INVESTMENTS AND FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENT

NOTE 7: INVESTMENTS AND FAIR VALUE MEASUREMENT

Investments

Available-for-sale

As of December 31, 2024, we had $750 million of available-for-sale time deposits classified as cash equivalents on the unaudited condensed consolidated balance sheets. As of September 30, 2025, we had no available-for-sale time deposits. These investments had a maturity of three months or less at the time of purchase, and an aggregate market value equal to amortized cost. Refer to Fair Value of Financial Instruments below for further details.

Held-to-maturity

The following tables summarize our held-to-maturity investments:

	December 31, 2024
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	337	$	—	$	1	$	—	$	338
Corporate debt securities	51		—		—		—		51
U.S. government agency securities	10		—		—		—		10
Total held-to-maturity investments	$	398	$	—	$	1	$	—	$	399

	September 30, 2025
(in millions)	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value
Debt securities:
U.S. Treasury securities	$	53	$	—	$	—	$	—	$	53
Total held-to-maturity investments	$	53	$	—	$	—	$	—	$	53

There were no sales of held-to-maturity investments during the three and nine months ended September 30, 2025.

The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity:

	December 31, 2024
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
U.S. Treasury securities	$	337	$	—	$	337
Corporate debt securities	51		—		51
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	398	$	—	$	398
Fair value
Debt securities:
U.S. Treasury securities	$	338	$	—	$	338
Corporate debt securities	51		—		51
U.S. government agency securities	10		—		10
Total held-to-maturity investments	$	399	$	—	$	399

	September 30, 2025
(in millions)	Within 1 Year		1 to 2 Years		Total
Amortized cost
Debt securities:
U.S. Treasury securities	$	53	$	—	$	53
Total held-to-maturity investments	$	53	$	—	$	53
Fair value
Debt securities:
U.S. Treasury securities	$	53	$	—	$	53
Total held-to-maturity investments	$	53	$	—	$	53

Fair Value of Financial Instruments

Financial assets and liabilities measured at fair value on a recurring basis were presented on our unaudited condensed consolidated balance sheets as follows:

	December 31, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Time deposits	$	—	$	750	$	—	$	750
Money market funds	53		—		—		53
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	1,193		—		—		1,193
Other current assets:
Stablecoin	361		—		—		361
Equity securities - securities owned	15		—		—		15
Other non-current assets:
Money market funds - escrow account	2		—		—		2
User-held fractional shares	2,530		—		—		2,530
Total financial assets	$	4,154	$	750	$	—	$	4,904
Liabilities
Fractional shares repurchase obligations	$	2,530	$	—	$	—	$	2,530
Total financial liabilities	$	2,530	$	—	$	—	$	2,530

	September 30, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	174	$	—	$	—	$	174
Cash, cash equivalents, and securities segregated under federal and other regulations:
U.S. Treasury securities	1,938		—		—		1,938
Foreign Treasury securities	53		—		—		53
Deposits with clearing organizations:
U.S. Treasury securities(1)	698		—		—		698
Other current assets:
Equity securities - securities owned	23		—		—		23
Stablecoin	8		—		—		8
Other non-current assets:
Money market funds - escrow account	2		—		—		2
User-held fractional shares	3,618		—		—		3,618
Total financial assets	$	6,514	$	—	$	—	$	6,514
Liabilities
Fractional shares repurchase obligations	3,618		—		—		3,618
Total financial liabilities	$	3,618	$	—	$	—	$	3,618

____________________________

(1) As of September 30, 2025, $697 million of our U.S. Treasury securities are pledged to a clearing organization to meet margin requirements for our securities lending program and $1 million of our U.S. Treasury securities are deposited with an exchange to enable the execution, clearing, and settlement of event contracts.

The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our unaudited condensed consolidated balance sheets as follows:

	December 31, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
U.S. Treasury securities	$	338	$	—	$	—	$	338
Corporate debt securities	—		51		—		51
U.S. government agency securities	—		10		—		10
Total held-to-maturity investments	$	338	$	61	$	—	$	399

	September 30, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Held-to-maturity investments:
U.S. Treasury securities	$	53	$	—	$	—	$	53
Total held-to-maturity investments	$	53	$	—	$	—	$	53

The fair values used for held-to-maturity investments are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems. Management reviews the valuation methodology and quality controls utilized by the pricing services in management’s overall assessment of the reasonableness of the fair values provided.

During the nine months ended September 30, 2025, we did not have any transfers in or out of Level 3 assets or liabilities.