Digital Assets, Net

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Digital Assets, Net

Digital Assets, Net

During the years ended December 31, 2024 and 2023, we purchased and/or received immaterial amounts of digital assets. During the years ended December 31, 2023 and 2022, we recorded an immaterial amount and $204 million of impairment losses on digital assets, respectively. The table below summarizes the amounts shown on our consolidated balance sheet as of December 31, 2024 (in millions except units of digital assets).

	December 31, 2024
	Units	Cost Basis		Fair Value
Digital assets held:
Bitcoin	11,509	$	386	$	1,074
Other		1		2
Total		387		1,076

The following table provides details of the activities related to our digital assets for the year ended December 31, 2024 (in millions):

Beginning balance at fair value	$	487
Unrealized gains, net	589
Ending balance	$	1,076

The following tables present summarized unaudited quarterly financial statement data for those impacted line items based on the Company’s adoption of the new crypto assets standard as described in Note 2, Summary of Significant Accounting Policies (in millions, except per share data):

	As of:
Consolidated Balance Sheets (unaudited):	March 31, 2024		June 30, 2024		September 30, 2024
Digital assets, net
Before adoption	$	184	$	184	$	184
Adjustments	638		538		545
As adjusted	$	822	$	722	$	729
Deferred tax assets
Before adoption	$	6,769	$	6,692	$	6,486
Adjustments	(141)		(119)		(120)
As adjusted	$	6,628	$	6,573	$	6,366

	Three Months Ended
Condensed Consolidated Statements of Operations (unaudited):	March 31, 2024		June 30, 2024		September 30, 2024
Other income (expense), net
Before adoption	$	108	$	20	$	(270)
Adjustments	335		(100)		7
As adjusted	$	443	$	(80)	$	(263)
Provision for (benefit from) income taxes
Before adoption	$	409	$	393	$	601
Adjustments	74		(22)		1
As adjusted	$	483	$	371	$	602
Net income attributable to common stockholders
Before adoption	$	1,129	$	1,478	$	2,167
Adjustments	261		(78)		6
As adjusted	$	1,390	$	1,400	$	2,173
Net income per share of common stock attributable to common stockholders
Basic
Before adoption	$	0.37	$	0.46	$	0.68
Adjustments	0.08		(0.02)		—
As adjusted	$	0.45	$	0.44	$	0.68
Diluted
Before adoption	$	0.34	$	0.42	$	0.62
Adjustments	0.07		(0.02)		—
As adjusted	$	0.41	$	0.40	$	0.62

The unaudited impact of adoption for the three months ended December 31, 2024 was to increase Digital assets, net by $347 million, with a corresponding increase in Other income (expense), net and decrease our Deferred tax assets by $77 million with a corresponding increase in our Provision for (benefit from) income taxes, thus contributing $270 million to Net income attributable to common stockholders. These amounts contributed $0.08 to both basic and diluted net income attributable to common stockholders per share of common stock for the three months ended December 31, 2024.

There were no impairment losses recorded for any period during the year ended December 31, 2024. As a result, the unaudited interim balances of Digital assets, net did not change throughout the year ended December 31, 2024 prior to the adoption of the new crypto assets standard, which was adopted as of January 1, 2024.