INVESTMENTS AND FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Held-to-Maturity Investments

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

Schedule of Amortized Cost and Fair Value of Held-to-Maturity Investments by Contractual Maturity Date

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

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

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.

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

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