FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):


	June 30, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,236,763	$	—	$	—	$	1,230,924	$	—	$	—


U.S. agency securities	—		—		—		—		7,923		—

Commercial paper	—		50,815		—		—		25,080		—




Restricted cash:
Money market funds	209,373		—		—		—		—		—
Customer funds:
Money market funds	578,778		—		—		851,296		—		—
Reverse repurchase agreement	703,654		—		—		580,045		—		—
Short-term debt securities:
U.S. government securities	505,166		—		—		571,637		—		—
Corporate bonds	—		305,541		—		—		360,637		—
U.S. agency securities	—		123,375		—		—		94,441		—
Certificates of deposit	—		157,500		—		—		6,400		—
Commercial paper	—		16,586		—		—		31,503		—
Municipal securities	—		5,541		—		—		9,693		—
Foreign government securities	—		8,121		—		—		7,540		—
Long-term debt securities:
U.S. government securities	187,624		—		—		255,692		—		—
Corporate bonds	—		70,683		—		—		236,726		—
U.S. agency securities	—		28,541		—		—		70,315		—
Municipal securities	—		10,382		—		—		9,754		—
Foreign government securities	—		—		—		—		942		—
Other:
Investment in marketable equity securities	10,047		—		—		11,092		—		—
Safeguarding asset related to bitcoin held for other parties	—		763,516		—		—		428,243		—
Safeguarding obligation liability related to bitcoin held for other parties	—		(763,516)		—		—		(428,243)		—
Total assets (liabilities) measured at fair value	$	3,431,405	$	777,085	$	—	$	3,500,686	$	860,954	$	—

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):