated in crypto assets 9,033 — 9,033 — — — Total fair value of derivative assets and liabilities $ 9,033 $ 336,396 $ 345,429 $ — $ 93,616 $ 93,616 Master netting agreement - Right of set-off Under a master netting agreement to the Company’s foreign currency forward contracts, subject to applicable requirements, the Company is permitted to net settle transactions of the same type with a single net amount payable by one party to the other. However, the Company has elected to present the derivative assets and derivative liabilities on a gross basis on the condensed consolidated balance sheets. As of September 30, 2022, the forward contracts had an aggregate gross asset balance of $22.9 million and no amounts were offset. The Company has entered into a collateral security agreement that provides initial margin to be posted to the counterparty. Interest income earned on the collateral is recorded as corporate interest and other income. The following table provides the collateral posted (in thousands): September 30, December 31, 2022 2021 Cash collateral posted (1) $ 145,000 $ — __________________ (1) Right to reclaim cash collateral related to derivatives recognized in prepaid expenses and other current assets in the condensed consolidated balance sheets. Impact of derivatives on the condensed consolidated statements of operations Gains (losses) on derivative instruments recognized in the Company’s condensed consolidated statements of operations were as follows (in thousands): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Derivatives Hedged Items Income Statement Impact Derivatives Hedged Items Income Statement Impact Designated as fair value hedging instruments Crypto asset borrowings with embedded derivatives (1) $ (211,110) $ 207,112 $ (3,998) $ (75,999) $ 75,143 $ (856) Crypto asset futures (1) 225 (77) 148 — — — Not designated as hedging instruments Accounts receivable denominated in crypto assets (1) (4,213) — (4,213) — — — Other payables denominated in crypto assets (1) (2,367) — (2,367) — — — Crypto asset futures (1) (566) — (566) — — — Foreign currency forward contracts (2) 22,935 — 22,935 — — — Total $ (195,096) $ 207,035 $ 11,939 $ (75,999) $ 75,143 $ (856) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Derivatives Hedged Items Income Statement Impact Derivatives Hedged Items Income Statement Impact Designated as fair value hedging instruments Crypto asset borrowings with embedded derivatives (1) $ 148,959 $ (154,228) $ (5,269) $ 105,558 $ (93,973) $ 11,585 Crypto asset futures (1) 13,237 (12,339) 898 — — — Not designated as hedging instruments Crypto asset borrowings with embedded derivatives (1) 6,626 — 6,626 — — — Accounts receivable denominated in crypto assets (1) (14,476) — (14,476) — — — Other payables denominated in crypto assets (1) 143 — 143 — — — Crypto asset futures (1) (1,077) — (1,077) — — — Foreign currency forward contracts (2) 22,935 — 22,935 — — — Total $ 176,347 $ (166,567) $ 9,780 $ 105,558 $ (93,973) $ 11,585 __________________ (1) Changes in fair value are recognized in other operating expense, net in the condensed consolidated statements of operations. (2) Changes in fair value are recognized in other expense, net, which partially offset gains and losses due to the remeasurement of certain foreign currency denominated assets and liabilities which are also recognized in other expense, net in the condensed consolidated statements of operations. 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, net (in thousands): Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Items September 30, 2022 Carrying Amount of the Hedged Items Active Hedging Relationships Discontinued Hedging Relationships Total Crypto assets held $ 209,972 $ (1,025) $ 448 $ (577) Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Items December 31, 2021 Carrying Amount of the Hedged Items Active Hedging Relationships Discontinued Hedging Relationships Total Crypto assets held $ 421,685 $ (240,771) $ — $ (240,771)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
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): September 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) $ 2,282,077 $ — $ — $ 2,282,077 Customer custodial cash (2) 1,226,646 — — 1,226,646 Crypto assets held (3) 209,972 — — 209,972 Derivative assets (4) — 30,776 — 30,776 Customer crypto assets — 95,113,124 — 95,113,124 Total assets $ 3,718,695 $ 95,143,900 $ — $ 98,862,595 Liabilities Derivative liabilities (4) $ — $ 12,679 $ — $ 12,679 Contingent consideration arrangement — — 4,213 4,213 Customer crypto liabilities — 95,113,124 — 95,113,124 Total liabilities $ — $ 95,125,803 $ 4,213 $ 95,130,016 December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) $ 4,813,621 $ — $ — $ 4,813,621 Customer custodial cash (2) 3,566,072 — — 3,566,072 Crypto assets held (3) — 421,685 — 421,685 Derivative assets (4) — 345,429 — 345,429 Total assets $ 8,379,693 $ 767,114 $ — $ 9,146,807 Liabilities Derivative liabilities (4) $ — $ 93,616 $ — $ 93,616 Contingent consideration arrangement — — 14,828 14,828 Total liabilities $ — $ 93,616 $ 14,828 $ 108,444 __________________ (1) Represents money market funds. Excludes $2.6 billion of corporate cash held in deposit at banks and $167.8 million held at venues, which were not measured and recorded at fair value as of September 30, 2022. Excludes $2.1 billion of corporate cash held in deposit at banks and $168.9 million held at venues, which were not measured and recorded at fair value as of December 31, 2021. (2) Represents money market funds. Excludes customer custodial cash of $5.4 billion and $7.0 billion held in deposit at financial institutions and not measured and recorded at fair value as of September 30, 2022 and December 31, 2021, respectively. (3) Includes crypto assets held that have been designated as hedged items in fair value hedges and excludes crypto assets of $413.1 million and $566.5 million held at cost as of September 30, 2022 and December 31, 2021, respectively. (4) See Note 12. Derivatives for additional details. The Company did not make any transfers into or out of Level 3 of the fair value hierarchy during the nine months ended September 30, 2022 and the year ended December 31, 2021. Customer crypto assets and liabilities represent the Company’s obligation to safeguard customers’ crypto assets. Accordingly, the Company has valued the assets and liabilities using quoted market prices for the underlying crypto assets which is based on Level 2 inputs. 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. The Company’s strategic investments are also measured at fair value on a non-recurring basis. Such fair value measurements are based predominantly on Level 3 inputs. The carrying value of the Company’s strategic investments is adjusted based on an Option-Pricing Model that uses publicly available market data of comparable companies and other unobservable inputs including expected volatility, expected time to liquidity, adjustments for other company-specific developments, and the rights and obligations of the securities the Company holds. Fair value of crypto assets held are predominantly based on Level 1 inputs. Assets and liabilities not measured and recorded at fair value The Company’s financial instruments, including certain cash and cash equivalents, restricted cash, certain customer custodial cash, USDC, customer custodial cash liabilities, short-term borrowings and loans receivable are carried at amortized cost, which approximates their fair value. If these financial instruments were recorded at fair value, they would be based on Level 1 inputs, except for short-term borrowings and loans receivable which would be based on Level 2 and Level 3 inputs, respectively. The Company estimates the fair value of its 2026 Convertible Notes and Senior Notes based on quoted prices in markets that are not active, which is considered a Level 2 valuation input. As of September 30, 2022, the estimated fair value of the 2026 Convertible Notes and Senior Notes were $951.5 million and $1.17 billion, respectively.

COMMON STOCK

COMMON STOCK	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
COMMON STOCK	COMMON STOCK Effective April 1, 2021, 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 Company’s board of directors. 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): September 30, December 31, 2022 2021 Class A common stock Options issued and outstanding under the 2013 Amended and Restated Stock Plan (the “2013 Plan”) 1,036 1,569 Options issued and outstanding under the 2019 Equity Incentive Plan (the “2019 Plan”) 26,365 29,311 RSUs issued and outstanding under the 2019 Plan 3,004 5,851 Options issued and outstanding under the 2021 Equity Incentive Plan (the “2021 Plan”) 922 — RSUs issued and outstanding under the 2021 Plan 3,690 1,402 Shares available for future issuance under the 2021 Plan 43,794 35,856 Shares available for future issuance under the 2021 ESPP 6,941 5,125 Replacement options issued and outstanding from the Tagomi acquisition 1 4 Replacement options issued and outstanding from the Bison Trails acquisition 152 223 RSUs issued and outstanding from other acquisitions 160 229 Shares available for future issuance of warrants 2,296 2,296 Total Class A common stock shares reserved 88,361 81,866 Class B common stock Options issued and outstanding under the 2013 Plan 4,935 6,101 Total Class B common stock shares reserved 4,935 6,101

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 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, 2022 37,208 $ 18.60 7.83 $ 8,698,078 Issued 937 177.79 Exercised (3,012) 13.59 Forfeited and cancelled (1,722) 22.79 Balance at September 30, 2022 33,411 23.30 7.19 1,481,640 Vested and exercisable at September 30, 2022 18,506 18.19 6.70 882,457 Vested and expected to vest at September 30, 2022 27,277 23.26 7.04 1,229,963 During the three and nine months ended September 30, 2022, the Company granted stock options for the purchase of 143,751 and 937,247 shares of the Company’s Class A common stock with a weighted-average grant date fair value of $42.69 and $83.25 per share, respectively, to certain employees of the Company. The stock options vest over three years at a rate of 1/12 per quarter. As of September 30, 2022, there was total unrecognized compensation cost of $159.7 million related to unvested stock options. These costs are expected to be recognized over a weighted-average period of approximately 2.4 years. The assumptions used under the Black-Scholes-Merton Option-Pricing Model and the weighted average calculated value of the options granted to employees were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Dividend yield 0.0 % N/A 0.0 % 0.0 % Expected volatility 76.1 % N/A 59.3 % 44.0 % Expected term (in years) 5.8 N/A 5.8 4.8 Risk-free interest rate 3.0 % N/A 2.1 % 0.5 % As of September 30, 2022, there were 213,757 shares of Class A common stock subject to repurchase related to stock options exercised early and not yet vested, but that are expected to vest. As of September 30, 2022, the Company recorded a liability related to these shares subject to repurchase in the amount of $4.3 million , which is included within accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. Chief Executive Officer performance award During the three and nine months ended September 30, 2022, stock-based compensation expense of $1.0 million and $2.9 million, respectively, was recognized related to this award. During the three and nine months ended September 30, 2021, stock-based compensation expense of $22.2 million and $28.5 million was recognized related to this award, respectively. 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 one Activity of RSUs outstanding are as follows (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value per Share Balance at January 1, 2022 7,482 $ 157.22 Granted 7,860 144.69 Vested (6,906) 153.57 Forfeited and cancelled (1,582) 164.86 Balance at September 30, 2022 6,854 144.64 For RSUs granted during the three months and nine months ended September 30, 2022, the closing price of the Company’s Class A common stock as reported on The Nasdaq Global Select Market on the grant date was used as the fair value. As of September 30, 2022, there was total unrecognized compensation cost of $841.3 million related to unvested RSUs. These costs are expected to be recognized over a weighted-average period of approximately 1.9 years. Restricted common stock As part of the Company’s acquisitions, the Company has issued shares of restricted Class A common stock. Vesting of this restricted Class A common stock is dependent on a service-based vesting condition that is generally 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 is as follows (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value per Share Balance at January 1, 2022 2,014 $ 137.57 Granted 323 137.05 Vested (925) 129.72 Forfeited and cancelled — — Balance at September 30, 2022 1,412 143.33 As of September 30, 2022, there was total unrecognized compensation cost of $163.1 million related to unvested restricted Class A common stock. These costs are expected to be recognized over a weighted-average period of approximately 1.6 years. Employee Stock Purchase Plan 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 purchase rights issued pursuant to its ESPP on a straight-line basis over the offering period, which is 24 months. The fair value of purchase rights under the ESPP are estimated on the date of grant using the Black-Scholes-Merton Option-Pricing Model. The grant date of the initial offering period was May 3, 2021, and that offering period will end on April 30, 2023. As of September 30, 2022, the Company recorded a liabili ty of $8.6 million related to the accumulated payroll deductions, which are refundable to employees who withdraw from the ESPP. T his amount is included within accrued expenses and other current liabilities 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Technology and development $ 275,817 $ 176,785 $ 793,573 $ 381,030 Sales and marketing 18,461 10,095 52,813 20,299 General and administrative 97,163 77,314 288,692 156,828 Total $ 391,441 $ 264,194 $ 1,135,078 $ 558,157 During the three and nine months ended September 30, 2022, $26.3 million and $97.7 million of stock-based compensation expense was included in capitalized software, respectively. During the three and nine months ended September 30, 2021, $0.7 million and $1.5 million of stock-based compensation expense was included in capitalized software, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company calculates the tax provision for interim periods using an estimated annual effective tax rate applied to year-to-date ordinary income and adjusts for discrete items in the quarter. In each quarter, the estimate of the annual effective tax rate is updated and an adjustment is made in the year-to-date provision. The annual effective tax rate is subject to fluctuation due to factors including changing assumptions on forecasted annual pretax income, certain book and tax differences, valuation allowances against deferred tax assets, or changes in or interpretation of tax laws. The Company’s effective tax rate (“ETR”) for the three months ended September 30, 2022 and September 30, 2021 was 15.4% and (49.9)%, respectively. The ETR of 15.4% for the three months ended September 30, 2022 was lower than the U.S. statutory rate of 21.0% primarily due to lower deductible stock compensation expense during the quarter. The Company’s ETR for the nine months ended September 30, 2022 and September 30, 2021 was 17.1% and (30.3)%, respectively. The ETR of 17.1% for the nine months ended September 30, 2022 was lower than the U.S. statutory rate of 21.0% primarily due to a valuation allowance on deferred tax assets associated with impairment charges and non-deductible compensation, offset by a tax benefit for U.S. state taxes and U.S. federal research and development credits.

NET (LOSS) INCOME PER SHARE

NET (LOSS) INCOME PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
NET (LOSS) INCOME PER SHARE	NET (LOSS) INCOME PER SHARE The computation of net (loss) income per share is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic net (loss) income per share: Numerator Net (loss) income $ (544,635) $ 406,100 $ (2,067,948) $ 2,783,912 Less: Income allocated to participating securities — (3,757) — (542,122) Net (loss) income attributable to common stockholders, basic $ (544,635) $ 402,343 $ (2,067,948) $ 2,241,790 Denominator Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic 223,916 209,604 220,816 165,045 Net (loss) income per share attributable to common stockholders, basic $ (2.43) $ 1.92 $ (9.37) $ 13.58 Diluted net (loss) income per share: Numerator Net (loss) income $ (544,635) $ 406,100 $ (2,067,948) $ 2,783,912 Less: Income allocated to participating securities — (3,167) — (448,463) Add: Interest on convertible notes, net of tax — 3,087 — 3,638 Less: Fair value gain on contingent consideration arrangement, net of tax — (680) (5,395) (680) Net (loss) income attributable to common stockholders, diluted $ (544,635) $ 405,340 $ (2,073,343) $ 2,338,407 Denominator Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic 223,916 209,604 220,816 165,045 Weighted-average effect of potentially dilutive securities: Stock options — 33,122 — 38,419 RSUs — 3,924 — 3,604 Restricted common stock — 5 — 3 Warrants — — — 97 Convertible notes — 3,880 — 1,883 Contingent consideration — 1 40 1 Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, diluted 223,916 250,536 220,856 209,052 Net (loss) income per share attributable to common stockholders, diluted $ (2.43) $ 1.62 $ (9.39) $ 11.19 Certain shares of restricted Class A common stock granted as consideration in acquisitions and the Company’s convertible preferred stock outstanding during 2021 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 a result, th e 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 September 30 Nine Months Ended September 30 2022 2021 2022 2021 Stock options 33,411 6,134 33,411 6,134 RSUs 6,854 107 6,854 107 Convertible notes 3,880 — 3,880 — Restricted common stock 1,740 65 1,740 65 ESPP 1,030 284 1,030 284 Contingent consideration 76 — — — Total 46,991 6,590 46,915 6,590

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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 stockholders 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 facts and circumstances involved in each claim are unique and the Company cannot predict the number or nature of claims that may be made; (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 and regulatory 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 and August 2021, three purported securities class actions were 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 complaints alleged violations of Sections 11, 12(a)(2) and 15 of the Securities Act, in connection with the registration statement and prospectus filed in connection with the Direct Listing. In November 2021, these actions were consolidated and recaptioned as In re Coinbase Global Securities Litigation , and an amended complaint was filed. The plaintiff seeks, among other relief, unspecified compensatory damages, attorneys’ fees, and costs. The Company disputes the claims in these cases and is vigorously defending against them. Based on the preliminary nature of the proceedings in these cases, the outcome of these matters remain uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. The Company has subsequently received, and expects to receive in the future, similar shareholder claims. In October 2021, a purported class action captioned Underwood et al. v. Coinbase Global, Inc., was filed in the U.S. District Court for the Southern District of New York against the Company alleging claims under Sections 5, 15(a)(1) and 29(b) of the Exchange Act and violations of certain California and Florida state statutes. On March 11, 2022, plaintiffs filed an amended complaint adding Coinbase, Inc. and Brian Armstrong as defendants and adding causes of action. Among other relief requested, the plaintiffs seek injunctive relief, unspecified damages, attorneys’ fees and costs. The Company and other defendants dispute the claims in this case 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 and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. In December 2021, a shareholder derivative suit captioned Shin v. Coinbase Global, Inc. , was filed in New York state court against the Company and its directors, alleging breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets, and seeking unspecified damages and injunctive relief. The Company has subsequently received, and expects to receive in the future, similar derivative claims. The Company disputes the claims in these cases and intends to vigorously defend against them. Based on the preliminary nature of the proceedings in these cases, the outcome of these matters remain uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. The Company’s subsidiary, Coinbase, Inc., which holds a BitLicense from the New York Department of Financial Services (“NYDFS”) and is therefore subject to examinations and investigations by the NYDFS, is currently subject to an investigation by the NYDFS relating to its compliance program including compliance with the Bank Secrecy Act and sanctions laws, cybersecurity, and customer support. The Company is cooperating fully and has undertaken initial remedial measures. Resolution of this matter, including as a result of any mutually agreed upon settlement, may result in fines and additional remedial measures. At this time, the outcome of this matter remains uncertain and the Company cannot estimate the reasonably possible range of outcomes on its business or financial statements. The Company has received investigative subpoenas and requests from the SEC for documents and information about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products. Based on the ongoing nature of these matters, the outcomes remain uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. 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, transaction level taxes 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 the Company’s financial condition and results of operations, and accordingly, the related impact on the Company’s financial condition and results of operations is not estimable.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The accompanying 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 financial statements for the periods presented. The unaudited condensed consolidated results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other period. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2022 (the “Annual Report”). These 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 Annual Report, other than as discussed below.
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 th e 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 long-lived assets; the impairment of long-lived assets; the valuation of privately-held strategic investments, including impairments; the Company’s incremental borrowing rate; the fair value of customer crypto assets and liabilities; the fair value of assets acquired and liabilities assumed in business combinations, including contingent consideration arrangements; the fair value of derivatives and related hedges; the fair value of long-term debt; assessing the likelihood of adverse outcomes from claims and disputes; 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 Comp any’s condensed c onsolidated 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.
Customer custodial cash and customer cash liabilities	Customer custodial cash and customer custodial cash liabilities Customer custodial cash represents restricted cash and cash equivalents maintained in segregated Company bank accounts that are held for the exclusive benefit of customers. Customer custodial cash liabilities represent cash deposits held by customers in their fiat wallets and unsettled deposits and withdrawals. The Company restricts the use of the assets underlying the customer custodial cash to meet regulatory requirements and classifies the assets as current based on their purpose and availability to fulfill the Company’s direct obligation under customer custodial cash liabilities. Certain jurisdictions where the Company operates require the Company to hold eligible liquid assets, as defined by applicable regulatory requirements and commercial law in these jurisdictions, equal to at least 100% of the aggregate amount of all customer custodial cash liabilities. Depending on the jurisdiction, eligible liquid assets can include cash and cash equivalents, customer custodial cash, and in-transit customer receivables. As of September 30, 2022 and December 31, 2021, the Company’s eligible liquid assets were greater than the aggregate amount of customer custodial cash liabilities.
Concentration of credit risk	Concentration of credit risk The Company’s cash and cash equivalents, restricted cash, customer custodial cash, and accounts and loans receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, restricted cash, and customer custodial cash are placed with financial institutions which are of high credit quality. The Company invests cash and cash equivalents, and customer custodial 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 $368.1 million and $100.1 million of USD Coin (“USDC”) as of September 30, 2022 and December 31, 2021, respectively. The issuer of USDC reported that, as of September 30, 2022, underlying reserves were held in cash and short-duration U.S. Treasuries within segregated accounts for the benefit of USDC holders. During the three and nine months
Derivatives contracts	Derivative contracts Derivative contracts derive their value from underlying asset prices, other inputs or a combination of these factors. Derivative contracts are recognized as either assets or liabilities in the condensed consolidated balance sheets at fair value, with changes in fair value recognized in other operating expense, net. The Company enters into arrangements that result in obtaining the right to receive or obligation to deliver a fixed amount of crypto assets in the future. These are hybrid instruments, consisting of a debt host contract that is initially measured at the fair value of the underlying crypto assets and is subsequently carried at amortized cost, and an embedded forward feature based on the changes in the fair value of the underlying crypto asset. The embedded forward is bifurcated from the host contract, and is subsequently measured at fair value. The Company also enters into foreign exchange forward contracts that act as economic hedges against the impact of changes in Euro on the Company’s intercompany transactions. The Company records changes in fair value of the forward contracts as part of other expense, net in the consolidated statements of operations. Derivatives designated as hedges The Company applies hedge accounting to certain derivatives executed for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. The Company uses fair value hedges primarily to hedge the fair value exposure of crypto asset prices. For qualifying fair value hedges, the changes in the fair value of the derivative and the fair value of the hedged item are recognized in current-period earnings in other operating expense, net in the condensed consolidated statements of operations. Derivative amounts affecting earnings are recognized in the same line item as the earnings effect of the hedged item.
Customer crypto assets and liabilities	Customer crypto assets and liabilities Customer crypto assets and liabilities represent the Company’s obligation to safeguard customers’ crypto assets in digital wallets on the Company’s platform. The Company safeguards these assets for customers and is obligated to safeguard them from loss, theft, or other misuse. The Company recognizes customer crypto liabilities and corresponding customer crypto assets, on initial recognition and at each reporting date, at fair value of the crypto assets. Any loss, theft, or other misuse would impact the measurement of customer crypto assets.
Recent accounting pronouncements	Recent accounting pronouncements Recently adopted accounting pronouncements On October 28, 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). ASU 2021-08 amends Accounting Standards Codification 805 (“ASC 805”) to require acquiring entities to apply Topic 606 - Revenue from Contracts with Customer s to recognize and measure contract assets and contract liabilities in a business combination. The Company early adopted the standard on January 1, 2022. The adoption of the standard did not have a material impact on the Company’s condensed consolidated financial statements. On March 31, 2022, the SEC issued Staff Accounting Bulletin No. 121 (“SAB 121”). SAB 121 sets out interpretive guidance from the staff of the SEC regarding the accounting for obligations to safeguard crypto assets that an entity holds for its customers. Safeguarding is defined as taking actions to secure customer crypto assets and the associated cryptographic key information and protecting them from loss, theft, or other misuse. The guidance requires an entity to recognize a liability for the obligation to safeguard the users’ assets, and recognize an associated asset for the crypto assets safeguarded. Both the liability and asset should be measured initially and subsequently at the fair value of the crypto assets being safeguarded. The guidance also requires additional disclosures related to the nature and amount of crypto assets that the entity is responsible for holding for its customers, with separate disclosure for each significant crypto asset, and the vulnerabilities the entity has due to any concentration in such activities. The Company has adopted this guidance as of June 30, 2022 with retrospective application as of January 1, 2022. The balances as of January 1, 2022 for the customer crypto assets and customer crypto liabilities were both $267.6 billion. Accounting pronouncements pending adoption On June 30, 2022, FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security's unit of account. The standard requires specific disclosures related to equity securities that are subject to contractual sale restrictions, including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. The new standard is effective for the Company for its fiscal year beginning January 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard on the Company’s consolidated financial statements.
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. Institutional clients can trade via the Company’s trading platform or utilize Coinbase Prime services depending on their needs. High-frequency trading firms, such as market makers and principal traders, benefit from lower latency by connecting through the trading platform, while corporations and family offices can access an integrated suite of investment services through Coinbase Prime. 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 users of 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 varies 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 is based on tiered pricing that is driven primarily by transaction volume processed for a specific historical period. 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 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 using the staking validators that it controls. 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 transferred into a digital wallet that the Company controls. Revenue is measured based on the number of tokens received and the fair value of the token at contract inception. Blockchain services offered as part of Coinbase Cloud’s blockchain infrastructure solutions are included in other subscription and services revenue. Custodial fee revenue Interest income and corporate interest and other income The Company holds customer custodial cash and cash and cash equivalents at certain third-party banks which earn interest. The Company also earns interest income under a revenue sharing arrangement with the issuer of USDC and on loans issued 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 cash, 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 and other income, within other revenue. Other subscription and services revenue Other subscription and services revenue primarily includes revenue from Coinbase Cloud, which includes staking application, delegation, and infrastructure services, Coinbase One, Learning Rewards, and other subscription licenses. Generally, revenue from other subscription and services contains one performance obligation, may have variable and non-cash consideration, and is recognized at a point in time or over the period that services are provided.
Loans receivable	The Company’s credit exposure is significantly limited and no allowance was recorded against these loans receivable. Loans receivable are measured at amortized cost.

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following expenses were recognized within restructuring expenses in the condensed consolidated statements of operations during the three and nine months ended September 30, 2022 (in thousands). The Company does not expect to incur any additional charges in connection with this restructuring. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Cumulative Costs Incurred to Date Separation pay $ — $ 39,259 $ 39,259 Other personnel costs (1) (1,232) 1,962 1,962 Total $ (1,232) $ 41,221 $ 41,221 __________________ (1) The negative adjustment of $1.2 million during the three months ended September 30, 2022 is due to the release of accruals for certain other personnel costs recorded as of June 30, 2022 which were not utilized.
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes the balance of the restructuring reserve and the changes in the reserve as of and for the nine months ended September 30, 2022 (in thousands): Expenses Incurred Payments Adjustment to Other Personnel Costs Accrued Balance as of September 30, 2022 Separation pay $ 39,259 $ (37,940) $ — $ 1,319 Other personnel costs 3,194 (1,480) (1,232) 482 Total $ 42,453 $ (39,420) $ (1,232) $ 1,801

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of business acquisitions by acquisition	The total consideration transferred in the acquisition was $258.0 million, consisting of the following (in thousands): Cash $ 151,424 Cash payable 126 Class A common stock of the Company 103,977 RSUs for shares of the Company’s Class A common stock 2,457 Total purchase consideration $ 257,984 The total consideration transferred in the acquisition was $275.1 million, consisting of the following (in thousands): Cash $ 56,726 Cash payable 10,442 Class A common stock of the Company - issued 174,229 Class A common stock of the Company - to be issued 33,693 Total purchase consideration $ 275,090 The total consideration transferred in the acquisition was $457.3 million, consisting of the following (in thousands): Class A 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 aggregate total preliminary consideration transferred in these acquisitions was $135.7 million, consisting of the following (in thousands): Class A common stock of the Company - issued $ 51,760 Class A common stock of the Company - to be issued 39,940 Cash 27,795 Cash payable 412 Contingent consideration arrangement 15,752 Aggregate total purchase consideration $ 135,659
Schedule of recognized identified assets acquired and liabilities assumed	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 $ 10,560 Restricted cash 573 Accounts and loans receivable, net of allowance 4,981 Prepaid expenses and other current assets 4,182 Lease right-of-use assets 1,059 Property and equipment, net 1,248 Goodwill 222,732 Intangible assets, net 28,500 Other non-current assets 3,476 Total assets 277,311 Accounts payable 719 Accrued expenses and other current liabilities 11,325 Lease liabilities 1,059 Other non-current liabilities 6,224 Total liabilities 19,327 Net assets acquired $ 257,984 Cash and cash equivalents $ 10,867 Accounts and loans receivable, net of allowance 411 Prepaid expenses and other current assets 20 Intangible assets, net 41,000 Goodwill 231,685 Other non-current assets 8,295 Total assets 292,278 Accounts payable 472 Accrued expenses and other current liabilities 5,796 Other non-current liabilities 10,920 Total liabilities 17,188 Net assets acquired $ 275,090 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, net 39,100 Goodwill 404,167 Other non-current assets 1,221 Lease right-of-use assets 808 Total assets 465,119 Accounts payable 526 Accrued expenses and other current liabilities 1,920 Lease liabilities 808 Other non-current liabilities 4,597 Total liabilities 7,851 Net assets acquired $ 457,268 Cash and cash equivalents $ 4,915 Accounts and loans receivable, net of allowance 57 Prepaid expenses and other current assets 209 Intangible assets, net 46,100 Goodwill 86,041 Total assets 137,322 Accounts payable 65 Accrued expenses and other current liabilities 649 Other non-current liabilities 949 Total liabilities 1,663 Net assets acquired $ 135,659
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 $ 15,700 1 - 5 In-process research and development ("IPR&D") 2,500 N/A Customer relationships 10,300 2 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) DCM License $ 26,900 Indefinite Developed technology 10,700 5 Trading relationships 3,400 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 $ 36,000 3 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 dates of acquisition (in thousands, except for years data): Fair Value Useful Life at Acquisition (in Years) Developed technology $ 33,700 2.7 User base 1,000 2.5 In process research and development 1,600 N/A Customer relationships 9,800 5

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net revenue Transaction revenue Retail, net $ 346,091 $ 1,021,967 $ 1,928,145 $ 4,305,088 Institutional, net 19,777 67,689 105,973 255,529 Total transaction revenue 365,868 1,089,656 2,034,118 4,560,617 Subscription and services revenue Blockchain rewards 62,759 77,039 213,064 120,712 Custodial fee revenue 14,532 31,468 68,404 86,616 Interest income 101,778 8,389 144,746 18,190 Other subscription and services revenue (1) 31,438 28,184 83,537 78,592 Total subscription and services revenue 210,507 145,080 509,751 304,110 Total net revenue 576,375 1,234,736 2,543,869 4,864,727 Other revenue Crypto asset sales revenue 8 76,742 625 475,065 Corporate interest and other income 13,956 430 20,606 1,189 Total other revenue 13,964 77,172 21,231 476,254 Total revenue $ 590,339 $ 1,311,908 $ 2,565,100 $ 5,340,981 __________________ (1) During the third quarter of 2022, the Company rebranded the “Earn” campaign to the “Learning Rewards” campaign. $7.4 million and $15.8 million of Learning Rewards revenue is included within other subscription and services revenue for the three and nine months ended September 30, 2022, respectively. $15.2 million and $43.2 million of Learning Rewards revenue has been reclassified from its own line item into other subscription and services revenue for the three and nine months ended September 30, 2021, respectively, to conform to the current period presentation.
Schedule of revenues disaggregated by geography	In the table below are the revenues disaggregated by geography, based on domicile of the customers or booking location, as applicable (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States $ 501,963 $ 1,003,999 $ 2,125,010 $ 4,339,899 Rest of the world (1) 88,376 307,909 440,090 1,001,082 Total revenue $ 590,339 $ 1,311,908 $ 2,565,100 $ 5,340,981 __________________ (1) No other individual country accounted for more than 10% of total revenue.

ACCOUNTS AND LOANS RECEIVABLE_2

ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of accounts receivable, net of allowance	Accounts and loans receivable, net of allowance consisted of the following (in thousands): September 30, December 31, 2022 2021 In-transit customer receivables $ 42,552 $ 102,720 Trade finance receivables 7,512 1,865 Custodial fee revenue receivable 11,477 23,727 Loans receivable (1) 116,601 218,461 Interest and other receivables (2) 79,164 73,803 Allowance for doubtful accounts (3) (16,952) (24,551) Total accounts and loans receivable, net of allowance $ 240,354 $ 396,025 __________________ (1) The fair value of collateral held as security exceeded the outstanding loans receivable as of September 30, 2022 and December 31, 2021, so no allowance was recorded. (2) Includes accounts receivables denominated in crypto assets of $11.0 million and $26.4 million as of September 30, 2022 and December 31, 2021, respectively. See Note 12. Derivatives for additional details. (3) Includes provision for transaction losses of $4.2 million and $16.8 million as of September 30, 2022 and December 31, 2021, respectively.

GOODWILL, INTANGIBLE ASSETS, _2

GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following table reflects the changes in the carrying amount of goodwill (in thousands): Nine Months Ended September 30, 2022 Year Ended December 31, 2021 Balance, beginning of period $ 625,758 $ 77,212 Additions due to business combinations 454,417 548,546 Measurement period adjustments (1) (6,269) — Balance, end of period $ 1,073,906 $ 625,758 __________________
Schedule of finite-lived intangible assets	Intangible assets, net consisted of the following (in thousands, except years data): As of September 30, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in Years) Amortizing intangible assets Acquired developed technology $ 128,292 $ (71,147) $ 57,145 2.36 User base 2,997 (1,870) 1,127 1.00 Customer relationships 86,691 (41,170) 45,521 2.80 Non-compete agreement 2,402 (1,521) 881 1.84 Assembled workforce 60,800 (35,699) 25,101 0.69 Trade Relationships 3,400 (756) 2,644 2.34 In-process research and development (1) 2,100 — 2,100 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 26,900 — 26,900 N/A Total $ 313,832 $ (152,163) $ 161,669 __________________ (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service. As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in Years) Amortizing intangible assets Acquired developed technology $ 100,908 $ (34,865) $ 66,043 1.97 User base 2,997 (1,020) 1,977 1.75 Customer relationships 79,491 (27,789) 51,702 3.68 Non-compete agreement 2,402 (1,161) 1,241 2.58 Assembled workforce 60,800 (8,324) 52,476 1.43 In-process research and development (1) 3,000 — 3,000 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Total $ 249,848 $ (73,159) $ 176,689 __________________ (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service. Crypto assets held consisted of the following (in thousands): September 30, December 31, 2022 2021 Recorded at impaired cost Crypto assets held as investments $ 289,587 $ 209,415 Crypto assets held for operating purposes (1) 123,514 357,093 Total crypto assets held recorded at impaired cost 413,101 566,508 Recorded at fair value (2) Crypto assets held as investments 2,392 — Crypto assets borrowed 207,580 421,685 Total crypto assets held recorded at fair value 209,972 421,685 Total crypto assets held $ 623,073 $ 988,193 __________________ (1) Crypto assets held as of September 30, 2022 and December 31, 2021 includes $3.3 million and $38.1 million, respectively, of crypto assets loaned to customers as these did not meet the criteria for derecognition. (2) Recorded at fair value as these crypto assets are held as the hedged item in qualifying fair value hedges.
Schedule of indefinite-lived intangible assets	Intangible assets, net consisted of the following (in thousands, except years data): As of September 30, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in Years) Amortizing intangible assets Acquired developed technology $ 128,292 $ (71,147) $ 57,145 2.36 User base 2,997 (1,870) 1,127 1.00 Customer relationships 86,691 (41,170) 45,521 2.80 Non-compete agreement 2,402 (1,521) 881 1.84 Assembled workforce 60,800 (35,699) 25,101 0.69 Trade Relationships 3,400 (756) 2,644 2.34 In-process research and development (1) 2,100 — 2,100 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Licenses 26,900 — 26,900 N/A Total $ 313,832 $ (152,163) $ 161,669 __________________ (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service. As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Remaining Useful Life (in Years) Amortizing intangible assets Acquired developed technology $ 100,908 $ (34,865) $ 66,043 1.97 User base 2,997 (1,020) 1,977 1.75 Customer relationships 79,491 (27,789) 51,702 3.68 Non-compete agreement 2,402 (1,161) 1,241 2.58 Assembled workforce 60,800 (8,324) 52,476 1.43 In-process research and development (1) 3,000 — 3,000 N/A Indefinite-lived intangible assets Domain name 250 — 250 N/A Total $ 249,848 $ (73,159) $ 176,689 __________________ (1) Amortization begins once the technology is placed in service. IPR&D is expected to have a useful life of three years once placed in service.
Schedule of finite-lived intangible assets, future amortization expense	The expected future amortization expense for intangible assets other than IPR&D as of September 30, 2022 is as follows (in thousands): 2022 (for the remainder of) $ 25,352 2023 67,591 2024 21,360 2025 13,119 2026 4,818 Thereafter 179 Total expected future amortization expense $ 132,419

CUSTOMER ASSETS AND LIABILITI_2

CUSTOMER ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Customers' Cash and Crypto Positions	The following table presents customers’ cash and crypto positions (in thousands): September 30, December 31, 2022 2021 Customer custodial cash $ 6,591,105 $ 10,526,233 Customer crypto assets 95,113,124 — Total customer assets $ 101,704,229 $ 10,526,233 Customer custodial cash liabilities $ 6,357,657 $ 10,480,612 Customer crypto liabilities 95,113,124 — Total customer liabilities $ 101,470,781 $ 10,480,612
Schedule of Crypto Safeguarding Indemnification Asset and Crypto Asset Safeguarding Liability	The following table sets forth the fair value of customer crypto assets, as shown in the condensed consolidated balance sheets, as customer crypto assets and customer crypto liabilities, as of September 30, 2022 (in billions): Fair Value Percentage of Total (1) Bitcoin $ 39.9 42.0 % Ethereum 24.1 25.3 % Other crypto assets 31.1 32.7 % Total customer crypto assets $ 95.1 100.0 % __________________

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
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): September 30, December 31, 2022 2021 Prepaid expenses and other current assets Prepaid expenses $ 91,366 $ 123,246 Deposits 2,524 9,658 Fair value adjustments related to foreign currency forward contracts (1) 22,935 — Cash collateral posted against foreign currency forward contracts (1) 145,000 — Other 15,219 2,945 Total prepaid expenses and other current assets $ 277,044 $ 135,849 Other non-current assets Strategic investments $ 357,042 $ 363,950 Deferred tax assets 1,014,736 573,547 Deposits 10,542 13,347 Other 41 1,463 Total other non-current assets $ 1,382,361 $ 952,307 __________________ (1) See Note 12. Derivatives for additional details.
Schedule of other investments accounted for under the measurement alternative	The changes in the carry value of strategic investments accounted for under the measurement alternative are presented below (in thousands): Nine Months Ended September 30, 2022 2021 Carrying amount, beginning of period $ 352,431 $ 26,146 Net additions (1) 57,058 242,196 Upward adjustments 879 3,084 Previously held interest in Bison Trails (see Note 4) — (2,000) Impairments and downward adjustments (70,631) (50) Carrying amount, end of period (2) $ 339,737 $ 269,376 __________________ (1) Net additions include additions from purchases and reductions due to exits of securities and reclassifications due to changes to capital structure. (2) Excludes $17.3 million and $10.5 million as of September 30, 2022 and September 30, 2021, respectively, of strategic investments that are not accounted for under the measurement alternative.

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2022 2021 Accrued expenses $ 120,769 $ 195,810 Accrued payroll and payroll related 104,543 146,313 Income taxes payable 8,495 4,553 Short-term borrowings 512 20,060 Other payables (1) 63,782 72,823 Total accrued expenses and other current liabilities $ 298,101 $ 439,559 __________________ (1) Includes other payables denominated in crypto assets of $13.1 million as of September 30, 2022 and an immaterial amount as of December 31, 2021. See Note 12. Derivatives for additional details.

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The components of indebtedness were as follows as of September 30, 2022 (in thousands, except percentages): Indebtedness Effective Interest Rate Principal Amount Unamortized Debt Discount and Issuance Costs Net Carrying Amount 0.50% 2026 Convertible Notes due on June 1, 2026 0.98 % $ 1,437,500 $ (24,903) $ 1,412,597 3.38% 2028 Senior Notes due on October 1, 2028 3.57 % 1,000,000 (10,413) 989,587 3.63% 2031 Senior Notes due on October 1, 2031 3.77 % 1,000,000 (10,947) 989,053 Total $ 3,437,500 $ (46,263) $ 3,391,237 The components of indebtedness were as follows as of December 31, 2021 (in thousands, except percentages): Indebtedness Effective Interest Rate Principal Amount Unamortized Debt Discount and Issuance Costs Net Carrying Amount 0.50% 2026 Convertible Notes due on June 1, 2026 0.98 % $ 1,437,500 $ (29,436) $ 1,408,064 3.38% 2028 Senior Notes due on October 1, 2028 3.57 % 1,000,000 (11,565) 988,435 3.63% 2031 Senior Notes due on October 1, 2031 3.77 % 1,000,000 (11,704) 988,296 Total $ 3,437,500 $ (52,705) $ 3,384,795
Interest Expense Disclosure	The following table summarizes the interest expense for the 2026 Convertible Notes, the 2028 Senior Notes and the 2031 Senior Notes (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Coupon interest $ 19,296 $ 5,300 $ 57,937 $ 5,300 Amortization of debt discount and issuance costs 2,204 1,672 6,442 2,420 Total $ 21,500 $ 6,972 $ 64,379 $ 7,720

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Description of derivatives and related hedge accounting designation	The following outlines the Company’s derivatives and the related hedge accounting designation, as applicable. Type of Derivative Description of Derivative Location of Host Contract and Derivative on Balance Sheets Crypto asset borrowings (1) The Company borrowed crypto assets that resulted in the obligation to deliver a fixed amount of crypto assets in the future. Crypto asset borrowings Accounts receivable denominated in crypto assets The Company provided services for which, under the contract, the customer pays in crypto assets. The amount of crypto assets are fixed at the time of invoicing. The right to receive fixed amounts of crypto assets consists of a receivable host contract and an embedded forward contract to purchase crypto assets. Accounts and loans receivable, net of allowance Other payables denominated in crypto assets The Company entered into arrangements that result in the obligation to deliver a fixed amount of crypto assets in the future. Accrued expenses and other current liabilities Crypto asset futures (1) The Company entered into short positions on futures contracts to minimize the exposure on the change in the fair value price of crypto assets held. Accounts and loans receivable, net of allowance Foreign currency forward contracts The Company entered into foreign currency forward contracts, with maturities of 12 months or less, to offset the foreign currency exchange risk of its assets and liabilities denominated in foreign currencies. These contracts are not designated as hedging instruments and reduce, but do not entirely eliminate, the impact of foreign currency exchange rate movements on the Company’s assets and liabilities. Prepaid expenses and other current assets/ Accrued expenses and other current liabilities __________________ (1) For risk management purposes, the Company applies hedge accounting using these derivative instruments in qualifying fair value hedges to primarily hedge the fair value exposure of crypto asset prices.
Schedule of the notional amount of derivative contracts outstanding	The following table summarizes the notional amounts of derivative instruments outstanding, measured in U.S. dollar equivalents (in thousands): September 30, December 31, 2022 2021 Designated as hedging instrument Crypto asset borrowings with embedded derivatives $ 210,075 $ 669,445 Crypto asset futures (1) 771 — Not designated as hedging instrument Accounts receivable denominated in crypto assets 16,748 17,415 Other payables denominated in crypto assets 13,627 — Crypto asset futures (1) 994 — Foreign currency forward contracts (1) 1,100,000 — __________________ (1) Derivative transactions are measured in terms of the notional amount; however, this amount is not recorded on the condensed consolidated balance sheets and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged, but is used only as the underlying basis on which the value of exchange payments or settlement under these contracts are determined. The following tables summarize information on derivative assets and liabilities that are reflected in the Compan y’s condensed consolidated balance sheets, by accounting designation (in thousands): Gross Derivative Assets Gross Derivative Liabilities September 30, 2022 Not Designated as Hedges Designated as Hedges Total Derivative Assets Not Designated as Hedges Designated as Hedges Total Derivative Liabilities Crypto asset borrowings with embedded derivatives (1) $ — $ 3,580 $ 3,580 $ — $ 3,183 $ 3,183 Accounts receivable denominated in crypto assets — — — 5,791 — 5,791 Other payables denominated in crypto assets 4,261 — 4,261 3,705 — 3,705 Foreign currency forward contracts 22,935 — 22,935 — — — Total fair value of derivative assets and liabilities $ 27,196 $ 3,580 $ 30,776 $ 9,496 $ 3,183 $ 12,679 __________________ (1) During the nine months ended September 30, 2022, the fee on these borrowings ranged from 0.0% to 7.5%. During the nine months ended September 30, 2021, the fee on these borrowings ranged from 0.0% to 3.0%. During the three and nine months ended September 30, 2022, the Company incurred $0.9 million and $3.9 million, respectively, of borrowing fees in crypto assets. During the three and nine months ended September 30, 2021, the Company incurred $2.3 million and $9.5 million, respectively, of borrowing fees in crypto assets. Borrowing fees are included in other operating expense, net in the condensed consolidated statements of operations. Gross Derivative Assets Gross Derivative Liabilities December 31, 2021 Not Designated as Hedges Designated as Hedges Total Derivative Assets Not Designated as Hedges Designated as Hedges Total Derivative Liabilities Crypto asset borrowings with embedded derivatives $ — $ 336,396 $ 336,396 $ — $ 93,616 $ 93,616 Accounts receivable denominated in crypto assets 9,033 — 9,033 — — — Total fair value of derivative assets and liabilities $ 9,033 $ 336,396 $ 345,429 $ — $ 93,616 $ 93,616 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, net (in thousands): Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Items September 30, 2022 Carrying Amount of the Hedged Items Active Hedging Relationships Discontinued Hedging Relationships Total Crypto assets held $ 209,972 $ (1,025) $ 448 $ (577) Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Items December 31, 2021 Carrying Amount of the Hedged Items Active Hedging Relationships Discontinued Hedging Relationships Total Crypto assets held $ 421,685 $ (240,771) $ — $ (240,771)
Offsetting assets	The following table provides the collateral posted (in thousands): September 30, December 31, 2022 2021 Cash collateral posted (1) $ 145,000 $ — __________________ (1) Right to reclaim cash collateral related to derivatives recognized in prepaid expenses and other current assets in the condensed consolidated balance sheets.
Offsetting liabilities	The following table provides the collateral posted (in thousands): September 30, December 31, 2022 2021 Cash collateral posted (1) $ 145,000 $ — __________________ (1) Right to reclaim cash collateral related to derivatives recognized in prepaid expenses and other current assets in the condensed consolidated balance sheets.
Schedule of gains (losses) recorded in income	Gains (losses) on derivative instruments recognized in the Company’s condensed consolidated statements of operations were as follows (in thousands): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Derivatives Hedged Items Income Statement Impact Derivatives Hedged Items Income Statement Impact Designated as fair value hedging instruments Crypto asset borrowings with embedded derivatives (1) $ (211,110) $ 207,112 $ (3,998) $ (75,999) $ 75,143 $ (856) Crypto asset futures (1) 225 (77) 148 — — — Not designated as hedging instruments Accounts receivable denominated in crypto assets (1) (4,213) — (4,213) — — — Other payables denominated in crypto assets (1) (2,367) — (2,367) — — — Crypto asset futures (1) (566) — (566) — — — Foreign currency forward contracts (2) 22,935 — 22,935 — — — Total $ (195,096) $ 207,035 $ 11,939 $ (75,999) $ 75,143 $ (856) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Derivatives Hedged Items Income Statement Impact Derivatives Hedged Items Income Statement Impact Designated as fair value hedging instruments Crypto asset borrowings with embedded derivatives (1) $ 148,959 $ (154,228) $ (5,269) $ 105,558 $ (93,973) $ 11,585 Crypto asset futures (1) 13,237 (12,339) 898 — — — Not designated as hedging instruments Crypto asset borrowings with embedded derivatives (1) 6,626 — 6,626 — — — Accounts receivable denominated in crypto assets (1) (14,476) — (14,476) — — — Other payables denominated in crypto assets (1) 143 — 143 — — — Crypto asset futures (1) (1,077) — (1,077) — — — Foreign currency forward contracts (2) 22,935 — 22,935 — — — Total $ 176,347 $ (166,567) $ 9,780 $ 105,558 $ (93,973) $ 11,585 __________________ (1) Changes in fair value are recognized in other operating expense, net in the condensed consolidated statements of operations. (2) Changes in fair value are recognized in other expense, net, which partially offset gains and losses due to the remeasurement of certain foreign currency denominated assets and liabilities which are also recognized in other expense, net in the condensed consolidated statements of operations.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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): September 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) $ 2,282,077 $ — $ — $ 2,282,077 Customer custodial cash (2) 1,226,646 — — 1,226,646 Crypto assets held (3) 209,972 — — 209,972 Derivative assets (4) — 30,776 — 30,776 Customer crypto assets — 95,113,124 — 95,113,124 Total assets $ 3,718,695 $ 95,143,900 $ — $ 98,862,595 Liabilities Derivative liabilities (4) $ — $ 12,679 $ — $ 12,679 Contingent consideration arrangement — — 4,213 4,213 Customer crypto liabilities — 95,113,124 — 95,113,124 Total liabilities $ — $ 95,125,803 $ 4,213 $ 95,130,016 December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents (1) $ 4,813,621 $ — $ — $ 4,813,621 Customer custodial cash (2) 3,566,072 — — 3,566,072 Crypto assets held (3) — 421,685 — 421,685 Derivative assets (4) — 345,429 — 345,429 Total assets $ 8,379,693 $ 767,114 $ — $ 9,146,807 Liabilities Derivative liabilities (4) $ — $ 93,616 $ — $ 93,616 Contingent consideration arrangement — — 14,828 14,828 Total liabilities $ — $ 93,616 $ 14,828 $ 108,444 __________________ (1) Represents money market funds. Excludes $2.6 billion of corporate cash held in deposit at banks and $167.8 million held at venues, which were not measured and recorded at fair value as of September 30, 2022. Excludes $2.1 billion of corporate cash held in deposit at banks and $168.9 million held at venues, which were not measured and recorded at fair value as of December 31, 2021. (2) Represents money market funds. Excludes customer custodial cash of $5.4 billion and $7.0 billion held in deposit at financial institutions and not measured and recorded at fair value as of September 30, 2022 and December 31, 2021, respectively. (3) Includes crypto assets held that have been designated as hedged items in fair value hedges and excludes crypto assets of $413.1 million and $566.5 million held at cost as of September 30, 2022 and December 31, 2021, respectively. (4) See Note 12. Derivatives for additional details.

COMMON STOCK (Tables)

COMMON STOCK (Tables)	9 Months Ended
	Sep. 30, 2022
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): September 30, December 31, 2022 2021 Class A common stock Options issued and outstanding under the 2013 Amended and Restated Stock Plan (the “2013 Plan”) 1,036 1,569 Options issued and outstanding under the 2019 Equity Incentive Plan (the “2019 Plan”) 26,365 29,311 RSUs issued and outstanding under the 2019 Plan 3,004 5,851 Options issued and outstanding under the 2021 Equity Incentive Plan (the “2021 Plan”) 922 — RSUs issued and outstanding under the 2021 Plan 3,690 1,402 Shares available for future issuance under the 2021 Plan 43,794 35,856 Shares available for future issuance under the 2021 ESPP 6,941 5,125 Replacement options issued and outstanding from the Tagomi acquisition 1 4 Replacement options issued and outstanding from the Bison Trails acquisition 152 223 RSUs issued and outstanding from other acquisitions 160 229 Shares available for future issuance of warrants 2,296 2,296 Total Class A common stock shares reserved 88,361 81,866 Class B common stock Options issued and outstanding under the 2013 Plan 4,935 6,101 Total Class B common stock shares reserved 4,935 6,101

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 37,208 $ 18.60 7.83 $ 8,698,078 Issued 937 177.79 Exercised (3,012) 13.59 Forfeited and cancelled (1,722) 22.79 Balance at September 30, 2022 33,411 23.30 7.19 1,481,640 Vested and exercisable at September 30, 2022 18,506 18.19 6.70 882,457 Vested and expected to vest at September 30, 2022 27,277 23.26 7.04 1,229,963
Schedule of share-based payment award, options, valuation assumptions	The assumptions used under the Black-Scholes-Merton Option-Pricing Model and the weighted average calculated value of the options granted to employees were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Dividend yield 0.0 % N/A 0.0 % 0.0 % Expected volatility 76.1 % N/A 59.3 % 44.0 % Expected term (in years) 5.8 N/A 5.8 4.8 Risk-free interest rate 3.0 % N/A 2.1 % 0.5 %
Schedule of activity of RSUs outstanding	Activity of RSUs outstanding are as follows (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value per Share Balance at January 1, 2022 7,482 $ 157.22 Granted 7,860 144.69 Vested (6,906) 153.57 Forfeited and cancelled (1,582) 164.86 Balance at September 30, 2022 6,854 144.64
Schedule of activity of restricted Class A common stock	Activity of restricted Class A common stock is as follows (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value per Share Balance at January 1, 2022 2,014 $ 137.57 Granted 323 137.05 Vested (925) 129.72 Forfeited and cancelled — — Balance at September 30, 2022 1,412 143.33
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Technology and development $ 275,817 $ 176,785 $ 793,573 $ 381,030 Sales and marketing 18,461 10,095 52,813 20,299 General and administrative 97,163 77,314 288,692 156,828 Total $ 391,441 $ 264,194 $ 1,135,078 $ 558,157

NET (LOSS) INCOME PER SHARE (Ta

NET (LOSS) INCOME PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of computation of net (loss) income per share	The computation of net (loss) income per share is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic net (loss) income per share: Numerator Net (loss) income $ (544,635) $ 406,100 $ (2,067,948) $ 2,783,912 Less: Income allocated to participating securities — (3,757) — (542,122) Net (loss) income attributable to common stockholders, basic $ (544,635) $ 402,343 $ (2,067,948) $ 2,241,790 Denominator Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic 223,916 209,604 220,816 165,045 Net (loss) income per share attributable to common stockholders, basic $ (2.43) $ 1.92 $ (9.37) $ 13.58 Diluted net (loss) income per share: Numerator Net (loss) income $ (544,635) $ 406,100 $ (2,067,948) $ 2,783,912 Less: Income allocated to participating securities — (3,167) — (448,463) Add: Interest on convertible notes, net of tax — 3,087 — 3,638 Less: Fair value gain on contingent consideration arrangement, net of tax — (680) (5,395) (680) Net (loss) income attributable to common stockholders, diluted $ (544,635) $ 405,340 $ (2,073,343) $ 2,338,407 Denominator Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic 223,916 209,604 220,816 165,045 Weighted-average effect of potentially dilutive securities: Stock options — 33,122 — 38,419 RSUs — 3,924 — 3,604 Restricted common stock — 5 — 3 Warrants — — — 97 Convertible notes — 3,880 — 1,883 Contingent consideration — 1 40 1 Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, diluted 223,916 250,536 220,856 209,052 Net (loss) income per share attributable to common stockholders, diluted $ (2.43) $ 1.62 $ (9.39) $ 11.19
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 September 30 Nine Months Ended September 30 2022 2021 2022 2021 Stock options 33,411 6,134 33,411 6,134 RSUs 6,854 107 6,854 107 Convertible notes 3,880 — 3,880 — Restricted common stock 1,740 65 1,740 65 ESPP 1,030 284 1,030 284 Contingent consideration 76 — — — Total 46,991 6,590 46,915 6,590

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022		Jan. 01, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
USDC held	$ 368,121			$ 100,096
Customer crypto assets	95,113,124	[1]	$ 267,600,000	0	[1]
Customer crypto liabilities	$ 95,113,124	[2]	$ 267,600,000	$ 0	[2]
Accounts Receivable | Customer Concentration Risk | One Customer
Concentration Risk [Line Items]
Concentration risk, percentage (more than)	10%
[1]Safeguarding assets[2]Safeguarding liabilities

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details)	1 Months Ended
	Jun. 30, 2022 employee
Restructuring and Related Activities [Abstract]
Number of positions eliminated, period percent	18%
Number of positions eliminated	1,100

RESTRUCTURING - Schedule of Res

RESTRUCTURING - Schedule of Restructuring Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (1,232)	$ 0	$ 41,221	$ 0
Cumulative Costs Incurred to Date	41,221		41,221
Separation pay
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		39,259
Cumulative Costs Incurred to Date	39,259		39,259
Other personnel costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(1,232)		1,962
Cumulative Costs Incurred to Date	$ 1,962		$ 1,962

RESTRUCTURING - Schedule of R_2

RESTRUCTURING - Schedule of Restructuring Reserve and Changes in Balance (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Expenses Incurred	$ 42,453
Payments	(39,420)
Adjustment to Other Personnel Costs	(1,232)
Accrued Balance as of September 30, 2022	1,801
Separation pay
Restructuring Reserve [Roll Forward]
Expenses Incurred	39,259
Payments	(37,940)
Adjustment to Other Personnel Costs	0
Accrued Balance as of September 30, 2022	1,319
Other personnel costs
Restructuring Reserve [Roll Forward]
Expenses Incurred	3,194
Payments	(1,480)
Adjustment to Other Personnel Costs	(1,232)
Accrued Balance as of September 30, 2022	$ 482

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands				9 Months Ended		12 Months Ended
	Feb. 01, 2022 USD ($) shares	Jan. 04, 2022 USD ($) shares	Feb. 08, 2021 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) businessCombination tranche shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Measurement period adjustments				$ 6,269		$ 0
Goodwill				1,073,906		$ 625,758	$ 77,212
Unbound Security, Inc.
Business Acquisition [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, other noncurrent assets				4,100
Measurement period adjustments				4,100
Total purchase consideration		$ 257,984
Cash subject to an indemnity holdback		$ 21,700
Holdback release term		18 months
Total acquisition costs		$ 3,000
Goodwill		$ 222,732
Unbound Security, Inc. | Class A common stock
Business Acquisition [Line Items]
Number of shares to subject to indemnity holdback (in shares) | shares		85,324
FairXchange, Inc.
Business Acquisition [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, other noncurrent assets				300
Measurement period adjustments				300
Total purchase consideration	$ 275,090
Cash subject to an indemnity holdback	$ 4,700
Holdback release term	15 months
Goodwill	$ 231,685
FairXchange, Inc. | Class A common stock
Business Acquisition [Line Items]
Number of shares to subject to indemnity holdback (in shares) | shares	83,035
FairXchange, Inc. | Common Stock, Not Subject to Indemnity Holdback | Class A common stock
Business Acquisition [Line Items]
Number of shares included in purchase consideration (in shares) | shares	170,397
FairXchange, Inc. | General and administrative
Business Acquisition [Line Items]
Total acquisition costs	$ 1,100
Bison Trails Co.
Business Acquisition [Line Items]
Total purchase consideration			$ 457,268
Holdback release term			18 months
Total acquisition costs			$ 3,700
Gain on remeasurement			8,800
Goodwill			$ 404,167
Bison Trails Co. | Class A common stock
Business Acquisition [Line Items]
Number of shares to subject to indemnity holdback (in shares) | shares			496,434
Other Acquisitions
Business Acquisition [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, other noncurrent assets				1,900
Measurement period adjustments				$ 1,900
Total purchase consideration					$ 135,700
Number of businesses acquired | businessCombination					3
Contingent consideration arrangement, number of tranches | tranche					2
Goodwill					$ 86,041
Goodwill, expected to be deductible					$ 77,100
Other Acquisitions | Contingent Consideration Tranche One
Business Acquisition [Line Items]
Contingent consideration arrangement, settlement term					1 year
Other Acquisitions | Contingent Consideration Tranche Two
Business Acquisition [Line Items]
Contingent consideration arrangement, settlement term					2 years
Other Acquisitions | Class A common stock | Contingent Consideration Tranche One
Business Acquisition [Line Items]
Number of shares to be issued for contingent consideration (in shares) | shares					75,534
Other Acquisitions | Class A common stock | Contingent Consideration Tranche Two
Business Acquisition [Line Items]
Number of shares to be issued for contingent consideration (in shares) | shares					75,534
Other Acquisitions | Common Stock, Not Subject to Indemnity Holdback | Class A common stock
Business Acquisition [Line Items]
Number of shares included in purchase consideration (in shares) | shares					160,840
Issuance term for shares included in purchase consideration					6 months
Other Acquisitions | Common Stock, Subject to indemnity Holdback | Class A common stock
Business Acquisition [Line Items]
Number of shares included in purchase consideration (in shares) | shares					39,663
Other Acquisitions | Common Stock, Subject to indemnity Holdback | Class A common stock | Minimum
Business Acquisition [Line Items]
Issuance term for shares included in purchase consideration					15 months
Other Acquisitions | Common Stock, Subject to indemnity Holdback | Class A common stock | Maximum
Business Acquisition [Line Items]
Issuance term for shares included in purchase consideration					18 months
Other Acquisitions | General and administrative
Business Acquisition [Line Items]
Total acquisition costs					$ 3,500
Other Acquisitions | Technology and development
Business Acquisition [Line Items]
Total acquisition costs					$ 3,200

ACQUISITIONS - Schedule of Unbo

ACQUISITIONS - Schedule of Unbound purchase consideration (Details) - Unbound Security, Inc. $ in Thousands	Jan. 04, 2022 USD ($)
Business Acquisition [Line Items]
Cash	$ 151,424
Cash payable	126
Total purchase consideration	257,984
Class A common stock
Business Acquisition [Line Items]
Equity interests issued and issuable	103,977
RSUs
Business Acquisition [Line Items]
Equity interests issued and issuable	$ 2,457

ACQUISITIONS - Schedule of Un_2

ACQUISITIONS - Schedule of Unbound net assets acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 04, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,073,906		$ 625,758	$ 77,212
Unbound Security, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents		$ 10,560
Restricted cash		573
Accounts and loans receivable, net of allowance		4,981
Prepaid expenses and other current assets		4,182
Lease right-of-use assets		1,059
Property and equipment, net		1,248
Goodwill		222,732
Intangible assets, net		28,500
Other non-current assets		3,476
Total assets		277,311
Accounts payable		719
Accrued expenses and other current liabilities		11,325
Lease liabilities		1,059
Other non-current liabilities		6,224
Total liabilities		19,327
Net assets acquired		$ 257,984

ACQUISITIONS - Schedule of Un_3

ACQUISITIONS - Schedule of Unbound finite-lived intangible assets acquired (Details) - Unbound Security, Inc. $ in Thousands	Jan. 04, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 28,500
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 15,700
Developed technology | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life at Acquisition (in Years)	1 year
Developed technology | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life at Acquisition (in Years)	5 years
IPR&D
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 2,500
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 10,300
Useful Life at Acquisition (in Years)	2 years

ACQUISITIONS - Schedule of Fair

ACQUISITIONS - Schedule of FairXchange purchase consideration (Details) - FairXchange, Inc. $ in Thousands	Feb. 01, 2022 USD ($)
Business Acquisition [Line Items]
Cash	$ 56,726
Cash payable	10,442
Total purchase consideration	275,090
Common Stock Issued | Class A common stock
Business Acquisition [Line Items]
Class A common stock of the Company	174,229
Common Stock to be Issued | Class A common stock
Business Acquisition [Line Items]
Class A common stock of the Company	$ 33,693

ACQUISITIONS - Schedule of Fa_2

ACQUISITIONS - Schedule of FairXchange net assets acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Feb. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,073,906		$ 625,758	$ 77,212
FairXchange, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents		$ 10,867
Accounts and loans receivable, net of allowance		411
Prepaid expenses and other current assets		20
Intangible assets, net		41,000
Goodwill		231,685
Other non-current assets		8,295
Total assets		292,278
Accounts payable		472
Accrued expenses and other current liabilities		5,796
Other non-current liabilities		10,920
Total liabilities		17,188
Net assets acquired		$ 275,090

ACQUISITIONS - Schedule of Fa_3

ACQUISITIONS - Schedule of FairXchange finite-lived intangible assets acquired (Details) - FairXchange, Inc. $ in Thousands	Feb. 01, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 41,000
DCM License
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	26,900
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 10,700
Useful Life at Acquisition (in Years)	5 years
Trading relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 3,400
Useful Life at Acquisition (in Years)	3 years

ACQUISITIONS - Schedule of Biso

ACQUISITIONS - Schedule of Bison Trails purchase consideration (Details) - Bison Trails Co. $ in Thousands	Feb. 08, 2021 USD ($)
Business Acquisition [Line Items]
Class A 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 Bi_2

ACQUISITIONS - Schedule of Bison Trails net assets acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Feb. 08, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,073,906	$ 625,758		$ 77,212
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, net			39,100
Goodwill			404,167
Other non-current assets			1,221
Lease right-of-use assets			808
Total assets			465,119
Accounts payable			526
Accrued expenses and other current liabilities			1,920
Lease liabilities			808
Other non-current liabilities			4,597
Total liabilities			7,851
Net assets acquired			$ 457,268

ACQUISITIONS - Schedule of Bi_3

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

ACQUISITIONS - Schedule of othe

ACQUISITIONS - Schedule of other acquisitions purchase consideration (Details) - Other Acquisitions $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Cash	$ 27,795
Cash payable	412
Contingent consideration arrangement	15,752
Total purchase consideration	135,659
Common Stock Issued
Business Acquisition [Line Items]
Class A common stock of the Company	51,760
Common Stock to be Issued
Business Acquisition [Line Items]
Class A common stock of the Company	$ 39,940

ACQUISITIONS - Schedule of ot_2

ACQUISITIONS - Schedule of other acquisitions net assets acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,073,906	$ 625,758		$ 77,212
Other Acquisitions
Business Acquisition [Line Items]
Cash and cash equivalents			$ 4,915
Accounts and loans receivable, net of allowance			57
Prepaid expenses and other current assets			209
Intangible assets, net			46,100
Goodwill			86,041
Total assets			137,322
Accounts payable			65
Accrued expenses and other current liabilities			649
Other non-current liabilities			949
Total liabilities			1,663
Net assets acquired			$ 135,659

ACQUISITIONS - Schedule of ot_3

ACQUISITIONS - Schedule of other acquisitions finite-lived intangible assets acquired (Details) - Other Acquisitions $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 46,100
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 33,700
Useful Life at Acquisition (in Years)	2 years 8 months 12 days
User base
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 1,000
Useful Life at Acquisition (in Years)	2 years 6 months
IPR&D
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 1,600
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 9,800
Useful Life at Acquisition (in Years)	5 years

REVENUE - Schedule of revenue d

REVENUE - Schedule of revenue disaggregated by source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Interest income	$ 101,778	$ 8,389	$ 144,746	$ 18,190
Total revenue	590,339	1,311,908	2,565,100	5,340,981
Net revenue
Disaggregation of Revenue [Line Items]
Total revenue	576,375	1,234,736	2,543,869	4,864,727
Transaction revenue
Disaggregation of Revenue [Line Items]
Revenue	365,868	1,089,656	2,034,118	4,560,617
Retail, net
Disaggregation of Revenue [Line Items]
Revenue	346,091	1,021,967	1,928,145	4,305,088
Institutional, net
Disaggregation of Revenue [Line Items]
Revenue	19,777	67,689	105,973	255,529
Subscription and services revenue
Disaggregation of Revenue [Line Items]
Revenue	210,507	145,080	509,751	304,110
Blockchain rewards
Disaggregation of Revenue [Line Items]
Revenue	62,759	77,039	213,064	120,712
Custodial fee revenue
Disaggregation of Revenue [Line Items]
Revenue	14,532	31,468	68,404	86,616
Other subscription and services revenue
Disaggregation of Revenue [Line Items]
Revenue	31,438	28,184	83,537	78,592
Learning Rewards
Disaggregation of Revenue [Line Items]
Revenue	7,400	15,200	15,800	43,200
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	13,964	77,172	21,231	476,254
Crypto asset sales revenue
Disaggregation of Revenue [Line Items]
Revenue	8	76,742	625	475,065
Corporate interest and other income
Disaggregation of Revenue [Line Items]
Corporate interest and other income	$ 13,956	$ 430	$ 20,606	$ 1,189

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Payment period			30 days
Recognized revenue with related parties	$ 1.9	$ 7.7	$ 9.5	$ 21
Amounts receivable from related parties	3		3		$ 4.5
Due to related parties	34.6		34.6		0
Custodial fee revenue
Disaggregation of Revenue [Line Items]
Amounts receivable from customers, net of allowance	9		9		$ 22.4
Crypto asset sales revenue
Disaggregation of Revenue [Line Items]
Cost of crypto assets used in fulfilling customer transactions	$ 0.2	$ 68.6	$ 0.5	$ 433.8

REVENUE - Schedule of revenue_2

REVENUE - Schedule of revenue disaggregated by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 590,339	$ 1,311,908	$ 2,565,100	$ 5,340,981
United States
Disaggregation of Revenue [Line Items]
Total revenue	501,963	1,003,999	2,125,010	4,339,899
Rest of the World
Disaggregation of Revenue [Line Items]
Total revenue	$ 88,376	$ 307,909	$ 440,090	$ 1,001,082

ACCOUNTS AND LOANS RECEIVABLE_3

ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE - Schedule of accounts and loans receivable (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
In-transit customer receivables	$ 42,552,000	$ 102,720,000
Trade finance receivables	7,512,000	1,865,000
Custodial fee revenue receivable	11,477,000	23,727,000
Loans receivable	116,601,000	218,461,000
Interest and other receivables	79,164,000	73,803,000
Allowance for doubtful accounts	(16,952,000)	(24,551,000)
Accounts and loans receivable, net of allowance	240,354,000	396,025,000
Loans receivable, allowance for credit loss, excluding accrued interest	0	0
Accounts receivable denominated in crypto assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest and other receivables	11,000,000	26,400,000
Unlikely to be Collected Financing Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (4,200,000)	$ (16,800,000)

ACCOUNTS AND LOANS RECEIVABLE_4

ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE - Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss, current	$ 116,600,000	$ 218,500,000
Interest receivable	800,000	1,300,000
Financing receivable, allowance for credit loss, excluding accrued interest, current	0
Loans receivable	116,601,000	218,461,000
Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 0	$ 0

GOODWILL, INTANGIBLE ASSETS, _3

GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD - Schedule of goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance, beginning of period	$ 625,758	$ 77,212
Additions due to business combinations	454,417	548,546
Measurement period adjustments	(6,269)	0
Balance, end of period	1,073,906	$ 625,758
Unbound Security, Inc.
Goodwill [Roll Forward]
Measurement period adjustments	(4,100)
FairXchange, Inc.
Goodwill [Roll Forward]
Measurement period adjustments	(300)
Other Acquisitions
Goodwill [Roll Forward]
Measurement period adjustments	$ (1,900)

GOODWILL, INTANGIBLE ASSETS, _4

GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Accumulated impairment	$ 0		$ 0		$ 0	$ 0
Amortization expense of intangible assets	27,700,000	$ 12,300,000	80,000,000	$ 27,500,000
Impairment of intangible assets (excluding goodwill and crypto assets held)	100,000	0	4,500,000	0
Crypto asset impairment expense	25,900,000	$ 58,400,000	689,077,000	$ 234,023,000
Crypto assets loaned to customers
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 3,300,000		$ 3,300,000		$ 38,100,000

GOODWILL, INTANGIBLE ASSETS, _5

GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD - Schedule of intangible assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (152,163)	$ (73,159)
Total expected future amortization expense	132,419
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangible assets, gross carrying amount	313,832	249,848
Total accumulated amortization	(152,163)	(73,159)
Intangible assets, net	161,669	176,689
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	26,900
Acquired developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	128,292	100,908
Accumulated Amortization	(71,147)	(34,865)
Total expected future amortization expense	$ 57,145	$ 66,043
Weighted Average Remaining Useful Life (in Years)	2 years 4 months 9 days	1 year 11 months 19 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (71,147)	$ (34,865)
User base
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	2,997	2,997
Accumulated Amortization	(1,870)	(1,020)
Total expected future amortization expense	$ 1,127	$ 1,977
Weighted Average Remaining Useful Life (in Years)	1 year	1 year 9 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (1,870)	$ (1,020)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	86,691	79,491
Accumulated Amortization	(41,170)	(27,789)
Total expected future amortization expense	$ 45,521	$ 51,702
Weighted Average Remaining Useful Life (in Years)	2 years 9 months 18 days	3 years 8 months 4 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (41,170)	$ (27,789)
Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	2,402	2,402
Accumulated Amortization	(1,521)	(1,161)
Total expected future amortization expense	$ 881	$ 1,241
Weighted Average Remaining Useful Life (in Years)	1 year 10 months 2 days	2 years 6 months 29 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (1,521)	$ (1,161)
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	60,800	60,800
Accumulated Amortization	(35,699)	(8,324)
Total expected future amortization expense	$ 25,101	$ 52,476
Weighted Average Remaining Useful Life (in Years)	8 months 8 days	1 year 5 months 4 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (35,699)	$ (8,324)
Trade Relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	3,400
Accumulated Amortization	(756)
Total expected future amortization expense	$ 2,644
Weighted Average Remaining Useful Life (in Years)	2 years 4 months 2 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total accumulated amortization	$ (756)
In process research and development
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	2,100	3,000
Total expected future amortization expense	$ 2,100	$ 3,000
In process research and development | Pro Forma
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset useful life	3 years	3 years

GOODWILL, INTANGIBLE ASSETS, _6

GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD - Schedule of future amortization expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (for the remainder of)	$ 25,352
2023	67,591
2024	21,360
2025	13,119
2026	4,818
Thereafter	179
Total expected future amortization expense	$ 132,419

GOODWILL, INTANGIBLE ASSETS, _7

GOODWILL, INTANGIBLE ASSETS, NET AND CRYPTO ASSETS HELD - Crypto assets held (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Recorded at impaired cost
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 413,101	$ 566,508
Recorded at fair value
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	209,972	421,685
Total crypto assets held
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	623,073	988,193
Crypto assets held as investments | Recorded at impaired cost
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	289,587	209,415
Crypto assets held as investments | Recorded at fair value
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	2,392	0
Crypto assets held for operations purposes | Recorded at impaired cost
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	123,514	357,093
Crypto assets borrowed | Recorded at fair value
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 207,580	$ 421,685

CUSTOMER ASSETS AND LIABILITI_3

CUSTOMER ASSETS AND LIABILITIES (Schedule of Customers' Cash and Crypto Positions) (Details) - USD ($) $ in Thousands	Sep. 30, 2022		Jan. 01, 2022	Dec. 31, 2021		Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Customer custodial cash	$ 6,591,105			$ 10,526,233		$ 8,956,966
Customer crypto assets	95,113,124	[1]	$ 267,600,000	0	[1]
Total customer assets	101,704,229			10,526,233
Customer custodial cash liabilities	6,357,657			10,480,612
Customer crypto liabilities	95,113,124	[2]	$ 267,600,000	0	[2]
Total customer liabilities	$ 101,470,781			$ 10,480,612
[1]Safeguarding assets[2]Safeguarding liabilities

CUSTOMER ASSETS AND LIABILITI_4

CUSTOMER ASSETS AND LIABILITIES (Narrative) (Details)	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Crypto assets to cash ratio	1

CUSTOMER ASSETS AND LIABILITI_5

CUSTOMER ASSETS AND LIABILITIES (Fair Value of Customer Crypto Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2022		Jan. 01, 2022	Dec. 31, 2021	[1]
Cryptocurrency, by Type [Line Items]
Customer crypto assets	$ 95,113,124	[1]	$ 267,600,000	$ 0
Percentage of total	100%
Bitcoin
Cryptocurrency, by Type [Line Items]
Customer crypto assets	$ 39,900,000
Percentage of total	42%
Ethereum
Cryptocurrency, by Type [Line Items]
Customer crypto assets	$ 24,100,000
Percentage of total	25.30%
Other crypto assets
Cryptocurrency, by Type [Line Items]
Customer crypto assets	$ 31,100,000
Percentage of total	32.70%
[1]Safeguarding assets

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	Sep. 30, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Prepaid expenses	$ 91,366	$ 123,246
Deposits	2,524	9,658
Fair value adjustments related to foreign currency forward contracts	22,935	0
Cash collateral posted against foreign currency forward contracts	145,000	0
Other	15,219	2,945
Total prepaid expenses and other current assets	277,044	135,849
Other non-current assets
Strategic investments	357,042	363,950
Deferred tax assets	1,014,736	573,547
Deposits	10,542	13,347
Other	41	1,463
Total other non-current assets	$ 1,382,361	$ 952,307

PREPAID EXPENSES AND OTHER AS_4

PREPAID EXPENSES AND OTHER ASSETS - Schedule of other investments accounted for under the measurement alternative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Equity Securities without Readily Determinable Fair Value [Roll Forward]
Carrying amount, beginning of period	$ 352,431	$ 26,146
Net additions	57,058	242,196
Upward adjustments	879	3,084
Previously held interest in Bison Trails (see Note 4)	0	(2,000)
Impairments and downward adjustments	(70,631)	(50)
Carrying amount, end of period	339,737	$ 269,376
Strategic investments that are not accounted for under the measurement alternative	$ 17,300		$ 10,500

PREPAID EXPENSES AND OTHER AS_5

PREPAID EXPENSES AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Upward adjustments due to remeasurement of investments	$ 4.8		$ 4.6
Impairments and downward adjustments due to remeasurement of investments	71.5		$ 0.5
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Purchase of preferred shares	$ 14.4	$ 150

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ 120,769	$ 195,810
Accrued payroll and payroll related	104,543	146,313
Income taxes payable	8,495	4,553
Short-term borrowings	512	20,060
Other payables	63,782	72,823
Total accrued expenses and other current liabilities	298,101	439,559
Other payables denominated in crypto assets	$ 13,100	$ 0

ACCRUED EXPENSES AND OTHER CU_4

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Short-term Debt [Line Items]
Debt instrument, stated percentage	4.25%		5%
Repayment of short-term borrowings	$ 170,000	$ 0
Secured Debt | Debt Secured By Bitcoin
Short-term Debt [Line Items]
Debt instrument, collateral, value, percentage of outstanding principal amount	200%

INDEBTEDNESS - Schedule of Long

INDEBTEDNESS - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, stated percentage	4.25%	5%
Principal Amount	$ 3,437,500	$ 3,437,500
Unamortized Debt Discount and Issuance Costs	(46,263)	(52,705)
Net Carrying Amount	$ 3,391,237	$ 3,384,795
Convertible notes | 2026 Convertible Notes
Debt Instrument [Line Items]
Debt instrument, stated percentage	0.50%	0.50%
Effective Interest Rate	0.98%	0.98%
Principal Amount	$ 1,437,500	$ 1,437,500
Unamortized Debt Discount and Issuance Costs	(24,903)	(29,436)
Net Carrying Amount	$ 1,412,597	$ 1,408,064
Senior Notes | 2028 Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated percentage	3.38%	3.38%
Effective Interest Rate	3.57%	3.57%
Principal Amount	$ 1,000,000	$ 1,000,000
Unamortized Debt Discount and Issuance Costs	(10,413)	(11,565)
Net Carrying Amount	$ 989,587	$ 988,435
Senior Notes | 2031 Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated percentage	3.63%	3.63%
Effective Interest Rate	3.77%	3.77%
Principal Amount	$ 1,000,000	$ 1,000,000
Unamortized Debt Discount and Issuance Costs	(10,947)	(11,704)
Net Carrying Amount	$ 989,053	$ 988,296

INDEBTEDNESS - Narrative (Detai

INDEBTEDNESS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	May 31, 2021
Convertible Senior Notes due 2026 | Convertible notes
Debt Instrument [Line Items]
Face amount of debt		$ 1,440
2028 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Face amount of debt	$ 1,000
2031 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Face amount of debt	$ 1,000

INDEBTEDNESS - Schedule of Inte

INDEBTEDNESS - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Coupon interest	$ 19,296	$ 5,300	$ 57,937	$ 5,300
Amortization of debt discount and issuance costs	2,204	1,672	6,442	2,420
Total	$ 21,500	$ 6,972	$ 64,379	$ 7,720

DERIVATIVES - Schedule of notio

DERIVATIVES - Schedule of notional amount of derivative contracts outstanding (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Crypto asset borrowings with embedded derivatives | Designated as fair value hedging instruments
Not designated as hedging instruments
Notional amount of derivative contracts outstanding in native units	$ 210,075	$ 669,445
Crypto asset futures | Designated as fair value hedging instruments
Not designated as hedging instruments
Notional amount of derivative contracts outstanding in native units	771	0
Crypto asset futures | Not designated as hedging instruments
Not designated as hedging instruments
Notional amount of derivative contracts outstanding in native units	994	0
Accounts receivable denominated in crypto assets | Not designated as hedging instruments
Not designated as hedging instruments
Notional amount of derivative contracts outstanding in native units	16,748	17,415
Other payables denominated in crypto assets | Not designated as hedging instruments
Not designated as hedging instruments
Notional amount of derivative contracts outstanding in native units	13,627	0
Foreign currency forward contracts | Not designated as hedging instruments
Not designated as hedging instruments
Notional amount of derivative contracts outstanding in native units	$ 1,100,000	$ 0

DERIVATIVES - Schedule of deriv

DERIVATIVES - Schedule of derivative assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	$ 30,776	$ 345,429
Gross Derivative Liabilities	12,679	93,616
Crypto asset borrowings with embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	3,580	336,396
Gross Derivative Liabilities	3,183	93,616
Accounts receivable denominated in crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	0	9,033
Gross Derivative Liabilities	5,791	0
Other payables denominated in crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	4,261
Gross Derivative Liabilities	3,705
Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	22,935
Gross Derivative Liabilities	0
Not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	27,196	9,033
Gross Derivative Liabilities	9,496	0
Not designated as hedging instruments | Crypto asset borrowings with embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	0	0
Gross Derivative Liabilities	0	0
Not designated as hedging instruments | Accounts receivable denominated in crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	0	9,033
Gross Derivative Liabilities	5,791	0
Not designated as hedging instruments | Other payables denominated in crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	4,261
Gross Derivative Liabilities	3,705
Not designated as hedging instruments | Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	22,935
Gross Derivative Liabilities	0
Designated as fair value hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	3,580	336,396
Gross Derivative Liabilities	3,183	93,616
Designated as fair value hedging instruments | Crypto asset borrowings with embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	3,580	336,396
Gross Derivative Liabilities	3,183	93,616
Designated as fair value hedging instruments | Accounts receivable denominated in crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	0	0
Gross Derivative Liabilities	0	$ 0
Designated as fair value hedging instruments | Other payables denominated in crypto assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	0
Gross Derivative Liabilities	0
Designated as fair value hedging instruments | Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Derivative Assets	0
Gross Derivative Liabilities	$ 0

DERIVATIVES - Description of De

DERIVATIVES - Description of Derivatives and Related Hedge Accounting Designation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Not designated as hedging instruments
Borrowing fees paid in crypto assets	$ 0.9	$ 2.3	$ 3.9	$ 9.5
Minimum
Not designated as hedging instruments
Borrowing rate on derivatives	0%	0%	0%	0%
Maximum
Not designated as hedging instruments
Borrowing rate on derivatives	7.50%	3%	7.50%	3%

DERIVATIVES - Schedule of colla

DERIVATIVES - Schedule of collateral posted and received (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral posted	$ 145,000	$ 0

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value adjustments related to foreign currency forward contracts	$ 22,935	$ 0

DERIVATIVES - Schedule of gains

DERIVATIVES - Schedule of gains (losses) recorded in income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Not designated as hedging instruments
Not designated as hedging instruments
Derivatives	$ (195,096)	$ (75,999)	$ 176,347	$ 105,558
Hedged Items	207,035	75,143	(166,567)	(93,973)
Income Statement Impact	11,939	(856)	9,780	11,585
Crypto asset borrowings with embedded derivatives | Designated as fair value hedging instruments
Not designated as hedging instruments
Derivatives	(211,110)	(75,999)	148,959	105,558
Hedged Items	207,112	75,143	(154,228)	(93,973)
Income Statement Impact	(3,998)	(856)	(5,269)	11,585
Crypto asset borrowings with embedded derivatives | Not designated as hedging instruments
Not designated as hedging instruments
Derivatives			6,626	0
Hedged Items			0	0
Income Statement Impact			6,626	0
Crypto asset futures | Designated as fair value hedging instruments
Not designated as hedging instruments
Derivatives	225	0	13,237	0
Hedged Items	(77)	0	(12,339)	0
Income Statement Impact	148	0	898	0
Crypto asset futures | Not designated as hedging instruments
Not designated as hedging instruments
Derivatives	(566)	0	(1,077)	0
Hedged Items	0	0	0	0
Income Statement Impact	(566)	0	(1,077)	0
Accounts receivable denominated in crypto assets | Not designated as hedging instruments
Not designated as hedging instruments
Derivatives	(4,213)	0	(14,476)	0
Hedged Items	0	0	0	0
Income Statement Impact	(4,213)	0	(14,476)	0
Other payables denominated in crypto assets | Not designated as hedging instruments
Not designated as hedging instruments
Derivatives	(2,367)	0	143	0
Hedged Items	0	0	0	0
Income Statement Impact	(2,367)	0	143	0
Foreign currency forward contracts | Not designated as hedging instruments
Not designated as hedging instruments
Derivatives	22,935	0	22,935	0
Hedged Items	0	0	0	0
Income Statement Impact	$ 22,935	$ 0	$ 22,935	$ 0

DERIVATIVES - Schedule of cumul

DERIVATIVES - Schedule of cumulative fair value hedge basis adjustments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount of the hedged items, Crypto assets held	$ 209,972	$ 421,685
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items, active hedging relationships, Crypto assets held	(1,025)	(240,771)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items, discontinued hedging relationships, Crypto assets held	448	0
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items, total, Crypto assets held	$ (577)	$ (240,771)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022		Jan. 01, 2022	Dec. 31, 2021		Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 5,006,584			$ 7,123,478		$ 6,352,775
Derivative assets	30,776			345,429
Customer crypto assets	95,113,124	[1]	$ 267,600,000	0	[1]
Derivative liabilities	12,679			93,616
Customer crypto liabilities	95,113,124	[2]	$ 267,600,000	0	[2]
Customer custodial funds excluded from fair value assets	5,400,000			7,000,000
Crypto assets held at cost excluded from fair value assets	413,100			566,500
Held in Deposit at Financial Institutions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,600,000			2,100,000
Held in Deposit at Venues
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	167,800			168,900
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,282,077			4,813,621
Customer custodial cash	1,226,646			3,566,072
Crypto assets held	209,972			421,685
Derivative assets	30,776			345,429
Customer crypto assets	95,113,124
Total assets	98,862,595			9,146,807
Derivative liabilities	12,679			93,616
Contingent consideration arrangement	4,213			14,828
Customer crypto liabilities	95,113,124
Total liabilities	95,130,016			108,444
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,282,077			4,813,621
Customer custodial cash	1,226,646			3,566,072
Crypto assets held	209,972			0
Derivative assets	0			0
Customer crypto assets	0
Total assets	3,718,695			8,379,693
Derivative liabilities	0			0
Contingent consideration arrangement	0			0
Customer crypto liabilities	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 cash	0			0
Crypto assets held	0			421,685
Derivative assets	30,776			345,429
Customer crypto assets	95,113,124
Total assets	95,143,900			767,114
Derivative liabilities	12,679			93,616
Contingent consideration arrangement	0			0
Customer crypto liabilities	95,113,124
Total liabilities	95,125,803			93,616
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 cash	0			0
Crypto assets held	0			0
Derivative assets	0			0
Customer crypto assets	0
Total assets	0			0
Derivative liabilities	0			0
Contingent consideration arrangement	4,213			14,828
Customer crypto liabilities	0
Total liabilities	$ 4,213			$ 14,828
[1]Safeguarding assets[2]Safeguarding liabilities

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - Level 2 $ in Millions	Sep. 30, 2022 USD ($)
Convertible notes | Convertible Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	$ 951.5
Senior Notes | 2028 and 2031 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	$ 1,170

COMMON STOCK - Narrative (Detai

COMMON STOCK - Narrative (Details)	Apr. 01, 2021 vote shares	Sep. 30, 2022 shares	Dec. 31, 2021 shares
Class A common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	10,000,000,000	10,000,000,000	10,000,000,000
Common stock, voting rights per share | vote	1
Class B common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	500,000,000	500,000,000	500,000,000
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]
Common stock, authorized (in shares)	500,000,000

COMMON STOCK - Schedule of shar

COMMON STOCK - Schedule of shares reserved for future issuance (Details) - shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
Class A common stock
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	88,361	81,866
Options issued and outstanding under the 2013 Amended and Restated Stock Plan (the “2013 Plan”)
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,036	1,569
Options issued and outstanding under the 2019 Equity Incentive Plan (the “2019 Plan”)
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	26,365	29,311
RSUs issued and outstanding under the 2019 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,004	5,851
Options issued and outstanding under the 2021 Equity Incentive Plan (the “2021 Plan”)
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	922	0
RSUs issued and outstanding under the 2021 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,690	1,402
Shares available for future issuance under the 2021 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	43,794	35,856
Shares available for future issuance under the 2021 ESPP
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	6,941	5,125
Replacement options issued and outstanding from the Tagomi acquisition
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1	4
Replacement options issued and outstanding from the Bison Trails acquisition
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	152	223
RSUs issued and outstanding from other acquisitions
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	160	229
Shares available for future issuance of warrants
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	2,296	2,296
Class B common stock
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	4,935	6,101
Options issued and outstanding under the 2013 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	4,935	6,101

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of stock option activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Options Outstanding
Beginning balance (in shares) | shares	37,208
Issued (in shares) | shares	937
Exercised (in shares) | shares	(3,012)
Forfeited and cancelled (in shares) | shares	(1,722)
Ending balance (in shares) | shares	33,411	37,208
Weighted Average Exercise Price per Share
Options outstanding, weighted average exercise price per share - Beginning balance (in dollars per share) | $ / shares	$ 18.60
Options issued, weighted average exercise price per share (in dollars per share) | $ / shares	177.79
Options exercised, weighted average exercise price per share (in dollars per share) | $ / shares	13.59
Options forfeited and cancelled, weighted average exercise price per share (in dollars per share) | $ / shares	22.79
Options outstanding, weighted average exercise price per share - Ending balance (in dollars per share) | $ / shares	$ 23.30	$ 18.60
Stock Option Activity, Additional Disclosures
Options outstanding, Weighted average remaining contractual term	7 years 2 months 8 days	7 years 9 months 29 days
Options outstanding, Aggregate intrinsic value | $	$ 1,481,640	$ 8,698,078
Options vested and exercisable, Number of options (in shares) | shares	18,506
Options vested and exercisable , Weighted average exercise price per share (in dollars per share) | $ / shares	$ 18.19
Options vested and exercisable, Weighted average remaining contractual term	6 years 8 months 12 days
Options vested and exercisable, Aggregate intrinsic value | $	$ 882,457
Options vested and expected to vest, Number of options (in shares) | shares	27,277
Options vested and expected to vest, Weighted average exercise price per share (in dollars per share) | $ / shares	$ 23.26
Options vested and expected to vest, Weighted average remaining contractual term	7 years 14 days
Options vested and expected to vest, Aggregate intrinsic value | $	$ 1,229,963

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)			937,000
Options issued, weighted average exercise price per share (in dollars per share)			$ 177.79
Total unrecognized compensation cost related to unvested stock options	$ 159,700		$ 159,700
Stock based compensation expense	391,441	$ 264,194	1,135,078	$ 558,157
Share based payment arrangement, capitalized	$ 26,300	700	$ 97,700	1,500
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)	143,751		937,247
Options issued, weighted average exercise price per share (in dollars per share)	$ 42.69		$ 83.25
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation vesting period			3 years
Vesting rights, percentage			8.33%
Unrecognized compensation cost, weighted-average period of recognition			2 years 4 months 24 days
Number of shares subject to repurchase (in shares)	213,757		213,757
Value of shares related to repurchase	$ 4,300		$ 4,300
Share-based Payment Arrangement | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	1,000	$ 22,200	$ 2,900	$ 28,500
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, weighted-average period of recognition			1 year 10 months 24 days
Total unrecognized compensation cost	841,300		$ 841,300
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation vesting period			1 year
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation vesting period			4 years
Restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation vesting period			3 years
Unrecognized compensation cost, weighted-average period of recognition			1 year 7 months 6 days
Total unrecognized compensation cost	163,100		$ 163,100
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock plan offering period			24 months
Accumulated payroll deductions	$ 8,600		$ 8,600
ESPP | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount on purchase price of common stock			15%

STOCK-BASED COMPENSATION - Valu

STOCK-BASED COMPENSATION - Valuation Assumptions (Details) - Stock options	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%	0%	0%
Expected volatility	76.10%	59.30%	44%
Expected term (in years)	5 years 9 months 18 days	5 years 9 months 18 days	4 years 9 months 18 days
Risk-free interest rate	3%	2.10%	0.50%

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of restricted stock unit and restricted stock activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
RSUs
Number of Shares
Beginning balance (in shares) | shares	7,482
Granted (in shares) | shares	7,860
Vested (in shares) | shares	(6,906)
Forfeited and cancelled (in shares) | shares	(1,582)
Ending balance (in shares) | shares	6,854
Weighted-Average Grant Date Fair Value per Share
Beginning balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares	$ 157.22
Granted, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	144.69
Vested, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	153.57
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	164.86
Ending balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares	$ 144.64
Restricted common stock
Number of Shares
Beginning balance (in shares) | shares	2,014
Granted (in shares) | shares	323
Vested (in shares) | shares	(925)
Forfeited and cancelled (in shares) | shares	0
Ending balance (in shares) | shares	1,412
Weighted-Average Grant Date Fair Value per Share
Beginning balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares	$ 137.57
Granted, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	137.05
Vested, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	129.72
Forfeited and cancelled, Weighted-average grant date fair value per share (in dollars per share) | $ / shares	0
Ending balance, weighted-average grant date fair value per share (in dollars per share) | $ / shares	$ 143.33

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of stock based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 391,441	$ 264,194	$ 1,135,078	$ 558,157
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	275,817	176,785	793,573	381,030
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	18,461	10,095	52,813	20,299
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 97,163	$ 77,314	$ 288,692	$ 156,828

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	15.40%	(49.90%)	17.10%	(30.30%)

NET (LOSS) INCOME PER SHARE - S

NET (LOSS) INCOME PER SHARE - Schedule of net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net (loss) income	$ (544,635)	$ 406,100	$ (2,067,948)	$ 2,783,912
Less: Income allocated to participating securities	0	(3,757)	0	(542,122)
Net (loss) income attributable to common stockholders, basic	$ (544,635)	$ 402,343	$ (2,067,948)	$ 2,241,790
Denominator
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic (in shares)	223,916	209,604	220,816	165,045
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (2.43)	$ 1.92	$ (9.37)	$ 13.58
Numerator
Net (loss) income	$ (544,635)	$ 406,100	$ (2,067,948)	$ 2,783,912
Less: Income allocated to participating securities	0	(3,167)	0	(448,463)
Add: Interest on convertible notes, net of tax	0	3,087	0	3,638
Less: Fair value gain on contingent consideration arrangement, net of tax	0	(680)	(5,395)	(680)
Net (loss) income attributable to common stockholders, diluted	$ (544,635)	$ 405,340	$ (2,073,343)	$ 2,338,407
Denominator
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic (in shares)	223,916	209,604	220,816	165,045
Weighted-average effect of potentially dilutive securities:
Warrants (in shares)	0	0	0	97
Convertible notes (in shares)	0	3,880	0	1,883
Contingent consideration (in shares)	0	1	40	1
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, diluted (in shares)	223,916	250,536	220,856	209,052
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (2.43)	$ 1.62	$ (9.39)	$ 11.19
Stock options
Weighted-average effect of potentially dilutive securities:
Share-based compensation plan (in shares)	0	33,122	0	38,419
RSUs
Weighted-average effect of potentially dilutive securities:
Share-based compensation plan (in shares)	0	3,924	0	3,604
Restricted common stock
Weighted-average effect of potentially dilutive securities:
Share-based compensation plan (in shares)	0	5	0	3

NET (LOSS) INCOME PER SHARE -_2

NET (LOSS) INCOME PER SHARE - Schedule of potentially dilutive shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	46,991	6,590	46,915	6,590
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	33,411	6,134	33,411	6,134
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	6,854	107	6,854	107
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	3,880	0	3,880	0
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	1,740	65	1,740	65
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	1,030	284	1,030	284
Contingent consideration
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded in the computation of diluted earnings per share	76	0	0	0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	2 Months Ended
	Aug. 31, 2021 class_action_case
Commitments and Contingencies Disclosure [Abstract]
Number of purported securities class actions filed	3