GOODWILL, INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following table reflects the changes in the carrying amount of goodwill (in thousands):


	Carrying Amount
Balance at January 1, 2025	$	1,139,670
Additions due to acquisitions	3,029,297
Balance at December 31, 2025	$	4,168,967

Schedule of finite-lived intangible assets

Intangible assets, net, as disclosed in this footnote, exclude internally developed software and crypto assets, which are presented within Software and equipment, net and the various crypto assets held line items in the Consolidated Balance Sheets, respectively. Intangible assets, net and their associated weighted average remaining useful lives in years (“Life”) consisted of the following (in thousands, except years):


	December 31, 2025							December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Life	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Life
Amortizing assets
Customer relationships	$	1,072,800	$	(35,935)	$	1,036,865	14.6	$	75,711	$	(65,989)	$	9,722	0.4
Acquired developed technology	335,411		(47,969)		287,442		5.4	30,700		(21,962)		8,738		1.6

Trade name and other	48,000		(2,513)		45,487		7.1	3,400		(3,306)		94		0.1


Indefinite-lived assets
Licenses and other	28,000		—		28,000		N/A	28,250		—		28,250		N/A


Total	$	1,484,211	$	(86,417)	$	1,397,794		$	138,061	$	(91,257)	$	46,804

The effects of amortization of Intangible assets, net on the Consolidated Statements of Operations was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Technology and development	$	28,662	$	10,414	$	46,610
Sales and marketing	29,252		—		—
General and administrative	9,212		16,628		23,018
Total amortization expense	$	67,126	$	27,042	$	69,628

Schedule of indefinite-lived intangible assets


	December 31, 2025							December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Life	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Life
Amortizing assets
Customer relationships	$	1,072,800	$	(35,935)	$	1,036,865	14.6	$	75,711	$	(65,989)	$	9,722	0.4
Acquired developed technology	335,411		(47,969)		287,442		5.4	30,700		(21,962)		8,738		1.6

Trade name and other	48,000		(2,513)		45,487		7.1	3,400		(3,306)		94		0.1


Indefinite-lived assets
Licenses and other	28,000		—		28,000		N/A	28,250		—		28,250		N/A


Total	$	1,484,211	$	(86,417)	$	1,397,794		$	138,061	$	(91,257)	$	46,804

Schedule of future amortization expense

The expected future amortization expense for amortizing intangible assets as of December 31, 2025, was as follows (in thousands):


2026	$	138,231
2027	130,341
2028	127,481
2029	124,043
2030	123,524
Thereafter	726,174
Total expected future amortization expense	$	1,369,794

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

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