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INVESTMENTS AND FAIR VALUE MEASUREMENT
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
INVESTMENTS AND FAIR VALUE MEASUREMENT
NOTE 8: INVESTMENTS AND FAIR VALUE MEASUREMENT
Investments
Available-for-sale
As of December 31, 2022, our available-for-sale investments, which are included in other current assets on the consolidated balance sheets, were $10 million with no significant unrealized gains or losses. These investments had a stated contractual maturity or redemption date within one year. As of December 31, 2023, we had a $500 million time deposit that was an available-for-sale investment classified as cash equivalents on the consolidated balance sheets. This investment has 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
We had no held-to-maturity investments as of December 31, 2022. The following table summarizes our held-to-maturity investments as of December 31, 2023:
December 31, 2023
(in millions)Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesFair Value
Debt securities:
Corporate debt securities$205 $— $— $(1)$204 
U.S. Treasury securities202 — — — 202 
U.S. government agency securities42 — — — 42 
Certificates of deposit34 — — — 34 
Commercial paper3 — — — 3 
Total held-to-maturity investments$486 $— $— $(1)$485 
There were no sales of held-to-maturity investments during the year ended December 31, 2023.
The table below presents the amortized cost and fair value of held-to-maturity investments by contractual maturity; the maximum maturity is two years:
December 31, 2023
(in millions)Within 1 Year1 to 2 YearsTotal
Amortized cost
Debt securities:
Corporate debt securities$153 $52 $205 
U.S. Treasury securities184 18 202 
U.S. government agency securities39 3 42 
Certificates of deposit34 — 34 
Commercial paper3 — 3 
Total held-to-maturity investments$413 $73 $486 
Fair value
Debt securities:
Corporate debt securities$152 $52 $204 
U.S. Treasury securities184 18 202 
U.S. government agency securities39 3 42 
Certificates of deposit34 — 34 
Commercial paper3 — 3 
Total held-to-maturity investments$412 $73 $485 
Fair Value of Financial Instruments
Financial assets and liabilities measured at fair value on a recurring basis as of the date indicated below were presented on our consolidated balance sheets as follows:
December 31, 2022
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$735 $— $— $735 
Other current assets:
Equity securities - securities owned8 — — 8 
Commercial paper— 5 — 5 
Government bonds3 — — 3 
Corporate bonds— 2 — 2 
Asset related to user cryptocurrencies safeguarding obligation— 8,431 — 8,431 
User-held fractional shares997 — — 997 
Total financial assets$1,743 $8,438 $— $10,181 
Liabilities
User cryptocurrencies safeguarding obligation$— $8,431 $— $8,431 
Fractional shares repurchase obligations997 — — 997 
Total financial liabilities$997 $8,431 $— $9,428 
December 31, 2023
(in millions)Level 1Level 2Level 3Total
Assets
Cash equivalents:
Time deposit$— $500 $— $500 
Money market funds146 — — 146 
Deposits with clearing organizations:
U.S. Treasury securities50 — — 50 
Other current assets:
Stablecoin20 — — 20 
Equity securities - securities owned10 — — 10 
Other non-current assets:
Money market funds - escrow account2 — — 2 
Asset related to user cryptocurrencies safeguarding obligation— 14,708 — 14,708 
User-held fractional shares1,592 — — 1,592 
Total financial assets$1,820 $15,208 $— $17,028 
Liabilities
User cryptocurrencies safeguarding obligation$— $14,708 $— 14,708 
Fractional shares repurchase obligations1,592 — — 1,592 
Total financial liabilities$1,592 $14,708 $— $16,300 
The fair value for certain financial instruments that are not required to be measured or reported at fair value was presented on our consolidated balance sheets as follows:
December 31, 2023
(in millions)Level 1Level 2Level 3Total
Assets
Held-to-maturity investments:
Corporate debt securities$— $204 $— $204 
U.S. Treasury securities202 — — 202 
U.S. government agency securities— 42 — 42 
Certificates of deposit— 34 — 34 
Commercial paper— 3 — 3 
Total held-to-maturity investments$202 $283 $— $485 
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 year ended December 31, 2023, we did not have any transfers in or out of Level 3 assets or liabilities.
Safeguarded user cryptocurrencies
Safeguarded user cryptocurrencies were as follows:
Year Ended December 31,
(in millions)20222023
Bitcoin (BTC)$2,327 $6,149 
Ethereum (ETH)2,341 3,761 
Dogecoin (DOGE)2,802 3,319 
Other961 1,479 
Total user cryptocurrencies safeguarding obligation and corresponding asset$8,431 $14,708 
The fair value of the user cryptocurrencies safeguarding obligation and the corresponding asset were determined based on observed market pricing representing the last price executed for trades of each cryptocurrency as of December 31, 2022 and 2023.